On the afternoon of July 10, the commercial aerospace sector surged sharply, with a screen full of limit-up stocks. A historic moment for China's commercial aerospace—successful recovery of the Long March 10 Y rocket—completely ignited the market. By the close of the day, over 30 stocks including A-share Youji Co., Ltd. (920943.BJ), Hailanxin (300065.SZ), Aerospace Science and Technology (000901.SZ), China Satellite (600118.SH), Zhongtian Rocket (003009.SZ), Drinda (002865.SZ), and Goldwind Technology (002202.SZ) hit the daily limit.

Hong Kong stocks related to commercial aerospace also surged, with Drinda (02865.HK) soaring over 30% during the session, closing up 24.20%.

China Aerospace Science and Technology Corporation announced that at 12:15 PM on the 10th, the Long March 10 Y rocket was launched from the Hainan commercial aerospace launch site. About 6 minutes after the separation of the first and second stages, a booster stage returned vertically and was successfully recovered on a sea recovery platform. This marks China's first successful controlled recovery of a booster stage of a launch vehicle, and also the world's first network recovery of a launch vehicle, signifying a historic breakthrough in China's reusable rocket technology.

Unlike SpaceX's Falcon 9, which uses landing legs for vertical recovery, and Starship, which employs robotic arms for recovery, the sea network recovery is China's original third route for rocket reuse technology. Brokerage firms have defined this event as China's "Falcon 9 moment," believing that commercial aerospace will transition from narrative to implementation, and the large-scale realization of the industrial chain has officially begun.

Riding on popular concepts like commercial aerospace and space photovoltaics, the stock price of photovoltaic cell manufacturer Drinda surged significantly from December last year to February this year, skyrocketing from less than 40 yuan to 116.68 yuan, with an increase of over 210% in just two months. During this period, investors chose to ignore its projected net loss of over 1.4 billion yuan in 2025, no longer viewing Drinda merely as a photovoltaic manufacturer, but rather betting on a valuation reassessment of its "second growth curve." From mid-February to mid-April, as popular concepts faded, its stock price retreated 40% from its peak. In mid-May, stimulated by news such as the "Star Hub Plan," the stock price surged again to around 110 yuan. However, once the support from hot topics was lost, Drinda's stock price plunged, experiencing a maximum drawdown of nearly 55% from mid-May to early July, effectively halving its value.

As the stock price rapidly surged, major shareholders announced a reduction plan. Drinda, which previously engaged in automotive interior and exterior decoration business, invested heavily in acquiring Jietai Technology to cross into photovoltaics from 2021 to 2022, and entered the "space photovoltaics" sector in December 2025, with the operators behind it being the Yang family from Hainan. On January 12, after the market closed, the company's controlling shareholder Jindi Technology (controlled by the Yang family) proposed to reduce its holdings by no more than 8,725,400 shares, accounting for 3% of the company's total share capital after excluding shares in the repurchase special account, citing personal funding needs.

However, Jindi Technology did not act until April. Drinda disclosed in May that from April 15 to 30, Jindi Technology cumulatively reduced its holdings by 8,720,504 shares, cashing out 602 million yuan In January 2026, Drinda invested 30 million yuan to acquire a 16.67% stake in Xingyi Xinneng. In February, it purchased 60% of Shanghai Fuyiao Xinghe, thereby indirectly controlling the satellite manufacturing company Xuntian Qianhe.

A series of capital operations outlines the profile of the "second curve," but the actual progress is far from as optimistic as the stock price performance suggests.

At the performance meeting held in mid-May, Drinda stated that its commercial aerospace business is still in the early stages of commercialization, with significant uncertainties in technology iteration, market expansion, and mass production implementation. In the short term, it does not have the conditions for mass production and large-scale profitability, and currently contributes little to the company's revenue and profits. The space photovoltaic-related technology is still in the experimental verification stage and has not yet generated revenue or profits, posing risks of uncertainty in technology research and development, industrialization, and market promotion.

After enjoying the benefits of the space photovoltaic concept during several significant price increases, Drinda's "second curve" still requires several years or even longer to materialize. Whether this story can be fulfilled remains uncertain. In the first quarter of this year, Drinda achieved a net profit attributable to the parent company of 14.163 million yuan, turning a profit compared to the previous year, but the net cash flow from operating activities further deteriorated, with a non-recurring net profit of -43.503 million yuan. Beyond the concept, the fundamental support remains weak