Southwest Securities has released its first research report on Youyan Powder (Youyan Advanced Materials), highlighting that global space launches reached a record 263 in 2025, signaling the start of a high-frequency launch cycle in commercial aerospace. Core components of liquid rocket engines—such as injectors and combustion chambers—are driving sustained growth in demand for 3D printing metal powders. Youyan Powder, the powder materials platform under state-owned enterprise Youyan Technology Group, holds a leading domestic market share in copper-based powder materials. Its 3D printing metal powder portfolio covers titanium alloys, superalloys, cobalt-chromium alloys, and other materials, benefiting from strong growth in high-end applications such as aerospace and medical devices. The powder demand from the commercial aerospace supply chain is converging with secondary market research attention, and powder materials have become a focal point for capital market pricing, providing valuation benchmarks for leading domestic metal powder producers. Value for powder buyers: ① Higher frequency of commercial space launches directly boosts orders for superalloy and titanium alloy powders—it is advisable to monitor aerospace-grade powder certifications and the supply landscape. ② Increased research coverage of leading powder platforms improves market information transparency, facilitating price comparisons and procurement decisions. ③ Track Youyan Powder's 3D printing powder capacity expansion and grade development roadmap closely.