Southwest Securities has initiated coverage on GRIPM Advanced Materials (Youyan Powder Materials), noting that global space launches reached an all-time high of 263 in 2025, marking a new era of intensive commercial aerospace launch activity. Key liquid rocket engine components—such as injectors and combustion chambers—are driving sustained demand growth for metal 3D printing powders. GRIPM Advanced Materials, the powder materials platform under state-owned GRIPM (Youyan Technology Group), holds a leading domestic market share in copper-based powder materials. Its metal 3D printing powder portfolio covers titanium alloys, superalloys, and cobalt-chromium alloys, benefiting from rising demand in high-end applications such as aerospace, aviation, and medical devices. The growing synergy between powder demand along the commercial aerospace supply chain and secondary-market research coverage is bringing increased capital-market attention to the powder materials segment, providing valuation benchmarks for leading domestic metal powder producers. Key takeaways for powder buyers: ① Higher commercial launch frequency directly boosts orders for superalloy and titanium alloy powders—watch for aerospace-grade powder certifications and supply dynamics; ② Increased research coverage of leading powder platforms enhances market transparency, supporting more informed procurement and price comparison; ③ Track GRIPM Advanced Materials' 3D printing powder capacity expansion and alloy grade development roadmap.