With the successful launch of the sixth batch of 18 satellites of the Qianfan constellation on October 17, 2025, the total number of satellites in orbit has increased to 108, marking the official entry of China’s giant low-orbit commercial satellite constellation into the stage of large-scale networking. As an important part of China’s version of “Starlink,” the Qianfan constellation (G60 Starlink) is led by Shanghai Yuanxin Satellite Technology Co., Ltd., which plans to deploy over 15,000 satellites in three phases to provide global broadband communication services.
This article outlines11 related companies of the Qianfan constellation as follows:
1. Satellite Manufacturing and System Integration
1. China Satellite
Core Role: The only publicly listed company under the Aerospace Science and Technology Corporation responsible for the overall design of satellites, undertaking the manufacturing tasks for the Qianfan constellation’s remote sensing satellites, with the first batch of 20 one-meter optical satellites to be delivered in 2024 for applications in agricultural monitoring, disaster warning, and other scenarios. Its subsidiary, Shenzhen Dongfanghong, has an annual production capacity of 300 satellites, ensuring production capacity for the long-term goal of 15,000 satellites.
Technical Advantages: The domestic production rate of the satellite platform exceeds 90%, with a single satellite cost 20% lower than international peers, and core components such as inter-satellite laser communication terminals breaking foreign monopolies.
Order Scale: It is expected to undertake approximately 200 satellite manufacturing orders for the Qianfan constellation in 2025, corresponding to revenue exceeding 2 billion yuan.
2. Galaxy Electronics
Industry Chain Layout: Deeply involved in the construction of the Qianfan constellation through equity participation in satellite manufacturer GeSi Aerospace (equity ratio not disclosed). GeSi Aerospace, as a core satellite manufacturing unit, has delivered 36 satellites in orbit, with an annual production capacity of 600 satellites, and in 2022 undertook orders for over 600 satellites for the Qianfan constellation (amounting to approximately 4.5 billion yuan).
Business Synergy: Its subsidiary Shanghai Hanxun (300762.SZ) is the only satellite payload supplier for the Qianfan constellation, with sales of goods and technical services to Yuanxin Satellite expected to reach 200 million yuan in 2024, covering communication subsystems and payload equipment (single satellite value 2 million – 6 million yuan).
2. Key Components and Core Technologies
1. Tianyin Electromechanical
Core Products: Its subsidiary Tianyin Interstellar provides star sensors used for satellite attitude control, with a market share exceeding 70%, already applied to all satellites in orbit of the Qianfan constellation. In 2024, net profit is expected to grow by 175.8% year-on-year, mainly benefiting from the increase in commercial satellite orders.
Technical Barriers: Product accuracy reaches arc-second level, supporting rapid satellite networking and on-orbit reconstruction, breaking the monopoly of similar foreign products.
2. Qianzhao Optoelectronics
Material Supply: Gallium arsenide solar cell products are applied to commercial aerospace low-orbit satellites, with related business revenue rapidly increasing as the launch volume of the Qianfan constellation increases. In 2024, net profit is expected to grow by 203.99%, with a gross margin exceeding 50%.
Market Prospects: The value of solar cells for a single satellite is approximately 500,000 – 1,000,000 yuan, and it is expected that the launch volume of the Qianfan constellation will exceed 200 satellites in 2025, driving continuous demand release.
3. Hongyuan Electronics
Electronic Component Support: Provides multi-layer ceramic capacitors (MLCC) for the Qianfan constellation, covering core components such as satellite communication modules and power systems. In 2024, revenue reached 1.492 billion yuan, with a gross margin of 34.29%, occupying an important position in the satellite internet industry chain.
Technical Adaptation: Products meet stringent environmental requirements such as a wide temperature range of -55℃ to +125℃ and radiation resistance, with a domestic production rate exceeding 95%.
4. Shaanxi Huada
Connector Supply: Provides aerospace-grade electrical connectors and interconnect products for the Qianfan constellation, applied in satellite payloads, rocket control systems, etc. In 2024, it was surveyed by 31 institutions, with products certified by the Aerospace Science and Technology Corporation and the Aerospace Science and Industry Corporation, showing significant technical barriers.
3. Ground Equipment and Terminal Applications
1. Shanghai Hanxun
Core Business: As the only satellite payload supplier, it undertakes the development of the communication subsystem for the Qianfan constellation, winning the 4B order from Yuanxin Satellite in 2024 (amounting to 51.13 million yuan), accounting for 48.14% of the revenue for that period. Its communication module has been verified for direct connection to satellites with Huawei Mate60 phones, with a domestic production rate of 100%.
Technical Expansion: Simultaneously developing ground stations, ground terminals, and other equipment, with sales to Yuanxin Satellite and GeSi Aerospace expected to reach 150 million yuan in 2024, accounting for 43% of revenue, becoming the second growth curve for performance.
2. Haige Communication
Communication Terminals: Provides satellite communication terminals and system solutions for the Qianfan constellation, covering scenarios such as shipborne and vehicle-mounted applications. In 2024, it participated in the construction of the Guangdong “Qianfan Constellation,” receiving policy spectrum resource preferences, with order scale continuously expanding.
Technical Reserves: The self-developed phased array antenna technology supports high-speed data transmission for low-orbit satellites, with latency as low as 20ms.
4. Operation Services and Application Scenarios
1. Oriental Pearl
Capital Layout: Indirectly holds 20.58% equity in Yuanxin Satellite through equity participation in Shanghai Information Investment Co., Ltd., deeply involved in the operation of the Qianfan constellation. In January 2025, Yuanxin Satellite and China Mobile Hong Kong completed satellite broadband access testing on the Gulangyu cruise ship, marking the landing of commercial applications.
Application Expansion: Plans to jointly develop cultural tourism and emergency communication scenarios with Yuanxin Satellite, with satellite internet business revenue expected to account for 15% in 2025.
2. Aerospace Hongtu
Data Services: Provides remote sensing data processing and analysis services for the Qianfan constellation through the Star Map Cloud platform, supporting applications such as agricultural monitoring and marine environment warning. In 2025, it signed a strategic cooperation agreement with Yuanxin Satellite to jointly build an integrated service platform for aerospace information.
Technical Synergy: Combining the DeepSeek-R1 large model to enhance the intelligent processing capability of satellite data, with single-scene image analysis efficiency improved by more than three times.
5. Launch Services and Supporting Support
1. Sry New Materials
Rocket Materials: Provides the liquid oxygen-methane engine thrust chamber inner wall for Blue Arrow Aerospace’s Zhuque-3 reusable rocket, with order volume expected to grow by 200% year-on-year in 2024, and a gross margin exceeding 40%.
Technical Breakthrough: Material ablation resistance performance reaches international leading levels, capable of withstanding temperatures of 3000℃ and impact speeds of 10 meters per second.
Special Statement: The relevant content is compiled from publicly available information for research and discussion purposes only and does not constitute any investment advice. Please do not use this as a basis for investment reference. If there are any inaccuracies, please feel free to supplement and correct. Investment involves risks; please invest cautiously.
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