商业航天的叙事，正在从把卫星送上天过渡至卫星上天后怎么管、怎么运营。除了组网建设加速，一个直观的信号是，低轨星座的补网压力也正在逼近。根据NASA戈达德航天中心此前发布的研究数据，2020至2024年间，有583颗星链卫星从极低地球轨道坠落。而为了防止失控与碰撞，卫星的主动变轨和避让动作也变得愈发频繁。根据SpaceX 7月向美国联邦通信委员会提交的报告，仅半年内，星链卫星执行的避让动作次数就超20万次。当几万颗卫星陆续铺满近地轨道，问题被摆到台前，谁来负责太空中的管、修、加、清。
The commercial space narrative is shifting from "sending satellites to space" to "how to manage and operate them after they're up there." Besides accelerating constellation construction, a direct signal is that low-orbit constellation replenishment pressure is approaching. According to research data previously released by NASA's Goddard Space Flight Center, 583 Starlink satellites fell from very low Earth orbit between 2020 and 2024. To prevent loss of control and collisions, satellites' active orbit changes and avoidance maneuvers have also become increasingly frequent. According to SpaceX's July report to the US Federal Communications Commission, Starlink satellites performed over 200,000 avoidance maneuvers in just half a year. As tens of thousands of satellites gradually fill near-Earth orbit, the question is placed front and center—who handles the "management, repair, refueling, and cleanup" in space.
答案在国外已经有人跑通。日本的Astroscale以碎片清理起家，2024年登陆东京证券交易所，营收四年增长约五倍；意大利的D-Orbit用20余次轨道运输任务验证了客户付费意愿；美国Space Logistics的MEV-1在2020年完成首次商业在轨延寿，为一颗工作了19年的GEO卫星续命五年。根据Fortune Business Insights的报告，全球在轨服务市场正处于稳定增长通道，预计从2026年的31.8亿美元增长至2034年的68.7亿美元，复合年增长率为10.10%。需求已至，国内卡位者批量涌现。一家低调布局了四年的公司，正在加速其产品的在轨验证。
The answer has already been proven abroad. Japan's Astroscale started with debris cleanup, listed on the Tokyo Stock Exchange in 2024, with revenue growing about fivefold in four years; Italy's D-Orbit validated customer willingness to pay with over 20 orbital transport missions; US Space Logistics' MEV-1 completed the first commercial on-orbit life extension in 2020, extending a GEO satellite that had worked for 19 years by five more years. According to Fortune Business Insights, the global on-orbit services market is in a stable growth channel, projected to grow from $3.18 billion in 2026 to $6.87 billion in 2034, with a CAGR of 10.10%. Demand has arrived, and domestic positioners are emerging in batches. A company that has been quietly布局 for four years is accelerating on-orbit validation of its products.
国宇星辰已于近期完成近亿元A轮融资，由沂景资本、复星创富、路遥资本联合投资。在此之前，国宇星辰已完成三轮融资，资方包括元禾原点、厚雪资本、尚颀资本等机构。国宇星辰成立于2022年，创始人张龙拥有超20年航天科研、工程管理与企业管理经验，曾供职于航天科技集团，深度参与国家载人航天、探月及火星探测等重大专项，历任型号主任设计师、集团处长，2015至2021年期间担任蓝箭航天总裁。公司核心技术团队来自中科院微小卫星创新研究院、航天科技集团、清华大学等。
36Kr has learned that Guoyu Xingchen recently completed a nearly 100-million-yuan Series A round, jointly invested by Yijing Capital, Fosun Chuangfu, and Luyao Capital. Previously, Guoyu Xingchen had completed three funding rounds, with investors including Oriza Origin, Houxue Capital, and Shangqi Capital. Guoyu Xingchen was founded in 2022; founder Zhang Long has over 20 years of aerospace research, engineering management, and enterprise management experience, previously served at China Aerospace Science and Technology Corporation, deeply participating in national major projects including manned spaceflight, lunar exploration, and Mars exploration, having served as model chief designer and group division chief, and served as LandSpace president from 2015 to 2021. The company's core technical team comes from the Chinese Academy of Sciences' Microsatellite Innovation Research Institute, CASC, and Tsinghua University.
聚焦在轨服务领域，国宇星辰核心业务覆盖在轨服务、在轨组装、太空制造和深空开发。由国宇星辰自主研发的太空机器人，则是执行上述具体任务的核心载体。在国宇星辰的定义里，它是一套软硬件一体的空间作业系统，包含躯体、感知、大脑、执行四个部分。其中，躯体实现轨道机动和姿态调整，感知用于对合作目标和非合作目标的精准识别、定位和引导，大脑能够在通信时延下进行本地任务规划和自主决策，执行则需要完成抓取、对接、维修、加注等复杂物理交互。去年5月21日，国宇星辰自研验证星星迹源一号在酒泉卫星发射中心成功发射，是国内首个由商业航天公司研制并完成飞行任务的在轨服务及天地感知新技术验证平台，累计在轨时长超一年。
Focusing on the on-orbit services field, Guoyu Xingchen's core business covers on-orbit services, on-orbit assembly, space manufacturing, and deep space development. The space robot independently developed by Guoyu Xingchen is the core carrier for executing these specific tasks. In Guoyu Xingchen's definition, it is a software-hardware integrated space operation system, containing four parts—body, perception, brain, and execution. Among them, the body achieves orbital maneuvering and attitude adjustment; perception is used for precise identification, positioning, and guidance of cooperative and non-cooperative targets; the brain can perform local task planning and autonomous decision-making under communication delays; execution needs to complete complex physical interactions including grasping, docking, repair, and refueling. On May 21 last year, Guoyu Xingchen's self-developed verification satellite Xingjiyuan-1 successfully launched from Jiuquan Satellite Launch Center, the first domestic on-orbit service and space-ground perception new technology verification platform developed by a commercial space company and completing a flight mission, with cumulative on-orbit duration exceeding one year.
一个进展是，国宇星辰已进入国家级卫星互联网星座运营商的供应商名录。星迹源二号计划于2027年一季度发射，将增加其自研的七自由度机械臂进行在轨验证，这也是国宇星辰核心技术版图中的最后一块拼图。张龙提到，星迹源一号在轨一年多，除了机械臂之外，组合动力系统、星载智能控制系统、视觉导航都装上了。第一，这几套系统协同工作，自主规划变轨、非合作目标识别等能力均得到验证。第二，通过搭载多用户载荷，也反向验证了平台响应多载荷、多任务自主管理控制的能力和多订单履约服务能力。发射前，张龙给星迹源一号定了三条要求，首飞必有用，首飞必成功，首飞必赚钱。
One development is that Guoyu Xingchen has entered the supplier list of a national satellite internet constellation operator. Xingjiyuan-2 is planned for launch in Q1 2027, adding its self-developed seven-degree-of-freedom robotic arm for on-orbit validation—the last piece of Guoyu Xingchen's core technology map. Zhang Long mentioned that Xingjiyuan-1 has been in orbit for over a year; besides the robotic arm, the combined power system, onboard intelligent control system, and visual navigation were all installed. First, these systems working in coordination validated capabilities including autonomous orbit change planning and non-cooperative target recognition. Second, by carrying multi-user payloads, it reverse-validated the platform's capability to respond to multiple payloads, multi-task autonomous management and control, and multi-order fulfillment service capability. Before launch, Zhang Long set three requirements for Xingjiyuan-1—first flight must be useful, first flight must succeed, first flight must make money.
据悉，国宇星辰组合动力系统已完成在轨飞行考核，通过多次冷热启动运行、极端工况试验等数据优化第二代产品，目前已完成热真空长时间试车及各环境考核试验。星载控制模组方面，团队优化了算法，通过分析和解决一号星在轨遇到的短暂信号丢失等问题，对抗辐照能力进行了加强，并提升了系统级容错设计。针对视觉导航系统遇到的强光干扰等问题，已通过地面强光模拟实验，提升了第二代产品的强光抑制能力和抗饱和成像能力。国宇星辰未来一年的时间表很清晰，上半年星迹源二号发射，完成机械臂和加注接口的首次在轨验证，星迹源三、四号已经开始研制，如果进展顺利，有望在2027年下半年发射。
It is understood that Guoyu Xingchen's combined power system has completed on-orbit flight assessment, optimizing second-generation products through data from multiple hot-cold start runs and extreme condition tests, and has completed long-duration thermal vacuum test runs and various environmental assessment tests. On onboard control modules, the team optimized algorithms, strengthening radiation resistance and improving system-level fault tolerance design by analyzing and solving problems including brief signal loss encountered by Satellite-1 in orbit. For visual navigation system issues including strong light interference, ground strong light simulation experiments have improved second-generation products' strong light suppression and anti-saturation imaging capabilities. Guoyu Xingchen's next-year timetable is clear—Xingjiyuan-2 launches in the first half, completing first on-orbit validation of the robotic arm and refueling interface; Xingjiyuan-3 and 4 have begun development and, if progress goes smoothly, are expected to launch in the second half of 2027.
张龙强调，星迹源一号成功入轨，证明的是太空机器人能干什么。但要真正跑通商业模型，还得建起一张在轨服务星座的网。国宇星辰正从单星能力，迈向太空机器人集群时代，只有走到这一步，在轨服务才不再是试验项目，而是可规模化的商业闭环。随着星迹源系列卫星实现组网，国宇星辰就能在特定轨道形成服务响应能力，哪里需要服务、哪颗飞行器近，就调度哪颗过去执行任务，形成常态化的运营和服务合作。而在此之前，国宇星辰会先通过验证星搭载商业载荷、关键组件销售等业务赚收入，反哺公司经营。
Zhang Long emphasized that Xingjiyuan-1's successful orbit insertion proves what space robots can do. But to truly run through the business model, an on-orbit service constellation network must be built. Guoyu Xingchen is moving from single-satellite capability toward the space robot cluster era—only reaching this step will make on-orbit services no longer experimental projects but a scalable commercial closed loop. As the Xingjiyuan series satellites achieve networking, Guoyu Xingchen can form service response capability in specific orbits—wherever service is needed and whichever spacecraft is closest, dispatch that one to execute the task, forming normalized operations and service cooperation. Before that, Guoyu Xingchen will first earn revenue through verification satellite commercial payload hosting and key component sales to feed back into company operations.
一组进展是，载荷搭载业务方面，国宇星辰已签订数千万元订单，关键组件销售方面，组合动力系统已交付多台套，并建立海外销售渠道，在轨服务方面，目前国宇星辰已进入国家级卫星互联网星座运营商的供应商名录。据张龙透露，到今年底，国宇星辰还有望拿下一个大体量订单和一项国家级任务。回到2022年那个决定创业的时间点，张龙说他们看到了一束光，但团队之后埋头做事的4年，才代表了这句话真实的后半句，在追光的路途上，先要穿过的是阴影。2026年，商业航天再次成为一级市场炙手可热的方向，在轨服务成为新的叙事之一。国宇星辰提前站上了起跑线，但它依旧身处竞赛之中。如今这条路上也站满了玩家，接下来的问题是，谁能让叙事更稳、更快地落地，变成一门真正的生意。
A set of progress items—on payload hosting, Guoyu Xingchen has signed tens-of-millions-yuan orders; on key component sales, the combined power system has delivered multiple sets and established overseas sales channels; on on-orbit services, Guoyu Xingchen has entered the supplier list of a national satellite internet constellation operator. According to Zhang Long, by the end of this year, Guoyu Xingchen may also secure a large-volume order and a national-level task. Back to the 2022 time point when they decided to start the business, Zhang Long said they "saw a beam of light," but the four years the team spent heads-down working represent the true second half of that sentence—on the path of chasing light, one must first pass through shadows. In 2026, commercial space has once again become a hot direction in primary markets, with on-orbit services becoming one of the new narratives. Guoyu Xingchen stands on the starting line early, but it is still in the race. Today this road is also full of players—the next question is who can make the narrative land more steadily and quickly, turning it into a real business.
