On May 22nd, according to public information from the Beijing Securities Regulatory Bureau, 21st Century Space Technology Application Co., Ltd. (hereinafter referred to as "Century Space") officially launched A-share listing guidance. The guidance agency is Guotai Haitong Securities, the law firm is Beijing Guofeng, and the accounting firm is Lixin. The coaching agreement was signed on May 14th, and the coaching period will cover the entire process of due diligence, standardized rectification, centralized training, and preparation of application documents.
It is reported that this is the third time in nearly a decade that Century Space has launched the listing process. From withdrawing after the Science and Technology Innovation Board in 2019, to changing coaching institutions and restarting in 2025, and now embarking again, this commercial remote sensing "veteran" founded in 2001 is experiencing a capital endurance race spanning nearly a decade.
Century Space was established in June 2001 and is headquartered in Haidian, Beijing. It is the first enterprise in China to independently operate and control commercial remote sensing satellite systems, and also the operator of the first commercial remote sensing satellite constellation approved by the National Development and Reform Commission. The company's main business is data acquisition, processing, analysis, and comprehensive spatial information application services based on its own multispectral optical remote sensing satellite constellation, belonging to the "software and information technology service industry".
The core asset of the company is its "Beijing" series remote sensing satellite constellation. The successful launch of the Beijing No.1 small satellite in 2005 was a major achievement jointly supported by the National Science and Technology Research and Development Program during the 10th Five Year Plan period; The Beijing No.2 constellation launched in 2015 was the first commercial remote sensing satellite constellation approved by the National Development and Reform Commission; The Beijing No. 3 series of satellites launched since 2021 have reached the best level of international civilian use. Among them, the "Three Super" high-performance satellite, which cooperates with China Aerospace, has strong international and domestic competitiveness in the field of commercial remote sensing satellite applications with its real-time 3D technology and data products.
The company is one of the few commercial companies in the industry with the ability to independently operate and control remote sensing satellite systems. It has 100% imaging payload capability and can actively respond to customers' demands for large-scale, customized, and differentiated satellite remote sensing big data. Through independently developed remote sensing satellite intelligent observation and acquisition technology, proprietary algorithms, models, and software systems, the company has achieved large-scale automatic processing and intelligent interpretation analysis of remote sensing images.
For over 20 years, the company has been deeply involved in industries such as natural resources, ecological environment, urban management, and emergency management, providing long-term services to national strategies and major needs. It is a core supplier of long-term business services to national ministries such as the Ministry of Commerce, the Ministry of Natural Resources, and the Ministry of Ecology and Environment, as well as various provinces across the country.
In recent years, the company has deeply integrated satellite technology with cutting-edge technologies such as AI, exploring new applications in digital economy fields such as digital twins, low altitude economy, and science education.
The launch of this coaching filing marks nearly seven years since the company's first attempt to enter the A-share market. From the withdrawal of the Sci Tech Innovation Board in 2019 to the resumption of coaching in 2026, this commercial remote sensing pioneer has finally taken a crucial step in its IPO journey.
From the perspective of market size, the domestic commercial remote sensing market is expected to reach 37.2 billion yuan by 2030. In 2024, Century Space will have a market share of about 12%, ranking among the top tier in China along with Changguang Satellite and Aerospace Hongtu. According to the competitiveness matrix released by Taibo Think Tank in 2025, Century Space is a representative enterprise in the "Mature Quadrant", accumulating stable customer resources and a solid commercial foundation.
However, the industry landscape is undergoing profound changes. In 2024, the company's commercial contract amount increased by 89% year-on-year, and international business expansion accelerated; The dual drive of business and international markets has opened up new growth opportunities for the company. However, at the same time, Taibo Think Tank also pointed out that compared to other quadrant enterprises, Century Space's technological iteration speed is relatively slow, and its core competitiveness still relies on traditional service models. Under the new paradigm of "spatiotemporal intelligence" in the industry, it faces the key challenge of transitioning to "intelligent services".
At the level of technological innovation, the company is also actively increasing its efforts. In 2024, R&D investment will be 210 million yuan, accounting for 19.7% of revenue. AI remote sensing interpretation efficiency will be increased by 50 times, and patent and software copyright reserves will be abundant; At the same time, we will promote the "Tianshu Plan" (12 spaceborne AI satellites will be launched by 2026), and lay out the "the Belt and Road" international market, aiming to increase the proportion of international business from 7% to 20%.
In terms of equity structure, the controlling shareholder of the company is Beijing 21st Century Technology Development Co., Ltd., holding approximately 36.89% of the shares; The actual controllers are the founders Wu Shuang and Dai Zishu, who together control approximately 33.09% of the company's voting rights.
According to Tianyancha data, the company has completed 9 rounds of financing, with the most recent round occurring in December 2021. Previously, institutional investors such as the China Japan Youth Exchange Center, Beijing Youzhuo Investment Co., Ltd., and Baoji Guoan Jingjin Equity Investment Partnership were introduced, but the overall shareholding ratio of external institutions was low, and the financing rounds were relatively concentrated. The capital structure remained stable before the listing.
From its establishment in 2001, to its withdrawal from the Science and Technology Innovation Board in 2019, and now to the launch of IPO guidance, Century Space's IPO journey has spanned nearly fifteen years. As a "veteran powerhouse" in China's commercial aerospace industry, its listing window period is becoming clearer in this round of promotion and preparation.
For commercial remote sensing pioneers who have been operating in orbit for over 20 years, standing on the A-share capital stage is no longer just a matter of "whether", but when to complete the final sprint.
