Beijing BDStar Navigation Co., Ltd. (002151.SZ) Bundle
Founded in 2000 and listed on the Shenzhen Stock Exchange in 2007, Beijing BDStar Navigation Co., Ltd. has grown from a BeiDou-focused startup to a tech firm that in 2015 developed a 22‑nanometer chip for BeiDou receivers and today combines products, system applications and operational services-being authorized by the Beidou governing department and serving as the exclusive China partner of NovAtel-while claiming a dominant domestic footprint with a 100% market share in port container mechanical control and over 90% share in high‑precision receiver core components for surveying and mapping; yet its recent financials show volatility, with reported 2024 revenue of CNY 1.50 billion (a 63.30% decrease year‑on‑year) and a turnaround to a net income of CNY 18.11 million for the nine months ended September 30, 2025, against a market capitalization of CNY 17.44 billion as of December 2025, while ownership is broadly held-public investors own 71.4%, insiders 15.2%, institutions 7.07% and VC/PE 5.01%-and revenues are driven by GNSS chips, modules, OEM boards, high‑precision systems, cloud enhancement subscriptions, automotive electronics and specialized ceramic components.
Beijing BDStar Navigation Co., Ltd. (002151.SZ): Intro
Founded in 2000, Beijing BDStar Navigation Co., Ltd. (002151.SZ) specializes in satellite navigation and positioning technologies with a focus on BeiDou system products, modules, chips and integrated solutions. The company listed on the Shenzhen Stock Exchange in 2007 and has been a core participant in China's BeiDou industrial chain, advancing from modules and receivers to in-house chip design and system-level applications.- Established: 2000
- IPO: Shenzhen Stock Exchange, 2007
- Key technical milestone: developed a 22‑nanometer BeiDou receiver chip by 2015
- Market capitalization (Dec 2025): CNY 17.44 billion
- 2000 - Company founded with an initial focus on satellite navigation and receiver products.
- 2007 - Successful public listing on the Shenzhen Stock Exchange (002151.SZ), enabling capital for R&D and capacity expansion.
- 2015 - Breakthrough in chip development: in‑house 22 nm BeiDou receiver chip, improving integration, cost and performance for domestic navigation products.
- 2024-2025 - Period of financial fluctuation with a sharp revenue decline in 2024 and recovery signals in 2025 net profitability for the first nine months.
- Product sales: GNSS/BeiDou chips, modules, receivers, terminals and OEM components to industrial, automotive, surveying and consumer markets.
- System solutions & services: integrated positioning solutions, cloud/location services, value‑added software and firmware updates.
- Government and enterprise contracts: procurement for infrastructure, transportation, agriculture, public safety and defense-related projects.
- Licensing & partnerships: IP licensing, joint development with device manufacturers and channel distribution.
| Metric | Value | Notes |
|---|---|---|
| Revenue (2024) | CNY 1.50 billion | Down 63.30% vs. prior year |
| Implied Revenue (2023) | CNY 4.09 billion | Calculated from 2024 decline |
| Net income (Jan-Sep 30, 2025) | CNY 18.11 million | Turned positive vs. net loss in same period prior year |
| Market capitalization (Dec 2025) | CNY 17.44 billion | Reflects investor valuation despite recent revenue volatility |
| R&D focus | BeiDou chips, modules, integrated solutions | 22 nm chip achieved in 2015 |
- Ownership: publicly traded entity (002151.SZ) with a mix of institutional investors, retail shareholders and possible strategic state/industry partners typical for BeiDou supply‑chain firms.
- Governance: board and executive team oriented toward R&D investment and commercializing BeiDou technologies for multiple industries.
- Strategic advantage: vertical integration from chip to system, domestic BeiDou expertise and longstanding relationships with government and enterprise customers.
- Drivers: adoption of BeiDou across automotive, agriculture, telecom and infrastructure; expansion of smart transportation and location‑based services.
- Challenges: cyclicality of government procurement, pricing pressure, competition from domestic and global GNSS suppliers, and need for continued R&D investment following the 2015 chip milestone.
Beijing BDStar Navigation Co., Ltd. (002151.SZ): History
Beijing BDStar Navigation Co., Ltd. (002151.SZ) was established to commercialize satellite navigation augmentation and positioning technologies centered on China's BeiDou system. The company went public on August 13, 2007, listing on the Shenzhen Stock Exchange and has since expanded into precision timing, surveying & mapping, and machine-control solutions for agriculture, construction, and transport.- Founded to develop GNSS augmentation, differential corrections and value-added positioning services for civil and industrial markets.
- IPO date: August 13, 2007 (Shenzhen Stock Exchange).
- Product lines: GNSS receivers & modules, RTK networks, timing equipment, GIS/mapping services, and integrated machine-control systems.
| Milestone | Date / Detail |
|---|---|
| IPO | August 13, 2007 - Shenzhen Stock Exchange |
| Primary tech focus | BeiDou augmentation, RTK positioning, timing & surveying |
| Key markets | Agriculture, construction, surveying, transportation, telecoms |
- As of July 2025, the general public held 71.4% of shares, indicating broad public ownership.
- Individual insiders owned 15.2% of shares, including CEO Ruxin Zhou as a significant insider holder.
- Institutional investors held 7.07% (examples include Sino IC Capital Co., Ltd.).
- Venture capital and private equity held 5.01%.
- Remaining shares are held by public and private corporate entities, producing a diversified shareholder base.
| Holder Category | Share (%) |
|---|---|
| General public | 71.40% |
| Individual insiders (including CEO Ruxin Zhou) | 15.20% |
| Institutional investors | 7.07% |
| Venture capital & private equity | 5.01% |
| Public/private companies | 1.32% (residual) |
- Provide high-precision, reliable positioning and timing solutions leveraging BeiDou and multi-GNSS platforms.
- Enable productivity gains in agriculture, construction, surveying and transport through integrated hardware, network services and software.
- Hardware sales - GNSS receivers/modules and timing devices sold to OEMs, integrators and end-users.
- Service subscriptions - RTK/PPP correction network subscriptions and value-added positioning services charged recurring fees.
- Project & engineering revenue - customized surveying, GIS mapping, system integration and machine-control deployments billed per contract.
- Licensing & maintenance - software licenses, data services and after-sales maintenance contracts provide recurring income.
Beijing BDStar Navigation Co., Ltd. (002151.SZ): Ownership Structure
Beijing BDStar Navigation Co., Ltd. (002151.SZ) centers its mission on delivering satisfactory location-based solutions that improve lives for customers, partners, employees and investors. The company emphasizes innovation in satellite navigation and positioning technologies, focusing on intelligent location digital bases and microwave ceramic components, and upholds integrity, transparency and long-term partnerships.- Mission: Provide customers with satisfactory location-based solutions and contribute to society by continuously innovating in satellite navigation and positioning technologies.
- Values: Customer satisfaction, innovation, integrity, transparency, partnership and global service delivery.
- Strategic focus: Develop cutting‑edge products, solutions and services globally in intelligent location digital bases and microwave ceramic components.
| Item | Data / Estimate |
|---|---|
| Total issued A-shares | ~1,042,000,000 shares |
| Largest shareholder type | State-related / strategic investor(s) + institutional investors |
| Approx. ownership split | State-related & strategic ~35% • Institutional ~25% • Public/retail float ~40% |
| Board composition | Independent directors + executive directors; audit and remuneration committees in place |
- Sale of satellite navigation modules, chips and microwave ceramic components to telecom, automotive, surveying and IoT customers.
- Location-based solutions and software services (mapping, positioning services, integration) sold to enterprise and government clients.
- After-sales services, licensing and recurring service revenues for platform-based offerings.
| Metric | Latest annual (approx.) |
|---|---|
| Revenue | RMB 1.05 billion |
| Net profit (attributable) | RMB 120 million |
| Total assets | RMB 2.3 billion |
| Market capitalization (mid‑2024 approx.) | RMB 6.5 billion |
- Continual R&D investment in satellite navigation, GNSS receivers and ceramic microwave materials to broaden product mix and margin profile.
- Global sales channels and partnerships to expand service reach and product adoption.
- Customer-centric quality control and after-sales frameworks to maintain high satisfaction and recurring business.
Beijing BDStar Navigation Co., Ltd. (002151.SZ): Mission and Values
Beijing BDStar Navigation Co., Ltd. (002151.SZ) positions itself as an integrated Beidou-system product and service provider focused on high-precision GNSS hardware, system integrations and long-term operational services supporting civil, industrial and defense customers. The company's stated mission centers on delivering accurate, reliable positioning and timing capabilities to enable safe navigation, efficient logistics and precision surveying - leveraging the Beidou constellation and a full-stack domestic supply chain.- Authorized Beidou operations: BDStar is authorized by the Beidou system governing department to provide operational services for the Beidou satellite navigation positioning system, enabling it to operate service platforms and offer authenticated value‑added positioning and timing services.
- Exclusive partnerships: BDStar is the exclusive China partner of NovAtel, a globally recognized GNSS OEM, enabling technology transfer, joint product lines and resale of NovAtel high-precision receivers in China.
- Product-system-service model: The company combines hardware products (receivers, antennas, modules), system applications (port automation, surveying, marine safety, defense command and control) and operational services (positioning/time services, data platforms, maintenance contracts).
- Hardware & components: BDStar develops and supplies GNSS receivers, high-precision receiver cores and related modules; it claims dominant domestic shares for critical component niches in surveying and mapping.
- System integration & applications: The company builds end-to-end solutions (e.g., port automation, vessel navigation, fishery safety systems, CORS networks, surveying control networks) and integrates third‑party OEM modules where appropriate.
- Operational services: BDStar operates positioning/time service platforms under Beidou authorization, provides RTK/PPP services, maintenance and lifecycle support, and commercial subscription models for enterprise and government clients.
| Application / Field | BDStar Position |
|---|---|
| Mechanical control for port container operations (China) | 100% market share |
| High-precision receiver core components (surveying & mapping, domestic) | Over 90% market share |
| Marine fishery safety production applications | Significant domestic market share (leading vendor) |
| Military command & control applications | Notable presence; supplier for multiple C2 / precision positioning programs |
- Product sales: One-time and volume sales of GNSS receivers, modules, antennas and specialized equipment to surveying bureaus, ports, fisheries and defense integrators.
- Systems & engineering contracts: Turnkey system deliveries (e.g., port automation, CORS networks, marine monitoring) billed as project revenue and recognized over implementation periods.
- Operational & subscription services: Recurring revenue from positioning/time services (RTK/PPP/CORS access), data subscriptions, software maintenance and SLA-based operational contracts under Beidou authorization.
- After-sales & maintenance: Service contracts, spare parts and field support for installed base - an important margin driver for long-term customer relationships.
- Partnership & OEM channels: Sales via exclusive partnership with NovAtel and other OEM relationships, including licensed product lines and technology collaboration.
- Installed base scale: The company's dominance in port mechanical control and receiver cores implies a large installed base, driving recurring service and spare-parts revenue.
- Market concentration: With >90% share in core surveying components and 100% share in port mechanical control, BDStar benefits from pricing power and strong barriers to entry in those niches.
- Authorization leverage: Being authorized to offer Beidou operational services allows BDStar to capture value across the stack - device-to-service - and to sign government and enterprise long‑term contracts.
- Technology & partnerships: Exclusive NovAtel partnership strengthens access to high-end GNSS technologies for multi-constellation, multi-frequency high-precision solutions, attracting high-margin users (surveying, defense, marine).
Beijing BDStar Navigation Co., Ltd. (002151.SZ): How It Works
Beijing BDStar Navigation Co., Ltd. (002151.SZ) is a vertically integrated GNSS (global navigation satellite system) technology provider that combines semiconductor design, module production, system integration, software/cloud services, and specialty ceramic materials. Its business model converts core positioning IP and hardware capability into a diversified set of revenue streams across industrial, automotive, telematics, surveying, timing, and consumer markets.- Core technology: proprietary GNSS receiver chips and algorithms supporting multi-constellation (BeiDou, GPS, GLONASS, Galileo, QZSS) and multi-frequency high-precision positioning.
- Product stack: chips → modules/OEM boards → finished systems (receivers, PNT units, antennas, automotive infotainment/telematics boxes) → cloud/augmentation services and data products.
- Verticals served: automotive, precision agriculture, surveying & mapping, timing & synchronization for telecoms, UAVs, maritime, and industrial IoT.
- GNSS chips: RTL/SoC designs implement signal acquisition, multi-band tracking, and on-chip assisted positioning filters; these chips are sold to module makers and industrial integrators.
- Modules & OEM boards: integrate chips with RF front-ends, SAW/BAW filters and antenna interfaces; provide standardized form factors for customers to embed.
- Antennas & ceramic components: in-house ceramic microwave dielectric materials and precision antenna assemblies optimize reception and suppress multipath for high-accuracy use cases.
- Software & cloud services: differential/real-time-kinematic (RTK) correction, PPP (precise point positioning) enhancements, integrity monitoring and location analytics delivered via subscription or usage fees.
- Service & support: multi-year maintenance, data subscriptions, and customized integration services for fleet or telecom customers.
- Integration flow for an end customer (example - autonomous vehicle telematics): BDStar chip → BDStar module → vehicle integrator installs module + antenna → vehicle connects to BDStar cloud RTK/PPP service (subscription) → BDStar provides ongoing OTA firmware, map-aligned positioning corrections and SLA-backed support.
| Revenue Stream | What is sold | Typical Pricing / Unit Economics | Role in customer solution |
|---|---|---|---|
| GNSS chips | Proprietary receiver ASICs/SoCs | Wholesale chip ASP: tens to low hundreds RMB per chip depending on complexity | Core IP; margin-accretive when sold in volume to module manufacturers |
| Modules & OEM boards | Integrated GNSS modules, evaluation and OEM carrier boards | Module ASP: typically RMB 50-500 depending on feature set and accuracy | High-volume embedded sales channel to electronics and equipment manufacturers |
| High-precision systems | RTK/PPP receivers, surveying equipment | Device ASP: thousands to tens of thousands RMB for professional-grade systems | Specialized industrial/engineering projects with higher margins |
| Cloud & augmentation services | RTK/PPP corrections, integrity monitoring, positioning APIs | Subscription/usage fees: monthly or per-signal fees; scalable recurring revenue | Provides recurring revenue and higher lifetime value (LTV) |
| Automotive electronics | Infotainment, in-vehicle antennas, telematics units | Per-unit revenue: hundreds to low thousands RMB depending on integration | Tightly integrated with OEM supply chains; long-term contracts |
| Ceramic materials & components | Microwave dielectric ceramics, high-precision mechanical parts | Component pricing varies; positioned for industrial/antenna markets | Supply-chain advantage for RF front-ends and antenna quality |
| Service contracts & support | Integration, calibration, data services, maintenance | Contract-based fees: yearly retainers or per-project billing | Stabilizes revenue with long-term client relationships |
- Higher-volume, lower-ASP products (chips/modules) drive gross revenue but are more competitive on price; margins improve with scale and IP licensing.
- High-precision devices and industrial systems command premium ASPs and higher gross margins due to specialized hardware and bundled software.
- Cloud subscriptions, data and service contracts produce recurring margin-accretive revenue and improve predictability (SaaS-like characteristics).
- Ceramic materials are strategically complementary - they reduce component sourcing cost and enable premium antenna/receiver performance that supports higher ASPs for turnkey solutions.
- OEM chipset sales: multi-year supply agreements with module manufacturers, pricing discounts tied to volume tiers and forecast commitments.
- Systems & equipment: one-time device sale plus optional extended warranty and calibration packages (multi-year).
- Cloud augmentation: monthly or annual subscriptions per receiver or per vehicle (metered by correction sessions or connection time).
- Automotive supply: tiered contracts tied to vehicle production schedules and qualification milestones with penalty clauses and price renegotiation windows.
- Chip and module shipments (units per quarter)
- Average selling price (ASP) by product family
- Recurring revenue from cloud/subscription services (MRR/ARR)
- Gross margin by segment (chip/module vs. systems vs. services)
- R&D spend as % of revenue (to maintain product roadmap and IP lead)
- Customer concentration and contract length in automotive and industrial segments
Beijing BDStar Navigation Co., Ltd. (002151.SZ): How It Makes Money
Beijing BDStar Navigation Co., Ltd. generates revenue through a mix of product sales, systems integration, service contracts and strategic acquisitions that expand its addressable markets.- Core product sales: GNSS high-precision receivers, microwave ceramic components, and high-precision receiver cores for surveying & mapping.
- Industrial systems & solutions: Port container mechanical control systems, marine fishery safety systems, and military command & control solutions (hardware + software + installation).
- After-sales & recurring services: Maintenance, firmware/algorithm updates, data services and performance warranties for deployed systems.
- Automotive & IoT modules: Integrated modules and electronic components through subsidiaries and acquisitions (notably Shenzhen Tianli Automotive Electronics Technology Co., Ltd.).
- R&D-driven licensing & component sales: Licensing of navigation/positioning algorithms and sale of precision components to OEMs and defense contractors.
| Metric / Area | Data / Note |
|---|---|
| Market capitalization (Dec 2025) | CNY 17.44 billion |
| Port container mechanical control (China) | 100% market share |
| High-precision receiver core (domestic surveying & mapping) | Over 90% market share |
| Presence in marine fishery & military applications | Significant market share across safety production and command & control applications |
| Strategic growth focus | Intelligent location digital bases; microwave ceramic components; integration of automotive electronics business |
- Revenue mix (qualitative weighting): Products & modules (~40-60%), Systems integration & projects (~25-40%), Services & licensing (~10-20%).
- Profitability drivers: high domestic component share reduces COGS, recurring service contracts improve margin stability, and acquisitions expand cross-selling into automotive/electronics.
- Future levers: scaling intelligent location digital bases, expanding microwave ceramic exports, and monetizing Shenzhen Tianli integration to capture automotive electronics revenue.
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