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Chinese firm’s Lixun-1 ‘space tug’ eyes maiden flight in Q1 2027 after key propulsion tests_我的网站

一 |      8 月 25 日消息，欧菲光今日发布 2026 年上半年（2026 年 1 月～2026 年 6 月）报告：营业总收入：78.41 亿元，同比下降 20.29%归母净利润：-4.44 亿元，同比下降 307.36%扣非净利润：-4.66 亿元，同比下降 210.81%经营现金流：6.94 亿元，同比增长 113.6%加权平均净资产收益率：-11.71%基本每股收益：-0.133 元，同比下降 300.6%稀释每股收益：-0.133 元，同比下降 300.6%AI 解读本次财报营收和归母净利润均不及市场预期，营收同比下滑，亏损幅度同比扩大。

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    The general assembly of the Lixun-1 upper stage Photo: Courtesy of CAS Space
    The Lixun-1 upper stage Photo: Courtesy of CAS Space
Lixun-1 upper stage, a versatile "space tug" developed by China's commercial space firm CAS Space, is scheduled to make its maiden flight in the first quarter of 2027 after completing a series of key propulsion-system tests, the developer and its chief designer told the Global Times on Tuesday.
The "tug" is designed to ferry satellites from one orbit to another and support missions ranging from constellation deployment to lunar exploration. 
While the main stages of a rocket carry payloads from the ground into an initial orbit, an upper stage takes over once the craft is in space. By repeatedly restarting its engine and changing orbit, Lixun-1 can deliver satellites to higher or different orbits, distribute multiple spacecraft to separate destinations during a single launch, or send probes onto trajectories toward the moon and beyond, Global Times learned from the developer.
Yang Haoliang, chief designer of the Lixun-1 upper stage, compared the system to a shuttle service. "If the regular stages of a launch vehicle are like a long-distance bus," - they carry the upper stage and satellites from Earth to a near-Earth parking orbit - the upper stage then takes over as a "space tug," carrying its satellite "passengers" onward to their designated orbital "stops," Yang explained. 
That capability can have a direct impact on how efficiently satellites are launched and operated, Yang said. If a satellite has to climb from an initial orbit to its final destination using its own engine, the process can consume a considerable amount of onboard propellant and reduce the fuel available during its operational life. An upper stage can instead perform that orbital transfer, helping conserve satellite fuel and potentially extend its service life.
It can also make one rocket launch do more work. Instead of releasing a batch of satellites into roughly the same orbit, Lixun-1 can repeatedly ignite its engine and maneuver between deployments, sending different satellites to different altitudes and inclinations. Yang said this would help accelerate constellation deployment while improving the efficiency of individual launches.
The practical ambitions behind the system are backed by a major technical milestone reached this month. In August, Lixun-1 completed its PV-001 integrated propulsion-system coordination firing test, during which the entire system operated smoothly for 566 seconds.  
Yang told the Global Times that the current Lixun-1 upper stage has a thrust of 20 kilonewtons and can achieve a specific impulse of 315 seconds, which he described as reaching an internationally leading level. The August firing covered the planned profile for the maiden mission, an important step before the system proceeds to flight testing.
The test was more than a demonstration of the engine itself. As an important system-level verification during development, it examined the coordination and engineering reliability of the engine pressurization system, propellant delivery system, propellant management system and servo-control system under the fully integrated configuration.
Of a series of tests that accumulated 5,211 seconds of firing time, the latest one focused on three core technologies: a high-thrust, high-performance 20-kilonewton upper-stage engine capable of multiple starts; balanced propellant delivery from multiple parallel tanks; and a highly reliable integrated electrical system. Their successful verification means Lixun-1 has completed its system-level testing and is ready to move into the flight-test phase, according to the developer.
Lixun-1 has been designed as a modular and generally adaptable upper stage rather than a system tied to only one rocket. It is intended to work with CAS Space's Kinetica-2 and Kinetica-2 heavy-lift variants as well as other launch vehicles, Yang said.
When paired with the Kinetica-2 family, Lixun-1 could significantly expand the rocket's mission range. For communications missions, it could deliver satellites to geosynchronous transfer orbit or even directly to geosynchronous orbit, conserving satellite propellant while supporting the deployment of high-throughput satellites and future 6G communications spacecraft.
For multi-satellite missions, the combination could distribute spacecraft to different orbital altitudes and inclinations during a single launch, potentially serving both low-Earth-orbit constellations and medium- or high-orbit payloads. For deep-space missions, it could place probes onto Earth-moon transfer trajectories and support lunar exploration, Yang said.
The upper stage is designed to be able to conduct more than 20 engine ignitions, autonomously plan orbital-transfer routes and operate under the vacuum and extreme temperature conditions of space. After completing payload deployment, it can also carry out orbital disposal maneuvers to reduce space-debris risks.
Yang said the Lixun-1 and Kinetica-2 combination is designed to cover the vast majority of commercial satellite launch requirements while retaining the ability to participate in major national space projects. More broadly, the upper stage forms part of CAS Space's effort to build launch capabilities reaching medium and high Earth orbits and deep space, extending the reach of China's commercial space sector toward higher orbits and more distant destinations.
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三 | 财报核心亮点与核心数据报告期内实现营业收入 78.41 亿元，同比 -20.29%；归属于上市公司股东的净利润为 -4.44 亿元，同比下降 307.36%；扣非归母净利润为 -4.66 亿元，同比下降 210.81%；经营活动现金流净额为 6.94 亿元，同比增长 113.6%，现金流表现改善；基本每股收益 -0.13 元，同比下滑 -300.6%；加权平均净资产收益率为 -11.71%，同比下降 8.72% 个百分点。重要事项进展股权激励：完成 2023 年第一期、2024 年第一期股权激励计划的期权行权与注销，因业绩未达标注销部分未行权期权。发行股份购买资产：欧菲微电子收购事项已完成资产过户，新增股份于 2026 年 7 月 2 日上市，本次发行后公司总股本变为 3495915216 股。募集资金：部分闲置募集资金临时补充流动资金已提前归还，再次批准使用不超过 125000 万元闲置募集资金临时补充流动资金，期限不超过 12 个月。相关阅读：风险提示：本文内容由 AI 自动分析生成，仅供参考，不代表观点。

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