Breaking Down Piesat Information Technology Co., Ltd. Financial Health: Key Insights for Investors

Born on January 24, 2008 as Beijing Aerospace Macro-Map Information Technology Co., Ltd., Piesat Information Technology Co., Ltd. (ticker: 688066.SS) has transformed from a domestic satellite-data startup into a publicly traded aerospace tech firm that listed on the Shanghai STAR Market in 2019, rebranded in 2020, launched the first four radar satellites of its Nuwa Constellation on March 30, 2023, and by 2024 had set up branch offices in 15 countries including Australia, the UK and Switzerland; with a registered capital of 184,881,281 yuan, a workforce of 2,526 as of December 31, 2024 (down 24.91% year-over-year), a market capitalization of 7.39 billion yuan and a December 12, 2025 closing share price of 28.39 yuan (52-week range: 14.74-41.90), the company combines a "space‑air‑ground" service model, the Nuwa plan targeting 54 satellites in phase one, over 800 software copyrights and 150+ patents, revenue streams from satellite internet, remote‑sensing software (PIE series and PIE‑Engine), UAV services, consulting and international operations, and-despite a high debt‑to‑asset ratio of 80.05%-faces regulatory headwinds including a three‑year suspension from military procurement effective July 6, 2024 through July 6, 2027.

Piesat Information Technology Co., Ltd. (688066.SS): Intro

• Founded: January 24, 2008 (Beijing).
• Original name: Beijing Aerospace Macro-Map Information Technology Co., Ltd.
• Renamed: 2020 to Piesat Information Technology Co., Ltd. to reflect broader market positioning.
• Stock market milestone: One of the early listings on the Shanghai Stock Exchange Science and Technology Innovation Board (STAR Market) in 2019 - ticker 688066.SS.

• Publicly traded entity on SSE STAR Market (688066.SS) with a mix of institutional investors, management holdings and public float consistent with other STAR-listed tech firms.
• Board and management include founders and technical leadership from aerospace/remote-sensing backgrounds; corporate governance aligns with SSE disclosure requirements.

• Core mission: Provide high-resolution remote sensing data, AI-driven geospatial analytics, and integrated satellite-based services for government and commercial customers.
• Product/market focus: Radar and optical remote sensing, geospatial big data platforms, cloud-based analytics, and vertical solutions (agriculture, urban planning, environmental monitoring, disaster response).
• Public-facing values and future direction are summarized in the company materials: Mission Statement, Vision, & Core Values (2026) of Piesat Information Technology Co., Ltd.

• Satellite constellations: Owns and operates radar remote-sensing satellites (Nuwa Constellation initial four satellites launched March 30, 2023) to provide all-weather, day/night imagery and derived products.
• Data pipelines: Ingest raw satellite telemetry → process into calibrated imagery → apply AI/ML analytics → deliver value-added products (maps, change detection, object detection, time-series analytics).
• Platforms: Cloud-hosted data platforms and APIs to serve government agencies, enterprise customers (e.g., utilities, agriculture), and integrators.
• Service delivery: Direct sales, subscription/SaaS models for analytics platforms, project-based consulting, and data licensing.

• Satellite data sales & licensing - imagery, radar products, time-series archives.
• Analytics & platform subscriptions - SaaS access to geospatial analytics, APIs and hosted tools.
• Turnkey projects & integration - customized analytics, systems integration for government and enterprise.
• Hardware & services - ground segment equipment, calibration/processing services, sensor development.
• Government & institutional contracts - public-sector procurements and research partnerships (note: participation constrained in defense procurement during suspension period 2024-2027).

• March 30, 2023 - Launch of first four Nuwa radar satellites strengthened capabilities for persistent, all-weather monitoring and increased in-house data supply.
• 2024 expansion - Established offices across 15 countries (notable presences: Australia, United Kingdom, Switzerland) to support sales, partnerships, and international data services.
• Procurement suspension - Company suspended from participating in military procurement for three years (July 6, 2024 to July 6, 2027) for violations related to drone procurement; this affects defense-sector revenue streams and certain government engagements.

• Data-as-a-Service (DaaS) adoption and subscription growth - recurring revenue trend.
• Satellite fleet scale - increases in constellation size improve revisit rates and gross margin on data.
• International contracts and partnerships - revenue diversification outside China as branch offices mature.
• Regulatory impacts - duration and scope of procurement suspension and any resultant compliance/remediation costs.

Piesat Information Technology Co., Ltd. (688066.SS): History

• Listed ticker: 688066.SS (Shanghai Stock Exchange).
• Registered capital: 184,881,281 yuan (per 2022 prospectus).
• Market capitalization: 7.39 billion yuan as of 12‑Dec‑2025 (up 25.04% year-over-year).
• Share price: closed at 28.39 yuan on 12‑Dec‑2025; 52‑week range 14.74-41.90 yuan.
• Workforce: 2,526 employees as of 31‑Dec‑2024 (down 24.91% vs. prior year).
• Leverage: debt-to-asset ratio 80.05%, indicating high financial leverage.

• Data acquisition & processing - satellite/airborne sensor solutions and high-performance processing pipelines.
• Software platforms - GIS, remote-sensing analytics and cloud-enabled mapping products for governments and enterprises.
• Services & solutions - customized industry applications (urban planning, agriculture, defense, disaster response) and long-term contracts for data analytics and maintenance.

• Hardware and sensor systems - one-time equipment sales and integration fees.
• Software licensing and cloud services - subscription and license renewals for analytics platforms.
• Engineering & data services - project-based contracts for imagery analysis, model development and consulting.
• After-sales & maintenance - service agreements, training and support generating recurring income.

Piesat Information Technology Co., Ltd. (688066.SS): Ownership Structure

• Core mission: Serve the Earth and space community - satellite internet, remote sensing, digital twin development.
• Intellectual property footprint: >800 software copyrights and >150 patents.
• Sustainability programs: participant in the Green Pakistan Project to support agricultural modernization and food security.
• Global presence: branch offices in over 15 countries (including Australia, the United Kingdom and Switzerland).
• International engagement: member of the International Astronautical Federation (IAF).

• Satellite and ground network services: subscription and usage fees for satellite internet and data links.
• Remote sensing products and analytics: sales of imagery, processed data, AI-driven analytics for agriculture, environment, and government clients.
• Integrated solutions and digital twin services: platform fees and project-based contracts integrating satellite, drone and sensor data to simulate physical assets and environments.
• R&D and IP licensing: monetization of >800 software copyrights and >150 patents through licensing and partnerships.

Piesat Information Technology Co., Ltd. (688066.SS): Mission and Values

• Integrated model: 'space-air-ground' fusion combining remote sensing satellites, UAVs, and ground sensors for multi-scale temporal and spatial coverage.
• Nuwa Constellation: multi-level, multi-mode hybrid remote sensing satellite constellation - Phase I planned for 54 operational satellites to provide frequent revisit and multi-sensor fusion.
• UAV network: nationwide UAV production and service system supporting rapid aerial data acquisition, photogrammetry, LiDAR and thermal imaging.
• Global expansion: branch offices in 15 countries (examples include Australia, the United Kingdom, Switzerland) to support overseas projects and international customers.

• Data acquisition: Nuwa satellites + commercial and enterprise UAV fleets + ground sensors (meteorological, hydrological, environmental) provide layered, multi-modal raw data.
• Data processing and analytics: PIE series software for remote sensing image and data processing; PIE-Engine remote sensing computing cloud for scalable processing, model training, and deployment.
• Vertical solutions: turnkey analytics and decision-support products tailored to industry workflows (oil & gas, power, water conservancy, agriculture, forestry, marine, smart city, emergency management, surveying & mapping, eco-environment, meteorology).
• Delivery: SaaS, cloud APIs, on-premise installations, and consultant-led integration into clients' operational systems (SCADA, GIS, ERP as applicable).

• Oil & Gas: pipeline and facility inspection using UAV LiDAR/thermal + satellite monitoring for large-area leak/environmental impact detection.
• Power: transmission-line patrols with UAV LiDAR/visual; vegetation encroachment monitoring via satellite change detection.
• Eco-environment & Forestry: deforestation/afforestation tracking, biodiversity monitoring, carbon-stock estimation using multi-temporal satellite imagery.
• Water Conservancy & Hydrology: reservoir level monitoring, flood mapping, sediment transport analysis using SAR and optical datasets.
• Surveying & Mapping: high-precision orthophoto production, DEM generation, cadastral mapping supported by PIE tools and UAV data.
• Marine: coastal monitoring, algae bloom tracking, ship detection via multi-sensor fusion.
• Smart City & Emergency Management: urban change detection, rapid damage assessment after disasters using high-revisit imagery and UAV surveys.
• Agriculture: crop classification, yield estimation, irrigation management with multi-spectral satellite + UAV imagery.
• Meteorology: integration of satellite remote sensing with ground sensors for localized weather and climate monitoring.

• Product licensing: PIE series software licenses (on-premise and enterprise agreements).
• SaaS / Cloud services: PIE-Engine subscription and usage-based remote sensing compute and API access.
• System integration & consulting: customized turnkey projects integrating satellite, UAV, and ground-sensor data into client workflows.
• Data services: imagery and derived-product sales (orthophotos, classified maps, change-detection products) from Nuwa and partner satellites.
• UAV sales & services: hardware sales, maintenance, and field-data-collection contracts via the nationwide UAV service network.
• Overseas contracts: international project revenue via 15-country branch network, including service agreements, software exports, and joint ventures.

• End-to-end geospatial stack: vertical integration from satellite constellation to cloud analytics reduces time-to-insight for clients.
• Multi-modal fusion: combining optical, SAR, LiDAR, multispectral UAV data and ground sensors improves detection accuracy and resilience (e.g., all-weather SAR complements optical limits).
• Industry breadth: standardized products (PIE) plus tailored solutions for regulated industries (power, oil & gas, water management) enable diversified revenue streams.
• Global expansion: overseas branches support international contracts and localization of services, strengthening export of software and data products.

• Piesat articulates mission and values oriented to providing reliable geospatial intelligence for economic and environmental decision-making; see corporate positioning and guiding statements here: Mission Statement, Vision, & Core Values (2026) of Piesat Information Technology Co., Ltd.

Piesat Information Technology Co., Ltd. (688066.SS): How It Works

• Core business model: sell access to geospatial intelligence (satellite, UAV and derived analytics) plus enabling software and professional services.
• Customer segments: central and local government agencies, defense-related entities, agriculture and natural resources firms, utilities, urban planners, environmental monitoring organizations, and universities.
• Channels: direct contracts, licensed software sales, project-based services, international branch offices, and partnerships with satellite operators and system integrators.

• Revenue drivers and unit economics:
  • Recurring software licensing and maintenance provides stable, higher-margin revenue.
  • Satellite and UAV data sales and monitoring contracts drive mid-term recurring income tied to subscription cadence or monitoring schedules.
  • Large one-off government or infrastructure projects produce lump-sum revenues but with higher implementation costs and longer sales cycles.
• Cost structure considerations:
  • CapEx for ground stations, data centers and possible satellite or payload investments.
  • R&D and software development for PIE/PIE-Engine and analytics models.
  • Field operations costs for UAV missions and data acquisition.
  • Sales and compliance costs associated with international branches.

• How service delivery typically works:
  • Client engagement and requirements gathering (government/enterprise/academic).
  • Data acquisition via satellite tasking, in-house archives, or UAV missions.
  • Processing and analysis using PIE/PIE-Engine and custom algorithms.
  • Delivery of maps, analytics dashboards, reports and ongoing monitoring services.
  • Support, updates and potential integration into client systems.

Piesat Information Technology Co., Ltd. (688066.SS): How It Makes Money

• Commercial satellite-data services and analytics sold to agriculture, forestry, mining, energy and urban planning clients.
• Government and defense contracts for remote sensing, mapping and geospatial intelligence.
• Software products and platform subscriptions (SaaS) leveraging the company's >800 software copyrights.
• Licensing and intellectual property revenues tied to >150 granted patents.
• Project-based revenue from international development initiatives (e.g., Green Pakistan Project).
• Systems integration, equipment sales and post-sales support for satellite/GIS installations.

• Market position & future outlook: positioned as a leading Chinese satellite internet and remote-sensing tech provider, pursuing international revenue growth via overseas offices, membership in global bodies (IAF) and technology-driven product expansion.
• Innovation & sustainability: heavy IP portfolio (800+ copyrights, 150+ patents) and active participation in sustainability projects like Green Pakistan signal diversified long-term demand across commercial, governmental and development sectors.