Core Insights - The article discusses the satellite navigation industry, highlighting its importance in various sectors such as transportation, agriculture, and military applications. It emphasizes the evolution of the industry from infrastructure development to application-driven growth [5][7][10]. Industry Definition - Satellite navigation (SatNav) utilizes artificial satellites to provide positioning, navigation, and timing services, distinguishing itself from traditional map navigation by relying on space signals and time synchronization [5][7]. Industry Landscape - The global satellite navigation market includes established systems like GPS, GLONASS, Galileo, and BeiDou, with ongoing advancements in precision and reliability. The industry is categorized into global and regional navigation systems, with various applications across consumer electronics, aerospace, agriculture, and military sectors [7][8]. Industry Chain - The satellite navigation industry chain consists of three segments: upstream (satellite manufacturing and rocket launching), midstream (ground control systems and signal enhancement), and downstream (terminal devices and applications). The midstream is crucial for ensuring signal accuracy and reliability [8][9][10]. Financing Trends - From 2020 to 2024, the number of financing events in the satellite navigation sector has shown a downward trend, decreasing from 46 events in 2020 to 21 in 2024. Despite this decline, 2022 saw a peak in financing amounts, indicating a consolidation of resources towards leading companies and core technologies [10]. Key Companies - **Fangweijiao**: Founded in 2021, focuses on high-precision indoor and outdoor positioning technology, with significant financing rounds to enhance its technology and market reach [12][13]. - **Tianshu Navigation**: Established in 2014, specializes in high-precision satellite navigation technology, achieving significant global market penetration and rapid growth [16][17]. - **Huoyan Positioning**: Founded in 2019, focuses on low-orbit satellite navigation enhancement systems, with successful satellite launches and ongoing financing to expand its capabilities [20][21]. Recent Developments - In September 2025, a patent for a satellite navigation deception interference detection method was published, enhancing user security against deceptive signals [25]. - The number of national satellite navigation reference stations has expanded to nearly 7,000, supporting the application of the BeiDou system [30]. - A white paper released in May 2025 projected that China's satellite navigation and positioning service industry would reach a total output value of 575.8 billion yuan in 2024, reflecting a year-on-year growth of 7.39% [32].