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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 |     　　《哪吒2》红利退潮，影视龙头光线传媒上半年净利下滑超98%。    

    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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　　8月25日，北京光线传媒股份有限公司（光线传媒，300251.SZ）发布2026年半年度报告，上半年公司实现营业收入3.24亿元，同比下降90%；归母净利润3300.89万元，同比下降98.52%，上年同期为22.29亿元；扣非净利润463.68万元，同比下降99.79%；基本每股收益0.01元。　　其中，第二季度，公司实现营收1.34亿元，同比下降50.03%；归母净利润973.33万元，同比下降95.44%。

二 | 　　对于上半年营收大幅下滑，光线传媒在半年报中解释称，“主要是上年同期公司影视剧收入较多所致。”　　光线传媒所交出的这份“成绩单”和去年同期形成鲜明对比。得益于《哪吒之魔童闹海》（下称“《哪吒2》”）所创造的票房奇迹，去年上半年，光线传媒营收和净利润均创历史新高，22.29亿元的净利润更是接近此前7年的净利润总和（22.97亿元）。去年全年的业绩也是自2011年上市以来增速最高的一年。　　今年上半年，公司影视剧及相关衍生业务收入大幅下滑，拖累公司业绩。

三 | 报告期内，该项业务实现营收1.34亿元，同比下降95.68%；经纪业务及其他营收1.9亿元，同比增长35.58%。

四 | 　　具体来看，影视剧及衍生业务方面，2026年上半年，公司投资、发行并计入本报告期票房的影片包括《不过是上班》《飞驰人生3》《惊蛰无声》《重返·狼群》（重映）、《大鱼海棠》（重映）等，截至报告期末总票房约为58.21亿元。对此，光线传媒解释称，“本报告期受上年高基数影响，业绩同比有所回落。”　　财报还提及，目前，在组织结构调整上，公司主力真人厂牌和团队都已由传统的真人方向全面向动画IP的创造延展，在继续生产优质真人IP的同时，开始涉猎动画电影领域，公司已具备成为一家“全民动画公司”的基础；衍生业务等方向的团队规模亦在持续扩展中。公司线上店“光线小卖部”已正式营业，进一步完善了公司衍生品的销售渠道。　　产业投资业务方面，公司在本次转型的过程中，继续以轻资产方式拓展、布局游戏、衍生、短剧等领域。目前，公司已新投资、成立了十余家在游戏、衍生品、番剧、短视频、短剧等领域拥有各自的显著优势且具备发展潜力的主体，处于前期孵化、培养阶段，部分投资、合作项目已在推进中。　　另据财报，报告期内，公司经营活动产生的现金流量净额为-1.34亿元，同比下降104.48%，上年同期为29.82亿元；主要是上年同期影视剧项目回款较多所致。

五 | 投资活动产生的现金流量净额为9.17亿元，同比增长178.41%，主要是上年同期公司收购北京棫霖企业管理有限公司100%股权所致。投资收益由去年同期的8138万元降至今年上半年-6051万元，主要是联营企业整体亏损。　　公开资料显示，光线传媒成立于1998年，2011年8月在创业板上市，为中国民营传媒娱乐集团，董事长和法定代表人为王长田。公司以内容为核心、以影视为驱动，在横向的内容覆盖及纵向的产业链延伸两个维度同时布局，业务已覆盖电影、电视剧（网剧）、动漫、IP 运营、音乐、文学、艺人经纪、游戏、实景娱乐、产业投资等领域。目前，公司主要立足于产业链中的内容生产与IP运营环节；盈利主要涵盖影视项目的投资、制作、发行收益，及相关衍生或关联领域产生的收益，同时以股权投资收益等作为重要补充。　　对于电影行业，光线传媒在半年报中表示，2026年上半年，根据猫眼专业版数据，中国内地电影市场总票房为173.56亿元，票房高度集中于春节档，清明档、五一档等档期表现相对平淡。在上年现象级爆款电影带动的高基数背景下，票房整体呈现回落态势，行业进入结构性调整期。　　光线传媒进一步指出，“电影行业正站在转型的关键节点。在内容创作上，创作者需要回归真诚叙事，产业投资逻辑也将从题材、成本转向创作者的态度与创新。

六 | 在产业边界上，在国家政策鼓励下，行业将加速摆脱对单一票房的依赖，通过IP运营打开第二增长曲线，使电影全产业链产值持续扩大。”　　真人电影方面，下半年，光线传媒投资、发行的电影《想你了》已于2026年7月17日上映；此外，公司尚储备有《第十七条》《活色生香》《三心两意》《四十四个涩柿子》等项目待择机上映，公司将视情况对项目进行调整。电视剧/网剧业务方面，公司正在推进《春日宴》的前期开发工作。动漫业务方面，公司参投的动画电影《八仙！》已于2026年7月18日上映；公司投资、发行并由公司内部的光线动画制作团队制作的第一部动画电影《去你的岛》已于2026年8月7日上映，该IP的衍生品已于电影上映同期于光线小卖部同步发售，光线动画后续的动画电影项目已在制作过程中。　　此外，公司在推进中的动画项目包括《罗刹海市》《外婆，我的耳朵里有条鱼》《后羿》《涿鹿》《大鱼海棠2》《相思》《朔风》《西游记之大圣闹天宫》《茶啊二中2》《四大天王之边缘神》《昨日青空2》《八仙过大海》《姜子牙2》《大鱼海棠3》《大理寺日志》《妲己》《财神》《陆判》《星游记前传》《王焕君和张缤智》《红孩儿》《最后的魁拔》等等。　　当前，2026年暑期档距离收官还剩不到一周时间，猫眼专业版数据显示，截至8月25日22时，暑期档总票房近118亿元。光线传媒主投、发行的影片《想你了》《去你的岛》票房分别为1.7亿元、1.4亿元，参投的《八仙！》票房为17.6亿元。

七 | 　　就今年暑期档而言，光线传媒认为，“暑期档电影市场表现较为亮眼，供给丰富优质，国产电影主导，类型全面开花，观众构成多元，热度持续升温，共同成就了暑期档的叫好又叫座，为接下来的电影市场注入了活力与生机。”　　据大智慧VIP，截至8月25日收盘，光线传媒报10.86元/股，涨0.93%，总市值319亿元。（文章来源：澎湃新闻）。

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