Unid modem (prob. Chinese origin) using BPSK modulation at 1500 Baud and 1500 Hz sub-carrier. Since the alternation of frames with different strength, this may be a duplex channel.
Once demodulated, the analysis of the bitstream reaveals an interesting 3 bit structure (fig. 4): my friend Karapuz suggested to try a differential (relative) decoding of the signal.
Differential decoding can be obtained directly by running the proper tool of the bit-editor or by demodulating the signal using the SA demodulator with option "Diff 1" as in fig. 5
Results are similar and in the output bistream, visually more logical, is visible the sync bit and the two data bits (fig. 6).