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As a typical augmentation satellite system for centimeter-level positioning, PPP (Precise Point Positioning) service based on PPP-B2b signal of China's new generation BeiDou system (BDS-3) was released for Asia-Pacific area on July, 2020. This paper first introduces the recovery theory of PPP-B2b SSR (State Space Representation) messages and then implements a real-time PPP-B2b precise positioning terminal to decode and obtain the PPP-B2b SSR orbit, clock, and biases. On those bases, the coverage, signal-in-space, and positioning performance of PPP-B2b SSR are evaluated. The results show that PPP-B2b SSR of BDS-3 can cover the most area of 50°E-180°E, 30°S-70°N and improve signal-in-space accuracy significantly. The improvement rate on BDS clock offset can reach 77%, which far exceeds average 40% improvement on BDS orbit, while it is opposite for GPS with 80% improvement rate on orbit and 61% on clock offset. Average SISRE (signal-in-space range error) of PPP-B2b SSR is better than 10 cm. The 95% positioning results show that centimeter- to decimeter-level positioning can be achieved after a few minutes of convergence based on PPP-B2b SSR, which satisfies the BDS open service performance standard. Comparing to BDS PPP based on PPP-B2b SSR, BDS + GPS PPP can promote convergence significantly with average 40% improvement rate for 95% epochs and can further improve positioning accuracy with 30%-35% improvement rate in horizontal and 10%–15% in vertical direction. [ABSTRACT FROM AUTHOR]