The Precise Point Positioning (PPP) service of BeiDou-3 Navigation Satellite System (BDS-3) is implemented on its Geostationary Earth Orbit (GEO) satellites. However, its signal design is limited by the actual power of satellite and other conditions. Furthermore, the design needs to fully consider the compatibility of different service phases. Starting from the actual state of the BDS-3 GEO satellite, this paper studies the multiplexing modulation of the BDS PPP service signal that is based on the Asymmetric Constant Envelope Binary Offset Carrier (ACE-BOC) technique and proposes several feasible schemes for this signal. Comparison and optimization of these techniques are made from the aspects of transmission efficiency, multiplexing efficiency, and service forward compatibility. Based on the Type-III ACE-BOC multiplexing modulation technique, phase rotation and intermodulation reconstruction techniques are proposed to suppress the intermodulation interference issue. Finally, a signal based on improved ACE-BOC multiplexing is designed. The quality of the proposed signal was continuously monitored and tested using large-diameter antennas. The evaluation results show that the power spectrum deviation of the signal is 0.228 dB, the correlation loss is 0.110 dB, the S-curve slope deviation is 1.558% on average, the average length difference between the positive/negative chip and the ideal chip is only 0.0006 ns, and the coherence between the carrier and the pseudo code is 0.082°. All quality indicators are satisfactory, indicating that the proposed signal multiplexing modulation technique is an ideal solution that meets all the requirements of the design constraints, and can achieve efficient information broadcasting and forward compatibility of the BDS PPP service.