刚刚！年净利1.1亿，IPO成功过会！

Core Viewpoint - Shenzhen Tian Su Measurement Testing Co., Ltd. is set to undergo an IPO review by the Shenzhen Stock Exchange on October 16, 2025, with an expected fundraising amount of 4.239 billion yuan [1][3]. Company Overview - Shenzhen Tian Su Measurement Testing Co., Ltd. is a national, comprehensive independent third-party measurement testing service provider, focusing on calibration, testing, and certification services across various sectors including biomedicine, automotive, new energy, rail transportation, energy power, light industry, and equipment manufacturing [3]. - The controlling shareholder and actual controller is individual shareholder Gong Tianbao, who holds 85.86% of the voting rights prior to the company's issuance [3]. Financial Performance - The company's revenue for the reporting period was 597.2009 million yuan, 725.7104 million yuan, 800.1169 million yuan, and 409.1361 million yuan, with a compound annual growth rate of 15.75% from 2022 to 2024 [4]. - Net profit attributable to the parent company was 84.3854 million yuan, 101.2520 million yuan, 111.0568 million yuan, and 55.5762 million yuan [4]. - As of June 30, 2025, total assets amounted to 729.1946 million yuan, with equity attributable to the parent company at 576.1199 million yuan [5]. - The company's debt-to-asset ratio was 18.45% for the parent company and 20.99% for the consolidated entity [5]. Future Projections - The company anticipates a revenue growth of approximately 8.11% to 12.48% year-on-year for 2025, with net profit growth expected to be between 8.05% and 12.56% [7]. - The company plans to invest the raised funds into projects including the enhancement of measurement testing capabilities, construction of regional testing laboratories, and the establishment of a digital center, totaling an investment of 42.38991 million yuan [7]. Key Issues Raised - The listing committee has raised questions regarding the company's high sales expense ratio and low R&D intensity, inquiring about the sustainability of performance growth in light of industry technological upgrades and competitive dynamics [7][8].