IPO雷达|天溯计量提示业绩下滑风险，恶性竞争致单价逐年下降

Core Viewpoint - Shenzhen Tiansu Measurement and Testing Co., Ltd. is progressing in its listing journey on the ChiNext board, addressing concerns regarding performance decline risks in response to the Shenzhen Stock Exchange's review opinions [1][2] Financial Performance - The company reported revenues of approximately 597 million yuan, 726 million yuan, 800 million yuan, and 409 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [1] - Net profits for the same periods were approximately 84.39 million yuan, 101 million yuan, 111 million yuan, and 55.58 million yuan [1] - The revenue contribution from the measurement calibration business was significant, accounting for 91.11%, 87.23%, 85.73%, and 84.05% of total revenue during the reporting periods [1] Business Model and Pricing - The average price of certificates for measurement calibration services decreased from 142.01 yuan to 119.43 yuan over the reporting periods [1] - Despite the decline in certificate prices, the gross margin remained relatively stable due to a corresponding decrease in certificate costs [1] Market Risks - The company identified multiple factors contributing to performance decline risks, including potential adverse changes in the macroeconomic environment that could reduce demand for measurement calibration services [2] - The growth of the testing services business is heavily influenced by national policies affecting key clients in the new energy vehicle and energy storage sectors, with risks associated with policy changes such as subsidy withdrawals or increased tariffs [2] Competitive Landscape - The measurement and testing industry is characterized by a large number of institutions and increasing competition from leading firms, which poses challenges for smaller companies [2] - Although the company has established a technological advantage in certain niche areas, competition from smaller firms using price reductions to gain market share could pressure business expansion and client relationships [2] - The company has managed to offset some impacts of declining certificate prices through efficiency improvements and cost reductions, but future performance may be at risk if it cannot maintain technological leadership amid intensifying competition [2]