天溯计量“闯关”IPO：低价竞争冲击利润，左手分红、右手拟募资补流遭质疑

Company Overview - Shenzhen Tian Su Measurement Testing Co., Ltd. (Tian Su Measurement) is a third-party measurement testing service provider that has submitted its IPO registration to the Shenzhen Stock Exchange's Growth Enterprise Market on October 23, 2023, after two years of preparation [2][8]. - The company was founded by Gong Tianbao, who has extensive experience in the measurement calibration industry [4][5]. Financial Performance - Tian Su Measurement reported revenue of CNY 597 million, CNY 726 million, CNY 800 million, and CNY 409 million for the years 2022 to the first half of 2025, with year-on-year growth rates of 20.59%, 21.52%, 10.25%, and 11.99% respectively [16]. - The net profit attributable to the parent company for the same periods was CNY 84.39 million, CNY 101 million, CNY 111 million, and CNY 55.58 million, with growth rates of 62.20%, 19.99%, 9.68%, and 9.83% respectively [16]. Revenue Sources and Risks - Approximately 20% of the company's profits are dependent on tax incentives and government subsidies, raising concerns about the sustainability of its profitability [3][23]. - The company has faced multiple administrative penalties and tax violations, which could impact its reputation and operational stability [11][13]. Market Position and Competition - The measurement testing industry is becoming increasingly competitive, with a significant number of institutions and a trend towards consolidation [18]. - Tian Su Measurement has begun to lower prices in response to market pressures, which could further affect its profit margins [18][19]. Research and Development - The company's R&D expenses were CNY 26.43 million, CNY 31.17 million, CNY 33.08 million, and CNY 17.19 million from 2022 to the first half of 2025, with a research expense ratio of 4.43%, 4.30%, 4.13%, and 4.20% respectively, which is significantly lower than its peers [26][27]. - The number of R&D personnel has increased from 66 to 106 over the same period, but still lags behind industry averages [28]. Sales and Marketing Strategy - Tian Su Measurement's sales expenses were CNY 155 million, CNY 191 million, CNY 207 million, and CNY 101 million, with sales expense ratios of 25.96%, 26.39%, 25.89%, and 24.73% respectively, which are much higher than the industry average [30][31]. - The company justifies its high sales costs by stating that its calibration services require extensive sales personnel to maintain and expand its customer base [32].