Group 1 - The Tianjin Quality Conference was held to convey the spirit of the China Quality (Nanjing) Conference and award the sixth "Tianjin Quality Award" to organizations [1] - Five organizations received the sixth "Tianjin Quality Award" for advanced quality management models, including China Electronics Technology Group Corporation No. 53 Research Institute and Tianjin Port and Shipping Engineering Co., Ltd. [1] - Five organizations received the nomination award for the sixth "Tianjin Quality Award," including China Shipbuilding (Tianjin) Co., Ltd. and Tianjin Yulong Prestressed Materials Co., Ltd. [1] Group 2 - In 2024, Tianjin's manufacturing quality competitiveness index is 89.77, exceeding the national manufacturing competitiveness index by 3.91 [2] - The public service quality index for Tianjin is 78.12, which is 1.21 higher than the national average [2] - Tianjin has established five new national and municipal industrial metrology testing centers and 27 national quality inspection centers [2] - The city has built 30 comprehensive service platforms for quality infrastructure, serving 30,900 enterprises and solving 2,970 technical problems, saving enterprises 210 million yuan [2] - Tianjin has cultivated 528 smart factories and 243 national-level green manufacturing demonstration units [2]

Core Insights - The professional services sector experienced a decline of 0.91% on November 4, with Zhongfangbiao leading the drop [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Sector Performance - Key stocks in the professional services sector showed mixed performance, with notable gainers including: - Kaipu Testing (Code: 003008) up 1.72% at 23.03 [1] - Lansheng Co. (Code: 600826) up 1.52% at 66.11 [1] - Weirong Testing (Code: 301289) up 1.11% at 63.60 [1] - Conversely, Zhongfangbiao (Code: 920122) led the decline, down 3.85% at 39.71 [2] - Other significant decliners included: - Guangdian Jizhong (Code: 002967) down 3.48% at 20.51 [2] - Fengshang Culture (Code: 300860) down 3.12% at 27.94 [2] Capital Flow - The professional services sector saw a net outflow of 91.21 million yuan from institutional investors, while retail investors contributed a net inflow of 9.71 million yuan [2] - Notable capital movements included: - Xince Standard (Code: 300938) with a net inflow of 62.56 million yuan from institutional investors [3] - Ancha Testing (Code: 300572) with a net inflow of 22.83 million yuan from institutional investors [3] - Retail investors showed a net outflow in several stocks, including: - Ancha Testing with a net outflow of 28.78 million yuan [3] - Guojian Group (Code: 603060) with a net outflow of 54.95 thousand yuan [3]

Investment Rating - The report suggests a "关注" (focus) investment rating for the company, indicating potential investment interest [3][4]. Core Insights - The company is a leading player in the non-ferrous metal inspection and testing sector, with a strong focus on advanced precision instrument development and capacity expansion [2][12]. - The company has been ranked first in the non-ferrous metal inspection and testing field from 2021 to 2023, showcasing its market leadership [12][28]. - The company expects a revenue growth of 26.87% to 31.61% year-on-year for the first nine months of 2025, with net profit growth projected at 25.08% to 38.02% [32]. Summary by Sections Initial Offering - The company plans to issue 28.32 million shares at a price of 6.7 yuan per share, with an initial market capitalization of 13.77 times earnings [3][6]. - The total number of shares after the offering will be 113.28 million, with 25% of shares being publicly tradable [6][7]. Business Overview - The company is recognized as a national-level "specialized, refined, characteristic, and innovative" small giant, focusing on non-ferrous metal inspection and testing services [12][28]. - The company has a projected gross margin of 66.68% for 2024, indicating strong profitability in its testing services [17][24]. Financial Performance - The company reported a revenue of 1.10 billion yuan in 2023, with a year-on-year growth of 20.41%, and expects to reach 1.48 billion yuan in 2024, reflecting a growth of 33.99% [31][32]. - The net profit for the first half of 2025 is expected to be between 58 million and 64 million yuan, representing a year-on-year increase of 25.08% to 38.02% [32]. Industry Insights - The revenue for the mining and metallurgy inspection and testing industry in China is projected to reach 5.6 billion yuan in 2024, with increasing market concentration [38][46]. - The overall market size of the inspection and testing industry in China has grown from 206.51 billion yuan in 2016 to an estimated 487.60 billion yuan in 2024, with a compound annual growth rate (CAGR) of approximately 11.34% [38][40]. Comparable Companies - The report identifies comparable companies in the industry, including Huace Testing and Steel Research, to provide context for the company's market position [49].

Core Insights - The "China Underwear Industry High-Quality Supply Chain Summit and JD Fashion & Tianfangbiao Joint Release Conference" was successfully held in Tianjin, where the "New Comfortable Underwear" group standard was launched, marking a significant step towards quality upgrades in the underwear industry [1][4] Industry Overview - The Chinese underwear industry is showing steady growth, with the market size expected to reach 500 billion yuan by 2026. Online channels are becoming the core growth engine, with a reported 8% year-on-year increase in sales of underwear on major e-commerce platforms in the first nine months of this year [3][4] - Consumer demand for high-quality underwear is becoming increasingly refined, with comfort, material safety, and technological features emerging as key purchasing factors [3][4] Quality Upgrade Trends - The penetration rate of high-end fabrics in the underwear sector has exceeded 30%, with upstream production capacity growing at a compound annual growth rate of over 10% over the past five years. The proportion of regenerated fibers in eco-friendly new products has surpassed 40% [4] - From 2018 to 2023, the number of knitting machines has increased by approximately 40%, and the number of patent applications for 3D molded cups has doubled [4] - The demand for functional fibers and finishing agents, such as antibacterial and thermal materials, has surged, with upstream suppliers experiencing a compound annual growth rate of 20% in revenue over the past three years [4] New Standards and Initiatives - The "New Comfortable Underwear" group standard focuses on comfort, covering various categories of intimate apparel, and aims to enhance consumer experience while regulating industry development [5][7] - The summit featured the release of the "Underwear Testing Big Data Report," which provides key data on breathability, shrinkage, and safety, offering clear directions for fabric and production improvements [7][8] Collaborative Efforts - A "High-Quality Underwear Initiative" was signed by various stakeholders, indicating a collective commitment to extend the "New Comfort" concept across the entire supply chain, from raw materials to production and sales [8] - JD Fashion plans to continue collaborating with more brands to implement the "New Comfortable Underwear" standard throughout the industry chain, ensuring consumers have a reliable and comfortable shopping experience [10]

FFT HE E J/4 2025 年 10 月 31 日 北矿检测 (920160): 有色金属 测"小巨人",募投研发生产 -北交所新股申购策略报告之一百四十八 本期投资提示: 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 干雨晴 A0230522010003 wangyq@swsresearch.com 联系人 王酮睛 (8621)23297818× wangyq@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 相关研究 基本面：检验检测"小巨人"，专精有色金属矿产资源领域。公司 2016 年成立，总部位 ○ 于北京大兴，主营业务为有色金属矿产资源检验检测服务。公司是国家级专精特新"小巨 人"企业，是国内有色金属领域的权威检验检测机构，承担有色金属矿产品、冶炼产品、 选矿药剂、环境样品等的质量检测、技术鉴定检验、质量评价、认证检验和仲裁检验任务, 能够覆盖绝大部分有色金属矿产元素的检测。2021 年、2022 年、2023 年公司在国内市 场占有率分别为 3.01%、2.72%、3.04%，在有色金属矿产品检验检测领域排名第一 ...

策 略 研 究 新股申购 2025 年 10 月 31 日 北矿检测（920160）：有色金属检 测"小巨人"，募投研发生产精密仪 器 ——北交所新股申购策略报告之一百四十八 本期投资提示： 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 王雨晴 A0230522010003 wangyq@swsresearch.com 联系人 王雨晴 (8621)23297818× wangyq@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 申 购 策 略 告 相关研究 - ⚫ 基本面：检验检测"小巨人"，专精有色金属矿产资源领域。公司 2016 年成立，总部位 于北京大兴，主营业务为有色金属矿产资源检验检测服务。公司是国家级专精特新"小巨 人"企业，是国内有色金属领域的权威检验检测机构，承担有色金属矿产品、冶炼产品、 选矿药剂、环境样品等的质量检测、技术鉴定检验、质量评价、认证检验和仲裁检验任务， 能够覆盖绝大部分有色金属矿产元素的检测。2021 年、2022 年、2023 年 ...

提名姜凯麒先生为公司董事，任职期限至第三届董事会任期届满之日止，本次任命 尚需提交股东会审议，自股东会决议通过之日起生效。该人员持有公司股份 0 股，占公 司股本的 0%，不是失信联合惩戒对象。 证券代码：920753 证券简称：天纺标 公告编号：2025-103 天纺标检测认证股份有限公司董事任命公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误 导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带法律 责任。 一、董事任命的基本情况 天纺标检测认证股份有限公司（以下简称"公司"）于 2025 年 10 月 29 日召开第 三届董事会第二十次会议，审议通过《关于提名董事会非独立董事候选人的议案》， 表决结果：同意 6 票，反对 0 票，弃权 0 票。本议案尚需提交股东会审议。 四、备查文件 （一）《天纺标检测认证股份有限公司第三届董事会第二十次会议决议》 （上述人员简历详见附件） 二、合规性说明及影响 （一）人员变动的合规性说明 公司董事候选人的任职资格符合法律法规、部门规章、业务规则和公司章程等规 定。本次任命未导致董事会中兼任高级管理人员的董事和由职工代表担任 ...

证券代码：920753 证券简称：天纺标 公告编号：2025-104 天纺标检测认证股份有限公司 （四）会议召开方式 本次会议采用现场投票和网络投票相结合方式召开。 关于召开 2025 年第二次临时股东会通知公告（提供网络投票） 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、会议召开基本情况 （一）股东会届次 本次会议为 2025 年第二次临时股东会。 （二）召集人 本次股东会的召集人为董事会。 （三）会议召开的合法合规性 本次会议召集、召开及议案审议程序符合《公司法》等有关法律、行政法 规、 部门规章、规范性文件和《公司章程》的规定。 （五）会议召开日期和时间 1、现场会议召开时间：2025 年 11 月 14 日 14：00。 2、网络投票起止时间：2025 年 11 月 13 日 15:00—2025 年 11 月 14 日 15:00。 登记在册的股东可通过中国证券登记结算有限责任公司（以下简称"中国结 算"）持有人大会网络投票系统对有关议案进行投票表决，为有利于投票意见的 顺利提交，请拟 ...

证券代码：920753 证券简称：天纺标 公告编号：2025-101 天纺标检测认证股份有限公司 第三届董事会第二十次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、会议召开和出席情况 本次董事会的召集、召开程序符合《公司法》等法律、法规、规章及《公 司章程》的规定，合法有效。 （二）会议出席情况 会议应出席董事 6 人，出席和授权出席董事 6 人。 （一）会议召开情况 1.会议召开时间：2025 年 10 月 29 日 2.会议召开地点：公司会议室 3.会议召开方式：现场与线上相结合 4.发出董事会会议通知的时间和方式：2025 年 10 月 17 日以书面送达会议通 知方式发出 5.会议主持人：葛传兵先生 6.会议列席人员：总经理、董事会秘书 7.召开情况合法合规的说明： 二、议案审议情况 （一）审议通过《天纺标检测认证股份有限公司 2025 年三季度报告》 1.议案内容： 根据相关法律、法规、规范性文件及《公司章程》规定，结合 2025 年前 三季度的经营情况，公司组织编制了《天 ...

证券代码：920753 证券简称：天纺标 公告编号：2025-100 天纺标检测认证股份有限公司高级管理人员离任公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误 导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带法律 责任。 一、高级管理人员离任的基本情况 本次离任未导致公司董事会成员人数低于法定最低人数，未导致董事会中兼任高 级管理人员的董事和由职工代表担任的董事人数超过公司董事总数的二分之一，未导 致董事会或者其专门委员会中独立董事所占的比例不符合相关规则或者公司章程的 规定，未导致独立董事中欠缺会计专业人士。 （二）人员变动对公司的影响 单学蕾女士的离任不会对公司日常的生产、经营活动产生不利影响。公司及董事 会对单学蕾女士任职期间对公司发展所做出的贡献表示衷心的感谢。 三、备查文件 单学蕾女士的《辞职信》 天纺标检测认证股份有限公司 董事会 本公司单学蕾女士，因个人原因辞任，自 2025 年 10 月 27 日起不再担任总工程师。 该人员持有公司股份 273,000 股，占公司股本的 0.3354%，不是失信联合惩戒对象，离 任后继续担任天纺标研究院院长职 ...