Company Overview - Shenzhen Tiansu Measurement and Testing Co., Ltd. (Tiansu Measurement) has officially initiated its A-share listing process on the Shenzhen Stock Exchange, aiming to issue 16.3043 million shares, accounting for 25% of the total post-issue share capital, with a fundraising target of 424 million yuan [1] - Established in 2009, Tiansu Measurement is a national, comprehensive independent third-party measurement and testing service provider, specializing in calibration, testing, and certification services [1] - The company has developed a wide range of calibration services across ten fields, including geometric, thermal, mechanical, electromagnetic, radio, time and frequency, acoustic, optical, chemical, and ionizing radiation, totaling 1,417 calibration services [1] Market Position and Client Relationships - Tiansu Measurement has established 27 laboratories nationwide, achieving a "grid" layout for market coverage, enabling rapid response and efficient service [2] - The company has long-term partnerships with major enterprises such as Shougang Group, China Railway, China National Nuclear Corporation, State Grid, and China Railway Construction, resulting in a high customer retention rate and stable revenue [2] - Tiansu Measurement focuses on strategic emerging industries, enhancing its technical capabilities through independent research and development, and has developed twelve core technologies that support innovation in downstream industries [2] Financial Performance - The company's revenue and net profit have shown a positive growth trend, with revenues of 726 million yuan, 800 million yuan, and 409 million yuan for the years 2023, 2024, and the first half of 2025, respectively [2] - Corresponding net profits were 101 million yuan, 111 million yuan, and 55.5762 million yuan for the same periods, indicating a stable financial performance [2] Industry Trends and Policy Support - The Ministry of Industry and Information Technology has issued a policy document aimed at enhancing measurement innovation in the manufacturing sector, outlining 14 key tasks to improve measurement capabilities [3] - This policy is expected to create more development opportunities for measurement companies, facilitating technological innovation and market expansion, thereby supporting high-quality development in the manufacturing industry [3]

Core Viewpoint - Shenzhen Tian Su Measurement and Testing Co., Ltd. is set to go public on October 16, with a focus on expanding its measurement and testing services, particularly in the rapidly growing battery testing sector, supported by strong financial growth and strategic partnerships [1][2][3]. Financial Performance - The company's revenue and net profit have shown consistent growth from 2022 to the first half of 2025, with revenues of CNY 5.97 billion, CNY 7.26 billion, CNY 8 billion, and CNY 4.09 billion, and net profits of CNY 843.85 million, CNY 1.01 billion, CNY 1.11 billion, and CNY 555.76 million respectively [2]. - The battery testing business has experienced significant growth, with revenue increasing from CNY 525.36 million in 2022 to CNY 1.13 billion in 2024, reflecting a compound annual growth rate of 46.75% [2]. Market Position and Client Relationships - The company has established long-term partnerships with major corporations such as Shougang Group, China Railway, and State Grid, resulting in a high customer retention rate and stable revenue streams [3]. Research and Development - From 2022 to the first half of 2025, the company invested a total of CNY 107.87 million in R&D, with a focus on developing proprietary technologies and standards [4]. - The company holds 133 patents, including 43 invention patents, and has established multiple innovation centers, enhancing its competitive edge in the measurement and testing industry [4]. Industry Outlook and Policy Support - The Ministry of Industry and Information Technology has issued a policy aimed at enhancing measurement capabilities in the manufacturing sector, which is expected to create more opportunities for companies in the measurement industry [5][6]. - The company plans to raise CNY 424 million through its IPO to enhance its measurement capabilities, build regional laboratories, and support digital transformation, which will contribute to its growth and market expansion [6].

Core Viewpoint - The Ministry of Industry and Information Technology has issued the "Opinions on the Innovative Development of Manufacturing Measurement" to enhance measurement capabilities in the manufacturing sector, aiming for precision measurement and innovation by 2027 [1][2]. Group 1: Key Tasks and Goals - The "Opinions" outline 14 key tasks to improve the measurement capability system in manufacturing, ensuring products are accurately measured and supporting technological innovation [1]. - By 2027, the goals include achieving significant progress in measurement development, with over 100 key calibration technologies, revising over 300 industry calibration standards, and developing more than 100 sets of measuring instruments [1]. Group 2: Challenges and Shortcomings - Despite advancements, challenges remain such as insufficient effective supply of measurement, inadequate application empowerment, and a lack of professional talent, which hinder the modernization of the industrial chain [2]. - Key common measurement technologies in emerging fields like artificial intelligence and new energy require further breakthroughs, and the development of high-end measuring instruments is relatively weak [2]. Group 3: Innovative Approaches - To address the supply issues, the "Opinions" propose innovative methods such as "ranking and competition" in emerging fields to enhance measurement traceability and transmission [3]. - The emphasis is placed on integrating advanced technologies like AI, big data, and cloud computing into manufacturing measurement, along with establishing a measurement database [3]. Group 4: Service Model and Infrastructure - The "Opinions" highlight the need for innovative measurement service models, strengthening calibration services, and building a robust measurement service system [3]. - Key tasks include supporting measurement institutions to provide "one-stop" services and ensuring compliance with calibration standards throughout the product lifecycle [3]. Group 5: Future Directions - Future efforts should focus on policy coordination, increased funding for measurement research, and fostering collaboration between enterprises, universities, and measurement institutions [4]. - Measurement institutions are encouraged to enhance service capabilities and adopt an "Internet + Measurement" model to improve efficiency [4].