Core Viewpoint - Shenzhen Tiansu Measurement and Testing Co., Ltd. officially listed on the Shenzhen Stock Exchange's Growth Enterprise Market on December 23, marking a significant milestone for the company and the measurement and testing industry in China [3]. Company Overview - Founded in 2009 by entrepreneur Gong Tianbao, Tiansu Measurement is a national, comprehensive independent third-party measurement and testing service provider, specializing in measurement calibration, testing, and certification [3]. - The company has grown to become a national high-tech enterprise and has received various accolades, including being recognized as a "service-oriented manufacturing demonstration platform" and a "public service platform for industrial technology infrastructure" by the Ministry of Industry and Information Technology [4]. Business Development - As of June 2025, Tiansu Measurement has developed 1,417 calibration services across ten fields, including geometric, thermal, mechanical, electromagnetic, radio, time and frequency, acoustic, optical, chemical, and ionizing radiation measurements, with 27 laboratories established nationwide [4]. - The company has expanded its services to include testing and certification for power batteries, energy storage systems, supercharging piles, and vehicle networking information security, creating a dual-driven development model in measurement and new energy testing [4]. Technological Advancements - By August 2025, Tiansu Measurement had obtained 133 authorized patents, including 43 invention patents, and has been involved in the formulation of nearly 100 national and industry standards and technical specifications [5]. - The company has invested in multiple innovative platforms, including the Guangdong Intelligent Manufacturing Equipment Smart Measurement Testing Engineering Technology Research Center and the Shenzhen Biomedical Industry Measurement Calibration Public Technical Service Platform [5].

Core Viewpoint - Shenzhen Tiansu Measurement and Testing Co., Ltd. officially listed on the Shenzhen Stock Exchange's ChiNext board, marking a new phase of capital empowerment for the company [1][2] Group 1: Company Overview - Tiansu Measurement is a national, comprehensive independent third-party measurement and testing service provider, with services including calibration, testing, and certification [1] - The company serves a wide range of clients across key sectors of the national economy, including biomedicine, automotive, new energy, rail transportation, energy and power, light industry, and equipment manufacturing [1] Group 2: Financial Performance - On its first day of trading, Tiansu Measurement's stock opened with a remarkable increase of 113.32%, with an issuance price of 36.80 yuan per share and a total issuance of approximately 16.30 million shares [1] - The revenue from the new energy battery testing business is projected to grow from 52.54 million yuan in 2022 to 113.14 million yuan in 2024, reflecting a compound annual growth rate of 46.75% [3] Group 3: Strategic Initiatives - The funds raised from the IPO will be used to enhance measurement and testing capabilities, build regional laboratories, establish a digital center, and supplement working capital [1] - The company has proactively developed battery testing services since 2018, investing significantly in capabilities covering 84 major testing items [2] - Tiansu Measurement aims to leverage new technologies such as the Internet, big data, and automation to enhance its core competitiveness in smart measurement and new energy testing [3] Group 4: Industry Context - The measurement and testing industry is experiencing increased attention from the government, with a notable rise in industry concentration benefiting leading companies like Tiansu Measurement [2] - The company is well-positioned to benefit from the ongoing industry upgrades driven by policy support and market demand [3]

Core Insights - Shenzhen Tian Su Measurement and Testing Co., Ltd. is preparing for an IPO on the ChiNext board, highlighting its growth and competitive advantages in the measurement and testing industry [1] Company Overview - Established in 2009, the company is a national third-party measurement and testing institution with a strong focus on technological research and standard formulation [1] - As of August 31, 2025, the company holds 133 patents, including 43 invention patents and 97 software copyrights, along with twelve core technologies [1] - The company has led or participated in the formulation of 78 standards and 9 technical specifications, with over 100 million yuan invested in R&D from 2022 to the first half of 2025 [1] Service Network and Growth Strategy - By June 30, 2025, the company has established 27 key laboratories across various provinces, creating a "grid" service network [1] - The fundraising plan aims to enhance regional laboratory service capabilities and improve national layout, thereby building service response advantages [1] - The dual-driven model of "measurement + testing" is expected to drive business growth [1] Market Position and Performance - The company offers 1,417 calibration service capabilities across ten major fields, with a rapid growth rate of 46.75% in the new energy battery testing business [1] - Four new energy testing bases have been established, serving over 2,000 enterprises while collaborating with traditional measurement services [1] - The company's brand credibility and quality customer base lay a solid foundation in the market, with 72.4% of revenue from strategic emerging industry clients in the first half of 2025 [1] Regulatory and Industry Context - The company's growth model has attracted regulatory attention, showcasing the development path of third-party measurement institutions [1]

Financial Performance - In the first half of 2025, the company achieved operating revenue of 169 million yuan, a year-on-year increase of 14.48% [1] - The net profit attributable to shareholders was 42.76 million yuan, reflecting a year-on-year growth of 13.32% [1] - The net cash flow from operating activities reached 63.52 million yuan, up by 13.86% year-on-year [1] Industry Development and Market Expansion - The company is actively developing testing capabilities in the electrochemical energy storage industry, focusing on liquid flow batteries [1] - It has prepared application materials for multiple new testing projects and has applied for 2 invention patents while participating in the formulation of 3 group standards [1] - The company participated in the Shanghai International Carbon Neutrality Expo and successfully hosted a roundtable forum on liquid flow batteries, establishing preliminary contacts with over ten potential clients [1] Certification and Research Activities - The subsidiary, Chuanglan Testing, has begun voluntary product certification activities in the wire and cable sector, focusing on carbon footprint certification [2] - The company has developed 6 carbon footprint evaluation guidelines for various cable products and has issued certification for these products [2] - During the reporting period, the company won bids totaling over 8 million yuan across multiple important service projects and signed annual framework service contracts with key end-users [2] Research and Development - The company is advancing 21 research projects, with 8 new projects initiated during the reporting period, and invested 15.41 million yuan in R&D expenses [2] - It has applied for 7 invention patents, received authorization for 2, and published 3 academic papers [2] - The company participated in the revision of 10 national standards, 7 group standards, and 3 enterprise standards, with 1 national standard and 3 enterprise standards officially released [2] Company Overview - The company is a leading independent third-party inspection and testing service provider for wires, cables, and optical fibers in China, offering a range of services including inspection, testing, equipment measurement, capability verification, and certification [3]

Group 1 - The company has established a full-stack testing and evaluation platform to support the development of the photovoltaic and other new energy industries [1] - The company possesses capabilities in constructing photovoltaic inverter testing platforms and integrating systems for power battery testing laboratories [1] - The developed testing platform can meet the factory and type testing requirements for electrochemical energy storage stations, covering aspects from battery packs to storage inverters and battery management systems [1] Group 2 - The company will continue to monitor developments in the field and systematically promote the growth of its photovoltaic testing business [1]

Group 1: Company Overview and Market Position - The company operates in the inspection and testing industry, focusing on materials testing with a leading position in large infrastructure testing [2] - The market share for battery-grade manganese tetroxide is approximately 50%, with production capacity increased to 35,000 tons [2] - The company has a production capacity of 70,000 tons for metal products, primarily producing spring steel wire [3] Group 2: Product Development and Market Trends - The company has developed battery-grade manganese tetroxide since 2013, with market acceptance growing from 2,000-3,000 tons to 5,000 tons, and now reaching a capacity of 35,000 tons [2] - The price of manganese tetroxide is closely linked to the fluctuations in the price of electrolytic manganese, with stable pricing and good profitability [3] - The company is involved in national key technology projects related to special graphite materials, with plans for industrial development based on R&D progress [3] Group 3: Future Projects and Expansion - Ongoing construction projects are focused on inspection and testing, expansion of battery-grade manganese tetroxide, and metal products [3] - The company has a production capacity of 2,000 tons for neodymium-iron-boron, covering the entire process from smelting to surface treatment [3]

Core Viewpoint - The company reported a revenue of 296 million yuan for 2024, representing a year-on-year growth of 6.93%, and a net profit attributable to shareholders of 75.28 million yuan, up 2.18% year-on-year [1] Group 1: Business Performance - The company achieved a solid development momentum by focusing on its strategic goals of "expanding regions and businesses" [1] - The acquisition of Chuanglan Testing was completed, and the construction of fundraising projects was advanced [1] - The company experienced growth in inspection and testing service revenue due to increased demand from cable manufacturing enterprises for transformation and technological innovation [1] Group 2: New Business Development - The company has expanded its inspection services into the new energy sector, particularly in the electrochemical energy storage industry, establishing testing capabilities for flow batteries and fuel cells [2] - The company was approved to establish the "Shanghai Flow Battery Energy Storage Quality Inspection and Testing Center" and began providing testing services for related enterprises [2] - The company secured project bids exceeding 10 million yuan and signed annual framework service contracts with key end-users, solidifying long-term partnerships [2] Group 3: Innovation and Research - The company applied for 15 invention patents during the reporting period, receiving authorization for 5, and published 11 academic papers [3] - The company participated in the formulation and revision of 10 national standards, 3 industry standards, and various other standards [3] - The company is recognized as a leading independent third-party inspection and testing service provider for wires, cables, and optical fibers in China, offering a range of professional technical services [3]

Group 1: Fund Overview - Chunhou Xinrui A (Fund Code: 008186) is a mixed fund under Chunhou Fund, established on February 12, 2020, with a total management scale of 2.398 billion [1] - The fund is managed by Xue Lili and Chen Wen, focusing on in-depth research of corporate fundamentals to identify companies with long-term growth potential and valuation advantages [1] - As of April 18, 2025, the fund achieved a one-year return of 11.59%, outperforming the benchmark growth rate of 10.11% and the CSI Mixed Fund Index return of 4.84% [1] Group 2: Long-term Performance - Over the past five years, the fund's return reached 103.72%, significantly exceeding the performance benchmark of 4.00% and the CSI Mixed Fund Index return of 7.85% [1] - The fund ranks in the top 5 among similar mixed funds in terms of long-term returns as of April 18, 2025 [1] Group 3: Risk Management - The maximum drawdown of the fund over the past three years was 29.80%, which is better than the average level of similar mixed funds [1] - The maximum drawdown recovery period was 246 days, ranking in the top 15 among similar mixed funds [1] Group 4: Fund Size and Shareholder Structure - As of December 31, 2024, the fund's size reached 946 million [1] - The latest announcement shows that the fund's share count was 468 million as of December 31, 2024 [1] - According to the 2024 annual report, the institutional shareholder ratio of the fund reached 39.60% [1] Group 5: Company Research - On April 14, 2025, Chunhou Fund conducted research on the listed company Xigao Institute [2] - The research included an overview of the company's 2024 annual and 2025 Q1 operational status, core technologies, market expansion, business development, and market capitalization management [3] Group 6: R&D Investment and Achievements - Xigao Institute increased its R&D investment to 84.7979 million in 2024 and 20.9005 million in Q1 2025, focusing on low-energy and low-emission technology [3] - The company achieved three national-level technological achievements in 2024, with two reaching international leading levels and one at an international advanced level [3] Group 7: Future Development and Acquisitions - Xigao Institute aims to enhance its core competitiveness through external acquisitions, focusing on companies with strong professional capabilities and technological advantages [3] - The company plans to build a comprehensive service platform covering the entire power transmission and transformation equipment industry chain [3] Group 8: International Business Expansion - In 2024, Xigao Institute made significant breakthroughs in overseas business, participating in international power exhibitions and establishing recognition in the Middle East [3] - The company became the only recognized laboratory by Saudi Electricity Company and received direct recognition from Dubai Electricity and Water Authority for high-voltage GIS test reports [3] Group 9: New Energy Testing Business - Xigao Institute established a new energy testing center and achieved domestic leadership in testing capabilities for new energy [3] - The company aims to support the healthy development of the new energy industry and address challenges in grid operation optimization and safety [3]