大象新闻记者 雷刚 通讯员 段阳东 方斌 12月23日，深圳天溯计量检测股份有限公司在深圳证券交易所创业板正式IPO上市。天溯计量于2009年 由确山籍企业家龚天宝创立，是一家全国性、综合型的独立第三方计量检测服务机构，主营业务为计量 校准、检测、认证等专业技术服务。 据了解，龚天保是从确山县瓦岗镇走出去的杰出企业家，1997年高中毕业的他只身前往深圳打拼。2003 年开始从事计量校准行业，于2009年创建了深圳天溯计量检测技术有限公司，带领公司不断发展壮大， 先后在全国设立多个下属公司，2015年，深圳天溯计量检测股份有限公司在新三板挂牌上市，成为民营 计量检测第一股。 目前，该企业已发展成为国家级高新技术企业、工业和信息化部"服务型制造示范平台""产业技术基础 公共服务平台"、广东省制造业单项冠军企业、"深圳市制造业单项冠军企业"，公司子公司广州天溯是 广东省"专精特新"中小企业。 截至2025年6月末，天溯计量已发展完善了几何量、热学、力学、电磁学、无线电、时间和频率、声 学、光学、化学、电离辐射等十大计量校准领域及综合性专用测量仪器共计1417项校准服务，在全国设 立了27个实验室关键场所，实现全国范 ...

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]