Core Viewpoint - The company, Tian Su Measurement (301449.SZ), is a national, comprehensive independent third-party measurement and testing service provider, focusing on measurement calibration, testing, and certification services, particularly in the battery sector [1] Group 1: Business Overview - The main business of the company includes measurement calibration, testing, and certification services, with a significant focus on battery testing services for consumer batteries, power batteries, and energy storage batteries [1] - The battery testing services provided by the company encompass battery performance testing, safety testing, and reliability testing, along with certification services [1] Group 2: Strategic Development - The company's strategic layout in the new energy battery testing business has shown promising growth, with revenue from battery testing services projected to increase from 52.54 million yuan in 2022 to 113.14 million yuan in 2024, reflecting a compound annual growth rate of 46.75% [1] - By 2024, the measurement calibration business is expected to account for over 85% of the company's main business, while testing services will focus primarily on new energy battery testing, making up about 15% [1] Group 3: Client Base - The company's testing services have been widely utilized by over 2,000 new energy enterprises, including notable clients such as Zhongchuang Xinhang, Ju Wan Technology, Yiwei Lithium Energy, Hive Energy, and Haichen Energy Storage, as well as new energy vehicle manufacturers like GAC Group, GAC Aion, and Xpeng Motors [1]

Financial Performance - In the first half of 2025, the company reported revenue of 460 million yuan, a year-on-year increase of 38.34% [1] - The net profit attributable to shareholders was 82.79 million yuan, up 7.8% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 59.66 million yuan, reflecting a year-on-year growth of 15.34% [1] - Operating cash flow net amount reached 51.12 million yuan, a significant increase of 240.93% year-on-year [1] - R&D expenses totaled 54.46 million yuan, representing a year-on-year increase of 32.34%, accounting for 11.83% of revenue [1] Market Position and Product Development - The company is the only domestic enterprise to achieve large-scale application of X-ray intelligent detection equipment across almost all industrial sectors [1] - It has accumulated nearly 4,000 downstream customers, maintaining a leading advantage in customer resources within the industry [1] - The company has developed over a hundred standardized devices, showcasing strong product R&D and industrialization capabilities [1] Business Expansion and Technological Advancements - The company is expanding from back-end packaging testing to front-end wafer testing in the integrated circuit and electronics manufacturing sectors, opening up further market space [2] - Benefiting from rapid growth in consumer electronics, automotive electronics, and AI sectors, the business in this area maintains high growth [2] - The company has achieved full coverage in online and offline detection for various battery types, including power, consumer, and energy storage batteries [2] - It is a leading player in the detection technology for new processes such as semi-solid and solid-state batteries, ensuring ample technical strength for future market growth [2] Strategic Initiatives and Global Expansion - The company has developed into a domestic leader in the casting, welding, and materials sector, particularly in the automotive manufacturing field [2] - It has successfully expanded its business into food foreign object detection, developing multiple series of X-ray intelligent detection devices and AI deep learning algorithms [2] - The company has achieved full-spectrum coverage of X-ray sources, becoming the only domestic enterprise to cover the entire chain from basic theory to preparation processes [3] - The company has established a global strategic layout with domestic bases in Wuxi, Chongqing, and Shenzhen, and overseas bases in Singapore, Malaysia, Hungary, and the USA [3] - Overseas revenue exceeded 10% for the first time, indicating that international markets are becoming a new growth point for the company [3] - The company is pursuing a strategy of horizontal expansion and vertical deepening through acquisitions, enhancing its industrial layout and creating new business growth points [3]