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 Viewpoint - Tian Su Measurement (301449.SZ) has initiated its subscription on December 12, with an issue price of 36.8 yuan per share and a price-to-earnings ratio of 21.78 times, aiming to support high-quality development in China's manufacturing sector through its comprehensive measurement and testing services [1]. Company Overview - Established in 2009, Tian Su Measurement is a national, comprehensive independent third-party measurement and testing service provider, focusing on calibration, testing, and certification services across various sectors including biomedicine, automotive, new energy, rail transportation, and more [1][2]. - The company has developed a wide range of calibration services across ten fields, including geometric, thermal, mechanical, electromagnetic, and chemical measurements, with a total of 1,417 calibration services [2]. Market Position and Expansion - Tian Su Measurement has established a grid-based layout of measurement and testing laboratories across multiple regions in China, enhancing its ability to respond quickly and provide efficient services [2][3]. - The company has positioned itself as one of the few national comprehensive independent third-party measurement and testing service providers in China, with plans to expand into smart measurement and online measurement innovations [3]. Financial Performance - The company has shown a consistent upward trend in financial performance, with revenues of approximately 597 million yuan, 726 million yuan, 800 million yuan, and 409 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [5]. - Net profits for the same periods were recorded at 84.39 million yuan, 101 million yuan, 111 million yuan, and 55.58 million yuan [5]. - As of June 30, 2025, total assets amounted to 7.29 billion yuan, with a debt-to-asset ratio of 20.99% [4].

Group 1 - The core viewpoint of the article highlights the financial performance of Weixing Intelligent, showing a significant increase in revenue and net profit for the first half of 2025 compared to the previous year [1] - The total operating revenue for the reporting period reached 794 million yuan, representing a year-on-year increase of 17.53% [1] - The net profit attributable to the parent company was 51.97 million yuan, up 32.35% year-on-year [1] Group 2 - In Q2, the operating revenue was 429 million yuan, reflecting a year-on-year growth of 21.68% [1] - The net profit for Q2 was 24.88 million yuan, which is a remarkable increase of 103.35% year-on-year [1] - The company's gross margin was 29.83%, showing a decrease of 14.3% year-on-year, while the net profit margin improved by 14.78% to 7.36% [1] Group 3 - The company has a high accounts receivable ratio, with accounts receivable amounting to 2595.46% of the latest annual net profit [1] - Total selling, administrative, and financial expenses were 132 million yuan, accounting for 16.67% of revenue, which is a decrease of 9.03% year-on-year [1] - The earnings per share increased by 32.58% to 0.24 yuan, while the operating cash flow per share was -0.23 yuan, a significant decrease of 1128.96% year-on-year [1] Group 4 - The company's return on invested capital (ROIC) was 3.24% last year, indicating a weak capital return [2] - The historical median ROIC since the company went public is 10.65%, with the worst year being 2023 at 2.76% [2] - The business model relies heavily on research and marketing efforts, necessitating a deeper analysis of these driving factors [2] Group 5 - The company aims to empower the digital transformation of public utilities through a dual-driven model of "smart terminals + system platforms" [3] - In the smart gas sector, the company offers a full range of products for both residential and commercial applications, utilizing IoT technology for remote data transmission and security control [3] - In the smart water sector, the company has developed high-end metering products that support pipeline leakage monitoring, contributing to cost reduction and efficiency in water usage [3]

Core Viewpoint - The launch of the "e-scale" smart measurement initiative in Jinan aims to enhance measurement accuracy and consumer trust in the seafood market through advanced technology and real-time monitoring [1][2][3] Group 1: Smart Measurement Initiative - The "e-scale" smart measurement system incorporates features like anti-tampering, automatic alerts, and real-time monitoring to ensure accurate measurements [1] - The initiative is a collaboration between Jinan's market supervision authorities and local businesses, with the first batch of 101 "e-scale" devices deployed in the Jinan seafood market [1][2] - The system utilizes IoT and big data technologies for real-time data collection and automatic uploads, reinforcing measurement integrity and protecting the interests of both buyers and sellers [1][3] Group 2: Market Impact and Consumer Trust - The Jinan seafood market is a crucial hub for fresh produce, where accurate measurements directly affect consumer confidence and market reputation [1] - Merchants have expressed increased trust in the new scales, leading to higher customer retention and a more secure business environment [1] - The initiative aims to create a transparent consumption environment, with all merchants equipped with "e-scale" devices and information displayed publicly for consumer awareness [2] Group 3: Future Developments - The successful implementation of the "e-scale" in the seafood market serves as a pilot for broader applications across various sectors, promoting a fair and trustworthy consumption environment [3] - The Jinan market supervision authority plans to use this pilot to gather insights and expand the smart measurement initiative to benefit more areas of public life [3]

Business Overview - The company operates in four main sectors: smart metering, smart IoT, smart distribution network, and smart energy [3][4] - Key products include smart electric meters, power information collection devices, communication modules, and energy management systems [3][4] Financial Performance - In 2024, the company achieved revenue of CNY 93,738.69 million, a decrease of 16.26% year-on-year [3][4] - Operating profit was CNY 13,319.63 million, and net profit attributable to shareholders was CNY 11,891.71 million, down 53.81% and 52.45% respectively [3][4] - Total assets at the end of the reporting period were CNY 157,122.56 million, a decline of 0.65% from the previous year [3][4] - Shareholder equity was CNY 116,072.49 million, down 0.32% year-on-year [3][4] Revenue Breakdown - Smart metering business generated revenue of CNY 76,000.09 million, down 26.57% [4] - Smart distribution network business saw revenue of CNY 6,755.86 million, an increase of 46.65% [4] - Other business revenue reached CNY 10,982.74 million, up 187.37% [4] R&D Investment - R&D expenditure for 2024 was CNY 8,312.77 million, a 41.95% increase, representing 8.87% of total revenue [4][5] - The company holds a total of 191 patents, including 75 invention patents [5] Orders and Market Position - As of March 31, 2025, the company had a backlog of orders amounting to CNY 129,943.22 million [6] - The company is not in a loss position despite revenue declines, attributed to various market factors [6] Future Development Goals - The company aims to strengthen its core business in smart metering and expand into digital economy and renewable energy sectors [7][8] - Plans include enhancing product quality, expanding market share, and improving internal management processes [7][8] Market Outlook - The government is increasing support for smart grid construction, providing a favorable environment for market growth [7][8] - Policies are being implemented to promote the digitalization and intelligent transformation of energy systems [7][8]