Company Overview - Tian Su Measurement, established in 2009, is a national, comprehensive independent third-party measurement and testing service provider, specializing in calibration, testing, and certification services [1] - The company has developed into a national high-tech enterprise and has received various accolades, including being recognized as a "single champion enterprise" in Guangdong Province's manufacturing sector [1] Financial Performance - For the period from 2023 to the first half of 2025, Tian Su Measurement reported revenues of 726 million yuan, 800 million yuan, and 409 million yuan respectively, with net profits of 101 million yuan, 111 million yuan, and 55.576 million yuan [2] - The company has shown a positive growth trend in both revenue and net profit [2] Research and Development - From 2022 to the first half of 2025, the company invested a total of 108 million yuan in research and development [2] - As of August 31, 2025, Tian Su Measurement has obtained 133 patents, including 43 invention patents, showcasing its commitment to technological innovation [2] Market Position and Client Relationships - Tian Su Measurement has established long-term partnerships with major corporations such as Shougang Group, China Railway, and State Grid, resulting in a high client retention rate and stable revenue streams [2] - The company operates 27 laboratories across the country, enabling a grid-based market layout for rapid response and efficient service [2] Industry Trends - The measurement and calibration industry has seen growth from 607 institutions in 2016 to 791 in 2023, with a compound annual growth rate of 3.85% [3] - The total revenue of calibration institutions has increased from 5.668 billion yuan in 2016 to an estimated 11.604 billion yuan in 2024, reflecting a compound annual growth rate of 9.37% [3] - The industry is experiencing a trend towards concentration, with larger institutions benefiting from opportunities for branding and internationalization [3]

Group 1 - The core view of the report highlights the competitive strength of Tian Su Measurement in the metrology calibration industry, indicating potential for growth amid the industry's Matthew effect [6][7][12] - The company has established itself as a national, comprehensive independent third-party metrology testing service provider, with 1,417 metrology calibration project capabilities across various sectors, including biotechnology, new energy vehicles, and semiconductor integrated circuits [6][7] - In 2024, the company is expected to achieve revenue of approximately 686 million yuan in the metrology calibration segment, capturing over 5% market share [7][12] Group 2 - The report emphasizes the company's focus on the battery testing industry, which has become a significant growth driver, with revenue contribution from testing services increasing from 9% to 14% between 2022 and 2024 [12][13] - The company has developed extensive battery testing capabilities, including over 2,000 testing channels for battery cells, modules, and packs, and has established partnerships with notable clients such as CATL and Huawei Digital Energy [12][13] - The growth in lithium battery and energy storage battery shipments is projected to provide substantial incremental space for the company's battery testing business, with the lithium battery market expected to reach nearly 1,500 GWh by 2025 [16][12] Group 3 - Compared to peer companies, Tian Su Measurement has shown rapid revenue growth, with revenues of 597 million, 726 million, and 800 million yuan from 2022 to 2024, while maintaining a stable gross margin slightly above the industry average [19][21] - The company's R&D expense ratio is lower than that of comparable companies, reflecting a focused R&D direction and a streamlined team structure [21] - Operating cash flow has been consistently positive, with a net cash ratio above 1, and the company's debt-to-asset ratio has decreased to 24.90% by the end of 2024 [24][25] Group 4 - The report outlines the company's fundraising plans, which include projects aimed at enhancing metrology testing capabilities, establishing regional laboratories, and building a digital center to improve management efficiency [28][29] - The total investment for the Shenzhen headquarters metrology testing capability enhancement project is estimated at 127.66 million yuan, with an internal rate of return of 20.80% [29] - The establishment of 19 regional laboratories across various regions is intended to further enhance the company's metrology testing capabilities [28][29]