Core Insights - The company aims to enhance its market coverage and profitability through various projects funded by the upcoming IPO, including the "Shenzhen Headquarters Measurement and Testing Capability Enhancement Project," "Regional Measurement and Testing Laboratory Construction Project," and "Digital Center Construction Project" [1][3] - The fundraising plan is deemed reasonable and necessary for improving the company's innovation capabilities and competitive strength, thereby expanding its business scale and profitability [1] Investment Projects - The "Shenzhen Headquarters Measurement and Testing Capability Enhancement Project" has an investment amount of 12.77 billion, aimed at improving existing product market coverage and profitability [3] - The "Regional Measurement and Testing Laboratory Construction Project" involves an investment of 17.46 billion, focusing on providing efficient services to clients and deepening regional market activities [3] - The "Digital Center Construction Project" requires an investment of 3.17 billion, which will optimize business processes and enhance operational efficiency [3] - An additional 9 billion will be allocated for supplementing working capital to alleviate operational pressure [3] Company Overview - The company, Tian Su Measurement, is a national high-tech enterprise primarily engaged in measurement calibration, testing, and certification services, serving various industries such as biomedicine, automotive, new energy, and rail transportation since its establishment in 2009 [3][4] - Future plans include establishing a nationwide laboratory network with 34 measurement laboratories and 8 testing bases to enhance measurement and testing capabilities [4] Financial Performance - The company reported a weighted average return on equity of 23.91% for 2024, a decrease of 3.5 percentage points from the previous year [20] - The operating cash flow net amount for 2024 was 132 million, reflecting a year-on-year growth of 1.03% [25] - The company’s liquidity ratios are strong, with a current ratio of 3.23 and a quick ratio of 3.17 for 2024 [53] Shareholder Structure - As of October 23, 2025, the largest shareholder is Gong Tianbao, holding 69.31% of the shares, followed by other significant stakeholders [55]

Core Viewpoint - Shenzhen Tiansu Measurement and Testing Co., Ltd. is set to undergo an IPO review on October 16, 2025, as a comprehensive independent third-party measurement and testing service provider in China [1] Group 1: Company Overview - Established in 2009, Tiansu Measurement received CNAS accreditation in June 2011 and specializes in measurement calibration, testing, and certification services [1] - The company has obtained a total of 133 patents, including 43 invention patents, showcasing its commitment to technological innovation [2] Group 2: Financial Performance - Tiansu Measurement's revenue from 2022 to the first half of 2025 was 597 million, 726 million, 800 million, and 409 million respectively, with net profits of 84.39 million, 101 million, 111 million, and 55.58 million [2] - The revenue from the battery testing business grew from 52.54 million in 2022 to 113 million in 2024, reflecting a compound annual growth rate of 46.75% [4] Group 3: Strategic Business Development - The company has expanded its battery testing capabilities significantly, establishing 84 battery testing projects and over 2,000 testing channels by June 2025 [3] - Tiansu Measurement has developed a service model that integrates measurement calibration, battery testing, quality certification, and technical research [3] Group 4: IPO Fundraising Plans - The company plans to raise 424 million through the IPO, allocating 128 million for enhancing measurement testing capabilities at its Shenzhen headquarters, 175 million for regional laboratory construction, 31.67 million for digital center development, and 90 million for working capital [4] - The enhancement project at the Shenzhen headquarters aims to expand laboratory space, acquire new testing equipment, and recruit specialized personnel to improve service capabilities [4]