Core Viewpoint - Shenzhen Tian Su Measurement and Testing Co., Ltd. has successfully passed the IPO review for the ChiNext board, aiming to raise approximately 424 million yuan for various projects and working capital [1] Company Overview - Shenzhen Tian Su Measurement specializes in measurement calibration, testing, and certification services, serving multiple sectors including biomedicine, automotive, new energy, rail transportation, energy and power, light industry, and equipment manufacturing [1] IPO Details - The IPO application was accepted on June 29, 2023, and entered the inquiry stage on July 22, 2023 [1] - The company plans to invest the raised funds in enhancing measurement and testing capabilities at its Shenzhen headquarters, constructing regional measurement testing laboratories, developing a digital center, and supplementing working capital [1] Market Considerations - During the listing committee meeting, the committee requested the company to explain the sustainability of its performance growth in light of its high sales expense ratio and low R&D investment intensity, considering industry technological upgrades and competitive dynamics [1]

Core Viewpoint - Shenzhen TianSu Measurement and Testing Co., Ltd. has successfully passed the IPO review on the ChiNext board, aiming to raise approximately 424 million yuan for various projects and working capital [1] Company Overview - TianSu Measurement specializes in measurement calibration, testing, and certification services, serving multiple sectors including biomedicine, automotive, new energy, rail transit, energy and electricity, light industry, and equipment manufacturing [1] IPO Details - The IPO application was accepted on June 29, 2023, and entered the inquiry stage on July 22, 2023 [1] - The company plans to invest the raised funds in enhancing measurement and testing capabilities at its Shenzhen headquarters, building regional measurement testing laboratories, establishing a digital center, and supplementing working capital [1] Industry Considerations - The listing committee has requested TianSu Measurement to address the implications of its high sales expense ratio and low R&D investment intensity in relation to industry technological upgrades and the sustainability of its performance growth [1]

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]

Core Insights - The company, Shenzhen Tiansu Measurement and Testing Co., Ltd., has become one of the largest independent third-party measurement and calibration service providers in China, emphasizing its extensive service network and project capabilities [1][2] Group 1: Company Overview - Established in 2009, the company has developed a nationwide measurement and testing service network, with laboratories set up in multiple regions including Guangdong, Guangxi, Yunnan, and others [1] - As of June 2025, the company has obtained recognition for 1,417 measurement calibration project capabilities, including twelve core technologies in various measurement fields [1] Group 2: Innovation and Technology - The company holds 133 patent technologies, including 43 invention patents, and has participated in the formulation of 78 standards and 9 measurement technical specifications [2] - Utilizing digital technology and its proprietary smart measurement laboratory technology, the company has developed an information management system that ensures measurement data accuracy [2] Group 3: Market Position and Clientele - The company has established a diverse client base across multiple sectors, including biomedicine, automotive, new energy, and more, with notable clients such as GAC Group and Merck [2] - The company's order data from 2022 to June 2025 shows a consistent upward trend, indicating successful market expansion and a robust order reserve [2] Group 4: Future Outlook - The company aims to continue driving high-quality development through innovation, expanding its service areas, and enhancing technical capabilities to support national quality infrastructure [3]

Core Viewpoint - Shenzhen Tiansu Measurement and Testing Co., Ltd. is applying for an IPO, with its main business in measurement calibration, testing, and certification services across various sectors including biomedicine, automotive, energy, and manufacturing [1][2]. Group 1: Company Background - Shenzhen Tiansu Measurement is a national, comprehensive independent third-party measurement and testing service provider [1]. - The company has previously attempted to list on the stock transfer system but terminated its application in February 2019 [2]. Group 2: Management and Shareholding - The company’s board secretary, Zhou Long, has a background in investment banking, having worked at China Merchants Securities before joining Tiansu Measurement [1]. - In June 2020, the actual controller, Gong Tianbao, transferred 500,000 shares to Zhou Long for 2.18 million yuan, which was described as a share incentive without specified service or lock-in periods [1]. Group 3: Financial Information - The subsidiary, Shenzhen Zhongce Measurement Testing Technology Co., Ltd., reported a net asset of 39.19 million yuan at the end of 2023, with a projected net profit of 3.01 million yuan for 2024 [3]. - The net assets are expected to increase to 42.22 million yuan, reflecting a growth of 3.04 million yuan compared to the previous year [3]. Group 4: Regulatory Issues - Tiansu Measurement has been listed as a supplier with poor behavior by China Huadian Group's e-commerce platform, effective from January 2, 2025, to January 1, 2026 [3].

Core Viewpoint - Shenzhen Tian Su Measurement and Testing Co., Ltd. is set to go public on October 16, with a focus on expanding its measurement and testing services, particularly in the rapidly growing battery testing sector, supported by strong financial growth and strategic partnerships [1][2][3]. Financial Performance - The company's revenue and net profit have shown consistent growth from 2022 to the first half of 2025, with revenues of CNY 5.97 billion, CNY 7.26 billion, CNY 8 billion, and CNY 4.09 billion, and net profits of CNY 843.85 million, CNY 1.01 billion, CNY 1.11 billion, and CNY 555.76 million respectively [2]. - The battery testing business has experienced significant growth, with revenue increasing from CNY 525.36 million in 2022 to CNY 1.13 billion in 2024, reflecting a compound annual growth rate of 46.75% [2]. Market Position and Client Relationships - The company has established long-term partnerships with major corporations such as Shougang Group, China Railway, and State Grid, resulting in a high customer retention rate and stable revenue streams [3]. Research and Development - From 2022 to the first half of 2025, the company invested a total of CNY 107.87 million in R&D, with a focus on developing proprietary technologies and standards [4]. - The company holds 133 patents, including 43 invention patents, and has established multiple innovation centers, enhancing its competitive edge in the measurement and testing industry [4]. Industry Outlook and Policy Support - The Ministry of Industry and Information Technology has issued a policy aimed at enhancing measurement capabilities in the manufacturing sector, which is expected to create more opportunities for companies in the measurement industry [5][6]. - The company plans to raise CNY 424 million through its IPO to enhance its measurement capabilities, build regional laboratories, and support digital transformation, which will contribute to its growth and market expansion [6].

Core Insights - Four companies are set to present their IPO applications, with three targeting the Sci-Tech Innovation Board and one aiming for the Growth Enterprise Market [1] Group 1: Upcoming IPOs - The company Angrui Micro is expected to raise the most funds, with an estimated amount of 2.067 billion yuan, which will be allocated to projects related to 5G RF front-end chips, headquarters and R&D center construction, and RF SoC development [1] - Yuxin Co. and Jianxin Superconducting are also planning to raise 809 million yuan and 775 million yuan, respectively [1] - The companies are distributed across various regions, with one company each from Beijing, Fujian, Guangdong, and Zhejiang [1] Group 2: Company Profiles - Tian Su Measurement is a national, comprehensive independent third-party measurement and testing service provider, focusing on calibration, testing, and certification services across multiple sectors including biomedicine and new energy [2] - Angrui Micro specializes in the research, design, and sales of RF front-end chips and RF SoC chips [3] - Yuxin Co. is recognized as a national champion in the optical communication field, concentrating on the development and sales of optical communication front-end transceiver chips [3] - Jianxin Superconducting is engaged in the R&D, production, and sales of core components for medical MRI equipment [4]

Core Viewpoint - Shenzhen Tian Su Measurement Testing Co., Ltd. is set to undergo an important IPO review on October 16, 2023, after a lengthy two-year wait, marking a significant step forward in its IPO process [1][2] Company Overview - Established in June 2009, Tian Su Measurement is a national, comprehensive independent third-party measurement testing service provider, focusing on calibration, testing, and certification services across various sectors including biomedicine, automotive, new energy, and rail transportation [2] - The company has served notable clients in the new energy battery sector and electric vehicle manufacturers, including Zhongxin Innovation, Giga Energy, and Xpeng Motors [2] IPO Process - The IPO application was accepted in June 2023, but the company has faced multiple interruptions and inquiries, setting a record for the number of interruptions in the ChiNext review process [2] - Despite the progress, the company’s IPO may need to be delayed due to being blacklisted by China Huadian Corporation as a "bad behavior supplier," which raises concerns about compliance and governance [2][4] Financial Performance - The company has shown revenue growth from CNY 597.20 million in 2022 to CNY 800.12 million in 2024, with a compound annual growth rate (CAGR) of 15.75% [5] - Net profit attributable to shareholders increased from CNY 84.39 million to CNY 111.06 million during the same period, although growth rates are slowing, with 2023 and 2024 revenue growth projected at 21.52% and 10.25%, respectively [5] Accounts Receivable Concerns - Accounts receivable have been increasing, with balances rising from CNY 142.94 million in 2022 to CNY 296.43 million in 2024, representing a growing percentage of revenue [5] - The accounts receivable turnover has decreased, indicating longer collection periods, with turnover rates dropping from 5.23 times to 3.95 times over the reporting period [5] R&D and Sales Expenses - The company has a low investment in R&D compared to peers, with R&D expenses accounting for only 4.13% of revenue in 2024, while sales expenses are significantly higher at 25.89% [6][8] - Compared to industry averages, Tian Su Measurement's sales expense ratio is substantially above the average of 11.35%, raising concerns about operational efficiency [8] Fundraising and Financial Health - The company plans to raise CNY 424 million for various projects, including enhancing measurement testing capabilities and establishing regional laboratories [10] - However, the necessity of raising funds for working capital is questioned, especially after a significant dividend payout of CNY 24.46 million in 2023, suggesting potential concerns about financial management [10]

Core Viewpoint - Three companies are scheduled for IPO hearings from October 13 to 17, with Beijing Angrui Microelectronics Technology Co., Ltd. and Xiamen Youxun Chip Co., Ltd. targeting the Sci-Tech Innovation Board, while Shenzhen Tiansu Measurement and Testing Co., Ltd. is aiming for the Growth Enterprise Market. Notably, Youxun Chip is making a second attempt after a previous delay in its review process. All three companies have R&D expense ratios below the industry average [1][4][8]. Group 1: IPO Details - The Shanghai Stock Exchange's listing review committee will review Youxun Chip and Angrui Micro on October 15, while the Shenzhen Stock Exchange will review Tiansu Measurement on October 16 [4]. - Angrui Micro plans to raise approximately 2.067 billion yuan, focusing on the development and industrialization of 5G RF front-end chips and related projects [4][5]. - Youxun Chip aims to raise about 809 million yuan for the development of next-generation access network chips and other projects [5][6]. - Tiansu Measurement plans to raise around 424 million yuan, the lowest among the three, for various projects including enhancing measurement capabilities [6]. Group 2: Financial Performance - Angrui Micro has not yet achieved profitability, with projected revenues of approximately 923 million yuan, 1.695 billion yuan, 2.101 billion yuan, and 844 million yuan for the years 2022 to 2025, respectively, and corresponding net losses [5]. - Youxun Chip's revenues for the same period are approximately 339 million yuan, 313 million yuan, 411 million yuan, and 238 million yuan, with net profits showing a positive trend [5]. - Tiansu Measurement's revenues are projected at approximately 597 million yuan, 726 million yuan, 800 million yuan, and 409 million yuan, with net profits also showing growth [6]. Group 3: R&D Expense Ratios - Angrui Micro's R&D expense ratios for 2022 to 2025 are 29.25%, 23.38%, 14.94%, and 16.4%, all below the industry average [8]. - Youxun Chip's R&D expense ratios are 21.14%, 21.09%, 19.1%, and 15.81%, also below the industry average [8]. - Tiansu Measurement's R&D expense ratios are significantly lower at 4.43%, 4.3%, 4.13%, and 4.2%, compared to the industry average [8]. Group 4: Concerns and Risks - The low R&D expense ratios of the three companies raise concerns about their long-term competitiveness and ability to innovate [9]. - Youxun Chip has faced scrutiny regarding its declining gross margins, which were 55.26%, 49.14%, 46.75%, and 43.48% over the reporting periods [10]. - The stability of Youxun Chip's actual controller's voting rights is also in question, as their control will decrease from 27.13% to 20.35% post-IPO [10].

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]