Core Insights - The Ministry of Industry and Information Technology has officially announced the seventh batch of national-level specialized and innovative "little giant" enterprises, with many companies listed on the Beijing Stock Exchange included in the list [1][2] - The proportion of "little giant" enterprises among companies on the Beijing Stock Exchange has reached 60.35%, highlighting the exchange's role in supporting innovative small and medium-sized enterprises [5][6] Summary by Sections Current Status of "Little Giant" Enterprises - There are currently 169 "little giant" enterprises among the 280 companies listed on the Beijing Stock Exchange, representing 60.35% of the total [1][5] - This indicates a vibrant ecosystem for small and medium-sized enterprises in niche markets within China [1] New Listings and Growth Potential - Among the 18 new companies listed this year, 14 are recognized as national-level specialized and innovative "little giant" enterprises, accounting for 77.78% of new listings [2][5] - This trend suggests a robust pipeline of innovative companies entering the market, enhancing the overall quality of listed firms [2][5] Company Performance and Recognition - Companies like Jiyang Precision and others have been recognized as "little giant" enterprises, which boosts their brand recognition and market influence [3][4] - Jiyang Precision reported a revenue of 512 million yuan, a year-on-year increase of 28.97%, and a net profit of approximately 45.7 million yuan, up 3.44% [3] - Other companies such as Zhixin Electronics and Sanxie Electric are also focusing on innovation and technology to enhance their competitive edge [4] Stock Performance - The stock performance of these "little giant" enterprises has been notable, with companies like Xingtou Measurement Control achieving a cumulative increase of 1348.58% since listing [6] - Guangxin Technology and Sanxie Electric have also shown impressive stock performance, with increases of 855.89% and 741.90%, respectively [6] Future Prospects - The pipeline of potential "little giant" enterprises is strong, with several companies in various stages of the listing process, including Danna Biology and Beikang Testing [7] - Danna Biology specializes in early diagnosis of invasive fungal diseases and is recognized as a national high-tech enterprise [7] - Beikang Testing operates in the field of non-ferrous metal inspection and testing, indicating a diverse range of industries represented among the upcoming listings [7]

FFT HE E J/4 2025 年 10 月 31 日 北矿检测 (920160): 有色金属 测"小巨人",募投研发生产 -北交所新股申购策略报告之一百四十八 本期投资提示: 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 干雨晴 A0230522010003 wangyq@swsresearch.com 联系人 王酮睛 (8621)23297818× wangyq@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 相关研究 基本面：检验检测"小巨人"，专精有色金属矿产资源领域。公司 2016 年成立，总部位 ○ 于北京大兴，主营业务为有色金属矿产资源检验检测服务。公司是国家级专精特新"小巨 人"企业，是国内有色金属领域的权威检验检测机构，承担有色金属矿产品、冶炼产品、 选矿药剂、环境样品等的质量检测、技术鉴定检验、质量评价、认证检验和仲裁检验任务, 能够覆盖绝大部分有色金属矿产元素的检测。2021 年、2022 年、2023 年公司在国内市 场占有率分别为 3.01%、2.72%、3.04%，在有色金属矿产品检验检测领域排名第一 ...

策 略 研 究 新股申购 2025 年 10 月 31 日 北矿检测（920160）：有色金属检 测"小巨人"，募投研发生产精密仪 器 ——北交所新股申购策略报告之一百四十八 本期投资提示： 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 王雨晴 A0230522010003 wangyq@swsresearch.com 联系人 王雨晴 (8621)23297818× wangyq@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 申 购 策 略 告 相关研究 - ⚫ 基本面：检验检测"小巨人"，专精有色金属矿产资源领域。公司 2016 年成立，总部位 于北京大兴，主营业务为有色金属矿产资源检验检测服务。公司是国家级专精特新"小巨 人"企业，是国内有色金属领域的权威检验检测机构，承担有色金属矿产品、冶炼产品、 选矿药剂、环境样品等的质量检测、技术鉴定检验、质量评价、认证检验和仲裁检验任务， 能够覆盖绝大部分有色金属矿产元素的检测。2021 年、2022 年、2023 年 ...

Core Points - Xian Xice Testing Technology Co., Ltd. experienced a stock price increase of 5.01%, reaching 59.56 CNY per share, with a trading volume of 282 million CNY and a turnover rate of 8.48%, resulting in a total market capitalization of 5.027 billion CNY [1] - The company, established on June 1, 2010, and listed on July 26, 2022, specializes in inspection and testing services for military equipment and civil aircraft products, including environmental and reliability testing, electronic component testing, and electromagnetic compatibility testing [1] - The revenue composition of the company includes: environmental and reliability testing (49.49%), electronic assembly business (29.38%), electromagnetic compatibility testing (10.81%), electronic component testing (8.18%), testing equipment sales (1.88%), and others (0.26%) [1] Shareholder Insights - Changcheng Fund has a fund, Changcheng Jiujia Innovation Growth Mixed A (004666), which entered the top ten circulating shareholders of Xice Testing, holding 1.2 million shares, representing 2.06% of the circulating shares, with an estimated floating profit of approximately 3.408 million CNY [2] - The fund was established on July 5, 2017, with a latest scale of 1.974 billion CNY, achieving a year-to-date return of 30.92% and a one-year return of 29.83%, ranking 3050 out of 8154 and 2985 out of 8046 respectively [2] Fund Management - The fund manager of Changcheng Jiujia Innovation Growth Mixed A is You Guoliang, who has been in the position for 6 years and 10 days, managing a total fund size of 4.262 billion CNY, with the best fund return during his tenure being 136.05% and the worst being -15.93% [3]

Company Overview - Shenzhen Tian Su Measurement Testing Co., Ltd. (Tian Su Measurement) is a third-party measurement testing service provider that has submitted its IPO registration to the Shenzhen Stock Exchange's Growth Enterprise Market on October 23, 2023, after two years of preparation [2][8]. - The company was founded by Gong Tianbao, who has extensive experience in the measurement calibration industry [4][5]. Financial Performance - Tian Su Measurement reported revenue of CNY 597 million, CNY 726 million, CNY 800 million, and CNY 409 million for the years 2022 to the first half of 2025, with year-on-year growth rates of 20.59%, 21.52%, 10.25%, and 11.99% respectively [16]. - The net profit attributable to the parent company for the same periods was CNY 84.39 million, CNY 101 million, CNY 111 million, and CNY 55.58 million, with growth rates of 62.20%, 19.99%, 9.68%, and 9.83% respectively [16]. Revenue Sources and Risks - Approximately 20% of the company's profits are dependent on tax incentives and government subsidies, raising concerns about the sustainability of its profitability [3][23]. - The company has faced multiple administrative penalties and tax violations, which could impact its reputation and operational stability [11][13]. Market Position and Competition - The measurement testing industry is becoming increasingly competitive, with a significant number of institutions and a trend towards consolidation [18]. - Tian Su Measurement has begun to lower prices in response to market pressures, which could further affect its profit margins [18][19]. Research and Development - The company's R&D expenses were CNY 26.43 million, CNY 31.17 million, CNY 33.08 million, and CNY 17.19 million from 2022 to the first half of 2025, with a research expense ratio of 4.43%, 4.30%, 4.13%, and 4.20% respectively, which is significantly lower than its peers [26][27]. - The number of R&D personnel has increased from 66 to 106 over the same period, but still lags behind industry averages [28]. Sales and Marketing Strategy - Tian Su Measurement's sales expenses were CNY 155 million, CNY 191 million, CNY 207 million, and CNY 101 million, with sales expense ratios of 25.96%, 26.39%, 25.89%, and 24.73% respectively, which are much higher than the industry average [30][31]. - The company justifies its high sales costs by stating that its calibration services require extensive sales personnel to maintain and expand its customer base [32].

Core Insights - China's manufacturing industry has achieved "five leading and five parallel" sectors, with automotive, shipbuilding, power equipment, high-speed rail equipment, and new energy equipment leading globally, while new materials, biomedicine, high-end equipment, aerospace, and artificial intelligence are on par with developed countries [1] Group 1: Manufacturing Sector - The global share of China's manufacturing industry has reached 32% [1] - The leading sectors are automotive, shipbuilding, power equipment, high-speed rail equipment, and new energy equipment [1] - The parallel sectors include new materials, biomedicine, high-end equipment, aerospace, and artificial intelligence [1] Group 2: Service Industry - The productive service industry encompasses ten categories: R&D, logistics, inspection and testing, finance, green low-carbon, digitalization, trade, intellectual property, professional consulting, and human resources [1] - This sector is identified as a growth driver for GDP, unicorn cultivation, service trade enhancement, and total factor productivity [1] - There is a call for private enterprises to expand into the productive service industry to alleviate manufacturing competition, create job opportunities for graduates, and revitalize office resources [1]

Core Viewpoint - The company reported a slight increase in revenue but a significant decline in net profit for the third quarter of 2025 compared to the previous year [1] Financial Performance - The company achieved total operating revenue of 1.711 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 3.57% [1] - The net profit attributable to shareholders of the parent company was 41.2177 million yuan, showing a year-on-year decrease of 42.17% [1] - The basic earnings per share were reported at 0.0513 yuan [1]

Core Viewpoint - Guangdian Measurement, a subsidiary of Guangzhou Digital Technology Group, anticipates that its profit growth will continue to outpace revenue growth in 2026, maintaining a double-digit net profit margin [2][8]. Financial Performance - For the first three quarters of 2025, the company reported a revenue of 2.416 billion yuan, representing an 11.86% year-on-year increase, while the third quarter alone saw a revenue of 937.71 million yuan, up 14.91% [3][5]. - The net profit attributable to shareholders for the first three quarters was 238.82 million yuan, a 26.51% increase year-on-year, with the third quarter net profit reaching 141.50 million yuan, up 29.73% [3][5]. - The net profit excluding non-recurring gains and losses for the first three quarters was 217.00 million yuan, reflecting a 31.86% year-on-year increase [3]. Business Segments - The data science analysis and evaluation business experienced significant growth, with a 96.10% year-on-year increase in revenue for the first three quarters and a remarkable 205.37% increase in the third quarter [5]. - The integrated circuit testing and analysis business also showed strong performance, with a 21.31% year-on-year revenue growth for the first three quarters and a 27.94% increase in the third quarter [5]. Strategic Focus - The company plans to focus on key areas outlined in the "14th Five-Year Plan," including high-end manufacturing, aerospace, transportation, cybersecurity, and digital China, to adapt to market changes and achieve high-quality development [5][8]. - The launch of the "14th Five-Year Plan" is expected to drive demand for new equipment research and development, with intelligent, unmanned, and satellite internet (6G integration) becoming new growth points [5][6]. Future Initiatives - The company aims to optimize its business structure, reduce losses in weaker segments, and increase the proportion of high-end business [8]. - Plans for international expansion and strategic acquisitions are in place to actively explore growth opportunities and create new growth points [8].

Core Insights - The company reported third-quarter revenue of 656 million yuan, representing a year-on-year increase of 7.42% [1] - The net profit for the third quarter was 35.41 million yuan, showing a decline of 21.21% [1] - For the first three quarters, the company achieved revenue of 1.711 billion yuan, which is a year-on-year growth of 3.57% [1] - The net profit for the first three quarters was 41.22 million yuan, reflecting a significant decrease of 42.17% [1]

Core Points - Yang Yi, a member of the Party Committee and Chairman of the Supervisory Board of Sichuan Jingzhun Testing Group Co., Ltd., is under investigation for serious violations of discipline and law [1] - The company is a large state-owned comprehensive testing and inspection enterprise, pioneering cross-industry, cross-department, and cross-level integration in Guang'an [1] Company Overview - Sichuan Jingzhun Testing Group Co., Ltd. is recognized as a leading state-owned enterprise in the testing and inspection sector in Guang'an, China [1] - The company was established to integrate various testing and inspection services across different industries and departments [1] Leadership Background - Yang Yi has held various significant positions, including Deputy Secretary and General Manager of the Chuan-Yu Gaozhu New District Development Construction Group [1] - He has been involved in local government roles, including Deputy County Head and Chairman of the County Federation of Trade Unions [1] - Yang Yi has been with the company since February 2024, prior to which he held leadership roles in other related organizations [1]