登录新浪财经APP 搜索【信披】查看更多考评等级 保荐人（主承销商）：招商证券股份有限公司 特别提示 深圳天溯计量检测股份有限公司（以下简称"天溯计量"或"发行人"）首次公开发行股票并在创业板上市 （以下简称"本次发行"）的申请已经深圳证券交易所（以下简称"深交所"）上市审核委员会审议通过， 并已获中国证券监督管理委员会同意注册（证监许可〔2025〕2424号）。 敬请投资者重点关注本次发行的缴款环节，并于2025年12月16日（T+2日）及时履行缴款义务，具体内 容如下： ■ 凡参与本次网上定价发行的投资者持有的申购配号尾数与上述号码相同的，则为中签号码。中签号码共 有14,185个，每个中签号码只能认购500股天溯计量A股股票。 发行人：深圳天溯计量检测股份有限公司 网上投资者放弃认购部分的股份由保荐人（主承销商）招商证券股份有限公司（以下简称"招商证 券"或"保荐人（主承销商）"）包销。 2、当出现网下和网上投资者缴款认购的股份数量合计不足扣除最终战略配售数量后本次公开发行数量 的70%时，发行人和保荐人（主承销商）将中止本次新股发行，并就中止发行的原因和后续安排进行信 息披露。 3、本次公开发行的股票 ...

Core Viewpoint - The company Shenzhen Tiansu Measurement and Testing Co., Ltd. successfully held an online roadshow for its initial public offering (IPO) on the ChiNext board on December 11, 2025, showcasing its growth and regional presence in the measurement and testing industry [1] Group 1 - The company has established grid-based measurement calibration and testing laboratories in multiple regions, including Guangdong, Guangxi, Yunnan, Hunan, Hubei, Jiangsu, Henan, Shanxi, Shaanxi, and Xinjiang [1] - The company has received recognition from the China National Accreditation Service for Conformity Assessment (CNAS) and the Certification and Accreditation Administration of the People's Republic of China (CMA) for its laboratories [1] - The Hainan Tianzhong Laboratory has obtained legal measurement verification authority, while the subsidiary Tiansu International has received approval from the National Certification and Accreditation Administration (CNCA) [1]

Core Viewpoint - Shenzhen Tiansu Measurement and Testing Co., Ltd. has initiated its subscription with an issue price of 36.80 yuan per share, corresponding to a price-to-earnings ratio of 21.78 times, which is lower than the industry average static P/E ratio of 35.72 times over the past month [1]. Group 1: Subscription Details - The underwriter, China Merchants Securities, received preliminary inquiry pricing information from 297 offline investors managing 8,430 allocation objects, with a price range of 33.00 yuan/share to 39.53 yuan/share [1]. - The highest bid of 39.53 yuan/share from two products managed by Zhongtian Securities was excluded, as was the lowest bid of 33.00 yuan/share from a product managed by Nanjing Jingheng Investment Management Co., Ltd. [2]. - After excluding invalid bids and the highest bids, the remaining price range for subscription is 33.00 yuan/share to 38.41 yuan/share, with a total subscription volume of 389.84 billion shares, resulting in a subscription multiple of 3,706.99 times the initial offline issuance scale [3]. Group 2: Company Financials - Tiansu Measurement is an independent third-party measurement and testing service provider, specializing in calibration, testing, and certification services across various sectors, including biomedicine, automotive, new energy, rail transportation, energy power, light industry, and equipment manufacturing [3]. - The projected operating revenues for Tiansu Measurement from 2022 to the first half of 2025 are 597 million yuan, 726 million yuan, 800 million yuan, and 409 million yuan, respectively, with corresponding net profits of 84 million yuan, 101 million yuan, 111 million yuan, and 56 million yuan [3]. - As per the prospectus, Tiansu Measurement plans to raise approximately 424 million yuan, with the total funds raised from this issuance expected to be around 600 million yuan, exceeding the original plan by approximately 176 million yuan [4].

Core Viewpoint - Shenzhen Tiansu Measurement Testing Co., Ltd. (Tiansu Measurement) is set to go public on the ChiNext board with an IPO price of 36.80 yuan per share, aiming to raise approximately 600 million yuan in total, with a net fundraising amount of about 525 million yuan [3]. Group 1: IPO Details - The IPO will be available for subscription on December 12, 2025, and the company plans to list on the Shenzhen Stock Exchange's ChiNext board [1]. - Tiansu Measurement will issue 16,304,348 shares, accounting for 25% of the total share capital post-IPO [3]. - The funds raised will be allocated to projects including enhancing measurement testing capabilities at the Shenzhen headquarters, establishing regional measurement testing laboratories, building a digital center, and supplementing working capital [4]. Group 2: Financial Performance - Tiansu Measurement's revenue for the years 2022, 2023, 2024, and the first half of 2025 is approximately 597 million yuan, 726 million yuan, 800 million yuan, and 409 million yuan respectively [4]. - The net profit for the same periods is approximately 84.39 million yuan, 101 million yuan, 111 million yuan, and 55.58 million yuan [4]. - The company expects its revenue for 2025 to be between 865 million yuan and 900 million yuan, representing a year-on-year growth of 8.11% to 12.48% [5]. Group 3: Company Background - Tiansu Measurement was established in 2009 with a registered capital of 10 million yuan, and it has since transformed into a joint-stock company [6]. - The main shareholders include Gong Tianbao, who holds 69.31% of the shares, and Shenzhen Tiansu Measurement Management Center (Limited Partnership) [7]. - The company specializes in measurement calibration, testing, and certification services across various sectors, including biomedicine, automotive, new energy, and rail transportation [4].

【隔夜行情】 •周四（2025年12月11日），A股市场三大指数集体收跌，截至收盘，沪指报3873.32点，跌0.7%；深证 成指报13147.39点，跌1.27%；创业板指报3163.67点，跌1.41%。总体来看，个股跌多涨少，下跌个股 超4300只。沪深两市全天成交额1.86万亿元，较上个交易日放量786亿元。 •周四（2025年12月11日），港股高开低走，三大指数集体走跌。截止收盘，恒生指数跌0.04%或10.27 点，报25530.51点，全日成交额为1824.77亿港元；恒生国企指数跌0.23%，报8934.28点；恒生科技指数 跌0.83%，报5534.59点。 •周四（当地时间2025年12月11日），截至收盘，道指涨646.26点，涨幅为1.34%，报48704.01点；纳指 跌60.30点，跌幅为0.25%，报23593.86点；标普500指数涨14.31点，涨幅为0.21%，报6900.99点。 【今日新股】 今日2只新股申购，无新股上市。 新股申购： 天溯计量，创业板证券代码301449，发行价格36.8元/股，发行市盈率21.78倍；是一家全国性、综合型 的独立第三方计量检测服务机 ...

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].

Core Viewpoint - Shenzhen Tiansu Measurement Technology Co., Ltd. successfully held an online roadshow for its initial public offering on December 11, 2025, showcasing its innovative measurement solutions and technology [1] Group 1: Company Innovations - The company has independently developed a Laboratory Information Management System (LIMS) to manage and control six aspects: personnel, machinery, materials, methods, environment, and measurement [1] - The LIMS system enhances the consistency, reliability, and traceability of measurement results [1] - The company has also developed automated calibration devices based on the LIMS system, improving the accuracy and efficiency of measurement calibration [1] Group 2: Measurement Accuracy - The automated calibration devices ensure the accuracy and timeliness of measurement data [1]

Core Viewpoint - The company, Shenzhen Tiansu Measurement Testing Co., Ltd., is focusing on measurement calibration and new energy battery testing services, aiming to maintain its competitive edge through continuous technological research and high-end talent acquisition [1] Group 1: Company Strategy - The company plans to continuously invest in technological research and development to enhance its competitive advantages in traditional measurement calibration and unique strengths in new energy testing [1] - The company aims to enrich its service offerings and enhance its industry position by strategically investing in emerging industries related to measurement testing [1] Group 2: Future Outlook - The company is committed to laying a solid foundation for sustainable development through its strategic planning and fundraising investment projects [1]

深圳天溯计量检测股份有限公司（以下简称"天溯计量"、"发行人"或"公司"）首次公开发行人民币普通 股（A股）（以下简称"本次发行"）并在创业板上市的申请已经深圳证券交易所上市委会议审议通过， 并已经中国证券监督管理委员会（以下简称"中国证监会"）同意注册（证监许可〔2025〕2424号）。 本次发行采用向参与战略配售的投资者定向配售（以下简称"战略配售"）、网下向符合条件的投资者询 价配售（以下简称"网下发行"）与网上向持有深圳市场非限售A股股份和非限售存托凭证市值的社会公 众投资者定价发行（以下简称"网上发行"）相结合的方式进行。 发行人和保荐人（主承销商）招商证券股份有限公司（以下简称"保荐人（主承销商）"或"招商证券"） 将通过网下初步询价直接确定发行价格，网下不再进行累计投标询价。 本次拟公开发行股票为1,630.4348万股，本次发行后公司总股本为6,521.7392万股，发行股份占本次发行 后公司股份总数的比例为25.00%，全部为公开发行新股，公司股东不进行公开发售股份。 3、参加人员：发行人管理层主要成员和保荐人（主承销商）相关人员。 本次发行的《深圳天溯计量检测股份有限公司首次公开发行股票并 ...

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]