Company Overview - Shenzhen Tiansu Measurement and Testing Co., Ltd. (Tiansu Measurement) has officially initiated its A-share listing process on the Shenzhen Stock Exchange, aiming to issue 16.3043 million shares, accounting for 25% of the total post-issue share capital, with a fundraising target of 424 million yuan [1] - Established in 2009, Tiansu Measurement is a national, comprehensive independent third-party measurement and testing service provider, specializing in calibration, testing, and certification services [1] - The company has developed a wide range of calibration services across ten fields, including geometric, thermal, mechanical, electromagnetic, radio, time and frequency, acoustic, optical, chemical, and ionizing radiation, totaling 1,417 calibration services [1] Market Position and Client Relationships - Tiansu Measurement has established 27 laboratories nationwide, achieving a "grid" layout for market coverage, enabling rapid response and efficient service [2] - The company has long-term partnerships with major enterprises such as Shougang Group, China Railway, China National Nuclear Corporation, State Grid, and China Railway Construction, resulting in a high customer retention rate and stable revenue [2] - Tiansu Measurement focuses on strategic emerging industries, enhancing its technical capabilities through independent research and development, and has developed twelve core technologies that support innovation in downstream industries [2] Financial Performance - The company's revenue and net profit have shown a positive growth trend, with revenues of 726 million yuan, 800 million yuan, and 409 million yuan for the years 2023, 2024, and the first half of 2025, respectively [2] - Corresponding net profits were 101 million yuan, 111 million yuan, and 55.5762 million yuan for the same periods, indicating a stable financial performance [2] Industry Trends and Policy Support - The Ministry of Industry and Information Technology has issued a policy document aimed at enhancing measurement innovation in the manufacturing sector, outlining 14 key tasks to improve measurement capabilities [3] - This policy is expected to create more development opportunities for measurement companies, facilitating technological innovation and market expansion, thereby supporting high-quality development in the manufacturing industry [3]

Group 1 - The company, Tian Su Measurement (301449.SZ), is planning to issue 16,304,348 shares, which will account for 25% of the total share capital after the issuance [1] - The initial strategic placement will involve 2,445,651 shares, representing 15% of the total issuance, with participation from senior management and core employees [1] - The company aims to raise a total of 424 million yuan through this issuance, which will be allocated to various projects including enhancing measurement capabilities and establishing regional laboratories [2] Group 2 - The company operates as a national, comprehensive independent third-party measurement and testing service provider, serving multiple sectors such as biomedicine, automotive, and new energy [2] - The net profit attributable to the parent company has shown a continuous upward trend, with figures of 84.39 million yuan, 101.25 million yuan, 111.06 million yuan, and 55.58 million yuan over the reporting periods [2] - The revenue from the company's strategic focus on new energy battery testing has grown significantly, from 52.54 million yuan in 2022 to 113.14 million yuan in 2024, reflecting a compound annual growth rate of 46.75% [2]

Group 1 - The company, Tian Su Measurement, is planning to publicly issue 16,304,348 shares, which will account for 25% of the total share capital after the issuance [1] - The initial strategic placement will involve 2,445,651 shares, representing 15% of the total issuance, with participation from senior management and core employees [1] - The strategic placement by senior management and core employees is capped at 10% of the total issuance, amounting to no more than 1,630,434 shares and a maximum investment of 60 million yuan [1] Group 2 - The company 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, and new energy [2] - The net profit attributable to the parent company has shown a continuous upward trend, with figures of 84.39 million yuan, 101.25 million yuan, 111.06 million yuan, and 55.58 million yuan over the reporting period [2] - The revenue from the company's strategically developed battery testing business is projected to grow from 52.54 million yuan in 2022 to 113.14 million yuan in 2024, reflecting a compound annual growth rate of 46.75% [2] Group 3 - The funds raised from the public offering will be allocated to projects including the enhancement of measurement and testing capabilities at the Shenzhen headquarters, the establishment of regional testing laboratories, the construction of a digital center, and to supplement working capital, totaling 424 million yuan [2]

Core Points - The company has completed the repurchase and cancellation of 110,000 restricted shares due to the departure of 13 incentive recipients who lost their eligibility under the 2023 stock option and restricted stock incentive plan [1][2] - The total share capital has decreased from 583,245,846 shares to 583,135,846 shares following this repurchase [1][2] Repurchase Background - The repurchase and cancellation were necessitated by the departure of 13 incentive recipients, leading to the cancellation of their unexercised stock options and unvested restricted shares [2] - The incentive plan was initiated in October 2023, with the granting of stock options and restricted shares completed in July 2024, involving 557 recipients and a total of 8.02 million restricted shares at a price of 8.68 yuan per share [2] Repurchase Details - The repurchase price was adjusted to 8.25 yuan per share after accounting for three dividend distributions, which reduced the initial price of 8.68 yuan per share to 8.13 yuan per share [3] - The total amount for the repurchase of 110,000 shares was 897,900 yuan, funded by the company's own resources [4] Share Capital Structure Changes - Following the repurchase, the structure of the company's share capital has slightly changed, with the proportion of restricted shares decreasing from 7.35% to 7.33% [5] - The total number of restricted shares held by management remains unchanged at 34,822,205 shares [5] Impact on the Company - The company stated that the repurchase and cancellation will not affect the ongoing incentive plan or the financial performance, and related expenses will be reversed in the year of the departing recipients [6] - The management team will continue to focus on core talent through long-term incentive mechanisms to promote sustainable development [6]

Core Points - The company has received an inquiry letter from the Shenzhen Stock Exchange regarding its application for a private placement of shares [1][2] - The company, along with relevant intermediaries, has provided detailed responses to the questions raised in the inquiry letter and updated the prospectus and related application documents [2] - The private placement of shares is subject to approval from the Shenzhen Stock Exchange and registration consent from the China Securities Regulatory Commission, with uncertainties regarding the approval timeline [2] Financial Data Updates - The company has updated the financial data in the prospectus in accordance with the disclosure of its third-quarter report for 2025 [2] - Specific financial figures and changes have been detailed in the announcements made on the Giant Tide Information Network [2]

Core Viewpoint - The company, Guangdian Measurement, has announced strategic cooperation agreements with multiple research institutions to enhance its capabilities in navigation, quantum measurement, and semiconductor technology [1] Group 1: Strategic Collaborations - The company has signed a strategic cooperation agreement with Changsha Beidou Research Institute to establish a joint laboratory and work on research projects, focusing on the development of testing and evaluation technologies for Beidou navigation products [1] - In collaboration with Changsha Quantum Research Institute, the company aims to address critical technology challenges by co-establishing a "Quantum Measurement and Measurement Joint Laboratory" [1] - The partnership with Hunan University Changsha Semiconductor Technology and Application Innovation Research Institute will lead to the creation of a "Power Semiconductor and Integrated Circuit R&D Center" [1]

Core Viewpoint - Guangdian Measurement is accelerating its regional layout by investing 800 million yuan to build a new testing base in Chengdu, Southwest China, to overcome long-term development bottlenecks in the region [1][2] Investment and Expansion - The company plans to invest 800 million yuan to establish a testing base in Chengdu due to current space constraints in its existing rented facilities, which limits capacity expansion and the establishment of laboratories for emerging fields [2] - The new base will provide sustainable self-owned office and laboratory space, reducing operational costs and enhancing profitability, while also mitigating risks associated with lease expirations [2][3] Strategic Development - The construction of the Southwest base is a significant step in Guangdian Measurement's regional deepening strategy, complementing its existing network of subsidiaries across major economic circles in China [3] - The new base will support business operations in strategic emerging fields such as aviation, intelligent connected vehicles, and artificial intelligence, while also facilitating international expansion plans aligned with major clients [3] Business Performance - Guangdian Measurement has shown steady growth, achieving a revenue of 2.416 billion yuan in the first three quarters of 2025, representing an 11.86% year-on-year increase, and a net profit of 238 million yuan, up 26.51% [1][4] - The company’s revenue and net profit both experienced double-digit growth, with the third quarter alone generating 937 million yuan in revenue, a 14.91% increase year-on-year, and a net profit of 141 million yuan, up 29.73% [4] Emerging Business Growth - The company focuses on special industries, automotive, new energy, and integrated circuits, providing comprehensive services and achieving an 80% order share from emerging industries in the first half of 2025 [4][5] - Research and development investments have been significant, with 181 million yuan allocated in the first half of 2025, marking an 18.13% increase year-on-year, and R&D expenditures consistently accounting for no less than 10% of revenue [4][5]

Core Viewpoint - The company Guangdian Measurement (002967) is experiencing a continuous growth phase in its satellite internet quality assurance platform project, gradually onboarding clients in related fields [1] Group 1 - The satellite internet quality assurance platform project is in a phase of sustained growth [1] - The company is progressively introducing relevant field clients into its operations [1]

Group 1 - The company is actively monitoring industry development opportunities that can create synergies with its existing business [1] - The company maintains an open and proactive attitude towards high-quality targets that can help extend its industrial chain [1]

Core Viewpoint - The company emphasizes the importance of technological innovation and advanced measurement and testing in alignment with national strategies for manufacturing, quality, aerospace, transportation, and digital infrastructure [1] Group 1: Company Strategy - The company plans to closely follow customer demands and enhance its strategic layout in technological innovation industries [1] - There will be an increase in investment in technological transformation and research and development in strategic national industries [1] - The goal is to accelerate the establishment of a leading enterprise in advanced productivity testing [1] Group 2: Industry Context - The national "14th Five-Year Plan" promotes strategies for becoming a manufacturing powerhouse, a quality powerhouse, and advancing in areas such as quantum measurement, advanced nuclear energy, deep space exploration, and commercial aerospace [1] - There is a clear demand for high-precision and advanced measurement and testing technologies in these strategic sectors [1]