Core Viewpoint - Shenzhen Tian Su Measurement and Testing Co., Ltd. has successfully passed the IPO review for the ChiNext board, with China Merchants Securities as the sponsor [2]. Company Overview - Tian Su Measurement was established in 2009 and operates as an independent third-party measurement and testing service provider, focusing on calibration, testing, and certification services [4]. - The company's clients span various sectors, including biomedicine, automotive, new energy, rail transit, energy and power, light industry, and equipment manufacturing [4]. Financial Performance - The total assets of Tian Su Measurement have increased from 464.55 million yuan in 2022 to an estimated 729.19 million yuan by June 30, 2025 [5]. - The company's net profit has shown growth from 84.39 million yuan in 2022 to an estimated 55.58 million yuan in the first half of 2025 [5]. - The operating revenue for the years 2022 to 2025 is projected to be 597 million yuan, 726 million yuan, 800 million yuan, and 409 million yuan respectively [5]. Future Projections - For the first nine months of 2025, the company expects operating revenue to grow by approximately 9.89% to 12.49% compared to the same period in 2024 [6]. - The net profit attributable to the parent company is projected to increase by 8.03% to 11.04% year-on-year [6].

Core Insights - Three companies received IPO approval during the week, with two submitting registration and two having their registration effective [1][2] - He Yuan Bio announced an issuance price of 29.06 yuan per share, with a total issuance of 89.45 million shares, all being new shares [1] - Xi'an Yiswei Material Technology Co., Ltd. and Guangzhou Bibete Pharmaceutical Co., Ltd. also conducted online and offline subscriptions [1][2] Company Summaries - He Yuan Bio is the first company to apply for listing under the new "1+6" policy on the Sci-Tech Innovation Board, expected to be among the first new registered companies in the growth tier [1] - Xi'an Yiswei confirmed a total issuance of 537.8 million shares, with 20 investors receiving strategic placements totaling 268.9 million shares [2] - Bibete announced an issuance of 9 million shares at a price of 17.78 yuan per share, with the online subscription lottery scheduled for October 20, 2025 [2] Financial Performance - Mu Xi Integrated Circuit (Shanghai) Co., Ltd. is set to present for IPO on October 24, with reported revenues of 426,400 yuan, 53.02 million yuan, 743 million yuan, and 320 million yuan over the past four years, and net losses of 777 million yuan, 871 million yuan, 1.409 billion yuan, and 233 million yuan [2] - Beijing Angrui Microelectronics Technology Co., Ltd. is also an unprofitable company, with revenues of 923 million yuan, 1.695 billion yuan, 2.101 billion yuan, and 844 million yuan, and net losses of 290 million yuan, 450 million yuan, 64.7 million yuan, and 40.3 million yuan [3] - Tian Su Measurement and Testing Co., Ltd. reported revenues of 597 million yuan, 726 million yuan, 800 million yuan, and 409 million yuan, with net profits of 84.4 million yuan, 101 million yuan, 111 million yuan, and 55.6 million yuan [4] Regulatory Insights - The listing committee questioned Angrui Micro on its business growth potential and sustainability, considering industry competition, product technology iterations, and financial status [3] - Tian Su Measurement was asked to enhance its risk disclosures regarding performance decline in its prospectus, considering factors like technological advancement and industry competition [4] Registration Updates - Two companies, Southern Power Grid Digital Grid Research Institute Co., Ltd. and Bai Ao Sai Tu (Beijing) Pharmaceutical Technology Co., Ltd., had their registrations effective on October 15 and 16, respectively [4]

Group 1 - The core viewpoint of the article highlights that Guangdian Measurement has established an automotive information security laboratory, which has received CNAS accreditation for its technical capabilities and quality system in compliance with national standards [1] - The company offers various testing capabilities, including static testing (such as vulnerability scanning), dynamic testing (including penetration testing and fuzz testing), and security function consistency verification testing [1] - Two main core scenarios for compliance verification and testing are identified: V2X communication scenario and autonomous driving algorithm scenario, focusing on data integrity, communication trustworthiness, identity authenticity, and reliability [1] Group 2 - In the V2X communication scenario, the company aims to validate data integrity, communication trustworthiness, identity authenticity, and reliability [1] - In the autonomous driving algorithm scenario, the focus is on testing sensor attack resistance, data credibility, algorithm integrity, model adversarial capability, and logical robustness [1] - The ultimate goal is to ensure the trustworthiness of V2X communication and the safety of autonomous driving decision-making [1]

Core Viewpoint - Shenzhen Tian Su Measurement and Testing Co., Ltd. has been approved for its initial public offering (IPO) on the Shenzhen Stock Exchange, marking it as the 60th company to pass the review this year [1] Company Overview - 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, energy and electricity, light industry, and equipment manufacturing [1] - The company plans to raise approximately 423.9 million yuan (around 42.39 million) for projects including enhancing measurement and testing capabilities, establishing regional testing laboratories, building a digital center, and supplementing working capital [2] Shareholding Structure - The major shareholder, Gong Tianbao, directly holds 33.9 million shares, accounting for 69.31% of the total share capital, making him the controlling shareholder [2] - Gong Tianbao's spouse, Wu Baixiang, holds 450,000 shares (0.92%) and is an acting partner in several related entities, effectively controlling 85.86% of the voting rights [2] IPO Process and Underwriting - The underwriting institution for Tian Su Measurement's IPO is China Merchants Securities Co., Ltd., marking it as the fifth successful IPO project for the firm this year [1][2] - The company has undergone scrutiny regarding its sales expense ratio and R&D investment intensity, with questions raised about its ability to adapt to industry technological upgrades and sustain performance growth [3][4]

Core Viewpoint - Tian Su Measurement has successfully passed the IPO review by the Shenzhen Stock Exchange, marking a significant step for the company in its growth trajectory [1] Company Overview - Established in 2009, Tian Su Measurement is a national, comprehensive independent third-party measurement and testing service provider, specializing in calibration, testing, and certification services [3] - The company has achieved recognition as a national high-tech enterprise and has been designated as a "service-oriented manufacturing demonstration platform" and "public service platform for industrial technology foundation" by the Ministry of Industry and Information Technology [3] - As of June 2025, Tian Su Measurement has developed calibration services across ten fields, including geometric, thermal, mechanical, electromagnetic, radio, time and frequency, acoustics, optics, chemistry, and ionizing radiation, totaling 1,417 calibration services [3] Market Position and Client Relationships - The company has established long-term cooperative relationships with notable 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 client base [3] Technological Advancements - Tian Su Measurement focuses on enhancing its technical capabilities and service quality through independent research and development, resulting in twelve core technologies that support various downstream sectors, including biomedicine and high-end equipment [4] 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. Net profits were 101 million yuan, 111 million yuan, and 55.576 million yuan for the same periods [4] IPO Fundraising Plans - Tian Su Measurement plans to raise 424 million yuan through its IPO, which will be allocated to projects aimed at enhancing measurement capabilities, building regional laboratories, establishing a digital center, and supplementing working capital [4] - The company believes these projects will enhance its production capacity, improve profitability, and facilitate rapid expansion of its market share [4]

Core Viewpoint - Tian Su Measurement has successfully passed the IPO review by the Shenzhen Stock Exchange, marking a significant milestone for the company in its growth trajectory [1] Company Overview - Established in 2009, Tian Su Measurement is a national, comprehensive independent third-party measurement and testing service provider, specializing in calibration, testing, and certification services [3] - The company has achieved recognition as a national high-tech enterprise and has been designated as a "service-oriented manufacturing demonstration platform" and "public service platform for industrial technology foundation" by the Ministry of Industry and Information Technology [3] - As of June 2025, Tian Su Measurement has developed calibration services across ten fields, including geometric, thermal, mechanical, electromagnetic, radio, time and frequency, acoustics, optics, chemistry, and ionizing radiation, totaling 1,417 calibration services [3] Market Position and Client Relationships - The company has established long-term cooperative relationships with notable 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 client base [3] Technological Advancements - Tian Su Measurement focuses on the development of strategic emerging industries through independent research and development, enhancing its technical capabilities and service quality [4] - The company has developed twelve core technologies, including smart measurement laboratory technology and automatic calibration technology for flow meters, which support innovation in downstream strategic emerging industries [4] Financial Performance - For the years 2023 to the first half of 2025, Tian Su Measurement reported revenues of 726 million, 800 million, and 409 million respectively, with net profits of 101 million, 111 million, and 55.576 million [4] - The company has demonstrated a positive growth trend in both revenue and net profit [4] IPO Fundraising Plans - Tian Su Measurement plans to raise 424 million through its IPO, which will be allocated to projects aimed at enhancing measurement capabilities, establishing regional laboratories, building a digital center, and supplementing working capital [4] - The company believes these projects will enhance its production capacity, improve profitability, and facilitate rapid expansion of its market share [4]

Core Viewpoint - Shenzhen Tian Su Measurement Testing Co., Ltd. is set to undergo an IPO review by the Shenzhen Stock Exchange on October 16, 2025, with an expected fundraising amount of 4.239 billion yuan [1][3]. Company Overview - Shenzhen Tian Su Measurement Testing Co., Ltd. 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, rail transportation, energy power, light industry, and equipment manufacturing [3]. - The controlling shareholder and actual controller is individual shareholder Gong Tianbao, who holds 85.86% of the voting rights prior to the company's issuance [3]. Financial Performance - The company's revenue for the reporting period was 597.2009 million yuan, 725.7104 million yuan, 800.1169 million yuan, and 409.1361 million yuan, with a compound annual growth rate of 15.75% from 2022 to 2024 [4]. - Net profit attributable to the parent company was 84.3854 million yuan, 101.2520 million yuan, 111.0568 million yuan, and 55.5762 million yuan [4]. - As of June 30, 2025, total assets amounted to 729.1946 million yuan, with equity attributable to the parent company at 576.1199 million yuan [5]. - The company's debt-to-asset ratio was 18.45% for the parent company and 20.99% for the consolidated entity [5]. Future Projections - The company anticipates a revenue growth of approximately 8.11% to 12.48% year-on-year for 2025, with net profit growth expected to be between 8.05% and 12.56% [7]. - The company plans to invest the raised funds into projects including the enhancement of measurement testing capabilities, construction of regional testing laboratories, and the establishment of a digital center, totaling an investment of 42.38991 million yuan [7]. Key Issues Raised - The listing committee has raised questions regarding the company's high sales expense ratio and low R&D intensity, inquiring about the sustainability of performance growth in light of industry technological upgrades and competitive dynamics [7][8].

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]