Group 1: Company Overview - Tian Su Measurement, established in 2009, is a national independent third-party measurement and testing service provider, specializing in calibration, testing, and certification services across ten calibration fields, including geometric, thermal, mechanical, electromagnetic, optical, and ionizing radiation [1] - The company has developed 1,417 calibration capabilities and serves diverse sectors such as biomedicine, automotive, energy, and light industry [1] Group 2: Financial Information - Tian Su Measurement's initial public offering (IPO) price is set at 18.00 yuan per share, with an institutional offering price of 36.80 yuan per share, resulting in a market capitalization of 37.08 billion yuan [2] - The company's projected gross profit margins from 2022 to the first half of 2025 are 52.67%, 53.86%, 53.40%, and 51.56%, indicating a potential decline in profitability [4] Group 3: Investment Directions - The company plans to allocate raised funds towards enhancing measurement and testing capabilities at its Shenzhen headquarters (1.28 billion yuan), establishing regional testing laboratories (1.75 billion yuan), developing a digital center (0.32 billion yuan), and supplementing working capital (0.90 billion yuan) [3] Group 4: Industry Context - The testing and certification industry is characterized by a high number of institutions and increasing marketization, but many small companies lack comprehensive service capabilities, which may lead to price competition that could negatively impact business expansion and client relationships [5] - The average price for calibration services has shown a downward trend, with prices from 2022 to the first half of 2025 being 142.01 yuan, 135.78 yuan, 129.69 yuan, and 119.43 yuan [5] Group 5: Battery Testing Services - Since 2018, Tian Su Measurement has expanded into battery testing services, establishing 84 major testing capabilities and over 2,000 testing channels for battery cells, modules, and packs, serving notable clients in the new energy sector [4] Group 6: Competitor Overview - Xi Hua Technology, primarily engaged in the research, manufacturing, and sales of specialized components for large high-end equipment, has an IPO price of 10.10 yuan per share and a market capitalization of 36.36 billion yuan [6] - The company is one of the few in China capable of providing full-process services for wind turbine gearbox components and has developed products for wind turbines ranging from 1MW to 22MW [10]

Group 1: Tian Su Measurement (天溯计量) - Tian Su Measurement, established in 2009, is a national independent third-party measurement and testing service provider, specializing in calibration, testing, and certification services across various fields including biomedicine, automotive, and energy [1][4] - The company has developed 84 battery testing capabilities since 2018, serving major clients in the new energy battery sector, including companies like CATL and GAC Group [4] - The company has achieved several accolades, including being recognized as a national high-tech enterprise and a champion enterprise in Guangdong's manufacturing sector [4] Group 2: Financial Metrics and Market Position - Tian Su Measurement's IPO price is set at 18.00 yuan per share, with an expected market capitalization of 37.08 billion yuan [2] - The company's gross profit margin is projected to decline from 52.67% in 2022 to 51.56% in the first half of 2025, indicating potential pricing pressures in the market [4] - The average price for calibration services has decreased from 142.01 yuan in 2022 to 119.43 yuan in the first half of 2025, reflecting competitive pricing pressures [5] Group 3: Fundraising and Investment Plans - Tian Su Measurement plans to raise funds for several projects, including 1.28 billion yuan for enhancing measurement capabilities and 1.75 billion yuan for building regional testing laboratories [3] - The company also aims to invest 0.32 billion yuan in a digital center and 0.90 billion yuan to supplement working capital [3] Group 4: Xi Hua Technology (锡华科技) - Xi Hua Technology specializes in the research, manufacturing, and sales of high-end equipment components, particularly for wind power gearboxes, and is a leading provider in the global market [6][10] - The IPO price for Xi Hua Technology is set at 10.10 yuan per share, with a market capitalization of 36.36 billion yuan [6] - The company has a high customer concentration risk, with revenue from the top five clients accounting for over 90% of its main business income [10][11] Group 5: Financial Performance and Risks - Xi Hua Technology's revenue from its primary client, the leading wind power gearbox manufacturer, has shown a significant concentration, with 48.91% of revenue coming from this client in 2022 [11] - The company is expected to improve its customer concentration situation by 2025 as it expands capacity and seeks new clients [11] - The financial performance of Xi Hua Technology is highly dependent on the performance of its major clients, which poses a risk if there are significant changes in client relationships or market share [11]

Core Viewpoint - Shenzhen Tian Su Measurement Testing Co., Ltd. (Tian Su Measurement) is preparing for its IPO after a challenging review process, with significant involvement from major clients across various industries [1][12]. Company Overview - Tian Su Measurement was established in June 2009 and is headquartered in Longgang District, Shenzhen. It was listed on the New Third Board in October 2015 and delisted in February 2019 [2]. - The company is primarily engaged in measurement calibration, testing, and certification services, serving sectors such as biomedicine, automotive, new energy, rail transportation, and power energy [2][3]. Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first half of 2025 was CNY 597 million, CNY 726 million, CNY 800 million, and CNY 409 million, respectively. Net profits for the same periods were CNY 84.39 million, CNY 101 million, CNY 111 million, and CNY 55.58 million [5]. - The projected revenue for the first nine months of 2025 is estimated to be between CNY 635 million and CNY 650 million, reflecting a year-on-year growth of approximately 9.89% to 12.49% [5]. Revenue Composition - In 2024, the revenue composition was as follows: measurement calibration services accounted for over 85%, testing services (primarily for new energy batteries) made up less than 15%, and certification services contributed a minimal 0.13% [3][4]. Financial Ratios - The company's total assets as of June 30, 2025, were CNY 729.19 million, with equity attributable to the parent company at CNY 576.12 million. The asset-liability ratio was 18.45% for the parent company and 20.99% for the consolidated entity [6]. - The gross profit margins for the main business during the reporting periods were 52.67%, 53.86%, 53.40%, and 51.56%, indicating a relatively stable but slightly declining trend [6][7]. Industry Context - The measurement and testing industry in China has seen a market size increase from CNY 206.5 billion in 2016 to CNY 487.6 billion in 2024, with a compound annual growth rate (CAGR) of 11.34%. However, the growth rate has slowed down recently, with a year-on-year increase of only 4.41% expected in 2024 [9][10]. - The revenue of calibration institutions has grown from CNY 5.668 billion in 2016 to CNY 11.604 billion in 2024, with a CAGR of 9.37% [10]. Competitive Landscape - Tian Su Measurement's main competitors include Guodian Measurement and the China National Institute of Metrology. In 2024, Tian Su Measurement achieved a market share of approximately 5.91% in the calibration segment, slightly below Guodian Measurement's revenue of CNY 7.45 billion [12]. - The industry is experiencing a trend towards consolidation, with larger institutions gaining market share and revenue [11].