天溯计量董事长、总经理龚天保在推介致辞中指出，随着高质量发展和质量强国战略的实施，各产业领 域出台新的质控政策并产生新的计量检测需求。公司自主研发了90项获CNAS认可的自编规范，牵头和 参编了78项标准及9项技术规范，涵盖高端制造装备、新能源、生物医药、节能环保等多个战略性新兴 产业领域。 深圳天溯计量检测股份有限公司首次公开发行股票并在创业板上市网上路演于2025年12月11日（星期 四）14:00-17:00在全景路演成功举行。 天溯计量作为一家全国性、综合型的独立第三方计量检测服务机构，主营业务涵盖计量校准、检测、认 证等专业技术服务。其客户广泛分布于生物医药、汽车、新能源、轨道交通、能源电力、轻工日化、装 备制造等国民经济多个重要领域。公司始终秉持着为企业品质保驾护航的使命，凭借优质、高效的专业 技术服务，积极助力我国生产制造迈向高质量发展之路，切实落实制造强国、质量强国的战略要求。 路演现场，阵容强大。天溯计量董事长、总经理龚天保，副总经理龚敏、曾宏勋，财务总监魏巍，副总 经理、董事会秘书周龙，以及招商证券投资银行委员会执行董事、业务一部总经理徐国振，投资银行委 员会董事罗政等齐聚一堂，参与线上交 ...

Core Viewpoint - Shenzhen Tiansu Measurement and Testing Co., Ltd. is progressing in its listing journey on the ChiNext board, addressing concerns regarding performance decline risks in response to the Shenzhen Stock Exchange's review opinions [1][2] Financial Performance - The company reported 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 [1] - Net profits for the same periods were approximately 84.39 million yuan, 101 million yuan, 111 million yuan, and 55.58 million yuan [1] - The revenue contribution from the measurement calibration business was significant, accounting for 91.11%, 87.23%, 85.73%, and 84.05% of total revenue during the reporting periods [1] Business Model and Pricing - The average price of certificates for measurement calibration services decreased from 142.01 yuan to 119.43 yuan over the reporting periods [1] - Despite the decline in certificate prices, the gross margin remained relatively stable due to a corresponding decrease in certificate costs [1] Market Risks - The company identified multiple factors contributing to performance decline risks, including potential adverse changes in the macroeconomic environment that could reduce demand for measurement calibration services [2] - The growth of the testing services business is heavily influenced by national policies affecting key clients in the new energy vehicle and energy storage sectors, with risks associated with policy changes such as subsidy withdrawals or increased tariffs [2] Competitive Landscape - The measurement and testing industry is characterized by a large number of institutions and increasing competition from leading firms, which poses challenges for smaller companies [2] - Although the company has established a technological advantage in certain niche areas, competition from smaller firms using price reductions to gain market share could pressure business expansion and client relationships [2] - The company has managed to offset some impacts of declining certificate prices through efficiency improvements and cost reductions, but future performance may be at risk if it cannot maintain technological leadership amid intensifying competition [2]