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]

Core Viewpoint - Shenzhen Tiansu Measurement and Testing Co., Ltd. has established itself as a leading third-party measurement calibration service provider in China, focusing on quality assurance across various industries, particularly in the rapidly growing new energy sector [1][3][6]. Group 1: Company Overview - Founded in 2009, the company has become a national high-tech enterprise and a model platform for service-oriented manufacturing, emphasizing its mission to ensure quality traceability [1]. - The company operates in key sectors of the national economy, including biomedicine, automotive, new energy, rail transportation, and power generation, providing a comprehensive service capability in measurement calibration, testing, and certification [1][3]. Group 2: Industry Standards and Contributions - The company has led the development of 16 national standards, 4 industry standards, and 9 measurement technical specifications, filling gaps in strategic emerging industry standards [3]. - It has established a robust network of laboratories across various provinces, enhancing service efficiency and reducing logistics costs for clients [8]. Group 3: Financial Performance - From 2022 to 2024, the company's revenue is projected to grow from 597.20 million yuan to 800.12 million yuan, with a compound annual growth rate (CAGR) of 15.75% [6]. - The net profit attributable to shareholders is expected to rise from 84.39 million yuan to 111.06 million yuan during the same period, indicating a strong upward trend [6]. Group 4: Growth Drivers - The new energy battery testing business has emerged as a core growth engine, with revenue expected to increase from 52.54 million yuan to 113.14 million yuan, achieving a CAGR of 46.75% [6]. - The demand for lithium batteries in China has surged, with shipments projected to grow from 81 GWh in 2017 to 1,175 GWh by 2024, reflecting a CAGR of 46.53% [7]. Group 5: Innovation and Future Plans - The company has invested significantly in research and development, holding 133 patents and 97 software copyrights, and has participated in the formulation of 78 standards [9]. - Future plans include expanding into smart measurement and online measurement technologies, as well as enhancing capabilities in new energy battery testing and energy storage sectors [9].