Group 1 - The core business of Jiangtian Technology is to provide label integration for mid-to-high-end consumer brands, with a focus on self-adhesive labels for various sectors [2][3] - The company has a total market capitalization of 1.121 billion yuan and an issuance price of 21.21 yuan, with a price-to-earnings ratio of 14.5 [2] - In the past three years, the company's revenue has shown significant growth, with 2023 revenue at 508 million yuan (+53.00%) and a projected net profit of 538 million yuan for 2024 (+6.00%) [3] Group 2 - The company has a market share of 58.09% from its top five customers in 2024, indicating strong customer reliance [3] - The main revenue sources include 79.58% from film-based self-adhesive labels, 14.75% from paper-based self-adhesive labels, and 5.38% from other printing products [2] - The fundraising will be directed towards the construction of intelligent production lines for packaging printing products and technology research and development [3]

Core Viewpoint - The company, Shenzhen Tiansu Measurement Testing Co., Ltd., is focusing on measurement calibration and new energy battery testing services, aiming to maintain its competitive edge through continuous technological research and high-end talent acquisition [1] Group 1: Company Strategy - The company plans to continuously invest in technological research and development to enhance its competitive advantages in traditional measurement calibration and unique strengths in new energy testing [1] - The company aims to enrich its service offerings and enhance its industry position by strategically investing in emerging industries related to measurement testing [1] Group 2: Future Outlook - The company is committed to laying a solid foundation for sustainable development through its strategic planning and fundraising investment projects [1]

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 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].