Group 1 - The company is currently focused on testing services for consumer batteries, power batteries, and energy storage batteries, and does not involve solid-state battery testing [1] - The company's testing services have been widely utilized by over 2,000 new energy enterprises, including notable clients such as Zhongchuang Xinhang, Ju Wan Technology, Yiwei Lithium Energy, and Honeycomb Energy [1] - The company also provides services to new energy vehicle manufacturers like GAC Group, GAC Aion, and Xpeng Motors [1]

Core Viewpoint - The company, Tian Su Measurement (301449.SZ), is a national, comprehensive independent third-party measurement and testing service provider, focusing on high-quality development in response to market opportunities [1] Group 1: Company Overview - The company specializes in measurement calibration, testing, and certification services [1] - Its main testing services are for consumer batteries, power batteries, and energy storage batteries [1] Group 2: Service Offerings - The battery testing services include battery performance testing, safety testing, and reliability testing [1] - The company also provides battery testing certification services [1] Group 3: Market Strategy - The company is committed to closely monitoring market dynamics to seize opportunities [1] - It aims to continuously promote high-quality development [1]

Core Viewpoint - The company, Tian Su Measurement (301449.SZ), is a national, comprehensive independent third-party measurement and testing service provider, focusing on high-quality development in response to market opportunities [1] Group 1: Company Overview - The company specializes in measurement calibration, testing, and certification services [1] - Its main testing services are for consumer batteries, power batteries, and energy storage batteries [1] Group 2: Service Offerings - The battery testing services include battery performance testing, safety testing, and reliability testing [1] - The company also provides battery testing certification services [1] Group 3: Market Strategy - The company is committed to closely monitoring market dynamics to seize opportunities [1] - It aims to continuously promote high-quality development [1]

Core Viewpoint - The company, Tian Su Measurement (301449.SZ), is a national, comprehensive independent third-party measurement and testing service provider, focusing on measurement calibration, testing, and certification services, particularly in the battery sector [1] Group 1: Business Overview - The main business of the company includes measurement calibration, testing, and certification services, with a focus on battery testing services for consumer batteries, power batteries, and energy storage batteries [1] - The battery testing services provided by the company include battery performance testing, safety testing, and reliability testing, as well as certification services [1] Group 2: Financial Performance - The company's revenue from battery testing services is projected to grow from 52.54 million yuan in 2022 to 113.14 million yuan in 2024, representing a compound annual growth rate (CAGR) of 46.75% [1] Group 3: Strategic Focus - By 2024, the company's measurement calibration business is expected to account for over 85% of its main business, while testing services will focus primarily on new energy battery testing, making up about 15% [1] - The company has established a broad service network, catering to over 2,000 new energy enterprises, including notable clients such as Zhongchuang Xinhang, Ju Wan Technology, Yiwei Lithium Energy, and GAC Group [1]

Core Viewpoint - The company, Tian Su Measurement (301449.SZ), is a national, comprehensive independent third-party measurement and testing service provider, focusing on measurement calibration, testing, and certification services, particularly in the battery sector [1] Group 1: Business Overview - The main business of the company includes measurement calibration, testing, and certification services, with a significant focus on battery testing services for consumer batteries, power batteries, and energy storage batteries [1] - The battery testing services provided by the company encompass battery performance testing, safety testing, and reliability testing, along with certification services [1] Group 2: Strategic Development - The company's strategic layout in the new energy battery testing business has shown promising growth, with revenue from battery testing services projected to increase from 52.54 million yuan in 2022 to 113.14 million yuan in 2024, reflecting a compound annual growth rate of 46.75% [1] - By 2024, the measurement calibration business is expected to account for over 85% of the company's main business, while testing services will focus primarily on new energy battery testing, making up about 15% [1] Group 3: Client Base - The company's testing services have been widely utilized by over 2,000 new energy enterprises, including notable clients such as Zhongchuang Xinhang, Ju Wan Technology, Yiwei Lithium Energy, Hive Energy, and Haichen Energy Storage, as well as new energy vehicle manufacturers like GAC Group, GAC Aion, and Xpeng Motors [1]

Core Viewpoint - Shenzhen Tiansu Measurement and Testing Co., Ltd. officially listed on the Shenzhen Stock Exchange's ChiNext board, marking a new phase of capital empowerment for the company [1][2] Group 1: Company Overview - Tiansu Measurement is a national, comprehensive independent third-party measurement and testing service provider, with services including calibration, testing, and certification [1] - The company serves a wide range of clients across key sectors of the national economy, including biomedicine, automotive, new energy, rail transportation, energy and power, light industry, and equipment manufacturing [1] Group 2: Financial Performance - On its first day of trading, Tiansu Measurement's stock opened with a remarkable increase of 113.32%, with an issuance price of 36.80 yuan per share and a total issuance of approximately 16.30 million shares [1] - The revenue from the new energy 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% [3] Group 3: Strategic Initiatives - The funds raised from the IPO will be used to enhance measurement and testing capabilities, build regional laboratories, establish a digital center, and supplement working capital [1] - The company has proactively developed battery testing services since 2018, investing significantly in capabilities covering 84 major testing items [2] - Tiansu Measurement aims to leverage new technologies such as the Internet, big data, and automation to enhance its core competitiveness in smart measurement and new energy testing [3] Group 4: Industry Context - The measurement and testing industry is experiencing increased attention from the government, with a notable rise in industry concentration benefiting leading companies like Tiansu Measurement [2] - The company is well-positioned to benefit from the ongoing industry upgrades driven by policy support and market demand [3]

Core Viewpoint - The article discusses the IPOs of several companies, including 蘅东光, 天溯计量, and 锡华科技, highlighting their business models, market positions, and potential risks associated with their operations. Group 1: 蘅东光 - 蘅东光, established in September 2011, specializes in the R&D, manufacturing, and sales of passive optical devices in the optical communication field, recognized as a national high-tech enterprise [2] - The company has achieved significant technological milestones, including 111 domestic patents and 1 international patent, and has established long-term partnerships with major clients like AT&T, Verizon, and Google [2] - 蘅东光's assets and revenue are projected to grow rapidly, with a compound annual growth rate (CAGR) of 61.34% for total assets and 66.33% for revenue from 2022 to 2024 [3] Group 2: 天溯计量 - 天溯计量, founded in 2009, is an independent third-party measurement and testing service provider, offering calibration, testing, and certification services across various fields [4] - The company has developed extensive battery testing capabilities and serves notable clients in the new energy sector, including 中创新航 and 小鹏汽车 [4] - 天溯计量's gross margin has shown a declining trend, with figures of 52.67%, 53.86%, 53.40%, and 51.56% from 2022 to the first half of 2025, indicating potential pricing pressures in the market [5][6] Group 3: 锡华科技 - 锡华科技 focuses on the R&D, manufacturing, and sales of specialized components for large high-end equipment, particularly in the wind power sector, and is recognized for its comprehensive service capabilities [6] - The company has a high customer concentration risk, with revenue from its top five clients accounting for over 90% of its main business income from 2022 to 2025 [7] - 锡华科技 aims to reduce its customer concentration by expanding its production capacity and acquiring new clients, although it remains vulnerable to fluctuations in its major clients' performance [7] Group 4: 纳百川 - 纳百川, established in 2007, specializes in thermal management products for electric vehicle batteries and fuel vehicles, being one of the early entrants in the new energy vehicle sector [8] - The company has a strong partnership with 宁德时代, with significant revenue dependence on this client, accounting for over 44% of its sales from 2022 to the first quarter of 2025 [9][10] - Despite its growth, 纳百川 acknowledges the risks associated with its reliance on 宁德时代, particularly if market conditions change and demand decreases [10]

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]

Core Viewpoint - Tian Su Measurement (301449.SZ) has initiated its subscription on December 12, with an issue price of 36.8 yuan per share and a price-to-earnings ratio of 21.78 times, aiming to support high-quality development in China's manufacturing sector through its comprehensive measurement and testing services [1]. Company Overview - Established in 2009, 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, and more [1][2]. - The company has developed a wide range of calibration services across ten fields, including geometric, thermal, mechanical, electromagnetic, and chemical measurements, with a total of 1,417 calibration services [2]. Market Position and Expansion - Tian Su Measurement has established a grid-based layout of measurement and testing laboratories across multiple regions in China, enhancing its ability to respond quickly and provide efficient services [2][3]. - The company has positioned itself as one of the few national comprehensive independent third-party measurement and testing service providers in China, with plans to expand into smart measurement and online measurement innovations [3]. Financial Performance - The company has shown a consistent upward trend in financial performance, with 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 [5]. - Net profits for the same periods were recorded at 84.39 million yuan, 101 million yuan, 111 million yuan, and 55.58 million yuan [5]. - As of June 30, 2025, total assets amounted to 7.29 billion yuan, with a debt-to-asset ratio of 20.99% [4].

Core Viewpoint - Shenzhen Tiansu Measurement Testing Co., Ltd. successfully held an online roadshow for its initial public offering and listing on the ChiNext board on December 11, 2025, showcasing its advancements in battery testing capabilities and technology innovations [1] Group 1: Company Overview - The company has invested in 84 major battery testing capabilities and operates over 2,000 testing channels for cell, module, and battery pack testing [1] - It has developed multiple technological innovations, including ultra-fast charging testing technology for power batteries and comprehensive reliability verification testing technology for new energy batteries [1] Group 2: Industry Impact - The company provides extensive services to over 2,000 new energy enterprises, including notable clients such as GAC Group, Xpeng Motors, Zhongchuang Innovation, Haichen Energy Storage, JuWan Technology Research, Yiwei Lithium Energy, and Honeycomb Energy [1] - The company's contributions are significant in supporting clients with product innovation and market launch [1]