12月12日，深圳天溯计量检测股份有限公司（以下简称为"天溯计量"）开启申购。此前，该公司披露了发行公告，确定发行 价36.80元/股，对应的市盈率为21.78倍，而该公司所在行业最近一个月平均静态市盈率为35.72倍。 天溯计量保荐人（主承销商）为招商证券。网下询价期间，保荐人通过深交所网下发行电子平台收到297家网下投资者管理 的8430个配售对象的初步询价报价信息，报价区间为33.00元/股-39.53元/股。 | 项目 | 2025/6/30/ | 2024/12/31/ | 2023/12/31/ | 2022/12/31/ | | --- | --- | --- | --- | --- | | | 2025年1-6月 | 2024 年度 | 2023 年度 | 2022 年度 | | 资产总额(万元) | 72.919.46 | 69.283.68 | 55.990.97 | 46.454.72 | | 归属于母公司所有者权益 (万元) | 57.611.99 | 52,029.51 | 40.869.11 | 33,010.83 | | 资产负债率(母公司)(%) | 18.45 | 21.75 ...

天溯计量今日开启申购，公司此次发行总数为1630.43万股，其中网上发行415.75万股，申购代码 301449，申购价格36.80元 ，发行市盈率为21.78倍，单一账户申购上限为4000.00股，申购数量为500股 的整数倍。 主要财务指标 公司是一家全国性、综合型的独立第三方计量检测服务机构，主营业务为计量校准、检测、认证等专业 技术服务，客户涉及生物医药、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 多个领域。 | 财务指标/时间 | 2024年 | 2023年 | 2022年 | | --- | --- | --- | --- | | 总资产（亿元） | 6.93 | 5.60 | 4.65 | | 净资产（亿元） | 5.20 | 4.09 | 3.30 | | 营业收入（亿元） | 8.00 | 7.26 | 5.97 | | 净利润（亿元） | 1.11 | 1.01 | 0.84 | | 资本公积（亿元） | 0.5795 | 0.5740 | 0.5561 | | 未分配利润（亿元） | 3.8395 | 2.7290 | 1.9610 | | 基本每股收益（元） | 2 ...

近日，深圳天溯计量检测股份有限公司（下称"天溯计量"，SZ:301449）披露首次公开发行股票并在创业板上市发行公告，于2025年12月12日申购，将在深 圳证券交易所创业板上市。 2022年、2023年、2024年度和2025年上半年，天溯计量的营收分别约5.97亿元、7.26亿元、8.00亿元和4.09亿元，净利润分别约8438.54万元、1.01亿元、1.11 亿元和5557.62万元，扣非后净利润分别约7697.79万元、9901.95万元、1.10亿元和5521.87万元。 | 项目 | 2025/6/30/ | 2024/12/31/ | 2023/12/31/ | 2022/12/3 | | --- | --- | --- | --- | --- | | | 2025年1-6月 | 2024 年度 | 2023 年度 | 2022年 | | 资产总额(万元) | 72.919.46 | 69,283.68 | 55.990.97 | 46.454 | | 归属于母公司所有者权益 | 57,611.99 | 52,029.51 | 40,869.11 | 33,010 | | (万元) | | | ...

智通财经APP获悉，12月12日，天溯计量(301449.SZ)开启申购，发行价格为36.8元/股，申购上限为0.4万股，市盈率21.78 倍，属于深交所，招商证券为其保荐机构。 招股书显示，天溯计量成立于2009年，是一家全国性、综合型的独立第三方计量检测服务机构，主营业务为计量校准、检 测、认证等专业技术服务，客户涉及生物医药、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 个领域。公司致力于通过优质、高效的专业技术服务，为企业品质保驾护航，助力我国生产制造的高质量发展，落实制造 强国、质量强国战略要求。 截至2025年6月末，公司已发展完善了几何量、热学、力学、电磁学、无线电、时间和频率、声学、光学、化学、电离辐射 等十大计量校准领域及综合性专用测量仪器共计1,417项校准服务，并进一步发展了消费类电池、动力电池及储能电池检测 业务。公司已在广东、广西、云南、湖南、湖北、江苏、河南、山西、陕西、新疆等多个地区设立了网格化计量校准、检 测实验室，并分别获得了中国合格评定国家认可委员会认可(CNAS)、检验检测机构资质认定(CMA)。公司海南天中实验室 获得法定计量检定机构计量授权；子公司 ...

Company Overview - Shenzhen Tiansu Measurement and Testing Co., Ltd. (Tiansu Measurement) has officially initiated its A-share listing process on the Shenzhen Stock Exchange, aiming to issue 16.3043 million shares, accounting for 25% of the total post-issue share capital, with a fundraising target of 424 million yuan [1] - Established in 2009, Tiansu Measurement is a national, comprehensive independent third-party measurement and testing service provider, specializing in calibration, testing, and certification services [1] - The company has developed a wide range of calibration services across ten fields, including geometric, thermal, mechanical, electromagnetic, radio, time and frequency, acoustic, optical, chemical, and ionizing radiation, totaling 1,417 calibration services [1] Market Position and Client Relationships - Tiansu Measurement has established 27 laboratories nationwide, achieving a "grid" layout for market coverage, enabling rapid response and efficient service [2] - The company has long-term partnerships with major enterprises such as Shougang Group, China Railway, China National Nuclear Corporation, State Grid, and China Railway Construction, resulting in a high customer retention rate and stable revenue [2] - Tiansu Measurement focuses on strategic emerging industries, enhancing its technical capabilities through independent research and development, and has developed twelve core technologies that support innovation in downstream industries [2] Financial Performance - The company's revenue and net profit have shown a positive growth trend, with revenues of 726 million yuan, 800 million yuan, and 409 million yuan for the years 2023, 2024, and the first half of 2025, respectively [2] - Corresponding net profits were 101 million yuan, 111 million yuan, and 55.5762 million yuan for the same periods, indicating a stable financial performance [2] Industry Trends and Policy Support - The Ministry of Industry and Information Technology has issued a policy document aimed at enhancing measurement innovation in the manufacturing sector, outlining 14 key tasks to improve measurement capabilities [3] - This policy is expected to create more development opportunities for measurement companies, facilitating technological innovation and market expansion, thereby supporting high-quality development in the manufacturing industry [3]

Core Viewpoint - Shenzhen Tian Su Measurement Testing Co., Ltd. has successfully registered for its IPO on the ChiNext board, marking a significant milestone for the company in its growth trajectory [1] Company Overview - Tian Su Measurement is a nationwide, comprehensive independent third-party measurement testing service provider, specializing in measurement calibration, testing, and certification services [1] IPO Details - The company's IPO application was accepted on June 29, 2023, and it entered the inquiry phase on July 22, 2023 [1] - The IPO was approved on October 16, 2025, and the registration was submitted on October 23, 2025 [1] - Tian Su Measurement aims to raise approximately 424 million yuan through this IPO, which will be allocated to various projects including enhancing measurement testing capabilities at its Shenzhen headquarters, constructing regional measurement testing laboratories, developing a digital center, and supplementing working capital [1]

Company Overview - Shenzhen Tian Su Measurement Testing Co., Ltd. (Tian Su Measurement) is a third-party measurement testing service provider that has submitted its IPO registration to the Shenzhen Stock Exchange's Growth Enterprise Market on October 23, 2023, after two years of preparation [2][8]. - The company was founded by Gong Tianbao, who has extensive experience in the measurement calibration industry [4][5]. Financial Performance - Tian Su Measurement reported revenue of CNY 597 million, CNY 726 million, CNY 800 million, and CNY 409 million for the years 2022 to the first half of 2025, with year-on-year growth rates of 20.59%, 21.52%, 10.25%, and 11.99% respectively [16]. - The net profit attributable to the parent company for the same periods was CNY 84.39 million, CNY 101 million, CNY 111 million, and CNY 55.58 million, with growth rates of 62.20%, 19.99%, 9.68%, and 9.83% respectively [16]. Revenue Sources and Risks - Approximately 20% of the company's profits are dependent on tax incentives and government subsidies, raising concerns about the sustainability of its profitability [3][23]. - The company has faced multiple administrative penalties and tax violations, which could impact its reputation and operational stability [11][13]. Market Position and Competition - The measurement testing industry is becoming increasingly competitive, with a significant number of institutions and a trend towards consolidation [18]. - Tian Su Measurement has begun to lower prices in response to market pressures, which could further affect its profit margins [18][19]. Research and Development - The company's R&D expenses were CNY 26.43 million, CNY 31.17 million, CNY 33.08 million, and CNY 17.19 million from 2022 to the first half of 2025, with a research expense ratio of 4.43%, 4.30%, 4.13%, and 4.20% respectively, which is significantly lower than its peers [26][27]. - The number of R&D personnel has increased from 66 to 106 over the same period, but still lags behind industry averages [28]. Sales and Marketing Strategy - Tian Su Measurement's sales expenses were CNY 155 million, CNY 191 million, CNY 207 million, and CNY 101 million, with sales expense ratios of 25.96%, 26.39%, 25.89%, and 24.73% respectively, which are much higher than the industry average [30][31]. - The company justifies its high sales costs by stating that its calibration services require extensive sales personnel to maintain and expand its customer base [32].

Core Viewpoint - Shenzhen Tiansu Measurement and Testing Co., Ltd. has submitted its IPO application to the Shenzhen Stock Exchange's Growth Enterprise Market, aiming to raise 423.9 million yuan for various projects [1] Company Overview - Tiansu Measurement is a national, comprehensive independent third-party measurement and testing service provider, specializing in calibration, testing, and certification services across multiple sectors including biomedicine, automotive, new energy, rail transportation, energy and power, light industry, and equipment manufacturing [1] - The company has developed calibration services in ten fields, including geometric, thermal, mechanical, electromagnetic, radio, time and frequency, acoustics, optics, chemistry, and ionizing radiation, with a total of 1,417 calibration services [1] Market Position - As of 2024, the total revenue of measurement and calibration institutions in China is estimated at 11.604 billion yuan, with Tiansu Measurement holding a market share of 5.91% in a highly fragmented market [1] Fundraising and Investment Plans - The IPO proceeds will be allocated to several projects, including: - Shenzhen Headquarters Measurement and Testing Capability Enhancement Project: 127.66 million yuan - Regional Measurement and Testing Laboratory Construction Project: 174.57 million yuan - Digital Center Construction Project: 31.67 million yuan - Supplementing Working Capital: 90 million yuan - Total Investment: 423.9 million yuan [2][3] Financial Performance - The company reported the following revenues and net profits for the years 2022 to 2025: - 2022: Revenue of approximately 597 million yuan, Net Profit of approximately 84.39 million yuan - 2023: Revenue of approximately 726 million yuan, Net Profit of approximately 101 million yuan - 2024: Revenue of approximately 800 million yuan, Net Profit of approximately 111 million yuan - 2025 (Jan-Jun): Revenue of approximately 409 million yuan, Net Profit of approximately 55.58 million yuan [3][4] Key Financial Metrics - As of June 30, 2025, the company reported: - Total Assets: 729.19 million yuan - Equity Attributable to Shareholders: 576.12 million yuan - Asset-Liability Ratio (Parent Company): 18.45% - Operating Income: 409.14 million yuan - Net Profit: 55.58 million yuan - Basic Earnings Per Share: 1.14 yuan [4]

Core Viewpoint - The company Tian Su Measurement has received approval for its initial public offering (IPO) from the Shenzhen Stock Exchange, with the registration status changed to "submitted" as of October 23, 2023, and the IPO review date set for October 16, 2025 [1] Company Overview - Tian Su Measurement is a nationwide, comprehensive independent third-party measurement and testing service provider, specializing in measurement calibration, testing, and certification services across various sectors including biomedicine, automotive, new energy, rail transportation, energy and electricity, light industry, and equipment manufacturing [1] Fundraising and Investment Plans - The company plans to raise 424 million yuan, which will be allocated to the construction of regional measurement testing laboratories, enhancement of measurement testing capabilities at its Shenzhen headquarters, replenishment of working capital, and the establishment of a digital center [1] Financial Performance - The company reported revenues of 597 million yuan in 2022, projected to increase to 726 million yuan in 2023 and 800 million yuan in 2024, reflecting a growth rate of 10.25% in 2024 [1] - Net profit figures are expected to rise from 84.39 million yuan in 2022 to 101 million yuan in 2023 and 111 million yuan in 2024, indicating a year-on-year growth of 9.68% in 2024 [1] Key Financial Metrics - Revenue (in ten thousand yuan) for 2024 is projected at 800,116.9, compared to 725,710.4 in 2023 and 597,200.9 in 2022 [1] - Net profit attributable to shareholders for 2024 is expected to be 111,056.8, up from 101,252.0 in 2023 and 84,385.4 in 2022 [1] - Basic and diluted earnings per share are projected to be 2.27 yuan for 2024, compared to 2.07 yuan in 2023 and 1.73 yuan in 2022 [1] - The weighted average return on equity is forecasted to be 23.91% in 2024, down from 27.41% in 2023 and 29.40% in 2022 [1] - The net cash flow from operating activities is expected to be 131,719.8 ten thousand yuan in 2024, slightly increasing from 130,373.0 in 2023 and 100,417.2 in 2022 [1]

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]