Tiansu Measurement Testing Co., Ltd. (referred to as Tiansu Measurement) applied on October 23 for a change in the IPO review status to "submitted for registration" with the Shenzhen Stock Exchange's Growth Enterprise Market. China Merchants Securities serves as the sponsor for this IPO, which aims to raise 423.9 million yuan.
According to the prospectus, Tiansu Measurement is a nationwide and comprehensive independent third-party measurement and testing service organization, primarily engaged in measurement calibration, testing, certification, and other specialized technical services. Its clientele spans multiple sectors of the national economy, including biomedicine, automotive, new energy, rail transportation, energy and electricity, light industry, daily chemicals, and equipment manufacturing.
As of the end of June 2025, the company has developed 1,417 calibration services in ten key calibration fields: geometric measurement, thermal measurement, mechanical measurement, electromagnetic measurement, radio measurement, time and frequency measurement, acoustic measurement, optical measurement, chemical measurement, and ionizing radiation measurement, along with comprehensive specialized measuring instruments. Additionally, it has expanded its testing services for consumer batteries, power batteries, and energy storage batteries.
The company has established grid-based measurement calibration and testing laboratories in various regions, including Guangdong, Guangxi, Yunnan, Hunan, Hubei, Jiangsu, Henan, Shanxi, Shaanxi, and Xinjiang, and has received recognition from the China National Accreditation Service for Conformity Assessment (CNAS) and the Certification and Accreditation Administration of the People's Republic of China (CMA).
According to statistics from the State Administration for Market Regulation, the total revenue of measurement calibration institutions in 2024 was 11.604 billion yuan, with the company holding a 5.91% market share in a highly fragmented market. The funds raised from this issuance are intended to be invested in the following projects:
Financially, Tiansu Measurement achieved operating revenues of approximately 597 million yuan, 726 million yuan, 800 million yuan, and 409 million yuan for the fiscal years 2022, 2023, 2024, and the first half of 2025, respectively. During the same period, the company's net profits were around 84.39 million yuan, 101 million yuan, 111 million yuan, and 55.58 million yuan.