Cicli Testi/Umberto Testi; Bologna (est. circa 1934) (my badge is post-mid 1947- very early 50s; Testi first gained World champ status in mid-1947 so no World Champ stripes previously; see badge c.1945. Other 50s and later badges (except one late 50s-early 60s) do not have "IL CICLO" script at bottom, and later badges had World champ stripes go in a more vertical diagonal orientation as opposed to a more horizontal orientation used on the very earliest post 1947 World champ badges; some losing the "U." in front of "TESTI".) (All badges shown after the my first example are credited from the FRAMETELLER website which is not completely accurate in their descriptions; i.e. an original badge labelled 1940s is on a bike with original 1950 or later decals.)
As noted: all following badge photos are credited to FRAMETELLER.it website.
Pre-1947 (stated as c.1945; not sure if this design is the same as when the marque was established in 1934)
All of the following badges are post-mid 1947 (after World Champ win)
Another copy of my example's design (stated as c.1950)
Circa 50s (original decal indicates: "CAMPIONE ITALIANO 1947-1950"; I assume 1951 or later)
Circa very early 50s (mounted on cambio corsa frame; note Universal "Extra"/mod 51 caliper)
Circa 50s (mounted on a condorino frame)
Another version with "IL CICLO" script being used, but much later than the previously shown design, missing "U." in front of "TESTI" (appears to be TESTT?), adhesive mounted plate (probably later 50s- early 60s)
Circa mid-late 60s; missing "U." in front of "testi" (lower case script), adhesive mounted very thin plate (or thick foil?)