北交所年内第2单—广泰真空被暂缓审议，业绩的真实性被强烈质疑。

Group 1 - The core issue of the news revolves around the suspension of Shenyang Guantai Vacuum Technology Co., Ltd.'s listing application due to concerns over the accuracy of revenue recognition and financial authenticity [4][21] - The company reported impressive financial figures from 2022 to the first nine months of 2025, with revenues of 281 million, 312 million, 379 million, and 342 million yuan respectively, but significant discrepancies in inventory and contract liabilities raise red flags [5][22] - The North Exchange's review highlighted the need for the company to clarify the status of projects that have not been accepted for over a year after delivery, indicating potential issues with revenue recognition practices [6][23] Group 2 - The company's contract liabilities have reached alarming levels, with balances of 319 million, 452 million, 486 million, and 446 million yuan at the end of each reporting period, raising questions about its cash management and compliance with contract execution [7][24] - Concerns were raised regarding the high proportion of contract liabilities, which accounted for 79.76% of total liabilities by the end of 2024, suggesting potential issues with prepayment collection and revenue recognition [8][25] - The company has a significant amount of inventory, with values of 291 million, 422 million, 423 million, and 413 million yuan from 2022 to the third quarter of 2025, and a high percentage of inventory consists of goods that have been shipped but not yet collected [9][26] Group 3 - The company's performance is heavily reliant on the rare earth permanent magnet industry, which has become its primary revenue source, with the top five customers accounting for 40.81% of revenue in 2025 [10][27] - The competitive landscape and price volatility in the rare earth materials market have posed risks to the profitability of downstream customers, impacting the company's revenue stability [11][28] - The company acknowledged that a potential oversupply in the rare earth permanent magnet industry could directly affect order fulfillment rates [12][28] Group 4 - The North Exchange raised concerns about the company's supplier relationships, noting that three suppliers were established by former employees, which could indicate potential conflicts of interest [13][29] - The company has been found to procure the same raw materials from both manufacturers and traders at inconsistent prices, prompting the need for transparency regarding procurement costs [14][30] - The company's gross profit margin has shown significant fluctuations, with rates of 27.32%, 33.55%, 30.81%, and 35.17% from 2022 to the first three quarters of 2025, raising questions about the sustainability of its growth model [15][31] Group 5 - The North Exchange has requested detailed execution and breach handling information regarding the Jiangsu Pacific Quartz project, indicating that the issues at hand extend beyond financial matters to fundamental questions of business integrity and contractual obligations [17][33] - The suspension of the listing application serves as a reaffirmation of market rules rather than a mere rejection of the company [18][34]