【环球网财经综合报道】沈阳广泰真空科技股份有限公司专注于真空装备的研发、制造和销售，主要产品包括真空烧结炉、真空熔炼 炉、真空镀膜机等真空设备，下游应用广泛，包括稀土永磁行业、储氢材料加工行业、光伏领域等，目前该公司正在申请在北交所上 市；2025年12月29日晚间，北交所公布了2025年第50次上市委审议会议结果，广泰真空被上市委员们做出了"暂缓审议"的决定。 根据招股书披露，广泰真空预计2025年全年归母净利润金额的下限为7910万元，考虑到2025年前三季度已经实现了7667.47万元归母净 利，这指向公司在2025年第4季度的利润有可能极为微薄，进而指向公司的经营状况和盈利能力出现了较大不利变化。 | 项目 | 2025 年度预计 | 2024 年度 | 变动幅度 | | --- | --- | --- | --- | | 营业收入 | 40, 800–41, 400 | 37, 882 | 7.70%-9. 29% | | 归属于母公司所有者的净利润 | 7, 910–8, 510 | 6, 894 | 14.74%-23. 44% | | 归属于母公司所有者的扣除非经 常性损益后净利润 | 7, ...

Core Viewpoint - Shenyang Guantai Vacuum Technology Co., Ltd. (referred to as "Guantai Vacuum") has had its IPO meeting postponed, raising concerns regarding revenue recognition practices and project acceptance timelines [1] Group 1: Company Overview - Guantai Vacuum specializes in the research, manufacturing, and sales of vacuum equipment, demonstrating integrated capabilities from independent design to manufacturing delivery [1] - The company aims to raise approximately 168 million yuan through its IPO [1] Group 2: IPO Review and Concerns - The listing committee has requested Guantai Vacuum to verify the status of projects that have not been accepted for over one year after delivery, detailing shipment times, receipt times, debugging times, initial acceptance times, and on-site service times [1] - The committee has raised questions about the accuracy and sufficiency of revenue recognition, particularly for projects with delivery to acceptance times exceeding 15 months, requiring clarification on major contract terms and performance [1] - Guantai Vacuum is also asked to provide details on its contract with Jiangsu Pacific Quartz Co., Ltd., including the main content of the contract, execution status, and any subsequent breach handling processes [1]

Core Viewpoint - The IPO application of Shenyang Guantai Vacuum Technology Co., Ltd. has been postponed for review by the Beijing Stock Exchange, indicating potential regulatory scrutiny or concerns regarding the company's financial disclosures and operational practices [1]. Group 1: Company Overview - Shenyang Guantai Vacuum Technology Co., Ltd. specializes in the research, development, manufacturing, and sales of vacuum equipment, with a focus on high-tech applications in the functional materials sector, particularly in the rare earth permanent magnet industry [3]. - The company was established in May 2013 and transitioned to a joint-stock company in January 2022, with its shares publicly traded on the National Equities Exchange and Quotations system since December 27, 2024 [3]. - The company has a total of 67.34 million shares before the current issuance and employs 274 people as of June 2025 [3]. Group 2: Shareholding Structure - Liu Shungang is the controlling shareholder, holding 66.23% of the company's shares directly and an additional 15.10% indirectly through Guantai Holdings and Guantai High-Tech, resulting in a total control of 81.33% of the shares [4]. Group 3: Financial Performance - The company's revenue for the reporting period was as follows: 280.53 million yuan in 2022, 311.52 million yuan in 2023, 378.83 million yuan in 2024, and an estimated 341.94 million yuan for the first nine months of 2025 [5][6]. - The net profit figures were reported as 44.26 million yuan in 2022, 73.03 million yuan in 2023, 68.94 million yuan in 2024, and an estimated 76.67 million yuan for the first nine months of 2025 [5][6]. - The company has shown a gross profit margin improvement from 27.32% in 2022 to 35.17% in 2025 [6]. Group 4: Listing Standards and Regulatory Concerns - The company selected listing standards based on a market capitalization of no less than 200 million yuan, with net profits in the last two years exceeding 15 million yuan and an average return on equity of at least 8% [7]. - The review meeting raised inquiries regarding the accuracy and sufficiency of revenue recognition, particularly concerning contracts with extended delivery and acceptance timelines, indicating potential issues with revenue recognition practices [8].

Group 1: IPO Overview - This week marks the last trading week of 2025, with no new IPOs scheduled from December 29 to 31 unless changes occur [1] - Three companies are set to present their IPOs this week: Weitongli for the Shenzhen Main Board, and Peicheng Technology and Guantai Vacuum for the Beijing Stock Exchange [1] Group 2: Weitongli - Weitongli focuses on the research, production, and sales of a range of electrical connection products, including hard connections, flexible connections, contact components, laminated busbars, and CCS [1] - The company aims to provide high-performance electrical connection products tailored to the specific needs of global customers, enhancing safety, reliability, and intelligence in electrical connections [1] - Weitongli serves high-end clients in various sectors, including major companies like Siemens, Schneider, ABB, Hitachi Energy, and GE in the electrical engineering field, as well as BYD, Stellantis, and others in the new energy vehicle sector [1] Group 3: Guantai Vacuum - Guantai Vacuum specializes in the research, manufacturing, and sales of vacuum equipment, with integrated capabilities from equipment design to delivery [2] - The company focuses on functional materials, particularly in the rare earth permanent magnet industry, with products such as vacuum sintering furnaces and vacuum melting furnaces [2] - The rare earth permanent magnet industry has been the largest revenue contributor for Guantai Vacuum in recent years [2] Group 4: Peicheng Technology - Peicheng Technology is positioned as a value-added service provider in the lithium battery new energy sector, focusing on the demand for key components in batteries, power supplies, and electric vehicles [2] - The company specializes in the independent research, production, and sales of third-party battery management systems (BMS) and power control systems (PCS) [2] - Peicheng Technology provides component application solutions centered around integrated circuits and discrete devices [2]

Core Viewpoint - The Beijing Stock Exchange will hold a meeting on December 29, 2025, to review the IPO application of Shenyang Guantai Vacuum Technology Co., Ltd., a high-tech enterprise focused on vacuum equipment development, manufacturing, and sales, particularly in the rare earth permanent magnet industry [1] Financial Performance - Guantai Vacuum's revenue for the years 2022, 2023, 2024, and the first half of 2025 was 280.53 million, 311.52 million, 378.83 million, and 341.94 million respectively, with net profits of 41.11 million, 64.76 million, 67.99 million, and 75.73 million after deducting non-recurring gains and losses [2] - The company's gross profit margin fluctuated significantly during the reporting period, with rates of 27.32%, 33.64%, 30.90%, and 35.17%, which are notably lower than the industry average gross profit margins of 42.43%, 40.24%, 38.21%, and 39.38% [2][3] Debt Levels - Guantai Vacuum has maintained a high debt-to-asset ratio, with figures of 81.41%, 77.88%, 71.03%, and 64.60% over the reporting period, which is significantly higher than the industry average of 34.37%, 33.99%, 31.75%, and 32.05% [3] R&D Investment - The company's R&D expenses for the reporting period were 12.99 million, 16.68 million, 18.57 million, and 17.46 million, resulting in R&D expense ratios of 4.63%, 5.35%, 4.90%, and 5.11%, which are the lowest in the industry compared to peers like Dingli Technology and Northern Huachuang [4] Disclosure Issues - The prospectus failed to disclose the part-time positions of directors and senior management, which may violate disclosure regulations, raising concerns about transparency [5][6] - The company did not mention its relationship with Shenyang Qianjin Special Equipment Technology Service Co., Ltd., where the same individual serves as a director and manager, indicating potential undisclosed related party transactions [6]

Group 1 - The core viewpoint of the article is that Beijing Securities Exchange will hold a meeting on December 29, 2025, to review the listing application of Shenyang Guantai Vacuum Technology Co., Ltd. [1] - Guantai Vacuum specializes in the research, manufacturing, and sales of vacuum equipment, possessing integrated capabilities from equipment design to manufacturing delivery [1] - As of the signing date of the prospectus, Liu Shungang directly holds 66.23% of the company's shares and indirectly controls a total of 81.33% of the shares, making him the controlling shareholder and actual controller [1] Group 2 - Guantai Vacuum plans to raise funds amounting to 168.15 million yuan for projects including the production expansion of vacuum melting furnaces and sintering furnaces, as well as the construction of a research and product display center [1] - The sponsoring institution for Guantai Vacuum is CITIC Securities Co., Ltd., with representatives Feng Pengkai and Pang Xuemei [1]

Core Viewpoint - The 26th China International Optoelectronic Expo (CIOE 2025) has commenced in Shenzhen, showcasing advancements in high-end intelligent manufacturing equipment, particularly in the vacuum equipment sector by Shenzhen Xinyi Chang Haiwei Vacuum Equipment Co., Ltd. [1] Group 1: Company Overview - Shenzhen Haiwei Vacuum, a core member of Xinyi Chang, focuses on the research and manufacturing of core vacuum equipment in the fields of new energy, new materials, optoelectronics, and semiconductor chips [1] - The company has developed the world's first integrated forming machine for composite copper foil, demonstrating its innovative capabilities in the semiconductor vacuum equipment and composite copper foil winding equipment sectors [1] Group 2: Technological Advancements - Haiwei Vacuum has made significant progress in the optical coating field, overcoming several critical technological challenges and securing multiple core patents [1] - The company aims to provide ultra-high quality coating and vacuum technology solutions to its clients, reflecting its commitment to technological innovation [1] Group 3: Industry Collaboration - The participation in the expo is seen as a strategic opportunity for Haiwei Vacuum to collaborate with industry partners and promote innovation and application in material preparation technology [1]