Guangtai Vacuum passes the Beijing Stock Exchange IPO review, with quarterly revenue expected to double

Rui Finance Wang Min March 26, according to the Beijing Stock Exchange, Shenyang Guangtai Vacuum Technology Co., Ltd. (hereinafter referred to as “Guangtai Vacuum”)’s IPO application for a second review meeting on the Beijing Stock Exchange has been approved. The sponsoring institution is Citic Securities.

It is reported that in June 2025, the Beijing Stock Exchange temporarily deferred the first review of Guangtai Vacuum’s IPO application. The review feedback raised questions about the accuracy of the company’s revenue recognition timing and the adequacy of the supporting basis.

At the review meeting, the Beijing Stock Exchange asked Guangtai Vacuum to carefully assess the adequacy of the basis for revenue recognition timing related to transactions with Quartz Co., Ltd.

Regarding the accuracy of the revenue recognition timing. Please explain why, during the reporting period, goods were dispatched for more than 1 year but customers had not completed acceptance for a long time, and whether it is reasonable; whether there are any contract disputes or legal proceedings; and whether the accounting treatment of the relevant transactions complies with the provisions of accounting standards.

The prospectus shows that Guangtai Vacuum is a high-tech enterprise focused on R&D, manufacturing, and sales of vacuum equipment, with integrated capabilities from self-designed equipment to manufacturing and delivery, and it is committed to the field of functional materials, especially the rare-earth permanent magnet industry. Its main products include vacuum sintering furnaces, vacuum melting furnaces, vacuum coating machines, and other vacuum equipment.

In terms of performance, from 2022 to 2025, the company’s operating revenue was RMB 281 million, RMB 312 million, RMB 379 million, and RMB 408 million, respectively; the net profit attributable to owners of the parent company was RMB 44.2559 million, RMB 73.0345 million, RMB 68.9441 million, and RMB 81.6774 million, respectively.

Guangtai Vacuum’s 2025 revenue increased year over year by 7.79%, and its net profit attributable to the parent increased year over year by 18.47%.

The company expects operating revenue for January to March 2026 to be RMB 117 million to RMB 123 million, representing a year-on-year increase of 90.76% to 100.54%; it expects net profit attributable to owners of the parent company for January to March 2026 to be RMB 20 million to RMB 26 million, representing a year-on-year increase of 38.99% to 80.69%.

As of the end of October 2025, the company’s outstanding orders excluding tax amounted to RMB 777 million, mainly consisting of equipment customized in design, production, and delivery according to customers’ needs.

As of the date of signing of this prospectus, Liu Shungang directly holds 66.23% of the company’s shares, and respectively holds 15.10% of the shares indirectly through Guangtai Holding and Guangtai Hi-Tech, and indirectly controls 19.30% of the shares. In total, he holds 81.33% of the company’s shares and controls 85.53% of the company’s shares. Therefore, he is the company’s controlling shareholder and actual controller.

Relevant company: Quartz Co., Ltd. sh603688