广泰真空第一大供应商注册地难觅踪影，参保人数为零

The first major supplier of Guangtai Vacuum is missing from its registered location, with zero insured employees

【环球网财经综合报道】沈阳广泰真空科技股份有限公司从事真空装备的研发、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、机械电子加工行业、金属加工行业等，客户覆盖了中科三环、金力股份、韵升股份、北方稀土、宁波复能等行业内知名稀土永磁材料生产企业。目前该公司正在申请上市。

【Global Times Finance Comprehensive Report】Shenyang Guangtai Vacuum Technology Co., Ltd. engages in the research, development, manufacturing, and sales of vacuum equipment, with main products including vacuum sintering furnaces, vacuum melting furnaces, vacuum coating machines, and other vacuum devices. These products find extensive downstream applications across industries such as rare earth permanent magnet manufacturing, hydrogen storage material processing, photovoltaics, mechanical and electronic processing, and metalworking. The company's clientele includes renowned rare earth permanent magnet material manufacturers in the industry, such as Sinocarbon, Jinli Co., Ltd., Yunsing Co., Ltd., North Rare Earth, and Ningbo Funeng. Currently, the company is applying for an initial public offering.

根据招股书披露，广泰真空在2025年前三季度的第一大供应商为“北京天中祈华新材料有限公司”，公司向其采购钼件、金额为1719.12万元，占同期公司采购钼件材料总金额2506.98万元的70%左右。2024年也向该供应商采购钼件材料1405.49万元。《审核问询函的回复》披露，该供应商成立于2004年、注册资本为220万元，广泰真空于2013年与其建立合作，该供应商收入规模高达3500万元至5300万元，员工有20人但无参保人员。

According to the prospectus, Guangtai Vacuum's largest supplier in the first three quarters of 2025 was "Beijing Tianzhong Qihua New Materials Co., Ltd." The company purchased molybdenum components from this supplier for 17.1912 million yuan, accounting for approximately 70% of the total molybdenum component procurement amount of 25.0698 million yuan during the same period. In 2024, the company also purchased molybdenum components from this supplier for 14.0549 million yuan. The "Reply to the Review Inquiry Letter" revealed that the supplier was established in 2004 with a registered capital of 2.2 million yuan. Guangtai Vacuum began collaborating with the supplier in 2013. The supplier's revenue ranged from 35 million to 53 million yuan, employing 20 staff members but with no insured personnel.

根据《中华人民共和国劳动法》第七十二条和《社会保险法》第五十八条规定，用人单位自用工之日起30日内必须为职工办理社会保险登记并缴纳社会保险费，这项义务具有强制性，不因任何形式的约定而免除。至于该供应商的经营合规性，广泰真空并未接受记者采访。

According to Article 72 of the Labor Law of the People's Republic of China and Article 58 of the Social Insurance Law, employers must register and pay social insurance premiums for their employees within 30 days from the date of employment. This obligation is mandatory and cannot be exempted by any form of agreement. As for the compliance of the supplier's operations, Guangtai Vacuum did not give an interview to reporters.

另据《天眼查》显示，“北京天中祈华新材料有限公司”的经营地址为“北京市西城区马甸南村10号楼一层（德胜园区）”，高德地图显示这一地址位于北三环中路马甸桥东南侧，毗邻月盛斋店，但前往该地点所在位置能否发现，除一楼部分餐饮门店外，整栋楼均属于德胜饭店，并未能找到“北京天中祈华新材料有限公司”这家年营业额数千万元的公司的身影。

According to Tianyancha, the business address of "Beijing Tianzhong Qihua New Materials Co., Ltd." is "1st Floor, Building 10, Madian South Village, Xicheng District, Beijing (Desheng Park)". Gaode Map shows that this address is located on the southeast side of Madian Bridge on North Third Ring Road, adjacent to the Yueshengzhai store. However, if you go to the location of the location, you can see that except for some catering stores on the first floor, the entire building belongs to Desheng Hotel, and you cannot find the figure of "Beijing Tianzhong Qihua New Materials Co., Ltd.", a company with an annual turnover of tens of millions of yuan.

招股书还披露，广泰真空的董事会秘书兼副总经理为何宏凤，其此前曾于2020年3月至2021年3月任沈阳东管电力科技集团股份有限公司副总经理。而沈阳东管电力科技集团股份有限公司（东管电力，834469.NQ）为新三板挂牌公司，在该公司此前发布的2020年年报里，披露的“董事、监事、高级管理人员情况”中，包含有其他副总经理。

The prospectus also disclosed that He Hongfeng, the secretary of the board of directors and deputy general manager of Guangtai Vacuum, had previously served as the deputy general manager of Shenyang Dongguan Electric Power Technology Group Co., Ltd. from March 2020 to March 2021. Shenyang Dongguan Electric Power Technology Group Co., Ltd. (Dongguan Electric Power, 834469. NQ) is a listed company on the New Third Board. In its previously released 2020 annual report, the company disclosed information on "directors, supervisors, and senior management personnel", including other deputy general managers.

值得关注的还有，广泰真空的第5大股东为胡颖，在公司内部担任顾问职务。另据上市公司泰坦科技（688133.SH）在其2022年年报中披露，胡颖是该公司的独立董事，其此前于2019年7月开始在沈阳广泰真空科技股份有限公司担任财务顾问。

It is worth noting that Hu Ying, the fifth largest shareholder of Guangtai Vacuum, holds an advisory position within the company. According to Titan Technology (688133. SH), a listed company, in its 2022 annual report, Hu Ying is an independent director of the company, having previously served as a financial advisor at Shenyang Guangtai Vacuum Technology Co., Ltd. since July 2019.

同样是在2019年的12月，广泰真空通过股东会决议，同意员工持股平台广泰高科参与公司的增资，增资价格为2元/注册资本。同日，广泰真空作出股东会决议，同意胡颖以2元/注册资本的价格，从公司实际控制人刘顺钢手中受让120万元广泰真空注册资本。可资对比的是，广泰真空的两名核心技术人员，2011年入职、现任技术总工程师的王兵，以及2017年入职、现任技术副总工程师兼技术部长的富海军，均无任何直接持股。

In December 2019, Guangtai Vacuum passed a resolution at the shareholders' meeting, agreeing to allow the employee shareholding platform Guangtai High Tech to participate in the company's capital increase at a price of 2 yuan per registered capital. On the same day, Guangtai Vacuum made a resolution at the shareholders' meeting, agreeing to allow Hu Ying to acquire 1.2 million yuan of Guangtai Vacuum's registered capital from the company's actual controller Liu Shungang at a price of 2 yuan per registered capital. Comparatively, the two core technical personnel of Guangtai Vacuum, Wang Bing, who joined in 2011 and is currently the Chief Technical Engineer, and Fu Haijun, who joined in 2017 and is currently the Deputy Chief Technical Engineer and Minister of Technology, do not hold any direct shares.

通常来说，员工持股平台的入股价格具备一定的奖励或激励性质，而广泰真空的实际控制人刘顺钢，以这一具有奖励或激励性质价格，向刚担任公司财务顾问的胡颖转让所持股权，至于其原因，广泰真空同样未予回应。

Generally speaking, the investment price of employee stock ownership platforms has a certain reward or incentive nature. However, Liu Shungang, the actual controller of Guangtai Vacuum, transferred his equity to Hu Ying, who had just become the company's financial advisor, at this reward or incentive nature price. As for the reason, Guangtai Vacuum also did not respond.

此外，广泰真空本次申请IPO的募投项目包括“真空熔炼炉及烧结炉生产改扩建项目”，该项目总投资额为9,877.2万元，其中包含的设备购置及安装投资预算就高达8100万元。招股书披露，通过本项目实施达产以后，公司每年将新增真空熔炼炉15套及烧结炉55套。

In addition, Guangtai Vacuum's IPO application includes the "Vacuum Melting Furnace and Sintering Furnace Production Renovation and Expansion Project", with a total investment of 98.772 million yuan, including equipment procurement and installation investment budget of up to 81 million yuan. According to the prospectus, after the implementation of this project and reaching production capacity, the company will add 15 sets of vacuum melting furnaces and 55 sets of sintering furnaces annually

但与此形成对照的是，广泰真空2024年的实际产量为真空熔炼炉34套及烧结炉351套，远超过了募投项目对应新增产能的两倍，而截至2024年末，公司的机器设备类固定资产账面原值仅为2234.3万元。也即公司通过现有的两千多万元机器设备，就足以支撑现有的生产规模，而计划新增不到50%的产能，却需要投入相当于现有设备4倍金额的投资。

However, in contrast, Guangtai Vacuum's actual production in 2024 was 34 sets of vacuum melting furnaces and 351 sets of sintering furnaces, far exceeding twice the corresponding new production capacity of the fundraising projects. As of the end of 2024, the original book value of the company's machinery and equipment fixed assets was only 22.343 million yuan. That is to say, the company's existing machinery and equipment worth over 20 million yuan is sufficient to support its current production scale, while the planned increase in production capacity of less than 50% requires an investment equivalent to four times the amount of existing equipment.