Core Viewpoint - Linping Development Co., Ltd. has successfully listed on the Shanghai Stock Exchange, with a closing price of 58.93 yuan, reflecting a significant increase of 55.57% on its first day of trading, and a total market capitalization of 4.444 billion yuan [1]. Company Overview - Linping Development specializes in the research, production, and sales of corrugated paper and boxboard products, recognized as a high-tech enterprise with independent research and innovation capabilities [2]. - The company's controlling shareholder is Li Jianshe, who holds 84.86% of the shares directly and controls an additional 3.54% indirectly, totaling 88.40% of the voting rights [2]. Financial Performance - For the first half of 2025, Linping Development reported operating revenue of 122,379.45 million yuan and a net profit of 9,141.90 million yuan [6][7]. - The company’s revenue and net profit have shown fluctuations over the years, with a notable decline in net profit in 2024 compared to 2023 [6][7]. - In the first nine months of 2025, the company achieved an operating revenue of 192,837.15 million yuan, a year-on-year increase of 2.79%, while net profit decreased by 11.86% [8]. Fundraising and Investment Projects - Linping Development raised a total of 714.18 million yuan from its IPO, with a net amount of 624.09 million yuan after deducting issuance costs, which was significantly lower than the planned 1.2 billion yuan [4]. - The funds are intended for two major projects: an annual production of 900,000 tons of green and intelligent manufacturing new materials and an annual production of 600,000 tons of bio-based fiber green intelligent manufacturing new materials [4][5]. Future Projections - The company forecasts its operating revenue for 2025 to be between 2.64 billion yuan and 2.78 billion yuan, representing a growth of 6.23% to 11.87% year-on-year [9][10]. - The projected net profit for 2025 is expected to be between 180 million yuan and 200 million yuan, indicating a growth of 17.76% to 30.84% [9][10].

Core Viewpoint - Anhui Linping Circular Development Co., Ltd. successfully listed on the Shanghai Stock Exchange, marking it as the first listed company in Anhui province in 2026 and the fourth on the main board of the Shanghai Stock Exchange [1] Group 1: Company Overview - Linping Development focuses on the research, production, and sales of corrugated paper and boxboard, which are the largest products in China's paper and board industry, widely used in logistics and packaging [3] - The company ranks among the top in the industry in terms of production capacity, with raw paper output of 863,800 tons in 2022, projected to reach 1,053,500 tons in 2024 [3] - Linping Development has established long-term partnerships with well-known companies such as Hexing Packaging and Xiamen Guomao, enhancing its market position [3] Group 2: Financial Performance - The company demonstrated strong profitability with revenues of 2.879 billion yuan in 2022, 2.800 billion yuan in 2023, and projected 2.485 billion yuan in 2024, alongside net profits of 154 million yuan, 212 million yuan, and 153 million yuan respectively [4] - For the first ten months of 2025, the company achieved revenue of 2.193 billion yuan and a net profit of 136 million yuan, indicating a stable operational trend [4] Group 3: Market and Policy Environment - The company benefits from national support for resource recycling industries under the "dual carbon" goals, aligning with the country's strategy for circular economy and green industries [5] - The booming e-commerce and logistics sectors are driving demand for packaging paper, with national paper and board consumption expected to reach 136.34 million tons in 2024, a year-on-year increase of 3.56% [5] Group 4: Research and Development - Linping Development maintains a high level of R&D investment, with R&D expenses consistently above 3% of revenue, totaling approximately 94.79 million yuan in 2022 [5] - The company has obtained 27 patents, focusing on key areas such as wastewater treatment and energy-efficient production, which enhance resource utilization and reduce operational costs [5] Group 5: Future Growth and Capital Utilization - The funds raised from the IPO will be used for projects aimed at increasing production capacity, including a 900,000-ton green intelligent manufacturing project and a 600,000-ton bio-based fiber project [6] - Upon completion, the company's total raw paper capacity will increase from 1.15 million tons to 2.35 million tons, aligning with industry trends towards lightweight, high-strength, and environmentally friendly packaging [6] - The successful listing opens avenues for Linping Development to leverage capital for accelerated growth, reinforcing its competitive edge in the industry [6]

Group 1 - Linping Development officially listed on the Shanghai Stock Exchange on February 10, 2026, becoming the first listed company in Anhui Province for the year [1] - The issuance price was set at 37.88 yuan per share, with a price-to-earnings ratio of 18.69 times, and a total of 18.8537 million shares were publicly issued [1] - The raised funds will be allocated to the construction of a new project with an annual production capacity of 900,000 tons of green and environmentally friendly intelligent manufacturing new materials (Phase II) and a project for 600,000 tons of bio-based fiber green intelligent manufacturing new materials [1] Group 2 - Linping Development, established in 2002, focuses on the research, production, and sales of corrugated paper and boxboard, with applications in logistics, industrial products, and consumer goods packaging [3] - The company has developed a circular economy industrial chain centered on waste paper recycling, combined with cogeneration, reducing reliance on imported wood pulp [3] - Through cogeneration projects, the company converts production by-products such as pulp residue and biogas into electricity and steam, significantly lowering energy consumption costs per ton of paper [3]

Core Viewpoint - Anhui Linping Circular Development Co., Ltd. has officially listed on the Shanghai Stock Exchange, leveraging its strong R&D capabilities and product quality to establish a competitive position in the packaging paper industry [1][3] Company Overview - Established in 2002, the company specializes in the R&D, production, and sales of corrugated paper and boxboard, with products widely used in logistics and packaging [3] - The company has built a strong brand reputation, with its "Linping" trademark recognized as a famous brand in China and its high-grade A-level coated corrugated paper awarded as an Anhui famous product [3] Development Strategy - The company follows a "green manufacturing + circular economy" dual-driven development strategy, focusing on resource efficiency and environmental friendliness [3][4] - It utilizes waste paper as raw material, producing low-energy, low-pollution paper products while minimizing wastewater generation [4] Environmental Initiatives - Significant investments have been made in advanced environmental facilities, including a wastewater treatment plant with a capacity of 20,000 tons per day and an efficient anaerobic reactor [4] - The company has implemented a combined heat and power project, enhancing resource utilization and generating additional revenue through steam sales [4] Market Position and Growth Potential - The company is positioned among the top 30 paper producers in China, with an expected increase in raw paper production capacity from 1.15 million tons to 2.35 million tons following its IPO fundraising projects [7][10] - The corrugated paper market in China is projected to grow steadily, with consumption expected to reach 34.07 million tons in 2024, reflecting a compound annual growth rate of 4.83% from 2015 to 2024 [9] Financial Performance - The company's revenue for 2022, 2023, and 2024 is projected at 2.879 billion yuan, 2.800 billion yuan, and 2.485 billion yuan, respectively, with net profits of 154 million yuan, 212 million yuan, and 153 million yuan [8] - A strong recovery in performance is anticipated in 2025, with expected revenue growth of 6.23% to 11.87% and net profit growth of 17.76% to 30.84% [8] Future Outlook - The IPO will enable the company to better seize industry opportunities, with plans to enhance its market position through new projects focused on green and intelligent manufacturing [10][11] - The company aims to solidify its status as a leading brand in the industry, emphasizing clean production and continuous innovation [11]

Group 1: Linping Development (603284) - Linping Development focuses on the research, production, and sales of corrugated paper and boxboard products, recognized as a high-tech enterprise with independent R&D capabilities [2] - The company is controlled by Li Jianshe, who holds 84.86% of the shares directly and an additional 3.54% indirectly, totaling 88.40% of the voting rights [2] - The total funds raised by Linping Development amount to 714.18 million yuan, with a net amount of 624.09 million yuan allocated for projects including the annual production of 900,000 tons of green intelligent manufacturing new materials [2] Group 2: Electric Science Blue Sky (688818) - Electric Science Blue Sky specializes in the R&D, production, sales, and services of electric energy products and systems, covering applications from deep sea to deep space [3] - The company is primarily controlled by China Electronics Technology Group Corporation, which holds 48.97% of the shares directly and additional indirect holdings, resulting in a total control of 84.50% of the voting rights [3] - The total funds raised by Electric Science Blue Sky are 1.64 billion yuan, with a net amount of 1.58 billion yuan designated for the industrialization of aerospace power systems [4] Group 3: Aide Technology (920180) - Aide Technology is engaged in the R&D, production, and sales of orthopedic medical devices, focusing on products such as spinal, trauma, and sports medicine consumables [5] - The company is controlled by Lu Qiang and Huang Meiyu, who together hold 79.07% of the shares before the issuance, with a reduction to 59.30% post-issuance [5] - The total funds raised by Aide Technology amount to 226.50 million yuan, with a net amount of 196.99 million yuan allocated for projects including the expansion of orthopedic consumables production and the establishment of a research center [5]

Core Viewpoint - Linping Development's IPO marks a significant step in its growth, coinciding with industry recovery and capacity upgrades, positioning the company for a new growth cycle in the packaging paper sector [3][4][12] Company Overview - Linping Development, a leading player in the recycling paper industry, has evolved from a small paper mill with an annual output of 4,000 tons to a benchmark enterprise with a capacity of 1.15 million tons of raw paper, ranking 9th in national boxboard production [3][4] - The company integrates waste paper utilization, cogeneration, and green paper-making into its business model, aligning with national "dual carbon" strategies and benefiting from policy incentives [5] Financial Performance - Despite external challenges causing fluctuations in performance from 2022 to 2024, the company is expected to see revenue growth of 6.23% to 11.87% and net profit growth of 17.76% to 30.84% in 2025 [7] - The gross profit margin has rebounded to 10.32% in the first half of 2025, indicating a recovery in profitability [7] Capacity Expansion - The company currently operates five production lines with a total capacity of 1.15 million tons and plans to launch an 8,600mm boxboard production line in 2026, focusing on high-strength, low-weight products [6] - The IPO proceeds will primarily fund projects aimed at increasing total capacity to 2.35 million tons, effectively doubling production capabilities [6][12] Industry Trends - The paper industry has faced challenges but is now experiencing a recovery, with a decrease in imports of corrugated and boxboard paper by 21% and 18% respectively in the first half of 2025 [8][9] - The industry's concentration has increased, with the CR10 rising from 36.67% in 2015 to 49.39% in 2024, creating a favorable environment for leading companies like Linping Development [9] Market Opportunities - The demand for packaging paper is expected to grow due to the continuous rise of e-commerce and logistics, with China's per capita paper consumption significantly lower than that of developed countries, indicating substantial market potential [9][10] - The company is well-positioned to benefit from the trend of high-end product import substitution, which will drive domestic enterprises towards higher quality offerings [11] Capital Empowerment - The IPO will enable Linping Development to diversify its financing sources, reducing reliance on bank loans and leasing, while enhancing brand influence and internal governance [12] - The capital raised will support ongoing research and development, allowing the company to maintain its competitive edge in core technologies [12][13]

投资者请按此价格在2026年1月30日（T日）进行网上和网下申购，申购时无需缴付申购资金。其中， 网下申购时间为9:30-15:00，网上申购时间为9:30-11:30，13:00-15:00。 格隆汇1月28日丨林平发展(603284.SH)公布，发行人和保荐人（主承销商）根据网下发行询价报价情 况，综合评估公司合理投资价值、可比公司二级市场估值水平、所属行业二级市场估值水平等方面，充 分考虑网下投资者有效申购倍数、市场情况、募集资金需求及承销风险等因素，协商确定本次发行价格 为37.88元/股，网下发行不再进行累计投标询价。 ...

Company Overview - Linping Development (603284.SH) has initiated its subscription with an issue price of 37.88 yuan per share and a maximum subscription limit of 0.75 million shares, reflecting a price-to-earnings ratio of 18.69 times [1] - The company specializes in the research, production, and sales of corrugated paper and boxboard products, evolving into a resource utilization enterprise integrating waste paper recycling, cogeneration, and green papermaking [1] Product and Market Position - Linping Development's main products include corrugated paper and boxboard, which are widely used in logistics, industrial goods, and consumer goods packaging [1] - The company employs a direct sales model, primarily serving direct customers with some trade customers [2] Financial Performance - The company reported revenues of approximately 2.879 billion yuan, 2.8 billion yuan, 2.485 billion yuan, and 1.224 billion yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [3] - Net profits for the same periods were approximately 154 million yuan, 212 million yuan, 153 million yuan, and 91.42 million yuan [3] - The company’s revenue and net profit figures indicate a decline in 2024 compared to previous years, with a projected revenue of 2.485 billion yuan and net profit of 153 million yuan [4] Industry Context - The paper manufacturing industry in China is characterized by a large number of enterprises, with approximately 2,600 paper and board production companies, but only 30 of them producing over 1 million tons annually [3] - Linping Development holds a production capacity of 1.15 million tons, ranking among the top 30 paper production companies in the country [3] - The industry faces intense competition with low market concentration and significant product homogeneity, particularly in the mid to low-end product segments [3]

【环球网财经综合报道】廿载耕耘铸基业，循环逐绿启新程。 1月22日，安徽林平循环发展股份有限公司(以下简称"林平发展")披露招股意向书，公司启动发行，将 于1月30日申购,向着沪市主板登陆迈出决定性步伐。 作为国内资源综合利用领域的标杆企业，林平发展深耕废纸回收、热电联产、绿色造纸全产业链，始终 以"绿色制造+循环经济"为双轮驱动发展战略，在造纸行业洗牌整合的浪潮中锚定方向、笃行不怠，凭 借稳健的经营质地、领先的技术实力与清晰的战略布局，斩获资本市场与行业市场的双重认可，迎来产 业升级与资本赋能的双向奔赴。 业绩稳中有韧，经营底色坚实厚重 2025年前三季度，林平发展精准把握行业复苏机遇，积极优化生产调度与市场布局，实现营业收入 19.28亿元，同比增长2.79%，净利润规模仍然可观，复苏态势明显。 基于对行业发展趋势的精准研判与自身产能布局的信心，林平发展预计2025年度实现营业收入26.4亿— 27.8亿元，归属净利润1.8亿—2.0亿元，较2024年同比实现稳步增长，有望重回盈利增长快车道。 | 项目 | 2025 年度 | 2024 年度 | 变动率 | | --- | --- | --- | --- ...

Core Viewpoint - Linping Development (603284.SH) has initiated its subscription with an issue price of 37.88 yuan per share and a price-to-earnings ratio of 18.69 times, focusing on the production and sales of corrugated paper and boxboard products, positioning itself as a resource utilization enterprise in the green paper-making industry [1]. Company Overview - Linping Development specializes in the research, production, and sales of packaging materials, particularly corrugated paper and boxboard, which are widely used in logistics and packaging for industrial and consumer goods [1]. - The company has developed into a comprehensive resource utilization enterprise integrating waste paper recycling, cogeneration, and green paper production [1]. Financial Performance - The company reported revenues of approximately 2.879 billion yuan in 2022, 2.8 billion yuan in 2023, and projected revenues of 2.485 billion yuan for 2024, with a revenue of 1.224 billion yuan for the first half of 2025 [3][4]. - Net profits were approximately 154 million yuan in 2022, 212 million yuan in 2023, 153 million yuan in 2024, and 91.42 million yuan for the first half of 2025 [3][4]. - The basic earnings per share were 3.74 yuan in 2022, 2.70 yuan in 2023, and projected to be 1.62 yuan for the first half of 2025 [4]. Market Position - Linping Development is among the top 30 paper production companies in China, with a current capacity of 1.15 million tons and a projected raw paper output of 1.0197 million tons for 2024 [3]. - The Chinese paper industry is characterized by a large number of enterprises (approximately 2,600), with low market concentration and intense competition, although few large-scale producers exist [3].