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].

Core Viewpoint - Linping Development, a leading company in the recycling paper industry in Anhui, has initiated its public offering today, aiming to raise funds for expanding its production capacity and enhancing its green manufacturing capabilities [1] Group 1: Company Overview - Linping Development is recognized for its strong presence in the recycling paper sector, having over 20 years of experience in the industry [1] - The company has a current production capacity of 1.15 million tons, ranking among the top 30 paper manufacturers in China [1] - Linping Development's business model focuses on "green manufacturing + circular economy," aligning with national industrial policies and economic development strategies [1] Group 2: Public Offering Details - The company is offering 18.8537 million shares at a price of 37.88 yuan per share, with a post-issue total share capital of 75.4148 million shares [1] - The public offering's price-to-earnings ratio is set at 18.69 times [1] - The online subscription code for the offering is 732284, with an online issuance volume of 7.541 million shares [1] Group 3: Fund Utilization - The raised funds will primarily be allocated to the construction of a "90,000 tons per year green and intelligent manufacturing new materials project (Phase II)" and a "60,000 tons per year bio-based fiber green intelligent manufacturing new materials project" [1] - Upon completion, the projects will add a new production line for 600,000 tons of boxboard, a 300,000 tons boxboard production line, and a 300,000 tons corrugated paper production line [1]

Group 1: New Stock Listings - Three new stocks are listed today: Linping Development on the Shanghai Stock Exchange, Dianke Lantian on the Sci-Tech Innovation Board, and Aide Technology on the Beijing Stock Exchange [1][2][5] Group 2: Linping Development - Linping Development is a leading paper manufacturing company in Anhui Province, focusing on the research, production, and sales of corrugated paper and boxboard products [1] - The company achieved revenues of 2.879 billion yuan, 2.800 billion yuan, and 2.485 billion yuan for the years 2022, 2023, and 2024 respectively, with net profits of 154 million yuan, 212 million yuan, and 153 million yuan [1] - For 2025, the company forecasts a revenue growth of 6.23% to 2.87 billion yuan and a net profit increase of 17.76% to 2.12 billion yuan [1] Group 3: Dianke Lantian - Dianke Lantian is a leader in aerospace power systems in China, with products including space solar battery arrays and lithium-ion battery packs, serving national and commercial aerospace sectors [1] - The company has become a major supplier for large satellite constellations, supporting over 700 spacecraft and covering significant national projects [1] - The aerospace power business accounted for 74% of the company's revenue, with a domestic market share exceeding 50% [1] Group 4: Aide Technology - Aide Technology specializes in the research, production, and sales of orthopedic medical devices, focusing on spinal, trauma, and sports medicine products [2][6] - The company reported revenues of 262.1 million yuan, 274.9 million yuan, and 301.7 million yuan for the years 2023, 2024, and 2025 respectively, with net profits of 63.57 million yuan, 67.13 million yuan, and 77.75 million yuan [2] - The company forecasts a revenue growth of 0.35% to 3.85 million yuan for 2025, while net profit is expected to fluctuate between -3.18% to 6.81% [2]

今日爱得科技(920180.BJ)、 电科蓝天(688818.SH)、 林平发展(603284.SH)上市，无新股申购。 ...

Group 1: Linping Development (603284.SH) - Linping Development specializes in the research, production, and sales of corrugated paper and boxboard products, recognized as a high-tech enterprise with independent R&D capabilities [4][6] - The company has a market capitalization of 28.57 billion yuan and an issue price of 37.88 yuan per share, with an issuance P/E ratio of 18.69 [4] - Linping Development's production capacity is 1.15 million tons, ranking among the top 30 paper production companies in China, with a projected raw paper output of 1.0197 million tons for 2024 [6] - The company has established stable partnerships with well-known domestic enterprises, enhancing its brand influence and competitive advantage [6] Group 2: Electric Science Blue Sky (688818.SH) - Electric Science Blue Sky focuses on advanced electric energy systems and products, with a market capitalization of 164.50 billion yuan and an issue price of 9.47 yuan per share [9] - The company has a high concentration of sales to its largest customer, Aerospace Science and Technology Group, which accounted for 45.59% of its revenue in 2022 [12] - Electric Science Blue Sky has a strong technological foundation with 367 authorized patents and has received multiple national science and technology awards [12] Group 3: Aide Technology (920180.BJ) - Aide Technology is engaged in the R&D, production, and sales of orthopedic medical devices, with a market capitalization of 7.67 billion yuan and an issue price of 7.67 yuan per share [16] - The company ranks third among domestic manufacturers of spinal vertebral body shaping systems and has a stable customer base with no single customer exceeding 50% of total sales [17] - Aide Technology holds 108 patents, including 41 invention patents, and is subject to strict regulatory oversight from health authorities [17]

林平发展厂区 ◎记者 刘一枫 2月10日，林平发展登陆沪市主板。林平发展扎根安徽宿州萧县，主营瓦楞纸、箱板纸的生产与销售， 是传统的包装用纸制造企业。在网上路演期间，公司董事长李建设在接受上海证券报记者专访时言语间 尽显朴实低调："二十多年来，我们深耕造纸生产制造领域，鲜少对外宣传。我的表达或许不够详尽， 欢迎大家走进工厂、探访生产线，开展实地调研。" 日前，记者走进坐落于萧县循环经济园区的林平发展厂区。临近农历春节，公司各条生产线依旧繁 忙。"昨日发货作业持续至24时，出货量迎来小高峰。"林平发展副总经理、项目总工姚广伍对记者介 绍。 变废为宝 构筑全链条循环经济体系 在林平发展主营业务收入中，瓦楞纸与箱板纸占比约为3:7，2023年以来，公司成品纸年出货量均超百 万吨。历经二十余年造纸领域深耕，林平发展实现各生产环节精益管理，已成长为集废纸利用、热电联 产、绿色造纸于一体的资源综合利用型企业。 "工业生产中的废水、废气、固废并非废料，而是放错位置的资源，在循环制造体系中都能实现充分利 用。"李建设表示，原材料成本占造纸行业整体生产成本的70%以上，林平发展的造纸原料几乎全部来 自废纸，由周边区域的资源回收 ...

Core Viewpoint - The rapid development of the domestic internet economy has deeply integrated e-commerce into daily life, driving the expansion of the express delivery business, with projected express delivery volume reaching 1.745 billion packages and revenue hitting 1.4 trillion yuan in 2024 [1] Industry Overview - The paper and paper products industry is recognized as a vital pillar of the modern economy, with packaging paper being the largest segment. In 2024, the production of corrugated paper is expected to reach 31.34 million tons, while boxboard production is projected at 30.35 million tons, making them the top two categories in the paper and board sector [2][5] Company Profile - Anhui Linping Circular Development Co., Ltd. focuses on the corrugated paper and boxboard sectors, with an annual production capacity of 1.15 million tons, ranking it among the top in the province. The company has adopted a unique green circular development approach, differentiating itself in the traditional paper industry [1][5] Production Capacity and Market Position - Linping Development has established a production capacity of 350,000 tons of corrugated paper and 800,000 tons of boxboard, achieving an actual output of 1.0197 million tons, placing it among the top 30 paper companies in China [5][7] - The company's production base is strategically located in the core area of the Huaihai Economic Zone, effectively covering major manufacturing regions, which is crucial as the eastern region accounts for 67.5% of the national demand for packaging paper in 2024 [5][7] Financial Performance - From 2022 to 2024, Linping Development reported revenues of 2.879 billion yuan, 2.800 billion yuan, and 2.485 billion yuan, with net profits of 154 million yuan, 212 million yuan, and 153 million yuan, respectively. Despite production interruptions in 2024 due to adverse weather, the company maintained a net profit around 150 million yuan, demonstrating strong resilience [7][8] Environmental Initiatives - Linping Development has pioneered a closed-loop recycling system that utilizes waste paper instead of wood pulp, aligning with national policies on resource utilization. This approach has allowed the company to maintain stable raw material supplies even during periods of tight waste paper availability [8][9] - The company has implemented a cogeneration project that uses by-products from the paper-making process for energy production, significantly reducing energy costs and enhancing operational efficiency [9][10] Expansion Plans - The company plans to raise 1.2 billion yuan through its IPO to fund projects aimed at increasing production capacity to 2.35 million tons, reflecting a strategic response to industry trends favoring consolidation and scale [11][12] - The paper industry is experiencing a shift towards larger players, with the top 10 companies' market share increasing from 36.67% to 49.39% from 2015 to 2024, indicating a trend towards concentration that Linping Development aims to capitalize on [12][14] Market Potential - The packaging paper market in China remains underdeveloped compared to Western countries, with per capita consumption significantly lower. The e-commerce sector is projected to continue its rapid growth, further driving demand for packaging materials [14][15] - Linping Development's focus on lightweight, high-strength boxboard aligns with market needs, positioning the company to capture significant market share in the ongoing import substitution process [15] Conclusion - Linping Development exemplifies how traditional manufacturing can achieve high-quality growth through technological upgrades and strategic positioning. Its innovative recycling model serves as a reference for other companies in the industry, contributing to both economic and social benefits [16]

安徽林平循环发展股份有限公司 首次公开发行股票主板 上市公告书提示性公告 保荐人（主承销商）： 扫描二维码查阅公告全文 本公司及全体董事、高级管理人员保证信息披露的内容真实、准确、完整、 及时，没有虚假记载、误导性陈述或重大遗漏。 经上海证券交易所审核同意，安徽林平循环发展股份有限公司（以下简称"本 公司"、"发行人"、"公司"、"林平发展"）发行的人民币普通股股票将于 2026 年 2 月 10 日在上海证券交易所主板上市，上市公告书全文和首次公开发行股票的 招股说明书全文披露于上海证券交易所网站（http://www.sse.com.cn/）和符合中 国证监会规定条件网站（中国证券网：www.cnstock.com；中证网：www.cs.com.cn； 证券时报网：www.stcn.com；证券日报网：www.zqrb.cn；经济参考网：www.jjckb.cn; 中国金融新闻网：www.financialnews.com.cn；中国日报网：www.chinadaily.com.cn） 披露，并置备于发行人、上海证券交易所、本次发行保荐人（主承销商）国联民 生证券承销保荐有限公司的住所，供投资者查阅。 一 ...

股票简称：林平发展 股票代码：603284 安徽林平循环发展股份有限公司 Anhui Linping Circular Development Co., Ltd （萧县圣泉乡北城村） 首次公开发行股票主板上市公告书 保荐人（主承销商） （中国(上海)自由贸易试验区浦明路 8 号） 二零二六年二月九日 特别提示 安徽林平循环发展股份有限公司（以下简称"林平发展"、"本公司"或"发行 人"、"公司"）股票将于 2026 年 2 月 10 日在上海证券交易所主板上市。 本公司提醒投资者应充分了解股票市场风险以及本公司披露的风险因素，在 新股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 本上市公告书中若出现总数与各分项数值之和尾数不等的情况，均为四舍五 入尾差所致。 1 | 特别提示 1 | | --- | | 目 录 2 | | 第一节 重要声明与提示 3 | | 一、重要声明与提示 3 | | 二、主板新股上市初期投资风险特别提示 3 | | 三、特别风险提示 5 | | 第二节 股票上市情况 11 | | 一、股票发行上市审核情况 11 | | 二、股票上市相关信息 11 | | 三、公司申请首次公开 ...

安徽林平循环发展股份有限公司 E 3 4 1 3 0 2 0 3 1 2 7 二零二五年八月 1 4-2-1 322 ation | 日 录 | | --- | | 总 则 ……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 3 第一章 | | 经营宗旨和范围 第二章 | | 第三章 股价 … | | 股份分行 第一节 | | 第二节 股份增减和回购 … | | 股份转让 第三节 | | 第四章 股东和股东会 | | 第一节 助本 | | 第一节 校股股东和实际控制人 … | | 股东会的一般规定 第三节 | | 第四节 股东会的召集 - | | 股东会的提案与通知 第五节 | | 股东会的召开 . 第六节 | | 股东合的美冲利冲议 第七节 | | 第五章 董事会 | | 苗革 - 第一节 | | 第二节 著車 | | 如立蒂車 第三节 | | 苗重合专门委员会 第四节 | | 竹六音 宣纽塔田 日 | | 笙上音 财务会计制度,利润分配和审计 | ...