IPO雷达｜林平发展回复首轮问询，税收优惠占利润八成，营收是否继续下滑受关切

Core Viewpoint - The company, Anhui Linping Circular Development Co., Ltd., is facing regulatory scrutiny due to declining revenues over the past two years, decreasing prices of core products, and a significant portion of net profit being derived from tax incentives [1][4][9]. Financial Performance - The company's revenue has decreased consecutively over the past two years, with figures 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][6]. - The main business income primarily comes from the sales of corrugated paper and boxboard, which accounted for over 99% of total revenue, with boxboard sales making up approximately 70% [6]. Tax Incentives - Tax incentives have constituted a significant portion of the company's net profit, with percentages of 63.02%, 68.65%, and 80.58% over the reporting periods, raising questions about their sustainability [9][10]. - The company asserts that the likelihood of changes to the relevant policies is low, and the tax incentives are expected to remain sustainable as long as there are no significant adverse changes in the industry environment or the company's operations [9]. Market Conditions - The decline in revenue is attributed to the cancellation of import tariffs on finished paper, leading to increased imports and lower selling prices for the company's products. Additionally, a typhoon caused production disruptions, further impacting sales [6]. - Despite current challenges, the company anticipates stable growth in demand for corrugated paper and boxboard due to ongoing economic growth and increasing needs in consumer goods, e-commerce, logistics, and express delivery sectors [6].