募资12亿元扩产遇业绩寒流，林平发展营收三连降，IPO能否靠“绿色属性” 破局？

Core Viewpoint - Linping Development is progressing towards its IPO on December 11, aiming to raise approximately 1.2 billion yuan for new material projects, despite facing significant operational challenges and revenue declines [2][3]. Financial Performance - Linping Development's revenue has shown a continuous decline, with figures of approximately 2.879 billion yuan in 2022, 2.8 billion yuan in 2023, and projected 2.485 billion yuan in 2024, alongside fluctuating net profits of 154 million yuan, 212 million yuan, and 153 million yuan respectively [3][5]. - In the first half of 2025, the company reported revenue of about 1.224 billion yuan, a year-on-year decrease of 7.8%, while net profit was approximately 91.42 million yuan, down 26.8% year-on-year [3]. Product Pricing and Market Dynamics - The average selling prices of the company's main products, corrugated paper and boxboard, have decreased during the reporting period, with prices of 3,131.39 yuan/ton, 2,506.84 yuan/ton, and 2,362.15 yuan/ton for corrugated paper, and 3,407.95 yuan/ton, 2,707.46 yuan/ton, and 2,509.68 yuan/ton for boxboard [5]. Raw Material Cost and Management - The cost of raw materials, primarily waste paper, accounted for a significant portion of the main business costs, with percentages of 77.11%, 73.68%, and 75.00% during the reporting period, indicating vulnerability to price fluctuations [6]. - The company is actively managing raw material procurement and inventory to mitigate risks associated with price volatility [6]. Taxation and Profitability Concerns - The company has heavily relied on tax incentives, which accounted for 63.02%, 68.65%, and 80.58% of net profits during the reporting period, raising concerns about sustainability if policies change [7]. - Linping Development asserts that the tax benefits are expected to remain stable due to the nature of its business as a resource utilization enterprise [7]. Accounts Receivable Management - The company has a higher accounts receivable turnover rate compared to industry peers, attributed to strict management and short aging of receivables, resulting in low bad debt risk [8]. Governance and Control Risks - The controlling shareholder holds 88.40% of voting rights, raising concerns about potential governance issues and the risk of decisions that may not align with minority shareholders' interests [9]. - Linping Development claims to have established a robust governance structure to ensure compliance with laws and protect shareholder rights [9]. Employee Benefits and Compliance Issues - The company has faced issues regarding the non-payment of social insurance and housing funds for some employees, with amounts of 8.282 million yuan, 6.951 million yuan, and 4.4329 million yuan during the reporting period [10]. - Linping Development has received assurances from local authorities that it will not face penalties for these issues, and the controlling shareholder has committed to compensating the company for any future liabilities [10].