林平发展上交所IPO过会 募投项目投产后原纸产能将增至235万吨/年

Core Viewpoint - Anhui Linping Circular Development Co., Ltd. has successfully passed the IPO review on the Shanghai Stock Exchange, aiming to raise 1.2 billion yuan for its operations and projects [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 R&D capabilities [1]. - The company has evolved into a resource utilization enterprise integrating waste paper recycling, cogeneration, and green papermaking, emphasizing environmental protection and sustainable development [1]. Production Capacity and Market Position - Linping Development's current production capacity is 1.15 million tons, with a projected raw paper output of 1.0197 million tons in 2024, ranking among the top 30 paper production companies in China [1][2]. - The company accounts for 35.65% of Anhui province's paper and board production and 0.75% of the national total, establishing itself as a major player in the local market [2]. Future Growth and Investment Plans - The company plans to increase its raw paper production capacity from 1.15 million tons to 2.35 million tons following the completion of its fundraising projects, enhancing its market position and competitiveness [2]. - The net proceeds from the IPO will be allocated entirely to projects related to its main business, including a 900,000-ton green intelligent manufacturing project and a 600,000-ton bio-based fiber project [2]. Financial Performance - Linping Development's revenue for the years 2022, 2023, 2024, and the first half of 2025 is approximately 2.879 billion yuan, 2.8 billion yuan, 2.485 billion yuan, and 1.224 billion yuan respectively, with net profits of about 154 million yuan, 212 million yuan, 153 million yuan, and 91.42 million yuan [2][3]. - The company's total assets have increased from 1.846 billion yuan in 2022 to 2.548 billion yuan by mid-2025, with a decrease in the asset-liability ratio from 49.56% in 2022 to 43.62% in mid-2025 [3].