林平发展IPO获注册：于“冷热失衡”中何去何从？

Core Viewpoint - The China corrugated paper and boxboard industry is facing significant challenges due to supply-demand imbalances and intense internal competition, leading to declining profit margins and necessitating strategic transformations towards value reconstruction [3][4][5][6]. Industry Overview - Anhui Linping Circular Development Co., Ltd. has received approval for its initial public offering (IPO) from the China Securities Regulatory Commission [1]. - The company specializes in the research, production, and sales of corrugated paper and boxboard products, positioning itself as a high-tech enterprise focused on resource recycling and green paper production [3]. Current Industry Challenges - The industry is experiencing a profound "cold-hot imbalance," with weak downstream demand causing market pressures and leading to a decline in overall profits for the first half of 2025, where corrugated paper gross margins decreased by 11.6% and boxboard gross margins fell by 4.4% [3][4]. - There is a significant supply-demand imbalance, with production capacity expanding faster than demand growth, resulting in low capacity utilization rates and price wars among producers [4]. - The industry faces long-term constraints from raw material bottlenecks, particularly due to tightening waste paper import policies, which affect the quality and quantity of domestic waste paper available for high-end product production [4]. International Competitive Landscape - China is the largest producer and consumer of corrugated paper and boxboard globally, with production capacity concentrated in the East and South regions [5]. - Major domestic paper companies have strengthened their market positions through nationwide layouts and large-scale production, while imports of high-quality paper from Europe and the U.S. have significantly decreased due to rising domestic production capabilities [5]. - The Chinese paper industry remains primarily in the "product output" phase within the global value chain, lacking pricing power and influence in high-end markets compared to North American counterparts, who are actively reducing excess capacity to enhance profitability [5]. Future Outlook - The path forward for the industry involves a strategic shift from "scale expansion" to "value reconstruction," with expectations for improved capacity utilization and product pricing as the current expansion phase concludes [6]. - Leading companies are adjusting their strategies to integrate upstream operations, focusing on controlling key raw materials to better withstand cyclical fluctuations [6]. - The industry is also moving towards green and intelligent transformations, with companies evolving from traditional paper manufacturers to comprehensive service providers for green materials, leveraging digital tools to enhance their core competitiveness [6].