林平发展即将登陆沪主板，借助资本市场助力循环造纸产业发展

Core Viewpoint - Anhui Linping Circular Development Co., Ltd. is set to list on the Shanghai Main Board, with an issue price of 37.88 yuan per share, raising funds for two major projects in green and bio-based materials [1] Group 1: Company Overview - Linping Development is a well-known high-tech enterprise in the circular paper industry, ranking among the top in production capacity according to the China Paper Association's report [3] - The company has a total production capacity of 1.15 million tons of paper, with five production lines, including advanced 5600 and 6600 lines [3] - The company's paper production volumes from 2022 to 2025 are 86.38 million tons, 105.35 million tons, 101.97 million tons, and 53.03 million tons, with sales figures closely matching production [3] Group 2: Financial Performance - From 2022 to 2024, the company's revenue remained above 2.88 billion yuan, with net profits of 154 million yuan, 212 million yuan, and 153 million yuan respectively [4] - In the first nine months of 2025, the company achieved a revenue of 1.928 billion yuan, a year-on-year increase of 2.79% [4] - In October 2025, the company reported a monthly revenue of 264 million yuan, with a comprehensive gross margin of 10.98%, an increase of 2.52 percentage points from the previous nine months [4] Group 3: Research and Development - The company maintains a high level of R&D investment, with expenses from 2022 to 2025 amounting to 94.79 million yuan, 88.09 million yuan, 83.80 million yuan, and 44.29 million yuan, representing 3.29%, 3.15%, 3.37%, and 3.62% of revenue respectively [6] - Linping Development has developed a core technology system covering energy-saving paper production, green manufacturing, and pollution control, holding 27 patents and contributing to national standards [6][7] - The company has been recognized as a national-level "specialized and innovative" small giant enterprise, reflecting its strong technical capabilities [7] Group 4: Market Position and Future Prospects - The company has established stable partnerships with well-known domestic enterprises, enhancing its reputation in the corrugated paper and boxboard sectors [4] - With the upcoming fundraising projects, the company plans to upgrade outdated production lines and establish intelligent production lines, aiming to enhance its technological advantages in the circular paper industry [7]