安徽林平循环发展股份有限公司（股票简称：林平发展，股票代码：603284）即将登陆沪主板。公司本 次发行价格为37.88元/股，募集资金将用于"年产90万吨绿色环保智能制造新材料项目（二期）"和"年产 60万吨生物基纤维绿色智能制造新材料项目"。 安徽造纸领先企业，产能规模位居行业前列 林平发展是一家在循环造纸领域具备一定知名度的高新技术企业。根据中国造纸协会公布的《中国造纸 工业 2024 年度报告》中的数据，林平发展原纸产量位居全国前30。目前，公司拥有5条生产线，包含宽 幅更宽、自动化程度更高的5600和6600生产线，原纸产能达115万吨。2022年至2024年及2025年1-6月， 公司原纸产量分别为86.38万吨、105.35万吨、101.97万吨、53.03万吨，销量分别为87.14万吨、105.44万 吨、100.08万吨、50.51万吨，产销规模显著高于行业平均水平。以2024年产量计算，公司在安徽省纸及 纸板总产量中的占比已超过35%。 依托规模化产能，公司在成本与效率方面实现双重优化，始终保持较高的毛利率水平。近年来，随着产 线效率提升，公司毛利率稳步增长。报告期各期，公司原纸产品毛利率 ...

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]