林平发展成立于2002年，主要从事包装用瓦楞纸、箱板纸产品的研发、生产和销售。经过二十余年发展，公司已成长为集废纸利用、热电联产、绿色造纸于 一体的资源综合利用企业。 作为安徽省内的主要造纸企业，林平发展2024年原纸产量占安徽省纸及纸板产量的35.65%，在全国市场占比为0.75%。公司现有产能120万吨，在全国造纸 企业产量排名中进入前30名。 瞭望塔财经获悉，安徽林平循环发展股份有限公司（以下简称"林平发展"）的IPO申请已于2025年6月25日获得上交所受理，并于7月23日进入问询阶段。这 家号称国家级专精特新"小巨人"的造纸企业，募资12亿元计划将产能翻倍。 然而，在其光鲜的招股书背后，瞭望塔财经发现林平发展面临着营收连续下滑、税收优惠贡献超八成净利润、产能利用率不足仍扩张产能、研发投入低于行 业平均水平等多重隐患。 1、公司背景与行业地位 根据行业梯队划分，林平发展属于第二梯队中型造纸企业，与第一梯队的玖龙纸业、太阳控股、理文造纸、山鹰国际等年产量500万吨以上的企业相比，存 在明显差距。 林平发展被认定为国家级专精特新"小巨人"企业和"绿色工厂"。但这家看似符合国家政策导向的企业，其IPO之旅却 ...

Core Viewpoint - Anhui Linping Circular Development Co., Ltd. is undergoing a change in its listing status on the Shanghai Stock Exchange, now marked as "inquiry stage," with plans to raise 1.2 billion RMB [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 comprehensive utilization enterprise, integrating waste paper recycling, cogeneration, and green papermaking [1] - Environmental protection and resource recycling are prioritized through various processes, including waste paper utilization and wastewater treatment [1] Industry Context - The number of paper and board production enterprises in China is approximately 2,600, with only 30 producing over 1 million tons annually [2] - Linping Development's current production capacity is 1.2 million tons, ranking among the top 30 paper producers in China, with a projected output of 1.0197 million tons in 2024 [2] - The company holds a significant market share in Anhui Province, accounting for 35.65% of the province's paper and board production and 0.75% of the national total [2] Fundraising and Investment Projects - The company plans to invest in projects including a 900,000-ton green intelligent manufacturing new materials project and a 600,000-ton bio-based fiber green intelligent manufacturing project, with total investments of approximately 2.05753 billion RMB [3] - The total fundraising amount is set at 1.2 billion RMB, with specific allocations for the aforementioned projects [3] Financial Performance - Revenue for 2022, 2023, and 2024 is projected at approximately 2.879 billion RMB, 2.8 billion RMB, and 2.485 billion RMB respectively, with net profits of about 154 million RMB, 212 million RMB, and 153 million RMB [3] - Total assets are expected to reach approximately 2.1409 billion RMB by the end of 2024, with a debt-to-asset ratio of 37.70% [4] - The company’s basic earnings per share for 2024 is projected at 2.70 RMB, with a return on equity of 12.27% [5]