Linping's development of listing on the Shanghai Stock Exchange IPO "is undergoing inquiry", with the current pulp production capacity of 1.2 million tons.

On July 23, Anhui Linping Circular Development Co., Ltd. (hereinafter referred to as Linping Development) applied for a change in the status of the Shanghai Stock Exchange's main board listing review to "already inquired", with Minsheng Securities as its sponsor institution, planning to raise 1.2 billion yuan. The prospectus shows that Linping Development is mainly engaged in the research, development, production and sales of packaging corrugated paper and carton board paper products, and is a high-tech enterprise with independent research and innovation capabilities; after years of development, the company has grown into a resource comprehensive utilization enterprise integrating waste paper utilization, cogeneration of heat and power, and green papermaking. The company has always attached importance to environmental protection, energy conservation and consumption reduction, and has achieved resource recycling and sustainable development through processes such as waste paper utilization, wastewater treatment, reuse of white water and medium water, biogas combustion power generation, sludge reuse, cogeneration of heat and power, and green manufacturing. In recent years, with the continuous introduction and improvement of relevant laws, regulations and industrial policies in the paper industry in China, the entry threshold of the industry has been raised, the requirements for production processes and technological levels have been increasing, and some small and medium-sized papermaking enterprises with small production capacities and backward technological levels have been integrated or eliminated, pushing papermaking enterprises towards group and scale development, continuously increasing industry concentration. According to data from the "Chinese Paper Industry Annual Report 2024" published by the China Paper Association, in the year 2024, the number of paper and paperboard production enterprises in the country is about 2,600, with 30 enterprises producing over 1 million tons annually. Linping Development currently has a production capacity of 1.2 million tons, and in 2024, the company's raw paper production totaled 1.0197 million tons, ranking among the top in the country and one of the top 30 papermaking enterprises in terms of production volume, leading the industry average in production volume. According to the annual report of the Chinese Paper Industry published by the China Paper Association, in 2024, Linping Development's proportion of raw paper production to the paper and paperboard production in Anhui Province and the whole country was 35.65% and 0.75%, respectively, making it a major papermaking enterprise in Anhui Province. In the future, with the completion and operation of the investment projects, the company's total production capacity of raw paper will increase from 1.2 million tons per year to 2.4 million tons per year. The funds raised in this round will be invested in the following projects: In terms of finance, in the years 2022, 2023, and 2024, Linping Development's operating income is approximately 2.879 billion yuan, 2.8 billion yuan, and 2.485 billion yuan, respectively; during the same period, the company's net profit is approximately 154 million yuan, 2.12 billion yuan, and 1.53 billion yuan, respectively.