Lin Ping's development has been approved by the Shanghai Stock Exchange for an IPO. After the investment projects are put into production, the production capacity of pulp will increase to 2.35 million tons per year.

On December 11th, Anhui Linping Circular Development Co., Ltd. (referred to as Linping Development) passed the listing committee meeting of the Shanghai Stock Exchange main board IPO. The sponsor institution is Guolian Minsheng Securities Underwriting Sponsorship Co., Ltd., with a planned fundraising of 1.2 billion yuan. The prospectus mentions that Linping Development is mainly engaged in the research and development, production and sales of corrugated paper and boxboard 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 emission reduction. 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, the company achieves the recycling of resources and sustainable development. According to the "China Paper Industry 2024 Annual Report" published by the China Paper Association, in 2024, there are approximately 2,600 paper and paperboard production companies nationwide, with 30 companies producing over 1 million tons annually. Linping Development currently has a production capacity of 1.15 million tons, and the total production of base paper in 2024 is 1.0197 million tons, ranking among the top in the country. It is one of the top 30 papermaking enterprises in terms of production volume in the industry, leading the industry in terms of production volume. According to the annual report of the China Paper Association, in 2024, Linping Development accounted for 35.65% of the paper and paperboard production in Anhui Province and 0.75% of the national paper and paperboard production, making it a major papermaking enterprise in Anhui Province. In the future, with the completion and operation of the fundraising projects, the total production capacity of base paper will increase from 1.15 million tons per year to 2.35 million tons per year, further enhancing the market position and competitiveness of the issuer in the field of base paper. With stable product quality and excellent customer service, Linping Development has established a corresponding brand influence and competitive advantage, and has stable cooperative relationships with many well-known domestic enterprises such as Xiamen Hexing Packaging Printing, Xiamen C&D Inc., Xiamen ITG Group Corp., Ltd., Shanying International Holdings, Ld Intelligent Technology, and Wuxi Shengyuan Paper Products Co., Ltd. The net proceeds from the issuance of this company will be used entirely for investment projects related to the main business. The planned investment projects for this fundraising are as follows: Financially, Linping Development's operating income for the years 2022, 2023, 2024, and January to June 2025 were approximately 2.879 billion yuan, 2.8 billion yuan, 2.485 billion yuan, and 1.224 billion yuan respectively; during the same period, the company achieved net profits of approximately 154 million yuan, 212 million yuan, 153 million yuan, and 91.419 million yuan respectively.