证券简称：*ST 椰岛 证券代码：600238 公告编号：2025-037 号 海南椰岛（集团）股份有限公司 关于对 2025 年三季度报告的信息披露监管工作函的 回复公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 海南椰岛（集团）股份有限公司（以下简称"海南椰岛"或"公司"）于近 日收到上海证券交易所《关于海南椰岛（集团）股份有限公司 2025 年三季报信 息披露监管工作函》（以下简称"工作函"），公司对工作函中提及的问题进行 了认真核查。现就工作函有关问题回复如下： 一、关于营业收入变动情况。前三季度公司营业收入季度性波动较大，上 半年实现营业收入8,921万元，同比下降26.62%，第三季度实现营业收入8,841 万元，同比增长111.74%，公告称主要为本报告期酒类收入增加所致。请公司： （1）区分主要产品补充披露销售单价、销售数量、毛利率及销售政策、收入确 认依据等情况及相关政策变化情况，定量分析营业收入在第三季度同比大幅增 长的原因及合理性；（2）分业务板块补充披露前十大客户及供应商的名称、产 品类别、 ...

Group 1 - Hainan Airlines (600221) focuses on international, domestic, and regional air passenger and cargo transportation, operating nearly 1800 routes and covering all provinces in China, as well as over 100 international routes [1][30] - Hainan Airport (600515) operates major airports in Hainan and is involved in airport construction, management, and related industries, including aircraft maintenance and logistics [2][31] - Zhongtung High-tech (000657) is a state-owned enterprise focusing on the tungsten and hard alloy industry, with a complete industrial chain from tungsten ore to products, and is involved in high-end manufacturing sectors [3][32] Group 2 - Jinpan Technology (688676) is a key player in the new energy sector, specializing in the research and manufacturing of power distribution and control equipment, benefiting from supportive policies in Hainan [4][33] - Haixia Co., Ltd. (002320) controls important maritime transport routes, enhancing its passenger and cargo transport services, and is positioned to benefit from increased demand post-border closure [5][34] - Hainan Mining (601969) focuses on mineral resource extraction and processing, with products supporting the new energy battery industry, and is exploring green development models [6][35] Group 3 - Hainan Rubber (601118) is a leading enterprise in natural rubber production, extending its business into rubber products and international trade, leveraging Hainan's free trade policies [7][36] - Guangsheng Nonferrous (600259) specializes in non-ferrous metal mining and smelting, with a focus on rare earths and tungsten, essential for high-end manufacturing and new energy sectors [8][37] - Haima Automobile (000572) is transitioning into the new energy vehicle sector, supported by Hainan's policies, and is expanding its production capabilities [9][38] Group 4 - Haide Co., Ltd. (000567) focuses on distressed asset management, with a strategy to optimize asset allocation in the region, and is involved in photovoltaic projects [10][39] - Hainan Public Transport Group (603069) provides passenger transport services and is enhancing its operations through the integration of duty-free services [11][40] - Junda Co., Ltd. (002865) is engaged in the new energy sector, focusing on photovoltaic battery research and manufacturing, and is expanding its market presence [12][41] Group 5 - Luoniushan (000735) is involved in livestock farming and related industries, leveraging Hainan's agricultural resources to expand its market [13][42] - Jingliang Holdings (000505) focuses on oil processing and food manufacturing, utilizing Hainan's logistics advantages for trade [14][43] - Hainan Coconut Island (600238) specializes in alcoholic beverages, particularly health wines, and is expanding its market through tourism channels [15][44] Group 6 - Hainan Haiyao (000566) is a pharmaceutical manufacturer focusing on chemical raw materials and traditional Chinese medicine, benefiting from supportive policies for the pharmaceutical industry [16][45] - Hainan Ruize (002596) produces construction materials and is involved in tourism, aligning its business with Hainan's infrastructure development [17][46] - Hainan Expressway (000886) operates key highways in Hainan and is expanding its business through tourism and duty-free services [18][47] Group 7 - Puli Pharmaceutical (300630) specializes in chemical drug development and international market expansion, leveraging Hainan's trade policies [19][48] - Shennong Technology (300189) focuses on seed research and production, aiming to expand its market through trade policies [20][49] - Shuangcheng Pharmaceutical (002693) is dedicated to peptide drug development and international market expansion, supported by Hainan's policies [21][50] Group 8 - Xinlong Holdings (000955) specializes in non-woven fabrics and related products, with a focus on medical and industrial applications, and is exploring export opportunities [22][51] - ST Intercontinental (600759) is involved in oil and gas exploration and is expanding into the hydrogen energy sector [23][52] - Huawen Group (000793) operates in media, tourism, and supply chain services, aiming for growth through Hainan's logistics advantages [24][53]

Core Insights - The advertising industry is at the forefront of utilizing AI for cost reduction and efficiency, but it faces significant challenges and failures in execution [1] Group 1: Major Failures in AI Advertising - Google's Super Bowl AI advertisement faced backlash due to a misleading claim about cheese consumption, which was generated by its Gemini AI [1] - Asiaray's advertisement featuring a girl with six fingers sparked public discomfort and criticism, highlighting the potential pitfalls of AI-generated content [3] - Oriental Tree Leaf's outdoor advertisement was criticized for its lack of authenticity, with models displaying unnatural expressions and proportions, raising concerns about the quality of AI-generated visuals [5] - A promotional image from Liangpinpuzi incorrectly depicted peanuts hanging from trees, leading to a public apology and a commitment to review all promotional materials for accuracy [7] - Coca-Cola's AI-generated Christmas advertisement was criticized for lacking creativity and failing to evoke the intended festive spirit, as it merely paid homage to previous ads without innovation [9] - McDonald's AI-generated Christmas advertisement was deemed negative and unsettling, leading to its removal after public backlash [10] Group 2: Industry Insights and Recommendations - The failures in AI advertising underscore the necessity for rigorous human oversight in content creation, emphasizing that factual accuracy and common sense are non-negotiable standards [11] - Industry professionals are encouraged to enhance their aesthetic judgment and not overly rely on AI for creative processes, ensuring that the quality of advertising materials is maintained [12] - Brands must prioritize trust and be cautious of the "hidden costs" associated with using subpar AI-generated content, as it can damage brand perception and customer relationships [12]

Core Viewpoint - The official launch of the Hainan Free Trade Port's full island customs operation on December 18, 2025, marks a significant milestone in China's reform and opening-up, aiming to create a highly convenient business environment with policies characterized by "one line open, one line controlled, and free movement within the island" [2][5]. Group 1: Strategic Significance - Hainan Free Trade Port construction provides a Chinese solution for global economic cooperation amidst globalization challenges, exploring a system that aligns with international high-standard economic and trade rules [6]. - The design of "one line open, one line controlled" positions Hainan as a "converter" between domestic and international markets, facilitating the introduction of advanced international production factors to support domestic industrial upgrades [7]. - Hainan's development is expected to strengthen regional cooperation with areas like the Guangdong-Hong Kong-Macao Greater Bay Area, enhancing collaboration with inland provinces and creating a new pattern of coordinated development [8]. - Hainan aims to become a source of national innovation by focusing on future industries such as seed industry, deep sea, aerospace, green, and digital economy [9]. Group 2: Policy Benefits - The scope of "zero tariff" has significantly expanded, with the proportion of zero-tariff items increasing from 21% to 74%, covering approximately 6,600 tariff items, which lowers import and operational costs for enterprises [10]. - A "double 15%" tax incentive is available for eligible enterprises and core talents, offering a competitive income tax rate of 15%, alongside visa-free entry for 86 countries [11]. - The increase in duty-free shopping limits and the expansion of duty-free categories enhance consumer access to quality imported goods [12]. - Trade facilitation policies will benefit sectors such as tourism, aviation, logistics, and duty-free industries, marking a shift towards a system-oriented openness in China's economic model [13]. Group 3: Beneficiary Companies - **Duty-Free Consumption**: China Duty Free Group (601888) is expected to benefit directly from the expansion of duty-free policies, with significant revenue contributions from Sanya International Duty-Free City [14]. - **Transportation and Logistics**: Hainan Airport (600515) operates two major international airports, with a high international route coverage, while Hainan Highway (600238) is involved in key infrastructure projects [17][18]. - **Infrastructure and Manufacturing**: Hainan Ruize (002596) anticipates a 25% increase in construction orders due to the customs operation, while Jinpan Technology (688676) benefits from tax incentives and infrastructure projects [19]. - **Healthcare**: Kangzhi Pharmaceutical (300086) is positioned to accelerate the approval of innovative medical products, while Hainan Haiyao (000566) benefits from reduced R&D costs due to zero tariffs [21][22]. - **New Energy and Advanced Manufacturing**: Haima Automobile (000572) is transitioning to new energy vehicles, benefiting from reduced equipment costs and tax incentives [23]. - **Other Specialty Enterprises**: Hainan Rubber (601118) and Hainan Mining (601969) are expected to see growth in exports and resource development opportunities due to the Free Trade Port's establishment [24][25].

Group 1 - The non-liquor sector experienced a decline of 0.65% compared to the previous trading day, with *ST Yedao leading the drop [1] - The Shanghai Composite Index closed at 3919.98, reflecting an increase of 0.07%, while the Shenzhen Component Index closed at 13368.99, showing a rise of 0.27% [1] - A detailed table of individual stock performance in the non-liquor sector is provided [1] Group 2 - In terms of capital flow, the non-liquor sector saw a net outflow of 73.09 million yuan from main funds, while retail funds recorded a net inflow of 35.22 million yuan [2] - The sector also experienced a net inflow of 37.87 million yuan from speculative funds [2] - A detailed table of capital flow for individual stocks in the non-liquor sector is included [2]

Core Insights - The Z generation is becoming the main consumer group, and understanding their needs is crucial for industries, especially the liquor industry facing challenges of homogenization and adjustment [3] - The concept of "grass planting" has emerged as a significant way for the younger generation to express preferences, providing an opportunity for industries to understand this demographic's demands [3] Group 1: Consumption Trends - The younger generation's dietary needs are evolving into a more nuanced and multi-dimensional phase, with health and emotional factors intertwined [3] - The trend of "grass planting" has shifted from traditional advertising to a more interactive approach where young consumers express preferences and influence products [3] - The food and beverage content on platforms like Xiaohongshu is highly active, with an estimated monthly interaction volume of over 300 million and a 56% year-on-year increase in viral content [4] Group 2: Health and Herbal Trends - The "herbal trend" based on health concepts is gaining traction, influenced by traditional food supplementation and natural herbal practices [7] - Popular food categories on Xiaohongshu include superfoods and traditional herbal ingredients, with significant growth in related content and user engagement [7][9] - The liquor industry has already begun to embrace the herbal trend, with brands launching herbal liquor products that have seen substantial sales growth [9] Group 3: Regional and Emotional Experiences - The younger generation seeks personalized experiences, leading to a rise in interest for unique regional flavors and emotional food trends [10][11] - The popularity of regional cuisines is reflected in the increased search volume for specific local dishes, indicating a trend towards exploring diverse flavors [10] - Emotional experiences are becoming increasingly important, with users on Xiaohongshu frequently mentioning feelings and mental states, suggesting that brands need to create products that resonate emotionally with consumers [14]

Core Viewpoint - Hainan Yedao Guoshui Food and Beverage Co., Ltd. has been established with a registered capital of 6 million RMB, fully owned by Hainan Yedao Food and Beverage Co., Ltd. [1] Company Information - The legal representative of the company is Kang Chaoyang [1] - The registered capital is 6 million RMB [1] - The company is located at Longhua Road, Haikou City, Hainan Province [1] - The company type is a limited liability company (wholly owned by a legal entity) [1] - The business scope includes beverage production, food sales, food production, and food management [1] Business Scope - Licensed business activities include beverage production and food sales [1] - General business activities include online sales of pre-packaged food, primary processing of agricultural products, acquisition of primary agricultural products, and sales of health food (pre-packaged) [1] - The company is required to operate general business activities in accordance with the law and is subject to public disclosure through the national enterprise credit information public system [1] Registration and Governance - The company is registered with the Hainan Provincial Market Supervision Administration [1] - The business term is set until December 18, 2025, with no fixed expiration [1]

Group 1 - The non-liquor sector experienced a decline of 0.28% compared to the previous trading day, with *ST Yedao leading the drop [1] - The Shanghai Composite Index closed at 3876.37, reflecting an increase of 0.16%, while the Shenzhen Component Index closed at 13053.98, showing a decrease of 1.29% [1] - A detailed table of individual stock performance in the non-liquor sector is provided [1] Group 2 - In terms of capital flow, the non-liquor sector saw a net outflow of 59.86 million yuan from main funds, with retail funds experiencing a net inflow of 108 million yuan [2] - The table detailing the capital flow for individual stocks in the non-liquor sector is included [2]

Group 1 - The non-white liquor sector increased by 0.16% on December 16, with Huichuan Beer leading the gains [1] - The Shanghai Composite Index closed at 3824.81, down 1.11%, while the Shenzhen Component Index closed at 12914.67, down 1.51% [1] - Key stocks in the non-white liquor sector showed varied performance, with the highest gain being 3.23% for Yuanzhi Ban [1] Group 2 - The non-white liquor sector experienced a net outflow of 25.06 million yuan from main funds, while retail investors saw a net inflow of 53.38 million yuan [2] - The trading volume and turnover for key stocks in the non-white liquor sector varied, with Yuanzhi Ban achieving a turnover of 421 million yuan [1][2] - The net inflow from retail investors was significant, indicating a potential shift in market sentiment towards the non-white liquor sector [2][3] Group 3 - Specific stocks like Baorun Co. and Huichuan Beer had notable net inflows from retail investors, while others like ST Lanhua and Jin Feng Wine experienced net outflows [3] - The data indicates a mixed sentiment among institutional and retail investors, with some stocks attracting retail interest despite overall sector outflows [3] - The performance of individual stocks varied significantly, highlighting the importance of stock selection within the non-white liquor sector [3]

Meeting Overview - The first extraordinary general meeting of shareholders was held on December 15, 2025, at the company's office in Haikou, Hainan [2] - The meeting was convened by the board of directors and chaired by Chairman Duan Shouqi, utilizing a combination of on-site and online voting methods [2][3] Attendance - Out of 9 current directors, 5 attended the meeting, with 4 absent due to business reasons [3] - Among the 3 current supervisors, 2 attended, while 1 was absent for business reasons [3] - The board secretary and other senior executives were present at the meeting [3] Resolutions Passed - The following resolutions were approved during the meeting: 1. Proposal to abolish the supervisory board [4] 2. Proposal to amend the company's articles of association [4] 3. Proposal to revise the rules of procedure for shareholder meetings [5] 4. Proposal to amend the rules of procedure for board meetings [5] 5. Proposal to revise the independent director working guidelines [5] 6. Proposal to establish a management system for external guarantees [5] 7. Proposal to create a compensation management system for directors and senior management [5] Voting Procedures - The special resolution required approval from more than two-thirds of the voting shares held by attending shareholders, while other resolutions required a simple majority [5] Legal Verification - The meeting was witnessed by Hainan Wenyuan Law Firm, confirming that the procedures and voting methods complied with relevant laws and regulations [6][7] - The legal opinion concluded that the resolutions made during the meeting were legal and valid [7]