Financial Performance - The company's operating revenue for the third quarter was CNY 11,108,185,570.75, a decrease of 18.88% compared to the same period last year[4]. - The total profit for the third quarter was a loss of CNY 138,324,624.52, with a year-to-date loss of CNY 380,918,205.39[4]. - The net profit attributable to shareholders for the third quarter was a loss of CNY 99,131,406.94, and a year-to-date loss of CNY 275,178,641.18[4]. - The basic and diluted earnings per share for the third quarter were both CNY -0.0232[5]. - The net profit for the first three quarters of 2025 was a loss of CNY 432,309,708.26, compared to a loss of CNY 598,680,207.85 in the same period of 2024, indicating an improvement in performance[23]. - The total comprehensive income for the first three quarters of 2025 was a loss of CNY 142,697,200.47, compared to a loss of CNY 573,105,301.06 in 2024, indicating a significant reduction in losses[24]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 35,531,552,432.60, a decrease of 1.49% from the end of the previous year[5]. - The company's total assets decreased from CNY 36,069,765,150.54 to CNY 35,531,552,432.60, a decline of approximately 1.49%[19]. - Total liabilities decreased from CNY 24,771,382,855.46 to CNY 24,107,534,162.52, representing a reduction of about 2.67%[19]. Cash Flow - The company reported a cash flow from operating activities of CNY 1,626,114,395.76 for the year-to-date, an increase of 4.92%[4]. - In the first three quarters of 2025, the cash inflow from operating activities reached ¥38.15 billion, an increase of 9.5% compared to ¥34.78 billion in the same period of 2024[25]. - The net cash flow from operating activities was ¥1.63 billion, up from ¥1.55 billion in the previous year, reflecting a growth of 4.3%[26]. - Cash inflow from financing activities was ¥11.28 billion, down from ¥16.24 billion in the previous year, showing a decline of 30.5%[26]. - The net cash flow from financing activities was -¥1.18 billion, contrasting with a positive net flow of ¥755.85 million in the same period last year[26]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 80,218[13]. - The largest shareholder, Hainan Rubber Investment Holding Group Co., Ltd., holds 2,754,012,024 shares, representing 64.35% of total shares[13]. - The company has no pledged, marked, or frozen shares among the top shareholders[14]. - There are no significant changes in the shareholding structure or financing activities among the top shareholders[14]. Operating Costs and Expenses - Total operating costs for the first three quarters of 2025 were CNY 34,894,127,295.21, up from CNY 33,898,895,212.64 in 2024, reflecting a year-on-year increase of 2.93%[22]. - The company also reported a decrease in operating expenses year-on-year, contributing to the improved financial performance[10]. - Research and development expenses for the first three quarters of 2025 were CNY 21,588,544.44, slightly down from CNY 22,934,351.11 in 2024[23]. Other Financial Metrics - Non-recurring gains and losses for the third quarter totaled CNY 20,411,803.57, with significant contributions from government subsidies[8]. - The company achieved a reduction in losses for the net profit attributable to shareholders by CNY 64.89 million compared to the same period last year, primarily due to cost reduction and efficiency improvements[10]. - The company's current assets as of September 30, 2025, amount to ¥14,795,294,762.55, a decrease from ¥15,465,796,203.65 on December 31, 2024[17]. - Cash and cash equivalents decreased from ¥5,687,635,895.88 to ¥5,242,463,398.57[17]. - Accounts receivable decreased from ¥2,259,761,876.74 to ¥1,636,523,043.00[17]. - Inventory increased from ¥5,224,533,866.37 to ¥5,304,702,506.95[17]. - Long-term equity investments decreased from ¥570,484,123.75 to ¥549,707,917.66[17]. - Fixed assets increased slightly from ¥3,700,477,562.29 to ¥3,729,909,606.47[17].

Core Viewpoint - Hainan Rubber's wholly-owned subsidiary, Hainan Jingwei Latex Wire Co., Ltd., plans to invest approximately 135 million yuan to construct a high-quality latex wire project with an annual production capacity of 30,000 tons in its first phase [1] Financial Summary - After the project completion, Jingwei's annual production capacity is expected to increase by 15,000 tons [1] - As of December 31, 2024, Jingwei's total assets are 362 million yuan, with net assets of 297 million yuan; for the fiscal year 2024, it is projected to achieve an operating income of 169 million yuan and a net profit of -7.81 million yuan [1] - As of September 30, 2025, Jingwei's total assets are 358 million yuan, with net assets of 299 million yuan; for the first nine months of 2025, it is expected to generate an operating income of 75.93 million yuan and a net profit of 1.58 million yuan [1]

Core Viewpoint - Hainan Rubber (601118) announced the election of Mr. Han Jiuhai as a director of the company [1] Company Summary - Hainan Rubber has made a significant leadership change with the appointment of Mr. Han Jiuhai as a new director [1]

证券代码：601118 证券简称：海南橡胶 公告编号：2025-064 海南天然橡胶产业集团股份有限公司 关于选举董事的公告 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法律责任。 根据《公司法》和《公司章程》相关规定，经公司控股股东海南省农垦投资 控股集团有限公司提名，公司分别于 2025 年 10 月 13 日和 2025 年 10 月 29 日召 开第六届董事会第四十九次会议和 2025 年第二次临时股东大会，分别审议通过 了《海南橡胶关于提名董事候选人的议案》和《海南橡胶关于选举董事的议案》， 韩久海先生当选为公司董事，任期与公司第六届董事会同步。 董 事 会 2025 年 10 月 30 日 1 附件：人员简历 韩久海：男，1968 年 9 月出生，工商管理硕士。2019 年 6 月至 2020 年 12 月，任海南省农垦投资控股集团有限公司规划发展部常务副总经理（2020 年 7 月至 2020 年 12 月负责全面工作）；2020 年 12 月至 2023 年 3 月，任海南省农垦 投资控股集团有限公司战略企划部总经理； ...

www.huiyelaw.com 上海汇业（海口）律师事务所 关于海南天然橡胶产业集团股份有限公司 2025 年第二次临时股东大会的 法律意见书 致：海南天然橡胶产业集团股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"） 中国证券监督管理委员会《上市公司股东会规则》（以下简称 "《股东会规则》"）、上海证券交易所业务规则以及海南天然 橡胶产业集团股份有限公司（以下简称"公司"）《公司章程》 的规定，上海汇业（海口）律师事务所（以下简称"本所"） 接受公司的委托，指派本所律师出席公司 2025 年第二次临 时股东大会（以下简称"本次股东大会"），并依法出具本法 律意见书。 本法律意见书仅就本次股东大会的召集和召开程序是 否符合法律、法规、规章及规范性文件及《公司章程》的规 定，以及出席本次股东大会人员的资格、召集人资格、会议 表决程序及表决结果是否合法有效发表意见，而不对本次股 东大会所审议的议案内容以及该等议案所表述的相关事实 或数据的真实性、准确性或合法性发表意见。本次股东大会 通过网络投票系统进行投票的股东资格由网络投票系统提 供机构验证其身份。 为出具本法律意见书，本所律师列席了本次股 ...

证券代码：601118 证券简称：海南橡胶 公告编号：2025-063 海南天然橡胶产业集团股份有限公司 2025年第二次临时股东大会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东大会召开的时间：2025 年 10 月 29 日 (二) 股东大会召开的地点：公司会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 本次会议由董事会召集，经半数以上董事共同推举，由董事杨宇先生主持。 | 1、出席会议的股东和代理人人数 | 441 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 2,775,857,536 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 64.8651 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况 等。 会议采取现场投票和网络投票相结合的表决方式，符合《公司法》及《公司 章程》的规 ...

Group 1 - The horse racing concept sector declined by 1.06%, ranking among the top losers in the market, with major declines seen in companies like Zhujiang Piano and Zhongti Industry [1][2] - Among the horse racing concept stocks, Zhujiang Piano hit the daily limit down, while Zhongti Industry and Xinhua Dou also experienced significant declines [1][2] - Conversely, a few stocks in the sector saw gains, with *ST Zhengping, Zhongmu Co., and Hainan Rubber increasing by 5.03%, 0.41%, and 0.37% respectively [1][2] Group 2 - The horse racing concept sector experienced a net outflow of 0.38 billion yuan in capital today, with Xinhua Dou leading the outflow at 17.30 million yuan [2] - Other companies with significant capital outflows included Zhujiang Piano, Luoniushan, and Zhongti Industry, with outflows of 15.08 million yuan, 13.01 million yuan, and 12.06 million yuan respectively [2] - In contrast, Hainan Rubber, *ST Zhengping, and Zhongmu Co. saw net inflows of 14.36 million yuan, 4.76 million yuan, and 0.38 million yuan respectively [2]

Investment Rating - The report maintains a "Positive" investment rating for the agriculture industry [5] Core Viewpoints - The pig farming sector is expected to benefit from recent policies and market forces that promote capacity reduction, leading to long-term performance improvements [3][36] - The current trend in grain prices is upward, indicating a favorable fundamental outlook for planting and seed industries, highlighting significant investment opportunities [3][36] - The pet food sector is experiencing growth, with increasing recognition of domestic brands and continuous market expansion [3][36] Summary by Relevant Sections Pig Farming - The current pig price is weak, with the average price for external three yuan pigs at 11.82 yuan/kg, a week-on-week increase of 5.82% [10][44] - The industry is entering a phase of capacity reduction, with pig prices expected to stabilize and potentially rise in the long term due to policy support [7][10] Poultry - White feather broiler prices have shown slight increases, with the current price at 6.88 yuan/kg, reflecting a week-on-week rise of 0.15% [13][44] - The yellow feather broiler prices continue to remain strong, indicating a stable market environment [21][44] Feed Sector - Corn prices have decreased slightly, while soybean meal and wheat prices have increased, indicating a mixed market for feed ingredients [23][44] - The average price of pig feed is 3.37 yuan/kg, showing a slight decrease of 0.30% [44] Bulk Agricultural Products - Natural rubber prices have risen, with the current price at 15,335 yuan/ton, a week-on-week increase of 4.36% [30][44] - The report indicates that the down cycle for bulk agricultural products is nearing its end, with signs of recovery in certain segments [30][44]

Core Insights - The agriculture sector experienced a slight decline of 0.19% on October 24, with Yasheng Group leading the losses [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Sector Performance - Notable gainers in the agriculture sector included: - Hualu Biological (300970) with a closing price of 16.73, up 7.38% and a trading volume of 182,200 shares, totaling 303 million yuan [1] - Honghui Fruits and Vegetables (603336) closed at 9.66, up 2.33% with a trading volume of 162,400 shares, totaling 157 million yuan [1] - Conversely, Yasheng Group (600108) led the declines, closing at 3.10, down 1.59% with a trading volume of 399,200 shares, totaling 125 million yuan [2] Capital Flow - The agriculture sector saw a net outflow of 26.5 million yuan from institutional investors, while retail investors experienced a net outflow of 10.8 million yuan [2] - Speculative funds recorded a net inflow of 37.3 million yuan into the sector [2] Individual Stock Capital Flow - Notable capital flows included: - Zhongxing Fungi Industry (002772) with a net inflow of 30.3 million yuan from institutional investors, but a net outflow of 36.6 million yuan from retail investors [3] - Shennong Seed Industry (300189) had a net inflow of 17.9 million yuan from institutional investors, but a net outflow of 8.2 million yuan from retail investors [3]

Core Viewpoint - Hainan Rubber's stock performance shows a slight increase, with significant financing activities indicating a mixed sentiment among investors [1][2]. Financing Summary - On October 23, Hainan Rubber experienced a financing buy-in of 21.14 million yuan, while financing repayment amounted to 25.28 million yuan, resulting in a net financing outflow of 4.13 million yuan [1]. - The total financing and securities balance for Hainan Rubber reached 777 million yuan, with the financing balance accounting for 3.30% of the circulating market value, indicating a high level compared to the past year [1]. - The company had a securities lending repayment of 16,100 shares and a securities lending sell-out of 27,100 shares, with a total sell-out value of 148,800 yuan [1]. Company Overview - Hainan Rubber, established on March 29, 2005, and listed on January 7, 2011, is primarily engaged in the planting, processing, research, and sales of natural rubber [1]. - The company's main revenue sources include rubber product sales (98.67%), with minor contributions from other sales [1]. Shareholder and Financial Performance - As of September 19, Hainan Rubber had 81,000 shareholders, a decrease of 2.41%, while the average circulating shares per person increased by 2.47% to 52,832 shares [2]. - For the first half of 2025, Hainan Rubber reported a revenue of 22.86 billion yuan, reflecting a year-on-year growth of 18.99%, while the net profit attributable to shareholders was -176 million yuan, showing a 40.62% increase compared to the previous year [2]. Dividend and Institutional Holdings - Since its A-share listing, Hainan Rubber has distributed a total of 1.18 billion yuan in dividends, with 136 million yuan distributed over the past three years [3]. - As of June 30, 2025, major shareholders include Dongfanghong Qiheng Mixed Fund, which reduced its holdings by 16.50 million shares, and Southern CSI 500 ETF, which increased its holdings by 3.52 million shares [3].