Summary of Key Points Core Viewpoint - Hainan Rubber (601118.SH) has received insurance compensation due to revenue losses caused by pests and diseases, which will positively impact its financial results. Group 1: Insurance Compensation - The company received an insurance payout of 54.2026 million yuan for revenue losses in April 2025 due to pests and diseases, which will be recorded as other income [1] - An additional insurance payout of 9.5664 million yuan was received for biological asset reduction due to similar issues in April-May 2025 [1] Group 2: Compensation for Land Acquisition - The company received a compensation of 4.3638 million yuan for land acquisition related to the water supply and distribution pipeline project in Danzhou City, which will be recognized as non-operating income [1]

Core Viewpoint - The company has reported damages to its rubber and biological assets due to Typhoon "Jianyu," with an estimated reduction in dry rubber production for the year [1] Damage Assessment - The company has experienced varying degrees of damage to its rubber plantations and related production facilities in Hainan Province due to strong winds and heavy rain from the typhoon [1] - Approximately 0.28 thousand acres of rubber plantation have been rendered unusable, and around 360,000 rubber and non-rubber biological assets have been affected, including both tapped and young rubber trees [1] - The estimated reduction in dry rubber production for the year is about 0.25 thousand tons [1] Insurance and Compensation - The damaged assets are insured, and the insurance company will compensate within the agreed terms and amounts, which is expected to mitigate the impact of the disaster on the company [1] - The company has communicated the preliminary damage assessment to the insurance company, which is actively processing the insurance claims [1] - An advance payment of 5 million yuan for the cost of rubber tree insurance has already been made by the insurance company [1]

证券代码：601118 证券简称：海南橡胶 公告编号：2025-054 1 特此公告。 海南天然橡胶产业集团股份有限公司 关于台风"剑鱼"对公司影响的公告 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。 2025 年第 13 号台风"剑鱼"（强台风级）近日在三亚近海擦过，给海南省 南部地区带来强风雨天气。此次台风来袭前，海南天然橡胶产业集团股份有限公 司（以下简称"公司"）已启动防台应急预案，全面部署了防汛防风各项工作。 受台风带来的强风暴雨影响，公司在海南省内部分分子公司的橡胶等生物资产以 及配套生产设施等固定资产遭受不同程度的损失，无人员伤亡。经初步统计，公 司橡胶种植园报废面积约 0.28 万亩，零星受损橡胶及非胶生物性资产约 36 万株 （橡胶树含开割树和中小苗），预计全年干胶减产约 0.25 万吨。台风过境后， 公司迅速组织人员开展安全隐患排查及灾后复产工作，疏通胶园道路、扶正并加 固倒伏的橡胶树，以尽快恢复生产经营秩序，争取将灾害造成的损失降到最低。 目前，本次受灾的基地分公司已全部恢复生产经营。 本次受损的主要财 ...

证券代码：601118 证券简称：海南橡胶 公告编号：2025-055 海南天然橡胶产业集团股份有限公司 一、橡胶收入保险赔款 根据《海南橡胶 2025 年橡胶收入保险项目保险协议》的约定，2025 年 4 月 期间因病虫害导致收入损失，触发保险赔付条件，经査勘定损，确定保险赔付金 额为 54,202,559.89 元。公司近日已收到赔付款项，会计核算记入其他收益。 二、橡胶树保险赔款 以上具体会计处理最终以审计机构审计确认后的结果为准，敬请广大投资者 注意投资风险。 特此公告。 关于收到橡胶保险赔款及征地青苗补偿款的公告 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《海南橡胶 2025 年橡胶树物化成本保险项目保险协议》的约定，2025 年 4-5 月期间因病虫害触发保险赔付条件，经查勘定损，确定保险赔付金额为 9,566,373.00 元。公司近日已收到赔付款项，会计核算冲减生物性资产。 三、青苗补偿款 根据《海南省人民政府关于公布全省征地区片综合地价的通知》，公司近日 收到儋州市西区供水及配水管道工程等征地项目的 ...

Core Viewpoint - The company has reported damages caused by Typhoon "Jianyu," affecting its rubber and biological assets in Hainan Province, with no casualties reported [1] Damage Assessment - Approximately 0.28 thousand acres of rubber plantations have been rendered unusable due to the typhoon [1] - An estimated 360,000 rubber and non-rubber biological assets have been affected, including both tapped and young rubber trees [1] - The expected reduction in dry rubber production for the year is about 0.25 thousand tons [1] Insurance and Compensation - The damaged assets are insured, and the insurance company will compensate within the agreed terms and amounts, which is expected to mitigate the impact of the disaster [1] - The company has communicated the preliminary damage assessment to the insurance provider, which is actively processing the claims [1] - An advance payment of 5 million yuan for the cost of rubber tree insurance has already been made by the insurance company [1]

Market Overview - The planting industry sector declined by 0.69% on September 2, with Nopson leading the decline [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Individual Stock Performance - Kangnong Agricultural (837403) saw a significant increase of 6.59%, closing at 29.60 with a trading volume of 86,500 shares and a turnover of 251 million yuan [1] - Nopson (002215) experienced a decline of 2.93%, closing at 11.93 with a trading volume of 394,200 shares and a turnover of 471 million yuan [2] - Other notable performers include Shennong Agricultural (681000E) with a 1.20% increase, and Huagu Biological (300970) remaining flat at 9.33 [1][2] Capital Flow Analysis - The planting industry sector experienced a net outflow of 108 million yuan from institutional investors, while retail investors saw a net inflow of 112 million yuan [2] - The capital flow for individual stocks indicates that Shennong Agricultural had a significant net outflow of 68.06 million yuan from institutional investors [3] - In contrast, Huagu Biological had a net inflow of 22.29 million yuan from retail investors, indicating a mixed sentiment among different investor types [3]

Investment Rating - The industry is rated as "Buy" [4] Core Insights - In July, the Ministry of Agriculture and Rural Affairs reported a stable yet slightly declining breeding sow inventory at 40.42 million heads, with a significant increase in pig slaughtering volume, reaching 31.66 million heads, a month-on-month increase of 5.3% and a year-on-year increase of 30.4% [1][3] - The average price of commodity pigs showed a slight rebound to 14.84 yuan/kg in July, with a month-on-month increase of 1.9% but a year-on-year decrease of 21.6% [1] - The overall profitability of the industry remained marginal, with average profits per head for large-scale farms at 21 yuan and for smallholders at 6 yuan [1] Summary by Sections 1. Industry Performance - The agricultural sector outperformed the market, with the agricultural index rising by 2.02% compared to the Shanghai Composite Index's 0.84% increase [13] - The livestock farming sector saw a rise of 4.39%, while other sectors like animal health and fisheries experienced declines [13] 2. Key Data Tracking - The average price of live pigs was reported at 13.66 yuan/kg, down 0.65% week-on-week, while the average price of piglets was 27.14 yuan/kg, down 2.3% [22] - The average slaughter weight of pigs decreased to 127.83 kg, with a slight decline of 0.15 kg week-on-week [22] 3. Investment Recommendations - The pig farming sector is expected to enter a long-term profit upcycle, with recommendations for companies such as Muyuan Foods, Wens Foodstuff Group, and Juxing Agriculture [3][68] - The feed and animal health sectors are also highlighted for potential growth, particularly with the recent clinical trials of vaccines [3][68] - The planting chain is recommended for investment due to the upward trend in grain prices, with companies like Suqian Agricultural Development and Beidahuang being noted [3][68] - The pet food sector is experiencing growth, with recommendations for companies like Guibao Pet and Zhongchong Co., Ltd. [3][70]

Financial Performance - The company reported total revenue of 22.856 billion yuan for the first half of 2025, an increase of 18.99% year-on-year [1] - The net profit attributable to shareholders was -176 million yuan, showing a year-on-year improvement of 40.62% [1] - In Q2 2025, total revenue reached 12.816 billion yuan, up 15.82% year-on-year, while the net profit attributable to shareholders was -67.67 million yuan, an increase of 49.98% year-on-year [1] - The gross margin improved by 10.72% year-on-year to 3.35%, and the net margin increased by 46.16% year-on-year to -1.13% [1] - Total selling, administrative, and financial expenses amounted to 1.071 billion yuan, accounting for 4.69% of revenue, a decrease of 19.62% year-on-year [1] - Earnings per share were -0.04 yuan, an increase of 40.69% year-on-year, while operating cash flow per share was 0.46 yuan, up 749.41% year-on-year [1] Business Evaluation - The company's return on invested capital (ROIC) was 1.99% last year, indicating weak capital returns [2] - The net profit margin was -0.17%, suggesting low added value in products or services [2] - Historical data shows a median ROIC of 1.72% over the past decade, with two years of losses since the company went public, indicating a fragile business model [2] Debt and Cash Flow Analysis - The company has a healthy cash asset position, but attention is needed on cash flow metrics [3][4] - The ratio of cash and cash equivalents to current liabilities is 50.5%, and the average operating cash flow over the past three years to current liabilities is only 9.03% [4] - The interest-bearing debt ratio is 45.9%, and the ratio of interest-bearing liabilities to the average operating cash flow over the past three years is 12.81% [4] - Financial expenses account for 53.15% of the average operating cash flow over the past three years, indicating potential financial strain [4] Accounts Receivable - The accounts receivable to profit ratio has reached 1486.77%, suggesting significant concerns regarding receivables management [5] Fund Holdings - The largest fund holding in the company is the Dongfanghong Qiheng Mixed Fund, with 53.1366 million shares, which has reduced its holdings [5] - Other funds, such as Huatai-PB Growth Mixed A and Huatai-PB Fundamental Smart A, have increased their positions in the company [5] - The largest fund currently has a scale of 631 million yuan, with a recent net value increase of 1.92% and a yearly increase of 28.66% [5]

Core Viewpoint - Hainan Rubber (601118.SH) reported a significant increase in revenue for the first half of 2025, indicating a positive trend in its financial performance despite a net loss [1] Financial Performance - The company achieved an operating revenue of 22.856 billion yuan, representing a year-on-year growth of 18.99% [1] - The net profit attributable to shareholders was a loss of 176 million yuan, which is an improvement of 120 million yuan compared to the same period last year [1] - The basic earnings per share stood at -0.0411 yuan [1]

Group 1 - The threshold for entering the 2025 Hainan Top 100 Enterprises list is set at a revenue of 1.939 billion yuan, which is a significant increase of 226 million yuan or 13.2% compared to the previous year [1] - The top ten companies in the 2025 Hainan Top 100 Enterprises list include China Petroleum & Chemical Corporation Hainan Refining & Chemical Co., Hainan Airlines Holding Co., Hainan Development Holdings Co., Hainan Natural Rubber Industry Group Co., Sunshine Life Insurance Co., Zijin International Holdings Co., Tok Trading (Hainan) Co., Hainan Yisheng Petrochemical Co., China Petroleum Sales Co. Hainan Oil Branch, and Jianfa (Hainan) Co. [1] - The total asset value of the 2025 Hainan Top 100 Enterprises reached 27,544.78 billion yuan, an increase of 2,735.86 billion yuan or 11.03% from the previous year [1] Group 2 - The 2025 Hainan Top 100 Enterprises achieved a total operating revenue of 856.442 billion yuan, which is an increase of 23.276 billion yuan or 2.8% from the previous year [2] - There are 40 companies with revenue exceeding 5 billion yuan, contributing a total of 656.353 billion yuan, which accounts for 77% of the total revenue of the top 100 enterprises [2] - The service industry comprises 66% of the top 100 enterprises, while manufacturing accounts for 24%, indicating an imbalance in industry distribution, with fewer high-tech and tropical characteristic agriculture companies represented [2]