Core Viewpoint - Hainan Rubber's financial report for 2024 reveals a significant increase in cash reserves but also a concerning rise in interest-bearing liabilities, leading to a "high debt and high cash" situation that has attracted regulatory scrutiny [1] Financial Performance - The company's cash balance reached 5.688 billion yuan, a year-on-year increase of 62.24% [1] - Interest-bearing liabilities rose to 13.943 billion yuan, with short-term loans at 8.273 billion yuan and long-term loans at 5.670 billion yuan, reflecting a year-on-year increase of 42.43% [1] - The interest expense for the year was 744 million yuan, with an average financing cost of 4.82% [1] Investment and Funding Strategy - 56% of the cash (approximately 3.188 billion yuan) is deposited with the affiliated Hainan Agricultural Reclamation Group Finance Company, primarily in agreed deposits and three-month fixed deposits, yielding an average annual interest rate of only 1.15%-1.38% [1] - The company explained that the increase in liabilities was due to the acquisition of Chengsheng Agriculture, which expanded operational scale and increased working capital needs by approximately 1.3 billion yuan [1] - An additional 1.158 billion yuan in long-term loans was taken to meet raw material inventory needs during the natural rubber suspension period [1] Profitability Concerns - The company's net profit attributable to shareholders was 103 million yuan, but the non-recurring net profit attributable to shareholders showed a loss of 581 million yuan, indicating an inability to cover interest expenses [1] - The interest expense accounted for 1.5% of revenue, with an interest coverage ratio of only 1.18 times, significantly below the industry safety level [1]

Core Viewpoint - Hainan Rubber reported a significant increase in revenue for 2024, but a substantial decline in net profit, indicating challenges in profitability despite higher sales [1] Business Performance and Analysis - In 2024, Hainan Rubber achieved operating revenue of 49.673 billion yuan, a year-on-year increase of 31.80%, while the net profit attributable to shareholders was 103 million yuan, a decrease of 65.20%. The non-recurring net profit was -581 million yuan, indicating a prolonged state of non-recurring losses [1][2] - The highest revenue segment was rubber trading, reaching 36.322 billion yuan, followed by rubber primary processing at 15.883 billion yuan, rubber planting at 1.848 billion yuan, and rubber deep processing at 803 million yuan. Domestic revenue was 29.668 billion yuan, up 58.46%, with a gross margin of 1.89%, while overseas revenue was 18.909 billion yuan, unchanged from the previous year, with a gross margin of 4.68% [2] - The company faced challenges in domestic markets due to intense competition, low product premiums, and high raw material costs, which contributed to the low gross margin despite revenue growth [2] Financial Position - As of the end of the reporting period, the company had cash and cash equivalents of 5.688 billion yuan, an increase of 62.24% year-on-year. Short-term borrowings were 8.273 billion yuan, and long-term borrowings were 5.670 billion yuan, both showing a year-on-year increase of 42.43% [4] - The increase in borrowings is primarily for operational expansion and support, with the overall impact on profitability being minimal [4] Inventory Situation - The ending inventory balance was 5.272 billion yuan, primarily consisting of raw materials and finished goods. The high proportion of inventory to current assets is related to the company's operational characteristics and seasonal factors [5] Accounts Receivable and Payable - The balance of prepaid accounts was 609 million yuan, a year-on-year increase of 23.90%, mainly due to purchases of natural rubber and dry glue. Other receivables amounted to 1.182 billion yuan, down 49.80% year-on-year, primarily due to the recovery of several initial payments [6] Construction in Progress - The balance of construction in progress was 550 million yuan, an increase of 84.33%, mainly for the "Hainan Agricultural Reclamation Natural Rubber Production Capacity Construction Project." The necessity and rationality of this project have been confirmed, with no inappropriate expenses or related party fund occupation [7]

Main Business and Performance - The company primarily engages in rubber planting, processing, and trading, reporting a revenue of 48.577 billion RMB with a non-recurring net profit loss of 581 million RMB, indicating a long-term state of non-recurring losses [1][2] - The domestic revenue remained stable with a gross margin of 4.68%, while the company did not disclose detailed segment information by rubber planting, initial processing, deep processing, and trading [1][3] - The company is required to provide additional disclosures regarding its main business segments, including revenue growth reasons and gross margin differences between domestic and international markets [1][2] Revenue and Cost Analysis - The breakdown of main business income and costs shows that rubber trading generated 36.32 billion RMB in revenue, while initial processing brought in 15.88 billion RMB, and planting contributed 1.85 billion RMB [2][3] - The gross margin for domestic sales was 1.89%, while international sales had a gross margin of 4.68%, highlighting a significant difference in profitability between the two markets [3][4] - The company’s revenue from domestic markets is growing faster than from international markets, attributed to the increasing demand for natural rubber in China, which is a major consumer but has a low self-sufficiency rate of only 12% [3][4] Business Operations and Structure - The company operates through several subsidiaries, including Hainan Natural Rubber Industry Group, Jinxiang Co., Shanghai Longxiang International Trade Co., and Yunnan Haijiao Rubber Industry Co., with varying degrees of ownership and operational focus [1][2] - The internal trading arrangements among subsidiaries are structured to enhance sales management, with a focus on prioritizing sales to Shanghai Longxiang as the main domestic sales platform [5][6] - The company has established a strategic arrangement for production and sales functions among its subsidiaries, which is deemed reasonable and aligned with normal business logic [5][6] Customer and Supplier Relationships - The company has identified significant changes in its customer base, with new major clients including Sichuan Haida Rubber Group and Shandong Linglong Tire Co., indicating a shift in sales dynamics [6] - The top five customers have shown increased sales amounts, with notable growth in transactions with new clients compared to the previous year [6] - The company is also required to disclose information regarding its major suppliers and any significant changes in supplier relationships over the past two years [5][6]

Core Viewpoint - The company, Hainan Natural Rubber Industry Group Co., Ltd., has received a regulatory inquiry from the Shanghai Stock Exchange regarding its 2024 annual report, highlighting concerns about its financial performance and disclosure practices [1]. Business and Performance - The company reported a revenue of RMB 48.577 billion in the agricultural sector, with a net profit of -RMB 5.81 billion, indicating a long-term non-operating loss [1]. - The domestic revenue remained stable with a gross margin of 4.68% [1]. - The company has not disclosed detailed segment information for its main business activities, which include rubber planting, processing, and trading [2]. Revenue Breakdown - The main business revenue is categorized as follows: - Rubber trading: RMB 36.32 billion - Rubber initial processing: RMB 15.88 billion - Rubber planting: RMB 1.85 billion - Rubber deep processing: RMB 0.80 billion [3]. - The total revenue from rubber products reached RMB 48.335 billion, with significant contributions from both domestic and international markets [3]. Domestic vs. International Sales - Domestic sales showed a higher growth rate compared to international sales, attributed to the increasing demand for natural rubber in China, which is a major consumer market [4]. - The gross margin for domestic sales was lower than that for international sales due to factors such as market competition and higher production costs domestically [5]. Business Structure and Subsidiaries - The company operates through various subsidiaries, with full ownership in several entities involved in rubber planting, processing, and trading [6]. - The total assets of the company were reported at RMB 2.698 billion, with a net asset value of RMB 1.201 billion [6]. Customer and Supplier Relationships - The company has identified its top five customers, including Sichuan Haida Rubber Group and Shandong Linglong Tire Co., with significant increases in transaction amounts [7][9]. - The top five suppliers include companies like Sichuan Chuanxiang Tongli Trade Co., with notable increases in procurement amounts [9]. Internal Transactions - Internal transactions between the parent company and subsidiaries are structured to optimize production and sales functions, ensuring efficient resource allocation [6].

金证(上海)资产评估有限公司关于上海证券交易所 《关于海南天然橡胶产业集团股份有限公司 2024年年度 报告的信息披露监管问询函》的回复 上海证券交易所: 根据贵所《关于海南天然橡胶产业集团股份有限公司 2024年年度报告的信 息披露监管问询函》(以下简称"问询函")的要求,金证(上海)资产评估有限 公司作为海南天然橡胶产业集团股份有限公司(以下简称"海南橡胶")2024年年 报提供商誉减值测试相关专项服务的评估机构,对《问询函》涉及的有关问题回 复如下: 问题二(2) : 二、关于合盛农业。年报显示,公司2023年收购合盛农业集团有限公司(以 下简称合盛农业）,合盛农业 2022-2024年持续亏损,2024年实现营业收入 268.99 亿元,同比增长 39.55%,净利润-4.68亿元。收购合盛农业产生的商誉账面原值 17.24 亿元,至今未计提减值。前期公司年报回函使用市场法 P/B 比率估值,并 分析合盛农业未来有较大收入增长以及盈利空间,因此未对商誉计提减值。请公 司补充披露: (2) 报告期合盛农业商誉减值测试的具体过程,结合实际业绩表 现、实际业绩与前次预测参数对比情况,说明评估方法、预测参数选 ...

证券代码：601118 证券简称：海南橡胶 公告编号：2025-048 海南天然橡胶产业集团股份有限公司 关于上海证券交易所对公司 2024 年年度报告信息披露 监管问询函的回复公告 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法律责任。 海南天然橡胶产业集团股份有限公司（以下简称"海南橡胶"或"公司"） 近期收到上海证券交易所发送的《关于海南天然橡胶产业集团股份有限公司2024 年年度报告的信息披露监管问询函》（上证公函【2025】0928号，以下简称《监 管问询函》），公司及各相关方就《监管问询函》关注的问题逐项进行认真核查， 现就函件相关内容及回复公告如下。 如无特别说明，本回复中使用的简称或名词释义与公司《2024年年度报告》 一致，金额单位为人民币万元。部分合计数若与各明细数之和存在尾数差异，系 为四舍五入所致。 一、关于主营业务及业绩 年报显示，公司主营橡胶种植、加工和贸易等业务，报告期实现营业收入 496.73 亿元，同比增长 31.80%，实现归母净利润 1.03 亿元，同比下降 65.20%， 扣非净利润-5.81 ...

目 录 年报显示，公司主营橡胶种植、加工和贸易等业务，报告期实现营业收入 496.73 亿元，同比增长 31.80%，实现归母净利润 1.03 亿元，同比下降 65.20%， 扣非净利润-5.81 亿元，长期处于扣非亏损状态。分行业看，公司未按主营业务 披露细分行业信息，仅披露农业行业收入 485.77 亿元。分地区看，境内收入 296.68 亿元，同比增长 58.46%，毛利率 1.89%，境外收入 189.09 亿元，与去年 同期持平，毛利率 4.68%。此外，前期年报回函显示，公司存在客户和供应商重 合或属同一控制的情形，且贸易业务收入确认分别采用了总额法和净额法。 | 关于主营业务及业绩……………………………………… 一、 | 第 | 1—22 | 页 | | --- | --- | --- | --- | | 二、关于合盛农业…………………………………………… | 第 | 22—29 | 页 | | 三、关于货币资金和借款………………………………… ……第 | | 30—34 | 页 | | 四、关于存货…………………………………………………… | 第 | 34—43 | 页 | | 五、关于往来款 ...

Group 1 - The core point of the article highlights the recent performance and financial metrics of Hainan Rubber (601118), noting a stock price of 4.98 yuan, a decline of 1.19%, and a trading volume of 616,000 hands with a transaction amount of 308 million yuan as of July 30, 2025 [1] - The company reported total operating revenue of 10.039 billion yuan for Q1 2025, representing a year-on-year growth of 23.30%, and a net profit attributable to shareholders of 108.377 million yuan, up 32.76% year-on-year [1] - The financial ratios indicate a current ratio of 1.045, a quick ratio of 0.698, and a debt-to-asset ratio of 69.93% [1] Group 2 - Hainan Rubber has made investments in 26 companies and participated in 331 bidding projects, showcasing its active engagement in the market [2] - The company holds 151 trademark registrations and 69 patents, indicating a strong focus on intellectual property [2] - Additionally, Hainan Rubber possesses 297 administrative licenses, reflecting its compliance and operational capabilities [2]

Group 1 - The company held the 41st meeting of the 6th Board of Directors on December 30, 2024, and the first extraordinary shareholders' meeting of 2025 on January 22, 2025, where it approved the proposal to apply for the registration and issuance of domestic debt financing instruments [1] - The company received the acceptance notice from the China Interbank Market Dealers Association for the registration of medium-term notes with a total amount of 1.5 billion yuan, valid for two years from the date of the notice [1] - The company has recently completed the issuance of the first phase of medium-term notes for 2025, with specific details available on the China Money website and the Shanghai Clearing House website [1]

Group 1 - The stock price of Hainan Rubber closed at 5.04 yuan on July 29, 2025, down 0.04 yuan or 0.79% from the previous trading day [1] - The company reported a total revenue of 10.039 billion yuan for Q1 2025, with a net loss attributable to shareholders of 108 million yuan [1] - Hainan Rubber completed the issuance of its first phase of medium-term notes for 2025, raising a total of 350 million yuan at an interest rate of 2.07% [1] Group 2 - Hainan Rubber's main business includes the planting, processing, and sales of natural rubber, along with involvement in rubber products and trade [1] - The company is a key enterprise in Hainan Province, covering the entire rubber industry chain and engaging in concepts such as the Hainan Free Trade Zone and biodegradable plastics [1] - On July 29, 2025, the net outflow of main funds was 15.4142 million yuan, accounting for 0.07% of the circulating market value [1]