Financial Performance - The company achieved a net profit of CNY 195,542,021.98 for the year 2019, with a total distributable profit of CNY 565,192,591.17 after accounting for retained earnings and legal reserves[3]. - The company reported a retained earnings balance of CNY 550,214,593.88 to be carried forward to the next fiscal year[3]. - The company's operating revenue for 2019 was CNY 13,747,601,241.97, representing a year-on-year increase of 4.19% compared to CNY 13,194,526,248.28 in 2018[16]. - Net profit attributable to shareholders of the listed company decreased by 42.47% to CNY 135,145,295.96 from CNY 234,901,096.69 in the previous year[16]. - Basic earnings per share for 2019 were CNY 0.0316, down 43.17% from CNY 0.0556 in 2018[17]. - The weighted average return on net assets for 2019 was 1.39%, a decrease of 1.3 percentage points from 2.69% in 2018[18]. - The company reported a net profit of CNY 43,066,898.51 in Q4 2019, compared to CNY 10,849,490.45 in Q3 2019[20]. - The total assets at the end of 2019 were CNY 16,686,519,942.88, an increase of 2.62% from CNY 16,261,066,847.16 at the end of 2018[16]. - The net assets attributable to shareholders of the listed company decreased by 4.13% to CNY 9,495,067,018.75 from CNY 9,904,585,227.46 in 2018[16]. - The company reported a total fair value change gain of CNY 242,612,395.76, with a significant contribution from other operating income of CNY 176,918,796.30, primarily from land compensation and social insurance subsidies[23]. Dividends and Shareholder Returns - A cash dividend of CNY 0.035 per share (including tax) is proposed, totaling CNY 14,977,997.29, which represents 11.08% of the net profit attributable to shareholders[3]. - The cash dividend for 2019 is set at 0.035 yuan per share, with a total cash distribution of approximately 14.98 million yuan, representing 11.08% of the net profit attributable to shareholders[88]. Risk Management - The company has no significant risks affecting its ongoing operations during the reporting period[5]. - The company has a comprehensive risk management strategy in place to address potential operational risks[5]. - The company recognizes natural disasters as a significant risk factor, implementing preventive measures and purchasing agricultural insurance to mitigate impacts[86]. - The company is committed to improving internal controls and risk management processes to mitigate operational risks[85]. Acquisitions and Investments - The company acquired and gained control of Jiangsu Aidefu Company, a leading manufacturer in latex foam furniture, enhancing its production scale and profitability[26]. - The company completed the acquisition of R1 Company and 80% of Jiangsu Aidefu Company, enhancing its product value chain[39]. - The company made a new equity investment of CNY 208,617.89 million and USD 6,554.24 million during the reporting period, an increase of CNY 109,427.35 million compared to the previous year[69]. - The company completed a significant asset restructuring involving the acquisition of 5,010,888 shares of R1 Company, which was approved by the board and disclosed in multiple announcements[73]. - The company is actively pursuing market expansion through strategic partnerships and acquisitions to strengthen its competitive position[74]. Research and Development - The company’s R&D expenses rose by 86.06% to 32.3 million RMB, reflecting a strong focus on technological innovation[42]. - Research and development expenses totaled CNY 32.28 million, representing 0.23% of total revenue, with a focus on various innovative technologies[50]. - The company’s research and development expenses for 2019 amounted to CNY 32,282,849.13, compared to CNY 17,351,014.12 in 2018, representing an increase of about 86.73%[192]. Environmental Compliance - The company has implemented a zero-emission policy at certain facilities, with wastewater being treated and reused for production and irrigation[126]. - Hainan Rubber has established a total of 14 standard discharge outlets across its processing plants, ensuring compliance with environmental regulations[126]. - All processing plants have met the environmental discharge standards, achieving either standard discharge or "zero discharge" status[130]. - The company has established emergency response plans for environmental incidents, which have been filed with the relevant environmental authorities[131]. Financial Health - The company has outstanding borrowings of 740 million yuan from various financial institutions, with repayment dates ranging from 2020-01-13 to 2020-11-25[101]. - The company has not defaulted on any court judgments or significant debts during the reporting period[99]. - The company has a total of RMB 680.47 million in guarantees exceeding 50% of net assets[112]. - The company has completed the repayment of 300 million RMB from a structured deposit with Hainan Bank, yielding an annual return of 4.75%[114]. Corporate Governance - The company has established various governance policies to enhance operational standards, including the management of the chairman's reward fund and overseas subsidiaries[162]. - The company held five temporary shareholder meetings in 2019, with the first meeting on January 7, 2019[163]. - The company has a diverse executive team with significant experience in various sectors, including finance and management[148]. - The total remuneration paid to directors, supervisors, and senior management for the year 2019 amounted to CNY 6.6287 million[156]. Social Responsibility - The company has successfully helped 19 out of 27 targeted poverty households to escape poverty, with ongoing support for the remaining households[118]. - Hainan Rubber plans to continue its poverty alleviation efforts in 2020, focusing on employment and industrial poverty alleviation to help the remaining 8 impoverished households[124]. - The company is actively involved in various poverty alleviation strategies, including employment and industry support[117]. Market Trends - The global natural rubber production decreased by 0.7% in 2019, totaling 13.76 million tons, due to adverse weather conditions and disease affecting rubber trees in Southeast Asia[27]. - Global natural rubber consumption also fell by 0.96% to 13.704 million tons, with significant declines in China and India at 3.4% and 6.9% respectively[29]. - The automotive industry, which accounts for approximately 75% of global natural rubber demand, experienced a significant downturn, with global car sales dropping by 3.1 million units in 2019, the largest annual decline since the 2008 financial crisis[31].

Investment Rating - The report assigns a "Neutral" investment rating to Hainan Rubber [1][3][4]. Core Views - Hainan Rubber is a leading player in the domestic rubber industry, focusing on the sale of natural rubber products. The company has a significant market share, accounting for approximately 22% of global natural rubber trade volume in 2022, with a trading volume of 3.1 million tons [1][10]. - The company is actively expanding its product range into specialty rubber and deep processing sectors while maintaining a strong presence in various related fields such as rubber wood processing, finance, logistics, and e-commerce [1][10]. - The report highlights a favorable demand outlook for natural rubber, driven by macroeconomic recovery and strong sales in the electric vehicle sector, which is expected to support price increases in the future [1][38]. Summary by Sections Company Overview - Hainan Rubber is recognized as a domestic leader in the rubber industry, with a complete industrial chain from planting to processing and sales. The company owns approximately 4 million acres of rubber plantations, representing about 2% of the global total [1][10][12]. - The company has established a robust sales network covering major rubber-producing regions globally and maintains long-term partnerships with numerous well-known tire and rubber product manufacturers [1][10]. Industry Analysis - The report indicates that the supply of natural rubber has been declining since 2013, with traditional production areas entering a contraction phase. This, combined with recovering demand, suggests a potential upward trend in natural rubber prices [1][38]. - The global natural rubber market is heavily reliant on Southeast Asia, with Thailand, Indonesia, and Vietnam contributing over 60% of the total production [40]. Financial Forecast and Valuation - The company is projected to achieve a net profit of 2.2 million, 1.4 million, and 1.7 million yuan for the years 2023, 2024, and 2025, respectively, with significant year-on-year growth expected in 2023 [2][22]. - The report estimates a reasonable valuation range for the company's stock at 4.8 to 5.1 yuan, indicating a potential upside of about 5% from the current price [3][4].

证券研究报告 | 2024年04月29日 海南橡胶（601118.SH） 中性 国内橡胶产业龙头，主业升级稳步推进 核心观点 公司研究·深度报告 公司是国内橡胶产业龙头。公司以销售天然橡胶初加工产品作为核心业务， 农林牧渔·种植业 2022年，公司橡胶贸易量310万吨（含受托管理的KM公司和ART公司，不 证券分析师：鲁家瑞 证券分析师：李瑞楠 含HAC公司），约占全球的22%，在全球天然橡胶行业上拥有较强的行业影 021-61761016 021-60893308 lujiarui@guosen.com.cn liruinan@guosen.com.cn 响力和市场竞争力。目前公司旗下的标胶产品已涵盖全乳胶、5号标胶、20 S0980520110002 S0980523030001 号标胶、子午线轮胎胶等主要品类且正积极向特种胶、橡胶深加工等领域纵 联系人：江海航 深拓展。除天然橡胶主业外，公司还广泛涉足橡胶木加工与销售、金融、仓 010-88005306 jianghaihang@guosen.com.cn 储物流、电子商务等众多领域，围绕主业升级、副业并进的发展战略，公司 基础数据 未来有望实现长足发展 ...

海南天然橡胶产业集团股份有限公司 证券代码：601118 证券简称：海南橡胶 公告编号：2024-023 在上述授权金额及期限内，公司合计使用3.5亿元闲置募集资金暂时补充流动 资金。 截至 2024 年 4 月 25 日，公司已将上述暂时用于补充流动资金的募集资金 3.5 亿元人民币全部归还至募集资金专户，并已将该归还情况通知保荐机构和保 荐代表人。 特此公告。 海南天然橡胶产业集团股份有限公司 董 事 会 2024 年 4 月 26 日 1 关于归还暂时补充流动资金的闲置募集资金的公告 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。 海南天然橡胶产业集团股份有限公司（以下简称"公司"）于2023年4月26日 召开第六届董事会第二十一次会议和第六届监事会第十二次会议，审议通过了《海 南橡胶关于使用部分闲置募集资金暂时补充流动资金的议案》，在保证募集资金投 资项目建设的资金需求和不影响募集资金投资项目正常进行的前提下，为提高闲 置募集资金使用效率，同时降低公司的财务费用，同意使用部分闲置募集资金暂时 补充公司流动资金，金额不超 ...

证券代码：601118 证券简称：海南橡胶 公告编号：2024-022 海南天然橡胶产业集团股份有限公司 海南天然橡胶产业集团股份有限公司 董 事 会 2024 年 3 月 29 日 1 附件：人员简历 杨宇：男，1972 年 10 月出生，工商管理硕士，高级国际商务师。2018 年 1 月至今，任合盛农业集团有限公司中国区首席代表，期间先后兼任合盛天然橡胶 (上海)有限公司董事长、总经理，海南中化橡胶有限公司董事长、总经理，西双 版纳中化橡胶有限公司董事长、总经理，上海玺美橡胶制品有限公司董事长、总 经理，海南天然橡胶产业集团金橡有限公司董事长，云南海胶橡胶产业有限公司 董事长等职务；2023 年 3 月至 2024 年 2 月，任海南橡胶副总经理；2023 年 11 月至今，兼任天然橡胶产业创新联盟秘书长；2024 年 2 月至 2024 年 3 月，任海 南橡胶总经理；2024 年 3 月至今，任海南橡胶董事、总经理。 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 ...

海南晋世律师事务所 关于海南天然橡胶产业集团股份有限公司 2024 年第二次临时股东大会的法律意见书 琼晋律法字[2024]第149号 1 业务标准、道德规范和勤勉尽责精神，本所出具法律意见如下： 一、本次股东大会的召集、召开程序 （一）公司董事会已于 2024 年 3 月 13 日在《中国证券报》 《上海证券报》《证券时报》《证券日报》以及上海证券交易所 网站（www.sse.com.cn）上刊登《关于召开 2024 年第二次临时 股东大会的通知》（以下简称《会议通知》）。前述公告已载明 了本次股东大会的会议召集人、现场会议召开时间和网络投票时 间、会议地点、会议召开方式、会议审议事项、参与网络投票的 股东的投票程序、会议出席对象、参与现场会议股东的登记方法 等内容。本次股东大会现场会议定于 2024 年 3 月 28 日 15:00 召 开。公司董事会已就本次股东大会的召开作出决议并于会议召开 提前十五日通知了全体股东。 海南晋世律师事务所（以下简称"本所"）接受海南天然橡 胶产业集团股份有限公司（以下简称"公司"）的委托，指派律 师覃坤妹、刘悦笛出席公司于2024年3月28日15：00在海南省海 口市滨 ...

证券代码：601118 证券简称：海南橡胶 公告编号：2024-021 海南天然橡胶产业集团股份有限公司 2024 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：2024 年 3 月 28 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： | 1、出席会议的股东和代理人人数 | 12 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 2,818,746,349 | | 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 | 65.8673 | | 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。 本次会议由董事会召集，副董事长王天明先生主持。 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》的规定。 (五)公司董事、监事和董事会 ...

证券代码：601118 证券简称：海南橡胶 公告编号：2024-020 海南天然橡胶产业集团股份有限公司 关于公司董事辞职的公告 1 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"公司"）董事会近日收到 公司董事李小平先生的辞职报告。因工作变动原因，李小平先生辞去公司第六届 董事会董事职务。李小平先生辞职后将不再担任公司任何职务。 根据《公司法》《公司章程》等有关规定，李小平先生的辞职不会导致公司 董事会人数低于法定人数，不会影响公司董事会的正常运作，其辞职报告自送达 董事会之日起生效。李小平先生在担任公司董事期间认真履职、勤勉尽责，公司 董事会对李小平先生为公司发展所做出的贡献表示衷心的感谢！ 特此公告。 海南天然橡胶产业集团股份有限公司 董 事 会 2024年3月19日 ...

海南天然橡胶产业集团股份有限公司 2024 年第二次临时股东大会会议资料 股票简称：海南橡胶 股票代码：601118 2024 年 3 月 28 日，中国 海口 1 海南天然橡胶产业集团股份有限公司 2024年第二次临时股东大会 资 料 目 录 | 一、股东大会参会须知 | 3 | | --- | --- | | 二、现场会议议程 | 4 | | 三、本次股东大会审议事项 | 5 | | 关于与海南农垦集团财务有限公司签订《金融服务协议》的议案 | 5 | | 关于重新制定《独立董事工作制度》的议案 | 9 | | 关于选举董事的议案 | 10 | 2 一、股东大会参会须知 为维护投资者的合法权益，保障股东在公司2024年第二次临时股东大会期间依法行 使权利，确保股东大会的正常秩序和议事效率，根据《公司法》《公司章程》《股东大会 议事规则》的有关规定，制订如下参会须知： 1、欢迎参加本公司2024年第二次临时股东大会。本次会议采取现场记名投票表决 与网络投票表决相结合的方式审议有关议案。股东只能选择现场投票和网络投票中的一 种表决方式，同一表决权出现重复表决的以第一次投票为准。 2、请按照本次股东大会会议通知 ...

海南天然橡胶产业集团股份有限公司 关于海南农垦集团财务有限公司为公司提供金融服 务的风险评估报告 一、海南农垦集团财务有限公司基本情况 海南农垦集团财务有限公司（以下简称"农垦财务公司"）由海南省农垦投 资控股集团有限公司和海南天然橡胶产业集团股份有限公司（以下简称"公司" 或"本公司"）共同出资组建，于 2011 年 12 月 15 日成立，系经中国银行保险业 监 督 管 理 委 员 会 批 准 成 立 的 非 银 行 金 融 机 构 ， 金 融 许 可 证 机 构 编 码:L0140H246010001。 农垦财务公司注册资本人民币 50,000 万元，其中海南省农垦投资控股集团 有限公司出资 40,000 万元，持股 80%；公司出资 10,000 万元，持股 20%。 农垦财务公司法定代表人邓文杰,企业法人营业执照统一社会信用代码： 9146000058393623X5，注册地址：海南省海口市滨海大道 115 号海垦国际金融中 心 23 层。 农垦财务公司经营范围：对成员单位办理财务和融资顾问、信用签证及相关 咨询、代理业务；协助成员单位实现交易款项的收付；经批准的保险代理业务； 对成员单位提供担保； ...