[Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) [Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This chapter provides basic company information and key financial data for H1 2021, highlighting revenue growth and narrowed net losses [Key Financial Indicators](index=5&type=section&id=%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company's H1 2021 revenue grew 10.52% to RMB 6.51 billion, with narrowed net losses and a 9.19% increase in total assets | Indicator | Current Period (Jan-Jun) | Same Period Last Year | Change (%) | | :--- | :--- | :--- | :--- | | **Operating Revenue (RMB)** | 6,509,399,856.51 | 5,889,909,139.95 | 10.52 | | **Net Profit Attributable to Shareholders (RMB)** | -115,782,348.39 | -203,206,057.60 | N/A | | **Net Profit Attributable to Shareholders (Non-recurring items deducted) (RMB)** | -224,667,121.88 | -393,405,462.56 | N/A | | **Net Cash Flow from Operating Activities (RMB)** | -575,614,767.67 | -570,842,592.98 | N/A | | **Basic Earnings Per Share (RMB/Share)** | -0.0271 | -0.0475 | N/A | | **Weighted Average Return on Equity (%)** | -1.21 | -2.11 | Increased by 0.90 percentage points | | **Indicator** | **End of Current Period** | **End of Last Year** | **Change (%)** | | **Total Assets (RMB)** | 19,366,642,843.91 | 17,736,724,997.11 | 9.19 | | **Net Assets Attributable to Shareholders (RMB)** | 9,352,625,619.09 | 9,776,180,502.19 | -4.33 | [Non-recurring Profit and Loss Items](index=6&type=section&id=%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) The company recorded total non-recurring gains of RMB 109 million, primarily from fair value changes in financial assets and government subsidies | Non-recurring P&L Item | Amount (RMB) | | :--- | :--- | | Gains from fair value changes and investment income from trading financial assets/liabilities | 128,292,830.06 | | Government grants recognized in current profit or loss | 9,308,295.85 | | Other non-operating income and expenses | 3,729,851.56 | | Reversal of impairment provision for individually tested receivables | 1,273,795.83 | | Gains/losses on disposal of non-current assets | 241,838.07 | | Effect on minority interests | -3,351,254.36 | | Effect of income tax | -30,610,583.52 | | **Total** | **108,884,773.49** | [Management Discussion and Analysis](index=8&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section analyzes the company's operating environment, core competencies, and risks, highlighting its focus on the natural rubber business [Industry and Core Business](index=8&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company's core business is natural rubber, with revenue growing 10.52% amid recovering global demand and volatile prices - The company's core business includes natural rubber, rubberwood processing, warehousing logistics, and agricultural materials, making it **China's largest natural rubber producer**[16](index=16&type=chunk)[17](index=17&type=chunk)[18](index=18&type=chunk) - In H1 2021, global natural rubber production **grew by 6.8%** and consumption **grew by 19.3%** year-on-year, indicating a market recovery[23](index=23&type=chunk)[25](index=25&type=chunk) - During the reporting period, the company achieved steady performance growth, with operating revenue reaching **RMB 6.51 billion**, a **10.52% year-on-year increase**; dry rubber output was **24,100 tons**, up **25%**; and natural rubber processing volume was **88,100 tons**, up **152.43%**[22](index=22&type=chunk) [Core Competency Analysis](index=11&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core strengths lie in its vast plantation area, advanced technology, and industry leadership in standard-setting - The company possesses the **largest rubber plantation area in China**, giving it significant competitive advantages in resources, scale, management, and technology, solidifying its industry leadership[29](index=29&type=chunk) - The company excels in technological innovation, having established the **first fully automated standard rubber production line in China**, and is the country's largest producer of ammonia-free and low-ammonia concentrated latex with a ten-thousand-ton production capacity for nano-clay rubber[29](index=29&type=chunk) [Discussion and Analysis of Operations](index=11&type=section&id=%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In H1 2021, the company focused on risk prevention and its core business, achieving significant growth in rubber production and processing - Through optimized management and technical standards, state-owned rubber production reached **24,100 tons in H1 2021**, a **25% year-on-year increase**[31](index=31&type=chunk)[32](index=32&type=chunk) - The capacity utilization of processing plants on the island was effectively improved, completing **60,000 tons of rubber processing** in the first half of the year, a **162% year-on-year increase**[32](index=32&type=chunk) - The company has made progress in innovation and new business expansion, including establishing a joint venture with Wangfujing to enter the **duty-free business** and forming a company to develop **intelligent rubber tapping machines**[34](index=34&type=chunk)[35](index=35&type=chunk) [Analysis of Key Operations](index=12&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This part details financial performance, impacts of the new lease standard, and investments in new joint ventures [Potential Risks](index=16&type=section&id=%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces major risks from natural disasters, commodity price volatility, and global pandemic-related supply chain disruptions - The company is exposed to **natural disaster risks** such as typhoons, droughts, cold spells, and pests; although agricultural insurance is in place, these risks remain a significant challenge[47](index=47&type=chunk) - As a commodity, natural rubber prices are subject to **sharp fluctuations** due to global economic conditions, trade policies, exchange rates, and capital market activities, posing a risk to the company's performance[47](index=47&type=chunk) - The recurring global COVID-19 pandemic, especially in major Southeast Asian producing countries, along with a shortage of shipping containers and soaring freight costs, impacts the company's **import and export trade**[47](index=47&type=chunk) [Corporate Governance](index=18&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86) This section outlines the company's governance structure and significant changes in its board and senior management during the period [Changes in Directors, Supervisors, and Senior Management](index=18&type=section&id=%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company experienced several changes in key personnel, including the appointment of a new president and the departure of several directors | Name | Position | Type of Change | | :--- | :--- | :--- | | Li Xiaoping | Director | Elected | | Jiang Hongtao | Director, President | Elected, Appointed | | Lin Fengyuan | Vice President | Appointed | | Li Chao | Director, President | Resigned | | Wang Bing | Director | Resigned | | Chen Shengwen | Vice President | Resigned | [Environmental and Social Responsibility](index=20&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E7%8E%AF%E5%A2%83%E4%B8%8E%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB) This section details the company's environmental protection practices, social responsibility initiatives, and rural revitalization efforts [Environmental Information](index=20&type=section&id=%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) The company discloses pollutant emissions from its key facilities, an administrative penalty received by a subsidiary, and its carbon reduction measures - Several of the company's subsidiary rubber processing plants are designated as **key pollutant-discharging units**, all equipped with wastewater and exhaust gas treatment facilities and holding valid pollutant discharge permits, with no major pollutant emissions exceeding standards during the period[55](index=55&type=chunk)[57](index=57&type=chunk)[58](index=58&type=chunk) - Subsidiary Jiangsu AIDEFU Latex Products Co, Ltd was **fined RMB 200,000** by the Yangzhou Ecological Environment Bureau for continuing to use a biomass boiler's supporting exhaust gas treatment facility that had not completed its acceptance inspection on time[61](index=61&type=chunk) - The company actively implements carbon reduction measures; 10 subsidiary processing plants use an anaerobic fermentation process to produce **biogas from wastewater** as a supplementary energy source, with a maximum annual output of **1.53 million cubic meters**[64](index=64&type=chunk) [Social Responsibility and Rural Revitalization](index=22&type=section&id=%E5%B7%A9%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E4%BD%93%E6%83%85%E5%86%B5) In H1 2021, the company invested in poverty alleviation through consumption-based programs and leveraged its industry to boost local employment - In H1 2021, the company invested a cumulative **RMB 527,700** in poverty alleviation through online and offline consumption-based initiatives[65](index=65&type=chunk) - The company leverages its industrial advantages to drive employment and increase income for local farmers and employees through a model centered on "**industrial development + employment**"[65](index=65&type=chunk) [Significant Matters](index=23&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section covers key events including commitment fulfillment, major litigation, related-party transactions, and significant contracts [Fulfillment of Commitments](index=23&type=section&id=%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The controlling shareholder continues to fulfill commitments regarding non-competition, related-party transactions, and performance compensation for R1 Company - The controlling shareholder has committed that R1 Company's cumulative net profit for 2019-2021 will be **no less than USD 13.13 million**, with a cash compensation clause if the target is not met[68](index=68&type=chunk) - To resolve potential competition with KM Company and ART Company, the controlling shareholder has committed to a resolution via equity transfer or other means **by December 31, 2025**, with the related equity entrusted to the listed company's management in the interim[70](index=70&type=chunk) [Major Litigation and Arbitration](index=26&type=section&id=%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) The company is involved in two major lawsuits concerning capital contribution and equity transfer disputes, both currently under trial | Plaintiff | Defendant | Amount Claimed (RMB) | Status | | :--- | :--- | :--- | :--- | | Hainan Rubber | Hainan Huayang Investment Group | 106,252,287.81 | Hearing held, verdict pending | | Yunnan Haijiao | Hong Kong Dawei Co, Ltd | 30,000,000.00 | Hearing held, verdict pending | - After losing the second-instance appeal in the lawsuit against Huayang Group concerning the return of equity in four deep-processing companies, the company applied for a **retrial by the Supreme People's Court**, which was formally accepted on May 18, 2021[74](index=74&type=chunk) [Significant Related-Party Transactions](index=28&type=section&id=%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) Key related-party transactions include financial services with an affiliate finance company and the ongoing performance commitment for R1 Company - R1 Company's cumulative committed net profit (non-recurring items deducted) for 2019-2021 is **no less than USD 13.13 million**; as of H1 2021, the cumulative realized profit was **USD 12.15 million** (2021 data is unaudited)[79](index=79&type=chunk) | Related Party | Business Type | Closing Balance (RMB) | | :--- | :--- | :--- | | Hainan State Farms Group Finance Co, Ltd | Deposit Services | 279,096,649.02 | | Hainan State Farms Group Finance Co, Ltd | Loan Services | 530,000,000.00 | [Significant Contracts and Their Performance](index=30&type=section&id=%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company's significant contracts include a land use rights agreement and guarantees provided for subsidiaries and associates - The company has signed a "Land Use Rights Contract Agreement" with its controlling shareholder to lease land for rubber plantation and other agricultural activities, valid until **December 31, 2038**[83](index=83&type=chunk) | Guarantee Details | Amount (RMB) | | :--- | :--- | | Total outstanding guarantees for subsidiaries at period end | 675,821,250.68 | | Total outstanding external guarantees at period end | 9,160,000.00 | | **Total Guarantees** | **684,981,250.68** | | **Total Guarantees as a Percentage of Net Assets (%)** | **7.32** | [Changes in Share Capital and Shareholders](index=33&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details the company's share capital structure, which remained unchanged, and key shareholder information as of the period end [Shareholder Information](index=33&type=section&id=%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of June 30, 2021, the company had 109,749 shareholders, with the controlling shareholder holding a 64.35% stake - During the reporting period, the company's **total number of shares and share capital structure remained unchanged**[89](index=89&type=chunk) | Shareholder Name | Shares Held at Period End | Percentage (%) | | :--- | :--- | :--- | | Hainan State Farms Investment Holding Group Co, Ltd | 2,754,012,024 | 64.35 | | Great Wall (Tianjin) Equity Investment Fund Management Co, Ltd - Great Wall Guotai - High-end Equipment M&A Private Equity Fund | 54,113,480 | 1.26 | | Guangdong Yuecai Trust Co, Ltd - Yuecai Trust Hongfu No 10 Collective Fund Trust Plan | 46,829,612 | 1.09 | | Guoxin Guotou Fund Management (Beijing) Co, Ltd - Beijing Huayu Ruitai Equity Investment Partnership (Limited Partnership) | 45,750,000 | 1.07 | [Information on Preference Shares](index=35&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) - The company had no preference shares during the reporting period[93](index=93&type=chunk) [Information on Bonds](index=35&type=section&id=%E7%AC%AC%E4%B9%9D%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) - The company had no corporate bonds, company bonds, or non-financial enterprise debt financing instruments during the reporting period[94](index=94&type=chunk) [Financial Report](index=36&type=section&id=%E7%AC%AC%E5%8D%81%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the unaudited H1 2021 financial statements, reflecting the initial adoption of the new lease accounting standard [Financial Statements](index=36&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) The statements show total assets of RMB 19.37 billion, H1 revenue of RMB 6.51 billion, and a net operating cash outflow | Key Consolidated Balance Sheet Items | June 30, 2021 (RMB) | December 31, 2020 (RMB) | | :--- | :--- | :--- | | Total Assets | 19,366,642,843.91 | 17,736,724,997.11 | | Total Liabilities | 9,652,401,622.29 | 7,609,371,675.76 | | Total Equity Attributable to Parent Company | 9,352,625,619.09 | 9,776,180,502.19 | | Key Consolidated Income Statement Items | H1 2021 (RMB) | H1 2020 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 6,509,399,856.51 | 5,889,909,139.95 | | Operating Profit | -117,843,025.29 | -246,190,347.58 | | Net Profit | -118,708,487.07 | -205,401,511.80 | | Net Profit Attributable to Parent Company Shareholders | -115,782,348.39 | -203,206,057.60 | | Key Consolidated Cash Flow Statement Items | H1 2021 (RMB) | H1 2020 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -575,614,767.67 | -570,842,592.98 | | Net Cash Flow from Investing Activities | 105,419,885.91 | -150,031,917.18 | | Net Cash Flow from Financing Activities | 67,762,685.12 | 1,075,154,569.38 | [Significant Accounting Policy Changes](index=77&type=section&id=%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%98%E6%9B%B4) Effective January 1, 2021, the company adopted the new lease standard, recognizing right-of-use assets and lease liabilities - From January 1, 2021, the company implemented the new lease standard, which no longer distinguishes between finance and operating leases, and requires the recognition of **right-of-use assets and lease liabilities** for all leases (except for short-term and low-value leases)[186](index=186&type=chunk) | Impact on Consolidated Balance Sheet as of January 1, 2021 | Adjustment (RMB) | | :--- | :--- | | **Assets** | | | Right-of-use assets | +1,865,700,867.81 | | Productive biological assets | +79,302,360.57 | | Long-term deferred expenses | -11,887,551.54 | | **Liabilities** | | | Lease liabilities | +1,987,403,747.69 | | Non-current liabilities due within one year | +219,963,035.29 | | **Equity** | | | Undistributed profits | -276,313,606.11 |

Financial Performance - The company's operating revenue for 2020 was ¥15,744,320,458.58, representing a 14.07% increase compared to ¥13,802,890,232.86 in 2019[23]. - The net profit attributable to shareholders of the listed company decreased by 47.38% to ¥71,118,691.48 in 2020 from ¥135,145,295.96 in 2019[23]. - The net cash flow from operating activities dropped by 49.21% to ¥469,541,164.28 in 2020, down from ¥924,417,274.71 in 2019[23]. - The total assets increased by 5.39% to ¥17,736,724,997.11 at the end of 2020, compared to ¥16,829,879,298.46 at the end of 2019[23]. - The basic earnings per share for 2020 was ¥0.0166, a decrease of 47.47% from ¥0.0316 in 2019[24]. - The weighted average return on equity decreased by 0.63 percentage points to 0.73% in 2020 from 1.36% in 2019[24]. - In Q4 2020, the company reported a net profit of ¥160,571,862.33, a significant recovery from a loss of ¥155,780,048.13 in Q1 2020[27]. - The company recorded a total of ¥391,754,674.94 in other operating income and expenses for 2020, compared to ¥176,918,796.30 in 2019[30]. - Non-recurring gains and losses totaled ¥159,691,597.96 in 2020, down from ¥242,612,395.76 in 2019[30]. - The company's net assets attributable to shareholders increased slightly by 0.45% to ¥9,776,180,502.19 at the end of 2020 from ¥9,732,765,868.93 at the end of 2019[23]. Dividend and Profit Distribution - The company plans to distribute a cash dividend of RMB 0.056 per 10 shares, totaling RMB 23,964,795.66, based on a total share capital of 4,279,427,797 shares as of the end of 2020[4]. - The remaining undistributed profit amounts to RMB 781,996,070.56, which will be carried forward to the next fiscal year for distribution[4]. - The company has established a detailed cash dividend policy to protect minority shareholders and enhance transparency in profit distribution decisions[101]. - In 2020, the company distributed cash dividends amounting to 0.056 yuan per share, with a payout ratio of 33.70%[102]. - The company has not proposed a cash profit distribution plan despite positive profits available for distribution to ordinary shareholders[103]. Risk Management and Compliance - The company has not identified any significant risks that could impact its ongoing operations during the reporting period[8]. - The company has received a standard unqualified audit report from Zhongzheng Zhonghuan Accounting Firm[9]. - The company has confirmed that there are no non-operational fund occupations by controlling shareholders or related parties[6]. - The company has not violated any decision-making procedures regarding external guarantees[7]. - The company has ensured that all board members attended the board meeting, affirming the accuracy and completeness of the annual report[9]. - The company has outlined various risks and countermeasures in the report, which can be found in the section discussing operational conditions[8]. - The company has not reported any risks of suspension or termination of its listing status[116]. - The company has not received any non-standard audit opinions from its accounting firm[108]. - The company is committed to fulfilling relevant approval procedures and information disclosure obligations to protect the legal rights of shareholders[104]. Operational Developments - The company operates 341,000 acres of rubber plantations and has 25 rubber base subsidiaries, with an initial processing capacity of approximately 500,000 tons[35]. - The company has developed a high-efficiency agriculture area of about 80,000 acres, focusing on optimizing industrial structure and promoting leisure agriculture[36]. - The company has established the first fully automated production line for standard rubber in China, enhancing labor productivity[43]. - The company is the largest domestic producer of ammonia-free and low-ammonia concentrated latex, with a unique capability to produce 10,000 tons of nano-clay rubber[44]. - The company is actively expanding its logistics services, establishing nodes in key cities to provide comprehensive logistics solutions for the rubber industry[36]. Market and Industry Trends - Global natural rubber production decreased by 7.7% in 2020, totaling approximately 12.782 million tons, primarily due to the COVID-19 pandemic and adverse weather conditions[37]. - Global natural rubber consumption fell by 6.9% in 2020, with China's consumption at approximately 5.444 million tons, a decline of 1.9%[39]. - The implementation of zero tariffs on certain imported goods in Hainan Free Trade Port is expected to significantly reduce costs and enhance the company's profitability[70]. - The signing of the RCEP agreement is anticipated to lower export barriers for rubber and tires, facilitating natural rubber trade and expanding the tire export market[71]. - The global natural rubber market is anticipated to experience a supply surplus in 2021, with production expected to rise by 6.8% to around 13.653 million tons[92]. Research and Development - The company has received 32 patent authorizations, including 17 invention patents and 15 utility model patents, in areas such as rubber wastewater extraction and intelligent tapping machines[47]. - The company has a strong focus on R&D, with technologies such as nano clay masterbatch rubber and latex foaming technology enhancing product performance[73]. - The company aims to improve product quality and adjust product structure through the implementation of a smart procurement platform and comprehensive rubber income insurance[95]. - The company is committed to innovation-driven strategies, enhancing R&D results transformation, and promoting automation and intelligent upgrades in latex product production lines[96]. Environmental Responsibility - The company operates 4 rubber processing plants with zero discharge, ensuring that all wastewater is treated and reused for production and irrigation[150]. - The company has 12 rubber processing plants that have set up standard discharge outlets, all located within the factory premises[150]. - The company’s environmental responsibility includes compliance with pollution discharge permits and payment of environmental taxes based on actual discharge amounts[153]. - The company has conducted environmental impact assessments for construction projects and obtained pollution discharge permits in accordance with regulations[156]. - Emergency response plans for environmental incidents have been developed and submitted to the environmental authorities for all 16 rubber processing plants[157]. Corporate Governance - The total number of ordinary shareholders at the end of the reporting period is 110,767, an increase from 109,847 at the end of the previous month[165]. - The largest shareholder, Hainan Agricultural Reclamation Investment Holding Group Co., Ltd., holds 2,754,012,024 shares, accounting for 64.35% of total shares[167]. - The company has not reported any significant changes in its ordinary share capital structure during the reporting period[163]. - The company has a total of 7 directors and supervisors with various roles in other organizations, indicating a broad network of influence[180]. - The company’s governance structure includes a remuneration and assessment committee that proposes compensation for senior management[182]. Future Outlook - In 2021, the company aims to achieve a revenue target of 16.6 billion CNY and a dry rubber output of over 95,000 tons, with a rubber trade volume of 1.5 million tons[94]. - The company plans to enhance rubber production by optimizing seedling cultivation and rubber tapping techniques, aiming to improve management standards and increase output[95]. - The company is focusing on technological innovation and the transformation of rubber processing to strengthen its competitive position in the industry[93]. - The company plans to explore potential mergers and acquisitions to strengthen its market position and diversify its portfolio[176]. - Future guidance indicates a focus on sustainability initiatives, with a commitment to reduce carbon emissions by 25% over the next five years[177].

2021 年第一季度报告 公司代码：601118 公司简称：海南橡胶 海南天然橡胶产业集团股份有限公司 2021 年第一季度报告 1 / 28 2021 年第一季度报告 | --- | --- | --- | |-------|--------------------|-------| | | | | | | | | | | 目录 | | | | | | | | 一、重要提示 | | | | 二、公司基本情况 . | | | | 三、重要事项 | | | | 四、附录 | | 2 / 28 2021 年第一季度报告 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人艾轶伦、主管会计工作负责人王劲 及会计机构负责人（会计主管人员）孙和亮 保证季度报告中财务报表的真实、准确、完整。 1.4 本公司第一季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 | --- | --- | --- | --- | |------ ...

公司代码：601118 公司简称：海南橡胶 2020 年年度报告 海南天然橡胶产业集团股份有限公司 2020 年年度报告 1 / 209 2020 年年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 中审众环会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 四、 公司负责人艾轶伦、主管会计工作负责人王劲及会计机构负责人（会计主管人员）孙和亮声 明：保证年度报告中财务报告的真实、准确、完整。 五、 经董事会审议的报告期利润分配预案或公积金转增股本预案 根据本集团资金状况以及中国证监会关于上市公司分红的有关规定，拟以本集团2020年末总 股本4,279,427,797股为基数，向全体股东每10股派发人民币现金股利0.056元（含税），总计分配利 润金额23,964,795.66元，剩余未分配利润781,996,070.56元结转下年度分配，本次不再送股或转增 股份。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及 ...

Financial Performance - The company's operating revenue for 2020 was CNY 15,744,320,458.58, representing a 14.07% increase compared to CNY 13,802,890,232.86 in 2019[23]. - The net profit attributable to shareholders of the listed company decreased by 47.38% to CNY 71,118,691.48 in 2020 from CNY 135,145,295.96 in 2019[23]. - The net cash flow from operating activities was CNY 469,541,164.28, down 49.21% from CNY 924,417,274.71 in 2019[23]. - The total assets at the end of 2020 increased by 5.39% to CNY 17,736,724,997.11 from CNY 16,829,879,298.46 in 2019[23]. - The basic earnings per share for 2020 was CNY 0.0166, a decrease of 47.47% from CNY 0.0316 in 2019[24]. - The weighted average return on equity was 0.73% in 2020, down from 1.36% in 2019, a decrease of 0.63 percentage points[24]. - The company reported a net loss of CNY 155,780,048.13 in Q1 2020, which improved to a profit of CNY 113,752,886.00 in Q3 2020[26]. - The company achieved a revenue of CNY 15.744 billion in 2020, representing a year-on-year growth of 14.07%[49]. - The net profit attributable to shareholders was CNY 71.12 million, with total assets reaching CNY 17.7 billion, an increase of 5.39% year-on-year[49]. Dividend and Profit Distribution - The company plans to distribute a cash dividend of RMB 0.056 per 10 shares, totaling RMB 23,964,795.66, based on a total share capital of 4,279,427,797 shares as of the end of 2020[4]. - The remaining undistributed profit amounts to RMB 781,996,070.56, which will be carried forward to the next fiscal year for distribution[4]. - The company reported a net profit attributable to shareholders of 71,118,691.48 RMB in 2020, with a dividend payout ratio of 33.70%[100]. Operational Strategy and Market Position - The company has maintained a focus on its core business of natural rubber production and processing, with no significant changes in its operational strategy reported[10]. - The company continues to operate without any significant changes in its market expansion or acquisition strategies during the reporting period[10]. - The company's core competitiveness is highlighted by its leading position in rubber plantation area and advanced production technologies, including the first fully automated rubber production line in China[44]. - The company is expanding its high-efficiency agriculture business, with approximately 80,000 acres dedicated to this initiative across Hainan Province[33]. - The company has established a logistics network to support its rubber business, with facilities in key cities across China[33]. - The company is positioned to leverage the favorable policies from the Hainan Free Trade Port to enhance profitability and expand its market presence[67]. Research and Development - Research and development efforts resulted in 32 patent authorizations, including 17 invention patents and 15 utility model patents[47]. - The company focused on eight key technology projects, resulting in 32 patent authorizations, including 17 invention patents[58]. - The company has developed advanced technologies, including nano clay masterbatch rubber and low-ammonia latex, enhancing product quality and innovation[70]. - The company plans to enhance its technological innovation and strengthen rubber base construction to promote the transformation and upgrading of rubber processing[90]. Risk Management and Compliance - The company has not identified any significant risks that could impact its ongoing production and operations during the reporting period[8]. - The company emphasizes that forward-looking statements in the report do not constitute commitments to investors, highlighting the importance of investment risk awareness[5]. - The company has confirmed that there are no non-operational fund occupations by controlling shareholders or related parties[6]. - The company has not reported any instances of fund occupation or overdue receivables during the reporting period[105]. - The company will ensure compliance with legal and regulatory requirements in related party transactions and information disclosure obligations[102]. Environmental and Social Responsibility - The company has implemented a zero-emission policy at four of its rubber processing plants, ensuring no wastewater is discharged[145]. - The company is committed to aligning its poverty alleviation efforts with rural revitalization strategies[143]. - The company actively engaged in poverty alleviation efforts, focusing on employment and industrial poverty alleviation strategies in 2020[138]. - The total funding allocated for poverty alleviation efforts amounted to RMB 234,100 (23.41 million) in 2020[141]. Corporate Governance and Management - The company has established a performance evaluation mechanism for senior management based on annual operational plans and key tasks, linking compensation to performance results[191]. - The total remuneration paid to the company's directors, supervisors, and senior management for the reporting period amounted to 6.29 million yuan[175]. - The company has a structured process for the appointment and remuneration of its directors and senior management, ensuring compliance with regulations[175]. - The company has seen changes in its board members, including the resignation of several executives due to work changes[176]. Future Outlook - In 2021, the company aims to achieve a revenue target of 16.6 billion CNY and a dry rubber production of over 95,000 tons, with a rubber trade volume of 1.5 million tons[91]. - The company expects a complex global economic environment in 2021, with unstable recovery and continued monetary easing[87]. - The company aims to solidify its rubber trade business while expanding its technological capabilities in the natural rubber sector[90].

2020 年第三季度报告 公司代码：601118 公司简称：海南橡胶 海南天然橡胶产业集团股份有限公司 2020 年第三季度报告 1 / 31 2020 年第三季度报告 | --- | --- | |------------------|-------| | | | | | | | 目录 | | | | | | | | | 一、重要提示 | | | 二、公司基本情况 | | | 三、重要事项 | | | 四、附录 | | 2 / 31 2020 年第三季度报告 一、重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人王任飞、主管会计工作负责人王劲及会计机构负责人（会计主管人员）孙和亮保 证季度报告中财务报表的真实、准确、完整。 1.4 本公司第三季度报告未经审计。 二、公司基本情况 2.1 主要财务数据 | --- | --- | --- | |------------------------------------------- ...

2020 年半年度报告 公司代码：601118 公司简称：海南橡胶 海南天然橡胶产业集团股份有限公司 2020 年半年度报告 1 / 200 2020 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人王任飞、主管会计工作负责人王劲 及会计机构负责人（会计主管人员）孙和 亮声明：保证半年度报告中财务报告的真实、准确、完整。 五、 经董事会审议的报告期利润分配预案或公积金转增股本预案。 不适用 六、 前瞻性陈述的风险声明。 √适用 □不适用 本报告中有涉及公司经营计划和发展战略等前瞻性陈述，不构成公司对投资者的 实质承诺，请投资者注意投资风险。 七、 是否存在被控股股东及其关联方非经营性占用资金情况。 否 八、 是否存在违反规定决策程序对外提供担保的情况？ 否 九、 重大风险提示 报告期内，不存在对公司持续经营产生影响的重大风险，公司已在本报告中阐述 了公司在生产经营过程中可能面临的风险，敬请查阅本 ...

2019 年年度报告 公司代码：601118 公司简称：海南橡胶 海南天然橡胶产业集团股份有限公司 2019 年年度报告 1 / 269 2019 年年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实、 准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法 律责任。 二、 公司全体董事出席董事会会议。 三、 中审众环会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 四、 公司负责人王任飞、主管会计工作负责人王劲及会计机构负责人（会计主管人员） 孙和亮声明：保证年度报告中财务报告的真实、准确、完整。 五、 经董事会审议的报告期利润分配预案或公积金转增股本预案 经中审众环会计师事务所（特殊普通合伙）审计，2019年公司（母公司报表）共 实现净利润195,542,021.98元，加上年初未分配利润总额436,278,474.59元，再提取 10%的法定盈余公积19,554,202.20元后，2019年度分配2018年度现金股利 47,073,703.20元，期末可供股东分配的利润为565,192,591.17元。 根据公司资金状况以及 ...

[Important Notice](index=3&type=section&id=Item%20I.%20Important%20Notice) [Declaration of Truthfulness of Quarterly Report Content](index=3&type=section&id=1.1%20公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整) The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of this quarterly report, assuming legal responsibility; the report remains unaudited - The company's management (Board of Directors, Supervisory Board, and senior executives) confirms the quarterly report content is true, accurate, and complete, free from false records, misleading statements, or material omissions[3](index=3&type=chunk) - The company's Q1 2020 report is unaudited[3](index=3&type=chunk) [Company Profile](index=3&type=section&id=Item%20II.%20Company%20Profile) [Key Financial Data](index=3&type=section&id=2.1%20主要财务数据) In Q1 2020, the company's operating revenue decreased by 9.30% year-over-year, and net profit attributable to shareholders turned from profit to loss, plummeting 1129.63% to **-CNY 156 million**; operating cash flow also significantly deteriorated, decreasing by 739.69% year-over-year, with performance decline primarily due to core business, partially offset by **CNY 180 million** in non-recurring gains from futures trading Key Financial Indicators for Q1 2020 | Indicator | Current Period (CNY) | Prior Year Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,868,792,994.72 | 3,162,821,945.48 | -9.30% | | Net Profit Attributable to Shareholders | -155,780,048.13 | 15,129,739.25 | -1,129.63% | | Net Profit Attributable to Shareholders (Excl. Non-recurring Items) | -336,050,429.50 | -31,469,692.23 | -967.85% | | Net Cash Flow from Operating Activities | -780,846,746.64 | 122,066,809.84 | -739.69% | | Basic Earnings Per Share (CNY/share) | -0.0364 | 0.0035 | -1,140.00% | - Total non-recurring gains and losses for the period amounted to **CNY 180 million**, primarily driven by fair value changes and investment income from held-for-trading financial assets and liabilities, totaling **CNY 208 million**, mainly from futures trading profits[7](index=7&type=chunk) [Shareholder Information](index=4&type=section&id=2.2%20截止报告期末的股东总数、前十名股东、前十名流通股东（或无限售条件股东）持股情况表) As of the end of the reporting period, the company had **105,006** shareholders; the controlling shareholder, Hainan State Farms Investment Holdings Group Co., Ltd., held **64.35%** of shares, with **421 million** of its shares pledged - As of the end of the reporting period, the company had a total of **105,006** common shareholders[8](index=8&type=chunk) Top Three Shareholders' Holdings | Shareholder Name | Number of Shares Held | Proportion (%) | | :--- | :--- | :--- | | Hainan State Farms Investment Holdings Group Co., Ltd. | 2,754,012,024 | 64.35% | | Great Wall Guotai - High-end Equipment M&A Contractual Private Equity Fund | 96,899,224 | 2.26% | | Guangdong Yuecai Trust Co., Ltd. - Yuecai Trust · Hongfu No. 10 Collective Fund Trust Plan | 47,329,612 | 1.11% | [Preferred Shareholder Information](index=6&type=section&id=2.3%20截止报告期末的优先股股东总数、前十名优先股股东、前十名优先股无限售条件股东持股情况表) The company had no preferred shareholders during the reporting period - The company had no preferred shares or related holdings during the reporting period[11](index=11&type=chunk) [Significant Events](index=6&type=section&id=Item%20III.%20Significant%20Events) [Analysis of Significant Changes in Financial Statement Items and Indicators](index=6&type=section&id=3.1%20公司主要会计报表项目、财务指标重大变动的情况及原因) During the reporting period, the company experienced significant changes across multiple financial indicators, with derivative financial assets and liabilities fluctuating due to financial instrument gains/losses, investment income and fair value changes surging from derivatives, asset impairment losses expanding sharply due to inventory write-downs, and operating cash flow significantly decreasing due to increased procurement payments [Significant Changes in Balance Sheet Items](index=6&type=section&id=1.%20资产负债表项目) Key balance sheet changes include derivative financial assets and liabilities increasing by **317.01%** and **180.70%** respectively due to floating gains/losses on financial instruments, inventory rising **32.00%** due to increased purchases, and long-term borrowings growing **93.75%**, indicating increased debt financing - Derivative financial assets increased by **317.01%**, primarily due to increased floating gains on financial instruments at the end of the period[12](index=12&type=chunk) - Derivative financial liabilities increased by **180.70%**, primarily due to increased floating losses on financial instruments at the end of the period[12](index=12&type=chunk) - Inventory increased by **32.00%**, primarily due to increased inventory purchases during the period[12](index=12&type=chunk) - Long-term borrowings increased by **93.75%**, primarily due to an increase in long-term bank loans[12](index=12&type=chunk) [Significant Changes in Income Statement Items](index=6&type=section&id=2.%20利润表项目) Core income statement changes stemmed from financial derivatives and cost of goods sold; investment income and fair value change gains surged by **2424.35%** and **2403.23%** respectively, driven by derivative financial instrument disposal and floating gains, while asset impairment losses expanded sharply by **399.40%** to **-CNY 238 million** due to lower rubber prices, contributing significantly to the net loss - Investment income significantly increased by **2,424.35%**, primarily due to increased gains from the disposal of derivative financial instruments during the period[13](index=13&type=chunk)[14](index=14&type=chunk) - Fair value change gains increased by **2,403.23%**, primarily due to increased floating gains from derivative financial instrument holdings during the period[14](index=14&type=chunk) - Asset impairment losses decreased by **399.40%** year-over-year (meaning losses expanded to **-CNY 238 million**), primarily due to lower rubber prices and a decrease in the net realizable value of inventory during the period[14](index=14&type=chunk) [Significant Changes in Cash Flow Statement Items](index=7&type=section&id=3.%20现流表项目) Net cash flow from operating activities significantly decreased by **739.69%** year-over-year, turning negative to **-CNY 781 million**, primarily due to increased payments for rubber product purchases, while net cash flow from financing activities substantially increased year-over-year due to reduced loan repayments - Net cash flow from operating activities decreased by **739.69%**, primarily due to increased payments for rubber product purchases during the period[15](index=15&type=chunk) - Net cash flow from investing activities decreased by **67.33%**, primarily due to increased payments for financial instrument margins and reduced redemption of financial assets during the period[15](index=15&type=chunk) - Net cash flow from financing activities turned positive, increasing by **107.62%** year-over-year, primarily due to reduced loan repayments during the period[15](index=15&type=chunk) [Other Significant Matters](index=7&type=section&id=3.2%20重要事项进展情况及其影响和解决方案的分析说明) During the reporting period, the company reported no significant event progress, overdue unfulfilled commitments, or forecasts of cumulative net profit loss or material changes from the beginning of the year to the end of the next reporting period - The company declared no significant event progress, unfulfilled commitments, or performance warnings[15](index=15&type=chunk) [Appendix](index=8&type=section&id=Item%20IV.%20Appendix) [Financial Statements](index=8&type=section&id=4.1%20财务报表) This section provides the company's consolidated and parent company balance sheets, income statements, and cash flow statements as of the end of Q1 2020 [Consolidated Balance Sheet](index=8&type=section&id=合并资产负债表) As of March 31, 2020, the company's consolidated total assets were **CNY 16.86 billion**, total liabilities were **CNY 6.97 billion**, and total equity attributable to parent company owners was **CNY 9.58 billion** Consolidated Balance Sheet Summary (March 31, 2020) | Item | Amount (CNY) | | :--- | :--- | | Total Assets | 16,856,814,289.87 | | Total Liabilities | 6,965,572,356.83 | | Total Equity Attributable to Parent Company Owners | 9,576,871,409.33 | | Total Liabilities and Equity | 16,856,814,289.87 | [Parent Company Balance Sheet](index=11&type=section&id=母公司资产负债表) As of March 31, 2020, the parent company's total assets were **CNY 14.71 billion**, total liabilities were **CNY 4.35 billion**, and total owner's equity was **CNY 10.35 billion** Parent Company Balance Sheet Summary (March 31, 2020) | Item | Amount (CNY) | | :--- | :--- | | Total Assets | 14,706,952,717.98 | | Total Liabilities | 4,354,374,839.33 | | Total Owner's Equity | 10,352,577,878.65 | | Total Liabilities and Owner's Equity | 14,706,952,717.98 | [Consolidated Income Statement](index=14&type=section&id=合并利润表) In Q1 2020, the company achieved consolidated total operating revenue of **CNY 2.87 billion** and total operating costs of **CNY 3.06 billion**, resulting in a net loss attributable to parent company shareholders of **CNY 156 million** Consolidated Income Statement Summary (Q1 2020) | Item | Amount (CNY) | | :--- | :--- | | Total Operating Revenue | 2,868,792,994.72 | | Total Operating Costs | 3,061,912,416.22 | | Operating Profit | -196,897,872.92 | | Total Profit | -186,951,454.92 | | Net Profit | -159,440,075.36 | | Net Profit Attributable to Parent Company Shareholders | -155,780,048.13 | [Parent Company Income Statement](index=17&type=section&id=母公司利润表) In Q1 2020, the parent company recorded operating revenue of **CNY 16 million** and a net loss of **CNY 77 million** Parent Company Income Statement Summary (Q1 2020) | Item | Amount (CNY) | | :--- | :--- | | Operating Revenue | 15,546,376.34 | | Operating Profit | -79,907,634.80 | | Total Profit | -77,499,192.81 | | Net Profit | -77,499,192.81 | [Consolidated Cash Flow Statement](index=19&type=section&id=合并现金流量表) In Q1 2020, the company's consolidated net cash flow from operating activities was **-CNY 781 million**, net cash inflow from investing activities was **CNY 123 million**, net cash inflow from financing activities was **CNY 41 million**, and cash and cash equivalents at period-end totaled **CNY 3.12 billion** Consolidated Cash Flow Statement Summary (Q1 2020) | Item | Amount (CNY) | | :--- | :--- | | Net Cash Flow from Operating Activities | -780,846,746.64 | | Net Cash Flow from Investing Activities | 122,599,030.58 | | Net Cash Flow from Financing Activities | 40,862,973.41 | | Cash and Cash Equivalents at Period-End | 3,116,814,443.16 | [Parent Company Cash Flow Statement](index=21&type=section&id=母公司现金流量表) In Q1 2020, the parent company's net cash flow from operating activities was **-CNY 475 million**, net cash outflow from investing activities was **CNY 67 million**, net cash inflow from financing activities was **CNY 113 million**, and cash and cash equivalents at period-end totaled **CNY 1.49 billion** Parent Company Cash Flow Statement Summary (Q1 2020) | Item | Amount (CNY) | | :--- | :--- | | Net Cash Flow from Operating Activities | -475,258,816.19 | | Net Cash Flow from Investing Activities | -67,332,801.13 | | Net Cash Flow from Financing Activities | 113,233,780.37 | | Cash and Cash Equivalents at Period-End | 1,493,947,103.26 | [Accounting Standard Change Adjustments](index=23&type=section&id=4.2%2020%20年起首次执行新收入准则、新租赁准则调整首次执行当年年初财务报表相关情况) Effective January 1, 2020, the company adopted new revenue standards, primarily impacting the presentation of liability items by reclassifying "advances from customers" to "contract liabilities," with no material effect on opening financial position or net assets - The company adopted the new revenue standards issued by the Ministry of Finance effective January 1, 2020, making corresponding adjustments to financial statement items[39](index=39&type=chunk) - The main adjustment involved reclassifying **CNY 234 million** in "advances from customers" in the consolidated statements and **CNY 56 million** in the parent company statements to "contract liabilities," with this adjustment having no impact on opening retained earnings or net assets[35](index=35&type=chunk)[38](index=38&type=chunk)