证券代码：601118 证券简称：海南橡胶 公告编号：2023-036 海南天然橡胶产业集团股份有限公司 关于召开 2022 年度业绩暨现金分红说明会的公告 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"）已于 2023 年 4 月 28 日发布公司 2022 年度报告，为便于广大投资者更全面深入地了解公司 2022 年度经营成果、财务状况，公司计划于 2023 年 5 月 9 日下午 16:00-17:00 举行 2022 年度业绩暨现金分红说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2022 年度的经营成果 及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内 就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 重要内容提示： ●会议召开时间：2023 年 5 月 9 日(星期二)下午 16:00-17:00 ● 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 ...

Financial Performance - The company's operating revenue for 2022 was approximately ¥15.37 billion, a slight increase of 0.25% compared to ¥15.33 billion in 2021[17]. - The net profit attributable to shareholders for 2022 was approximately ¥68.29 million, representing a significant decrease of 54.70% from ¥150.76 million in 2021[17]. - The net cash flow from operating activities increased by 334.87% to approximately ¥1.16 billion in 2022, compared to ¥266.19 million in 2021[17]. - The total assets at the end of 2022 were approximately ¥22.53 billion, reflecting a 15.66% increase from ¥19.48 billion at the end of 2021[17]. - The basic earnings per share for 2022 was ¥0.0160, down 54.55% from ¥0.0352 in 2021[18]. - The weighted average return on equity decreased to 0.71% in 2022, down from 1.57% in 2021, a decline of 0.86 percentage points[18]. - The company reported a net loss attributable to shareholders of approximately ¥28.31 million in Q1 2022, with a total operating revenue of approximately ¥3.24 billion[20]. - The net profit attributable to shareholders for Q4 2022 was approximately ¥200.47 million, marking a recovery from losses in previous quarters[20]. - The company achieved a revenue of 15.371 billion RMB and produced 116,200 tons of self-manufactured rubber products during the reporting period[33]. - The total assets of the company reached 22.531 billion RMB, with net assets attributable to shareholders amounting to 9.606 billion RMB[33]. Risk Management - The company reported a comprehensive risk analysis in the management discussion section, detailing various operational risks and countermeasures[6]. - The company has implemented a market risk management system, achieving no significant trade bad debts throughout the year[26]. - The company recognizes natural disasters as a significant risk, implementing preventive measures and purchasing agricultural insurance to mitigate potential impacts[72]. - The company is exposed to fluctuations in natural rubber market prices, which are influenced by global economic conditions and supply chain factors, and is taking steps to reduce reliance on single product lines[72]. - The company is enhancing its compliance management system to improve risk control and operational efficiency[71]. Corporate Governance - The company’s board meetings and resolutions complied with relevant laws and regulations, ensuring the legality and effectiveness of the decisions made[76]. - The company has been actively addressing potential competition issues arising from its controlling shareholder's investments in similar businesses[74]. - The company’s governance structure includes a combination of on-site and online voting for shareholder meetings, ensuring broad participation[76]. - The company’s board of directors has been involved in optimizing the headquarters' structure and responsibilities[94]. - The company has established a performance evaluation mechanism for senior management, linking compensation to annual KPI assessment results[118]. Environmental Initiatives - The company invested a total of 1,915.5 million yuan in environmental protection during the reporting period[123]. - The company completed the upgrade of deodorization equipment at the Yunnan Haigao hot source rubber factory, with an investment of 146.99 million yuan[123]. - The company’s major subsidiaries have implemented wastewater treatment measures, with most treated water being reused for production and irrigation[124]. - The company has established a mechanism for environmental protection and is classified as a key pollutant discharge unit by environmental authorities[124]. - Aidefu Company implemented clean energy and renewable energy technologies to reduce carbon emissions and improve energy efficiency[136]. Strategic Acquisitions and Investments - The company completed the acquisition of Hosheng Agriculture, enhancing its core competitiveness and industry influence, and solidifying its position as the largest global player in the natural rubber sector[26]. - The company acquired 36% of HAC's issued shares from Sinochem International for cash, and after a mandatory tender offer, holds 68.10% of HAC's shares as of April 24, 2023[61]. - The company is considering strategic acquisitions to bolster its market position, with a budget of 100 million allocated for potential deals[84]. - The company is exploring new market opportunities through potential mergers and acquisitions, as discussed in the board meetings[96]. Compliance and Regulatory Issues - The company received a corrective measure order from the China Securities Regulatory Commission on January 17, 2022, requiring the implementation of a detailed rectification plan consisting of 5 major items and 11 sub-items[93]. - The company has been actively addressing regulatory compliance issues as mandated by the securities regulatory authority[93]. - The company faced a penalty of 200,000 RMB for illegal wastewater discharge at the Mandian Rubber Factory on January 26, 2022[131]. - The company has ongoing significant litigation matters that may impact current and future profits, with potential liabilities amounting to CNY 30,000,000 related to a lawsuit against Hong Kong Davi Limited[152]. Future Outlook - The company anticipates a tight balance in the supply and demand of natural rubber in 2023, with prices expected to fluctuate based on macroeconomic recovery expectations[68]. - The company aims to achieve a revenue target of 36 billion CNY and a processing volume of 1.15 million tons in 2023, with a sales trade volume of 2.45 million tons[70]. - The company provided a positive outlook for 2023, projecting a revenue growth of 10% to 1.65 billion[84]. - The company is focusing on deepening reforms and enhancing integration after the acquisition of Hesheng Agriculture, aiming to improve management and strategic decision-making capabilities[71]. Shareholder Relations - The company plans to distribute no cash dividends, no bonus shares, and no capital reserve conversion into shares for the 2022 profit distribution proposal[5]. - The company has a clear and transparent cash dividend policy in place, ensuring the protection of minority shareholders' rights[115]. - The company distributed a cash dividend of 0.106 CNY per share, totaling 45,361,934.65 CNY, which represents 30.09% of the net profit attributable to shareholders for the year 2021[114]. - The company has cumulatively distributed cash dividends of at least 56.53 million CNY over the years 2020-2022, with 69.33 million CNY distributed in 2020-2021[116].

Financial Performance - The company's operating revenue for Q1 2023 was ¥5,855,813,861.65, representing an increase of 80.73% compared to the same period last year[4] - The net profit attributable to shareholders of the listed company was a loss of ¥54,355,650.45, with a decrease of 92.00% year-on-year[9] - The net loss for Q1 2023 was RMB 69,956,569.06, worsening from a net loss of RMB 31,653,068.25 in Q1 2022[18] - The total comprehensive loss for Q1 2023 was RMB -180,495,083.22, compared to RMB -35,343,292.77 in Q1 2022, reflecting a significant increase in losses[18] - The basic earnings per share for the reporting period was -¥0.0127, a decrease of 92.42% year-on-year[9] - Basic earnings per share for Q1 2023 were -0.0127, compared to -0.0066 in Q1 2022, indicating a deterioration in profitability[19] Assets and Liabilities - The total assets at the end of the reporting period were ¥34,376,097,139.04, reflecting a 52.57% increase from the end of the previous year[5] - As of March 31, 2023, the company's total assets reached RMB 34,376,097,139.04, a significant increase from RMB 22,531,220,274.73 at the end of 2022, reflecting a growth of approximately 52.5%[14] - The company's current assets totaled RMB 12,431,658,674.17, up from RMB 9,325,225,666.65 at the end of 2022, indicating a growth of about 33.5%[13] - The total liabilities rose to RMB 21,615,623,178.85, up from RMB 12,609,505,200.08, indicating an increase of about 71.5%[15] - The company's equity attributable to shareholders decreased slightly to RMB 9,517,008,822.20 from RMB 9,605,908,449.59, a decline of approximately 0.9%[15] Cash Flow - The net cash flow from operating activities was a negative ¥233,000,592.16, indicating significant cash outflow[4] - Cash flow from operating activities showed a net outflow of RMB 233,000,592.16 in Q1 2023, compared to a smaller outflow of RMB 5,970,691.14 in Q1 2022[20] - The net cash flow from investing activities was -1,519,833,271.02, indicating a significant outflow compared to the previous period's -152,962,084.75[21] - The net cash flow from financing activities was -344,891,755.52, compared to -211,270,194.81 in the previous period, reflecting a worsening cash position[21] - The cash and cash equivalents at the end of the period stood at 3,730,173,758.53, down from 5,680,444,613.42 at the beginning of the period[21] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 96,783[10] - The largest shareholder, Hainan Agricultural Reclamation Investment Holding Group Co., Ltd., held 61.27% of the shares[10] Operational Costs and Expenses - Total operating costs for Q1 2023 were RMB 6,075,114,450.37, compared to RMB 3,339,121,892.22 in Q1 2022, indicating an increase of about 82.0%[17] - The company reported a gross profit margin decline, with operating profit for Q1 2023 at -RMB 115,002,138.74, compared to -RMB 37,902,105.05 in Q1 2022[17] - The company’s financial expenses increased to RMB 128,718,782.03 in Q1 2023, compared to RMB 57,310,769.50 in Q1 2022, indicating rising costs[17] - Research and development expenses for Q1 2023 were RMB 8,679,249.59, slightly down from RMB 8,693,698.03 in Q1 2022[17] Investment Activities - The total cash outflow for investment activities was 1,713,872,387.86, significantly higher than the previous period's 167,105,577.58[21] - The company received cash from investment income totaling 14,019,712.44 during the quarter[21] - Cash received from the disposal of fixed assets and other long-term assets was 51,457,347.22, showing a slight increase from the previous period[21] - The company reported cash inflow from the issuance of loans amounting to 2,016,859,072.07, which is a substantial increase from the prior period[21] Acquisition Impact - The company completed the acquisition of Hosheng Company, which significantly impacted revenue and profit figures[9]

2022 年第三季度报告 单位：元 币种：人民币 证券代码：601118 证券简称：海南橡胶 海南天然橡胶产业集团股份有限公司 2022 年第三季度报告 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： 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、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务 信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 | --- | --- | --- | --- | --- | |------------------------------------------------|------------------|----------------------------------------|--------------------|------------------------ ...

2022 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 2022 年半年度报告 1 / 161 2022 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性、准确性、 完整性，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、 公司负责人艾轶伦、主管会计工作负责人孙卫良及会计机构负责人（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、 董事会决议通过的本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 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 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、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 报告期内，不存在对公司持续经营产生 ...

Financial Performance - The company reported a total revenue of CNY 15,332,748,358.20, a decrease of 2.61% compared to 2020[17]. - The net profit attributable to shareholders of the listed company was CNY 150,763,920.24, an increase of 111.99% from the previous year[17]. - The net cash flow from operating activities was CNY 266,185,970.86, down 43.31% from 2020[17]. - The total assets at the end of 2021 were CNY 19,481,004,987.52, an increase of 9.83% compared to the end of 2020[17]. - The basic earnings per share for 2021 was CNY 0.0352, up 112.05% from 2020[18]. - The weighted average return on net assets was 1.57%, an increase of 0.84 percentage points from the previous year[18]. - The company achieved a total revenue of CNY 15,332,748,358.20, a decrease of 2.61% compared to the previous year[34]. - The net profit attributable to shareholders was CNY 150,763,900, while the net profit after deducting non-recurring gains and losses was CNY -233,000,000, a decrease of CNY 144,000,000 year-on-year[34]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion in 2021, representing a growth of 20% year-over-year[84]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion in 2021, representing a growth of 20% compared to the previous year[85]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 0.106 per 10 shares, totaling RMB 45,361,934.65, based on a total share capital of 4,279,427,797 shares as of the end of 2021[3]. - The company has not proposed any stock bonus or capital increase from reserves for this reporting period[3]. - The profit distribution amount for the year 2020 was 23,964,808.50 yuan, reflecting the company's commitment to shareholder returns[129]. - For the year 2021, the proposed cash dividend is RMB 0.106 per 10 shares, amounting to RMB 45,361,934.65, representing 30.09% of the net profit attributable to shareholders[105]. Risk Management - There are no significant risks affecting the company's ongoing operations during the reporting period[5]. - The company has detailed its risk management strategies in the management discussion and analysis section of the report[5]. - Risk management strategies include optimizing financial and legal oversight, particularly in rubber trading and overseas operations, to mitigate potential risks[69]. - The company acknowledges risks from natural disasters, market price fluctuations of natural rubber, and ongoing global pandemic challenges affecting production and trade[69]. Corporate Governance - The company is committed to ensuring the authenticity, accuracy, and completeness of the annual report as stated by its management[2]. - The company has received a standard unqualified audit report from Zhongchao Zhonghuan Accounting Firm[2]. - The board of directors has consistently approved all proposed resolutions during the shareholder meetings, demonstrating effective governance[75]. - The company’s governance structure complies with relevant laws and regulations, ensuring the legality and validity of the resolutions passed during the meetings[76]. - The company is focused on compliance and governance improvements following the regulatory actions taken against it[92]. Shareholder Engagement - The company managed to secure 64.48% of voting shares represented at the first extraordinary general meeting held on January 25, 2021[75]. - At the 2020 annual general meeting on April 20, 2021, 65.81% of voting shares were represented, indicating strong shareholder engagement[75]. - The second extraordinary general meeting on August 19, 2021, had 65.58% of voting shares represented, reflecting continued shareholder participation[75]. - The company held its third extraordinary general meeting on October 15, 2021, with 2,758,589,663 shares represented, accounting for 64.4616% of the total voting shares[76]. - The fourth extraordinary general meeting took place on December 29, 2021, with 2,768,281,024 shares represented, which is 64.6881% of the total voting shares[76]. Operational Efficiency - The company’s cash flow from operating activities was CNY 266,185,970.86, a decrease of 43.31% compared to the previous year[35]. - The company’s R&D expenses decreased by 9.1% to CNY 27,354,459.32, reflecting reduced investment in research[35]. - The company’s financial derivative business investment limit for 2021 was approved in the meetings held on March 29, 2021[100]. - The company has implemented measures to reduce carbon emissions by improving production lines, resulting in decreased energy and water consumption per ton of product[126]. Market Position and Industry Trends - The company is the largest natural rubber producer in China, with a leading plantation area and management level in the industry[26]. - In 2021, the company processed 190,000 tons of rubber, a year-on-year increase of 33.8%[26]. - Global natural rubber production in 2021 was approximately 13.812 million tons, a year-on-year increase of 1.6%[28]. - Global natural rubber consumption in 2021 reached about 14.079 million tons, a year-on-year increase of 8.7%[29]. - The company is a major supplier of natural rubber to the top ten tire manufacturers globally, highlighting its significant market position[33]. Environmental Management - The company has implemented a zero discharge policy for wastewater at certain processing plants, ensuring all treated wastewater is reused[114]. - The company has established a comprehensive environmental management system, with specific measures for pollution control and compliance with environmental regulations[114]. - All 16 rubber processing plants have established complete wastewater and waste gas treatment facilities, operating continuously during production[120]. Legal and Compliance Issues - The company is involved in multiple lawsuits, with claims totaling approximately RMB 106.25 million related to overdue capital contributions from Hainan Huayang Investment Group[142]. - A lawsuit against Hong Kong Davi Limited seeks RMB 30 million in damages for delayed transfer of 100% equity in Davi Natural Rubber (Yunnan) Co., Ltd.[142]. - The company has reported potential impacts on current and future profits due to ongoing litigation, with actual effects dependent on court rulings[142]. - The company received a corrective measure order from the China Securities Regulatory Commission on January 17, 2022, requiring a detailed rectification plan[143]. Employee Engagement and Training - The total number of employees in the parent company and major subsidiaries is 16,214, with 10,527 in production, 1,315 in technology, and 4,088 in administration[102]. - The company conducted 1,588 training sessions in 2021, including 5 sessions on party history education with 558 participants[104]. - The company achieved a "zero" infection target for over 16,000 employees during the pandemic in 2021[128]. - The company organized training for 1,588 employees in 2021, including 5 sessions of party history education with 558 participants[128]. Future Outlook - The company provided a positive outlook for 2022, projecting a revenue growth of 25% based on current market trends and user acquisition strategies[84]. - The company plans to enhance rubber plantation management and increase production capacity through mechanization and high standards for rubber garden construction[67]. - The company anticipates that the automotive and tire industries will experience recovery growth in 2022, leading to a slight increase in global natural rubber consumption[64]. - In 2022, the company aims for a revenue growth of 15% year-on-year, targeting a production of 116,000 tons of dry rubber and a trade volume of 1.4 million tons[67].

[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].