海南橡胶回应上交所问询：营收增长496.73亿元，归母净利润却下降65.20%

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