海南橡胶存贷双高引关注，公司回复上交所问询函

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