营收攀升却持续“失血”、商誉减值风险悬顶，海南橡胶回复年报问询

Core Viewpoint - Hainan Rubber reported a revenue increase of 31.8% year-on-year to CNY 49.673 billion in 2024, but its net profit attributable to shareholders plummeted by 65.2% to CNY 1.03 billion, indicating ongoing financial struggles despite higher sales [1] Revenue and Profit Analysis - The company's rubber trading business generated CNY 36.322 billion, accounting for over 70% of total revenue, but had a low gross margin of 2.46%, significantly lower than the 4.07% margin from rubber processing [1][2] - Domestic revenue reached CNY 29.668 billion with a gross margin of only 1.89%, while international revenue was CNY 18.909 billion with a gross margin of 4.68%, highlighting a widening profitability gap due to intense domestic competition and lack of premium pricing [2][3] Future Profit Projections - For the first half of 2025, the company anticipates a net loss attributable to shareholders between CNY 200 million and CNY 300 million, compared to a loss of CNY 296 million in the same period last year [3] Financial Position and Debt - As of the end of 2024, Hainan Rubber had cash and cash equivalents of CNY 5.688 billion, a 62.24% increase year-on-year, but also faced significant debt with short-term borrowings of CNY 8.273 billion and long-term borrowings of CNY 5.670 billion, totaling CNY 13.943 billion in interest-bearing liabilities [4][5] - The company reported interest income of only CNY 0.8718 billion in 2024, with an average interest rate of 1.82%, down 40 basis points from the previous year, attributed to central bank rate cuts and rising costs of foreign dollar financing [5][6] Goodwill and Acquisition Concerns - The acquisition of Hosheng Agriculture resulted in a high goodwill of CNY 1.724 billion, which has not been impaired despite Hosheng's reported revenue of CNY 26.9 billion and a net loss of CNY 468 million in 2024, raising concerns about integration risks [6]