海南橡胶：子公司合盛农业连亏三年 17亿商誉未减值

Core Viewpoint - The performance issues related to the acquisition of subsidiary Hesheng Agriculture by Hainan Rubber continue to unfold, with significant losses reported despite revenue growth in 2024 [1] Financial Performance - In 2024, Hainan Rubber reported a revenue increase to 26.899 billion (up 39.55% year-on-year), but still faced a net loss of 468 million [1] - The acquisition resulted in goodwill of 1.724 billion, which has not been impaired to date [1] Loss Drivers - The primary reasons for Hesheng Agriculture's losses are clear: interest and exchange losses due to US dollar interest rate hikes reached 517 million [1] - High costs per ton due to social expenditures in African plantations [1] - Impairment of biological assets in Africa amounted to 159 million [1] Goodwill Valuation - The company asserts that the goodwill has not been impaired based on market valuation methods (P/B ratio of 2.1), estimating its fair value at 3.2 billion [1] - The assessment includes a non-current discount adjustment due to Hesheng Agriculture being suspended for over a year, reflecting a cautious approach [1] - The auditor has acknowledged the logic behind the valuation [1] Operational Outlook - Hainan Rubber claims that Hesheng Agriculture's operations have improved, with a reduction in losses by 50 million in 2024 [1] - However, the 1.724 billion goodwill remains a significant concern [1]