海南天然橡胶产业集团股份有限公司 海南天然橡胶产业集团股份有限公司 董 事 会 2025年11月15日 证券代码：601118 证券简称：海南橡胶 公告编号：2025-070 关于收到橡胶收入保险赔款的公告 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。 根据《海南橡胶2025年橡胶收入保险项目保险协议》的约定，2025年6月期间因橡胶价格波动造成收入 损失，触发保险赔付条件。经查勘定损，确定保险赔付金额为22,924,115.52元。公司近日已收到赔付款 项，会计核算记入其他收益。具体会计处理最终以审计机构审计确认后的结果为准，敬请广大投资者注 意投资风险。 特此公告。 ...

Core Viewpoint - The company, Hainan Natural Rubber Industry Group Co., Ltd., has provided a guarantee for its wholly-owned subsidiary, China Rubber Technology Group Company Limited, amounting to a maximum of $8 million, with a current guarantee balance of approximately 567.42 million RMB [2][4][6]. Group 1: Guarantee Overview - The company has issued a joint liability guarantee for a loan of $4 million to China Rubber from Ping An Bank Hong Kong Branch [4]. - Additionally, a joint liability guarantee has been provided for another loan of $4 million to China Rubber from Nanyang Commercial Bank [5]. - The total guarantee amount approved by the company's board for the subsidiary is up to $70 million, which includes the current guarantees [6][7]. Group 2: Financial Status of the Guaranteed Entity - As of December 31, 2024, China Rubber had total assets of approximately 1.44 billion RMB and total liabilities of about 1.33 billion RMB, resulting in a debt-to-asset ratio of 91.72% [9]. - By September 30, 2025, the company's total assets were approximately 1.45 billion RMB, with total liabilities of around 1.29 billion RMB, leading to a debt-to-asset ratio of 89.36% [9]. - The company reported a net loss of approximately 45.41 million RMB for the year 2024 and a net loss of about 34.02 million RMB for the first nine months of 2025 [9]. Group 3: External Guarantee Amounts - As of the announcement date, the total external guarantee balance of the company and its subsidiaries is approximately 530.59 million RMB, which represents 53.89% of the latest audited net assets [9]. - The guarantees provided to the subsidiaries amount to approximately 240.47 million RMB, accounting for 24.42% of the latest audited net assets [9].

Core Insights - Hainan Rubber experienced a 5.14% increase in stock price, reaching 5.93 CNY per share, with a trading volume of 372 million CNY and a turnover rate of 1.51%, resulting in a total market capitalization of 25.377 billion CNY [1] Company Overview - Hainan Natural Rubber Industry Group Co., Ltd. was established on March 29, 2005, and listed on January 7, 2011. The company is located at 103 Binhai Avenue, Haikou City, Hainan Province. Its main business involves the planting, processing, research, and sales of natural rubber [1] - The revenue composition of the company is as follows: 98.67% from rubber product sales, 0.96% from other sources, and 0.37% from rubber wood sales [1] Shareholder Analysis - Among the top ten circulating shareholders of Hainan Rubber, a fund under Southern Fund holds a significant position. The Southern CSI 500 ETF (510500) reduced its holdings by 542,900 shares in the third quarter, now holding 24.8162 million shares, which accounts for 0.58% of the circulating shares. The estimated floating profit from this transaction is approximately 7.1967 million CNY [2] - The Southern CSI 500 ETF was established on February 6, 2013, with a current scale of 140.098 billion CNY. Year-to-date returns stand at 29.99%, ranking 1797 out of 4216 in its category, while the one-year return is 26.06%, ranking 1890 out of 3894. Since inception, the fund has achieved a return of 146.65% [2] Fund Management - The fund manager of Southern CSI 500 ETF is Luo Wenjie, who has been in the position for 12 years and 199 days. The total asset scale of the fund is 170.445 billion CNY, with the best fund return during his tenure being 151.55% and the worst being -47.6% [3]

Core Insights - The European Union Deforestation Regulation (EUDR) will come into effect for large enterprises on December 31, 2023, requiring all products entering the EU market to be deforestation-free and legally produced according to the laws of the country of origin [1] Group 1: Impact on Sri Lanka's Exports - Seven commodities affected by the EUDR include beef, cocoa, coffee, palm oil, soybeans, timber, and natural rubber and its derivatives [1] - Sri Lanka's rubber exports to the EU could face a potential loss of approximately $24.4 million annually if the new regulations are adhered to, and a complete shutdown of rubber exports to the EU could lead to a GDP contraction of 0.07% [1] - In 2024, Sri Lanka is expected to export 27 different rubber and rubber products valued at $337.7 million to the EU, which remains the primary destination for Sri Lanka's value-added rubber exports [1] Group 2: Compliance Challenges - Although Sri Lanka is anticipated to be classified as a low-risk country under the EUDR, exporters will still need to provide detailed geographical location and proof of legal land ownership [1] - Large plantations are less likely to face significant challenges, but smallholders, who account for nearly 69% of the rubber cultivation area (totaling 98,393 hectares), may encounter substantial difficulties [1]

Core Viewpoint - The company, Hainan Rubber (601118.SH), reported damages from Typhoon "Maidum," which made landfall in Guangdong, affecting its rubber biological assets and production facilities, but no casualties were reported [1] Group 1: Typhoon Impact - The typhoon caused varying degrees of damage to the company's rubber biological assets and production facilities in Hainan Province [1] - Approximately 2,400 rubber trees (including tapping trees and small seedlings) were reported as damaged [1] - Due to continuous rainfall and damage to rubber trees, the company anticipates a reduction in dry rubber production of about 280 tons for the year [1] Group 2: Response and Recovery - The company activated its emergency response plan prior to the typhoon and has conducted safety inspections and post-disaster recovery efforts [1] - All affected subsidiaries have resumed production and operations following the disaster [1] Group 3: Financial Implications - The revenue from the affected subsidiaries in Hainan accounts for less than 4% of the company's total revenue [1] - The disaster is expected to have a certain degree of impact on the company's operating performance in 2025, but it will not significantly hinder the company's future sustainable development [1]

Core Viewpoint - The company has decided to cancel its supervisory board and amend its articles of association, which will be submitted for approval at the upcoming shareholders' meeting [35][36]. Group 1: Supervisory Board Cancellation - The company will cancel the supervisory board to enhance governance, with the audit committee of the board taking over the supervisory functions [35][36]. - The decision was made in accordance with relevant laws and regulations, including the Company Law and the Guidelines for Corporate Governance of Listed Companies [35][36]. Group 2: Amendments to Articles of Association - The company will revise its articles of association to reflect the cancellation of the supervisory board and the transfer of its responsibilities to the audit committee [35][36]. - Other related provisions in the articles of association will also be updated accordingly, while the remaining content will remain unchanged [35][36]. Group 3: Board and Shareholder Meeting Decisions - The resolutions regarding the cancellation of the supervisory board and the amendments to the articles of association were approved unanimously by both the board and the supervisory board [4][6]. - These resolutions will be presented for approval at the shareholders' meeting scheduled for October 29, 2025 [18][19].

Core Viewpoint - Hainan Rubber's stock performance shows a slight increase, with significant trading activity and a notable balance in margin trading, indicating investor interest and potential volatility in the market [1][2]. Financial Performance - For the first half of 2025, Hainan Rubber reported revenue of 22.856 billion yuan, representing a year-on-year growth of 18.99%. However, the company experienced a net loss attributable to shareholders of 176 million yuan, which is a 40.62% increase in losses compared to the previous year [2]. Shareholder and Trading Activity - As of July 10, 2025, the number of shareholders for Hainan Rubber decreased to 83,000, a reduction of 2.14%. The average number of circulating shares per shareholder increased by 2.19% to 51,559 shares [2]. - On September 24, 2023, Hainan Rubber's financing buy-in amounted to 15.8019 million yuan, while the financing repayment was 16.1977 million yuan, resulting in a net financing outflow of 395,800 yuan. The total margin trading balance reached 773 million yuan, accounting for 3.44% of the circulating market value [1]. Dividend Distribution - Since its A-share listing, Hainan Rubber has distributed a total of 1.179 billion yuan in dividends, with 136 million yuan distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, the second-largest circulating shareholder is Dongfanghong Qiheng Three-Year Holding Mixed A, holding 53.1366 million shares, a decrease of 16.4958 million shares from the previous period. The third-largest is Southern CSI 500 ETF, which increased its holdings by 3.5168 million shares to 25.3591 million shares [3].

Core Viewpoint - Hainan Free Trade Port is becoming a strategic hub for multinational companies to connect domestic and international markets, with the recent approval of cross-border capital centralized operation centers marking a significant step in financial openness [1][6]. Group 1: Cross-Border Capital Centralized Operation Centers - The cross-border capital centralized operation centers are key nodes for multinational companies to manage the circulation of funds between domestic and international markets [2]. - These centers are independent legal entities registered and operating within Hainan Free Trade Port, responsible for managing the foreign and domestic currency funds of multinational company subsidiaries [3]. - Hainan Rubber Industry Group, one of the first recognized centers, has expanded its international business through overseas acquisitions, becoming the world's largest natural rubber multinational enterprise [4]. Group 2: Benefits and Policies - The approval of the cross-border capital centralized operation center enhances global resource integration capabilities and provides international financial service support, leveraging tax incentives and cross-border capital facilitation [4][5]. - The centers utilize EF accounts for overseas loans, foreign investments, and cross-border fund allocation, improving the convenience of capital flow and addressing security concerns amid complex international geopolitical situations [5]. - The combination of multiple financial policies, including tax incentives and high-level openness in cross-border trade and investment, has created a favorable environment for the establishment of these centers [6]. Group 3: Economic Impact and Financial Ecosystem - The establishment of cross-border capital centralized operation centers is expected to drive the growth of cross-border financial demand, supported by the launch of multi-functional EF accounts [7]. - As of July 28, 2023, 10 banks in Hainan have opened 483 EF accounts, facilitating a total fund flow equivalent to 172.6 billion RMB, enhancing the efficiency of fund utilization and cross-border operations [7]. - The evolving financial ecosystem in Hainan, characterized by policy integration and infrastructure upgrades, is providing robust financial support for enterprises' international operations [8].

Financial Performance - The company reported total revenue of 22.856 billion yuan for the first half of 2025, an increase of 18.99% year-on-year [1] - The net profit attributable to shareholders was -176 million yuan, showing a year-on-year improvement of 40.62% [1] - In Q2 2025, total revenue reached 12.816 billion yuan, up 15.82% year-on-year, while the net profit attributable to shareholders was -67.67 million yuan, an increase of 49.98% year-on-year [1] - The gross margin improved by 10.72% year-on-year to 3.35%, and the net margin increased by 46.16% year-on-year to -1.13% [1] - Total selling, administrative, and financial expenses amounted to 1.071 billion yuan, accounting for 4.69% of revenue, a decrease of 19.62% year-on-year [1] - Earnings per share were -0.04 yuan, an increase of 40.69% year-on-year, while operating cash flow per share was 0.46 yuan, up 749.41% year-on-year [1] Business Evaluation - The company's return on invested capital (ROIC) was 1.99% last year, indicating weak capital returns [2] - The net profit margin was -0.17%, suggesting low added value in products or services [2] - Historical data shows a median ROIC of 1.72% over the past decade, with two years of losses since the company went public, indicating a fragile business model [2] Debt and Cash Flow Analysis - The company has a healthy cash asset position, but attention is needed on cash flow metrics [3][4] - The ratio of cash and cash equivalents to current liabilities is 50.5%, and the average operating cash flow over the past three years to current liabilities is only 9.03% [4] - The interest-bearing debt ratio is 45.9%, and the ratio of interest-bearing liabilities to the average operating cash flow over the past three years is 12.81% [4] - Financial expenses account for 53.15% of the average operating cash flow over the past three years, indicating potential financial strain [4] Accounts Receivable - The accounts receivable to profit ratio has reached 1486.77%, suggesting significant concerns regarding receivables management [5] Fund Holdings - The largest fund holding in the company is the Dongfanghong Qiheng Mixed Fund, with 53.1366 million shares, which has reduced its holdings [5] - Other funds, such as Huatai-PB Growth Mixed A and Huatai-PB Fundamental Smart A, have increased their positions in the company [5] - The largest fund currently has a scale of 631 million yuan, with a recent net value increase of 1.92% and a yearly increase of 28.66% [5]

Core Viewpoint - Hainan Rubber (601118.SH) reported a significant increase in revenue for the first half of 2025, indicating a positive trend in its financial performance despite a net loss [1] Financial Performance - The company achieved an operating revenue of 22.856 billion yuan, representing a year-on-year growth of 18.99% [1] - The net profit attributable to shareholders was a loss of 176 million yuan, which is an improvement of 120 million yuan compared to the same period last year [1] - The basic earnings per share stood at -0.0411 yuan [1]