Group 1 - The conflict involving Hainan Natural Rubber Industry Group Co., Ltd. (Hai Jiao) and local villagers is rooted in historical land disputes, with no casualties reported among the public [1][2] - A working group has been established by the local government to investigate the situation and ensure the protection of all parties' legal rights [1] - The conflict escalated on October 31 when Hai Jiao's subsidiary attempted to clear crops from a disputed land area, leading to a confrontation with a local villager [1] Group 2 - The local police were alerted to the dispute on October 31 and responded to maintain order, successfully dispersing the crowd without any injuries reported [2] - The police will collaborate with the county's investigation team to handle the situation according to legal regulations and address public concerns [2]

Core Viewpoint - Recently, Xishuangbanna Yihang Rubber Co., Ltd. was established with a registered capital of 500,000 RMB, indicating a new player in the rubber industry focusing on various rubber-related activities [1] Company Summary - The legal representative of the newly established company is Cai Jinzhen [1] - The registered capital of the company is 500,000 RMB [1] - The company’s business scope includes rubber crop planting, sales of rubber products, tire sales, synthetic materials sales, high-quality synthetic rubber sales, primary agricultural product acquisition, import and export of goods, and import and export agency services [1] - The company is also involved in food sales, which requires approval from relevant authorities before operations can commence [1]

Core Viewpoint - Hainan Rubber reported damage to its biological assets and production facilities due to Typhoon "Maidum," which made landfall in Guangdong, with maximum wind speeds of 42 m/s [1] Summary by Relevant Sections Company Impact - The company activated its emergency response plan prior to the typhoon and implemented comprehensive flood and wind prevention measures [1] - Initial estimates indicate approximately 2,400 rubber trees (including tapping trees and small seedlings) were affected, leading to an expected reduction of about 280 tons in dry rubber production for the year [1] - The affected subsidiaries have fully resumed production operations following safety inspections and disaster recovery efforts [1] Financial Implications - The revenue from the affected subsidiaries in Hainan accounts for less than 4% of the company's total income, suggesting limited overall financial impact [1] - The disaster is expected to have a certain degree of effect on the company's operational performance in 2025, but it will not significantly hinder the company's sustainable development [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: Recovery and Operations - Following the typhoon, the company quickly organized personnel for safety inspections and post-disaster recovery efforts [1] - All affected subsidiaries have resumed production and operations [1] Group 3: Financial Implications - The affected subsidiaries' annual revenue 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 reported that Typhoon "Maidum" has caused varying degrees of damage to its rubber biological assets and related production facilities in Hainan Province, leading to an estimated reduction of approximately 0.28 million tons of dry rubber for the year [1] Group 1: Impact of Typhoon - The company has activated its emergency response plan for typhoons and has fully deployed flood and wind prevention measures [1] - All affected subsidiaries have resumed production and operations [1] - The losses primarily stem from the rubber biological assets of the subsidiaries, with the annual revenue from the rubber planting subsidiaries in Hainan accounting for less than 4% of the company's total revenue [1] Group 2: Future Outlook - The expected impact on the company's operating performance for 2025 is considered to be moderate, but it will not significantly hinder the company's sustainable development in the future [1]

Group 1 - The core point of the article is that Hainan Rubber announced the convening of its 49th board meeting on October 13, 2025, via remote voting, where it reviewed the proposal for nominating director candidates [1] - For the fiscal year 2024, Hainan Rubber's revenue composition is heavily weighted towards agriculture, accounting for 97.79%, while other businesses contribute only 2.21% [1] - As of the report, Hainan Rubber has a market capitalization of 22.9 billion yuan [1]

Core Viewpoint - Hainan Rubber (601118.SH) has received an insurance payout of 89.9577 million yuan due to income loss caused by pests and diseases, as per the insurance agreement for the 2025 rubber income insurance project [1] Group 1: Insurance Compensation - The insurance payout amount determined after assessment is 89.9577 million yuan [1] - The company has recorded the insurance compensation as other income in its accounting [1] Group 2: Land Compensation - The company has received a total of 36.3383 million yuan in land compensation for projects including the expansion of the G98 Ring Road [1] - This compensation includes 31.1472 million yuan for employee resettlement and 5.191 million yuan for crop compensation [1] - The land compensation will be recognized as non-operating income upon fulfillment of the conditions stipulated in the land acquisition agreement [1]

Core Points - Hainan Rubber (601118.SH) announced an insurance compensation of 89.9577 million yuan due to income loss from pests and diseases, as per the insurance agreement for the 2025 rubber income insurance project [1] - The company has received the compensation payment, which will be recorded as other income in its accounting [1] - The company also received a total of 36.3383 million yuan in land compensation for the G98 Ring Road expansion project, which includes 31.1472 million yuan for employee resettlement and 5.191 million yuan for crop compensation [1] - The land compensation will be recognized as non-operating income upon fulfillment of the conditions stipulated in the land acquisition agreement [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Africa's rubber production and harvested area increased rapidly from 2016 - 2023, with total production rising from 691,800 tons to 1,986,500 tons, accounting for 13.46% of the world's total in 2023 [1][6]. - Cote d'Ivoire is the largest rubber - producing country in Africa, with a production of 1,548,000 tons in 2023, accounting for 78% of Africa's total. Its production CAGR from 2018 - 2023 was +19.92% [1][8]. - It is expected that the inflection point of Cote d'Ivoire's rubber production capacity growth rate will appear before 2030 [2][36]. - Cote d'Ivoire's rubber export bottleneck has been basically resolved, and its export growth rate is expected to recover [2]. - African rubber faces challenges from the high relative returns of other cash crops, but also has opportunities due to its price advantage [2]. - In the short term, potential zero - tariff shocks and continued capacity growth will put downward pressure on African rubber prices, but the supply pressure is expected to ease after around 2030 [3]. 3. Summary According to Relevant Catalogs 3.1 African Natural Rubber Main Distribution and Producing Areas 3.1.1 African Rubber Planting History and Main Producing Countries - Rubber trees were introduced to Africa in the early 20th century. From 2016 - 2023, Africa's rubber production and harvested area increased rapidly due to high prices around 2010 [1][6]. - Cote d'Ivoire is the largest rubber - producing country in Africa. Its rubber production was mainly contributed by industrial plantations initially, and then by rural plantations [11][12]. - Ghana's rubber production in 2023 was 126,400 tons, with a CAGR of +25.07% from 2018 - 2023, ranking second in Africa [16]. - Liberia's rubber industry is foreign - capital - dominated, with a production of 120,300 tons in 2023 [16]. - Nigeria was the largest rubber - producing country in Africa from 1961 - 1966, but its production was surpassed by Cote d'Ivoire later [17]. [6][16][17] 3.1.2 African Producing Areas' Planting Characteristics and Bottlenecks - African rubber producing areas are mainly in West Africa. Climate conditions, low tapping returns leading to labor shortages, and insufficient infrastructure for rubber transportation are the development bottlenecks [18][21]. - Cote d'Ivoire has a tropical rain - forest climate in the south and a tropical savanna climate in the north, with distinct rainy and dry seasons [19]. 3.1.3 How Long Can Cote d'Ivoire's High - Growth Rate of Production Be Maintained? - Due to the lack of key planting area data, it is difficult to directly infer the production capacity trend. Indirect speculation shows that the new planting area in Cote d'Ivoire probably started to decline around 2014, was at a low level from 2016 - 2021, and began to recover in 2022 [25][27]. - It is expected that the inflection point of Cote d'Ivoire's production capacity growth rate will appear before 2030, but the actual decline may occur earlier due to non - standard tapping and other factors [36]. 3.2 African Natural Rubber Export Situation and International Share 3.2.1 African Rubber Export Types and Trade Flows - In 2023, Cote d'Ivoire exported 1,930,400 tons of natural rubber, with a five - year CAGR of +22.95%. Its export volume accounted for 11.95% of the global total in 2024 [38]. - Cote d'Ivoire's rubber exports are mainly standard rubber. The government has restricted raw material exports and increased processing capacity. Its export growth rate is expected to recover [42][43][47]. - Ghana and Liberia's export growth from 2013 - 2023 was not obvious. Their export rubber types are mainly standard rubber, latex, and other forms of natural rubber [50]. 3.2.2 Introduction to Major African Rubber Companies - Halcyon Agri is an international company with a long - standing business history, operating in multiple countries and having two major business segments: Halcyon Rubber Company and Corrie MacColl [56]. - Socfin Group is an international agricultural industrial enterprise focusing on oil palm and rubber plantations, with businesses in multiple African and Southeast Asian countries [57]. - SIFCA is a Cote d'Ivoire agricultural - industrial group covering the entire natural rubber value chain, aiming to produce 2 million tons of natural rubber by 2030 [59]. 3.3 Challenges and Opportunities in the African Rubber Market 3.3.1 Substitution by Other Crops such as Cocoa, Coffee, and Cassava - Farmers in Cote d'Ivoire may switch from rubber to cocoa if cocoa prices remain high due to factors like aging cocoa trees [61]. 3.3.2 African Rubber Price Competitiveness and Development Potential - African rubber may not have significant performance defects. Due to different downstream usage habits, it has not been widely used in China, but some tire companies are starting to try it [63]. - If the zero - tariff scope for African rubber is further broadened, its price advantage will be prominent, helping it enter the Chinese rubber consumption market [64].

Summary of Key Points from Conference Call on Natural Rubber Industry Industry Overview - The natural rubber industry is experiencing a cyclical phase with increased supply expectations due to the new rubber tapping season in Yunnan and Hainan, alongside full-scale tapping in Thailand and Vietnam, which is putting pressure on rubber prices [1][2] Supply and Demand Dynamics - Domestic natural rubber supply is heavily reliant on imports, with a self-sufficiency rate of only 14%, importing over 5 million tons annually from countries like Thailand, Côte d'Ivoire, Vietnam, and Myanmar, which account for over 80% of total imports [4][5] - The supply situation has shifted from contraction to expected growth in 2023, with favorable weather conditions and increased tapping activities contributing to this change [2] Global Supply Changes - The global supply landscape is changing, with traditional Southeast Asian production areas contracting due to aging trees and competition from high-value crops, while emerging African regions like Côte d'Ivoire are growing but face risks from cocoa price increases [8][12] - Thailand's rubber planting area has been declining since its peak in 2016, with production rates nearing saturation, making significant output increases unlikely [10] Price Characteristics - Natural rubber prices exhibit characteristics of both agricultural and industrial commodities, with a planting cycle of 6-8 years leading to rigid short-term supply and potential for long-term price increases due to tightening supply from major producing countries [7][15] Industry Structure - The natural rubber supply chain consists of three main segments: rubber tree planting and raw material trade, rubber processing, and downstream consumption, with the tire industry accounting for over 70% of consumption [3] Demand from Tire Industry - The tire industry shows steady demand for natural rubber, although the full-steel tire segment is currently in a surplus phase. Leading companies are adopting new collaborative models to drive growth, which may increase overall natural rubber consumption [13] Future Market Outlook - In the second half of 2025, the global natural rubber market may face amplified supply-demand contradictions, with total inventory potentially shifting from a depletion phase to an accumulation trend due to seasonal demand declines and macroeconomic uncertainties [14] - Despite short-term challenges, the long-term outlook remains positive due to tightening supply from major producing countries and rigid demand [15]