截至10月31日，海南橡胶股东户数7.97万，较上期减少0.65%；人均流通股53694股，较上期增加 0.65%。2025年1月-9月，海南橡胶实现营业收入339.64亿元，同比增长3.23%；归母净利润-2.75亿元， 同比增长40.24%。 分红方面，海南橡胶A股上市后累计派现11.79亿元。近三年，累计派现1.36亿元。 11月17日，海南橡胶跌0.80%，成交额4.13亿元。两融数据显示，当日海南橡胶获融资买入额5649.57万 元，融资偿还6150.96万元，融资净买入-501.39万元。截至11月17日，海南橡胶融资融券余额合计8.95 亿元。 融资方面，海南橡胶当日融资买入5649.57万元。当前融资余额8.89亿元，占流通市值的3.34%，融资余 额超过近一年90%分位水平，处于高位。 融券方面，海南橡胶11月17日融券偿还19.17万股，融券卖出34.40万股，按当日收盘价计算，卖出金额 213.97万元；融券余量103.93万股，融券余额646.46万元，超过近一年90%分位水平，处于高位。 资料显示，海南天然橡胶产业集团股份有限公司位于海南省海口市滨海大道103号财富广场4楼，成立日 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The cost and processing profit losses support the price, but the peak supply season and macro uncertainties suppress the upward movement, with the overall situation continuing to fluctuate [1]. - Yunnan is approaching the end of the tapping season, and raw material prices have stopped falling, although profits remain low, providing some support for the far - month RU contracts. Thai cup rubber prices have risen due to factory purchases and weather conditions, but the peak season still exerts pressure on the upside. Domestic downstream demand is stable, but inventory accumulation has started in November due to increased imports, causing the spot market to weaken slightly. Overall, there are no obvious supply - demand contradictions, and the market will continue to fluctuate. Attention should be paid to raw material output, inventory accumulation speed, and macro - policies in November [9]. 3. Summary According to the Table of Contents 3.1 Overview - **Global Production**: In September 2025, the global natural rubber production showed a slight increase overall. Thailand produced 451,500 tons, Indonesia 195,000 tons, Vietnam 151,800 tons, China 122,300 tons, and Malaysia 33,000 tons. China had a significant increase in production, while Vietnam had a decline [5]. - **Main - producing Countries' Export Volume**: From January to August 2025, the export volume of main - producing countries increased significantly, mainly due to China's increased import enthusiasm. In September, the import volume of natural rubber in China still exceeded expectations, with the main increase coming from mixed rubber [5][6]. - **Domestic Production and Import**: The production of domestic whole - milk rubber decreased year - on - year in the new season, and it is expected that this year's output will fall short of expectations. In September, the total import volume of natural rubber was 595,900 tons, with significant increases in latex, smoked sheets, and other types [6]. - **Inventory**: The overall inventory has started to accumulate. The inventory of light - colored rubber has not increased, but the digestion of old whole - milk rubber has slowed down after the release of reserve rubber into the market. The inventory of dark - colored rubber has increased significantly, and its sustainability should be monitored [6]. - **Downstream Industry**: The operating rates of all - steel and semi - steel tires are expected to remain stable. The production volume of tires decreased seasonally in October due to holidays. Automobile sales and the logistics index are expected to remain stable or increase slightly, while tire exports decreased slightly seasonally [7]. - **Price and Profit**: The prices of raw materials such as Yunnan and Hainan glue showed slight fluctuations. The processing profits of Yunnan and Hainan remained low, and the profits of Thai latex were flat or weak [7]. 3.2 Balance Sheet Analysis - **Domestic Natural Rubber Total Balance Sheet**: It is expected that the import volume will increase month - on - month in November, and the market will enter a seasonal inventory - accumulation period [15]. - **Supply and Demand of Light - colored Rubber**: Light - colored rubber has been continuously reducing inventory, mainly because the cancellation rate of warehouse receipts is higher than the new rubber storage rate. However, the inflow of reserve rubber into the market has increased the spot pressure. The new warehouse receipts in October failed to meet expectations [16]. - **Supply and Demand of Dark - colored Rubber**: Attention should be paid to the raw material supply and price in Thailand's northeastern region, as well as the import and demand changes in the fourth quarter [18]. 3.3 Cost and Profit Analysis - **Chinese Raw Material Prices and Spreads**: The report presents seasonal charts of raw material prices and spreads in Yunnan and Hainan, including the price spreads between different raw materials and different rubber types [22][24]. - **Chinese Rubber Processing Profits**: Seasonal charts of processing profits for different rubber types in Hainan and Yunnan are provided, such as the processing profit of Hainan latex and the delivery profit of Yunnan whole - milk RU01 contract [27]. - **Thai Raw Material Prices and Spreads**: Seasonal charts of Thai raw material prices and spreads are presented, including the price of Thai cup rubber and the spread between Thai latex and cup rubber [30]. - **Thai Raw Material Spreads and Rubber Processing Profits**: Seasonal charts of processing profits for different rubber types in Thailand are provided, such as the delivery profit of the Indian - standard NR main contract and the processing profit of Thai standard rubber [33]. 3.4 Industrial Chain Supply - Demand Inventory Data Display - **Weather and Rainfall in Main - producing Areas**: ONI index changes and cumulative precipitation data in Hainan, Yunnan, and Thailand are presented, which can affect rubber production [37][39][41]. - **Main - producing Countries' Export Volume**: Cumulative export volume and year - on - year data of natural rubber in Vietnam, Indonesia, and Malaysia are provided [43]. - **Domestic Natural Rubber Supply - Demand Inventory**: Cumulative supply, demand, and inventory data of domestic natural rubber, as well as their year - on - year changes, are presented [47]. - **Chinese Natural Rubber Import Volume**: Cumulative and monthly import volume data of natural rubber in China, as well as the year - on - year changes in the total positions of RU and NR, are provided [50]. - **Chinese Natural Rubber Import Volume by Rubber Type**: Monthly import volume data of different rubber types in China, such as concentrated latex, smoked sheets, standard rubber, and mixed rubber, are presented [53]. - **Light - colored Rubber Analysis**: Data on the supply, demand, and inventory of light - colored rubber, including the cumulative supply, consumption, and weekly inventory of whole - milk and 3L rubber, are provided [56][58][61]. - **Dark - colored Rubber Analysis**: Data on the supply, demand, and inventory of dark - colored rubber, including the cumulative consumption, import volume, and inventory of different types of dark - colored rubber, as well as tire - related data such as tire factory operating rates, production, inventory, and profit, are provided [65][68][73]. 3.5 Price, Spread, and Basis Analysis - **Price Charts of Different Rubber Types**: Continuous price charts of whole - milk, smoked sheets, domestic standard rubber, Thai standard rubber, 3L, Thai mixed rubber, and latex are presented [88]. - **Seasonal Prices of Different Rubber Types**: Seasonal price charts of whole - milk, smoked sheets, domestic standard two - grade rubber, and Thai standard rubber are provided [90]. - **Seasonal Spreads of Different Rubber Types**: Seasonal spread charts between whole - milk rubber and other rubber types, such as smoked sheets, 3L, domestic standard rubber, Thai standard rubber, Thai mixed rubber, and latex, are presented [92][94]. - **Basis between Whole - milk Rubber and Shanghai Rubber RU**: Basis charts between whole - milk rubber and different RU contracts, such as 09, 05, and 01 contracts, are provided [96]. - **Spread between Shanghai Rubber RU and Mixed Rubber**: Spread charts between different RU contracts and mixed rubber, such as RU01, RU05, and RU09 contracts, are provided [97][98]. - **Basis between Thai Standard/Thai Mixed Rubber and 20 - grade Rubber NR**: Basis charts between Thai standard/Thai mixed rubber and different NR contracts, such as 01 and 12 contracts, are provided [100]. - **Inter - contract Spreads**: Spread charts between different RU contracts, such as RU05 - RU09, RU11 - next - year RU01, etc., are provided [103]. - **Inter - variety Spreads**: Spread charts between different varieties, such as RU01 and NR01, RU01 and NR12, etc., are provided [105].

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].