致：香港交易及結算所有限公司 公司名稱: 第一拖拉机股份有限公司 FF301 呈交日期: 2025年11月3日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 I. 法定/註冊股本變動 截至月份: 2025年10月31日 狀態: 新提交 | 2. 股份分類 | 普通股 | | 股份類別 | A | | 於香港聯交所上市 (註1) | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601038 | | 說明 | 於上交所上市之A股 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 731,705,275 | | 0 | | 731,705,275 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 731,705,275 | | 0 | | 731,705,275 | | 1. 股份分類 | 普通股 | 股份類別 | H ...

Core Viewpoint - YTO Group is a leading agricultural machinery manufacturer in China, with a strong focus on agricultural and power machinery, showcasing significant technological accumulation and a complete industry chain advantage [1] Group 1: Business Performance - In Q3 2025, YTO Group achieved an operating revenue of 9.703 billion, ranking first among 10 companies in the industry, significantly surpassing the second-place Greebo's 3.828 billion [2] - The net profit for the same period was 1.057 billion, also leading the industry, with the second-place Daye's net profit at 124 million [2] Group 2: Financial Ratios - As of Q3 2025, YTO Group's debt-to-asset ratio was 48.14%, lower than the previous year's 49.56% and below the industry average of 50.10%, indicating good solvency [3] - The gross profit margin for Q3 2025 was 16.23%, slightly down from 16.37% year-on-year and below the industry average of 22.92% [3] Group 3: Management and Shareholder Structure - The chairman, Zhao Weilin, has extensive experience in large enterprise management and international trade, while the general manager, Wei Tao, has a strong engineering background [4] - As of September 30, 2025, the number of A-share shareholders decreased by 7.59% to 33,600, with an average holding of 21,800 circulating A-shares, an increase of 8.22% [5] Group 4: Market Outlook and Projections - Analysts expect YTO Group's revenue for 2025-2027 to be 10.961 billion, 11.593 billion, and 12.646 billion, with corresponding net profits of 858 million, 904 million, and 1.014 billion [5] - The company is anticipated to benefit from a recovery in domestic grain prices, stable expense control, and growth in intelligent and high-end products, leading to improved profitability [6]

Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company's performance has been under pressure, with a year-on-year decline in revenue and net profit for the first three quarters of 2025. However, there is a notable improvement in net profit for Q3, which increased by 15.14% year-on-year [2][3] - The trend towards agricultural machinery intelligence and high-end products remains unchanged, highlighted by the recent launch of the Dongfanghong LF3604 power-shifting tractor, which signifies a significant technological advancement in heavy-duty tractors [4] Financial Summary - For the first three quarters of 2025, the company reported revenue of 9.703 billion yuan, a decrease of 9.63% year-on-year, and a net profit of 994 million yuan, down 9.69% year-on-year, with basic earnings per share of 0.8848 yuan [2][3] - In Q3 alone, the company achieved revenue of 2.775 billion yuan, a decline of 5.29% year-on-year, but net profit improved to 225 million yuan, marking a 15.14% increase year-on-year [3] - The gross margin and net margin for the first three quarters were 16.23% and 10.90%, respectively, remaining relatively stable compared to the same period last year [3] - The average return on equity (ROE) was 13.17%, a decrease of 2.41 percentage points compared to the same period in 2024 [3] Earnings Forecast - Under a neutral scenario, the company is expected to generate revenues of 10.961 billion, 11.593 billion, and 12.646 billion yuan for 2025, 2026, and 2027, respectively. Corresponding net profits are projected to be 858 million, 904 million, and 1.014 billion yuan, with earnings per share of 0.76, 0.80, and 0.90 yuan [5]

Investment Rating - The report maintains a "Buy" rating for the company [2][9] Core Insights - The company's net profit attributable to shareholders increased by 15.1% year-on-year in Q3, indicating a turning point in performance [2] - For the first three quarters of 2025, total revenue reached 9.7 billion yuan, down 9.6% year-on-year, while net profit attributable to shareholders was 990 million yuan, a decrease of 9.7% [2] - The improvement in Q3 performance is attributed to the recovery in grain prices, which has driven industry demand [2] - The company is expected to maintain an upward trend in performance in Q4 due to stabilizing grain prices and the end of inventory destocking [2] Financial Performance Summary - For the first three quarters of 2025, the company's gross profit margin was 16.23%, a decrease of 0.14 percentage points year-on-year, while the net profit margin was 10.90%, an increase of 0.51 percentage points [3] - In Q3 alone, the gross profit margin improved to 16.72%, up 2.07 percentage points year-on-year, and the net profit margin was 8.09%, an increase of 1.41 percentage points [3] - The company has maintained robust cost control, with sales, management, R&D, and financial expense ratios showing stable performance [3] Industry Outlook - The agricultural machinery industry is expected to see a recovery, with domestic demand likely to rebound as grain prices stabilize [4] - The company is focusing on the development of intelligent and high-end products, which are anticipated to become new growth drivers [4] - The overseas market expansion has been successful, with tractor sales in H1 2025 reaching 5,445 units, a year-on-year increase of 29% [4]

Group 1 - The core viewpoint of the article is that YTO Express (601038.SH) reported a decline in both revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Group 2 - The total operating revenue for the first three quarters reached 9.703 billion yuan, representing a year-on-year decrease of 9.63% [1] - The net profit attributable to shareholders of the parent company was 994 million yuan, down 9.69% year-on-year [1] - The basic earnings per share were reported at 0.8848 yuan [1]

Core Viewpoint - The company reported a decline in both revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - Revenue for the first three quarters of 2025 was 9.7025 billion RMB, representing a year-on-year decrease of 9.63% [1] - Net profit attributable to shareholders was 994 million RMB, down 9.69% year-on-year [1] - Basic earnings per share stood at 0.8848 RMB [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 關於召開2025年第三季度業績說明會的公告 第一拖拉機股份有限公司（「本公司」）董事（「董事」）會及全體董事保證本公告內容不 存在虛假記載、誤導性陳述或者重大遺漏，並對其內容的真實性、準確性和完整性 承擔個別及連帶責任。 重要內容提示： 1 • 會議召開時間：2025年11月4日（星期二）16:00-17:00 • 會議召開地點：上海證券交易所上證路演中心（網址：https://roadshow.sseinfo.com/） • 會議召開方式：網絡文字互動 • 投資者可於2025年10月29日（星期三）至2025年11月3日（星期一）16:00前 登 錄 上 證 路 演 中 心 網 站 首 頁 點 擊「提 問 預 徵 集」欄 目 或 通 過 本 公 司 郵 箱 msc0038@ytogroup.com進行提問。本公司將在說明會上對投資者普遍關注的問 題進行回答。 一、說明會類型 本公司已於2025年10月 ...

格隆汇10月28日丨一拖股份(601038.SH)发布三季报，2025年前三季度实现营业总收入97.03亿元，同比 下降9.63%；归属母公司股东净利润9.94亿元，同比下降9.69%；基本每股收益为0.8848元。 ...

本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 海外監管公告 茲載列第一拖拉機股份有限公司於上海證券交易所網站(www.sse.com.cn)所刊發的 公告，僅供參考。 承董事會命 第一拖拉機股份有限公司 聯席公司秘書 劉斌 中國 • 洛陽 2025年10月28日 於本公告日期，董事會成員包括執行董事趙維林先生（董事長）及魏濤先生；非執行 董事方憲法先生、楊建輝先生及苗雨先生；以及獨立非執行董事王書茂先生、 徐立友先生及黃綺汶女士。 * 僅供識別 证券代码：601038 证券简称：一拖股份 公告编号：临 2025－41 第一拖拉机股份有限公司 第九届董事会第三十九次会议决议公告 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。 一、董事会会议召开情况 第一拖拉机股份有限公司（以下简称公司）第九届董事 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 2025年第三季度報告 1 一、釋義 本公司、公司、一拖股份 指 第一拖拉機股份有限公司 2 中國一拖 指 中國一拖集團有限公司（本公司控股股東） 中國證監會 指 中國證券監督管理委員會 聯交所 指 香港聯合交易所有限公司 A股 指 經中國證監會批准向境內投資者及合資格境外投 資者發行、在中國境內證券交易所上市、以人民 幣標明股票面值、以人民幣認購和進行交易的普 通股 H股 指 經中國證監會批准向境外投資者發行、經聯交所 批准上市、以人民幣標明股票面值、以港幣認購 和進行交易的普通股 重要內容提示： 公司董事會（「董事會」）及其董事、高級管理人員保證季度報告內容的真實、準確、完 整，不存在虛假記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律責任。 公司負責人、主管會計工作負責人及會計機構負責人（會計主管人員）保證季度報告 中財務信息的真實、準確、完整。 第三季度財務報表未經審計。 二、主要財務數據 （ ...