Financial Performance - Operating revenue for the first quarter was CNY 4,556,516,000.85, a decrease of 2.13% compared to CNY 4,655,884,153.40 in the same period last year[7]. - Net profit attributable to shareholders was CNY 529,498,722.85, down 11.66% from CNY 599,396,148.31 year-on-year[7]. - Basic and diluted earnings per share were both CNY 0.4712, reflecting an 11.66% decline from CNY 0.5334 in the previous year[7]. - Total operating revenue for Q1 2025 was approximately ¥4.56 billion, a decrease of 2.2% compared to ¥4.66 billion in Q1 2024[25]. - Net profit for Q1 2025 was approximately ¥535.77 million, a decrease of 11.7% from ¥606.90 million in Q1 2024[27]. - Earnings per share for Q1 2025 was ¥0.4712, down from ¥0.5334 in Q1 2024[29]. - The company reported a total comprehensive income of approximately ¥536.10 million for Q1 2025, compared to ¥606.91 million in Q1 2024, indicating a decline of 11.6%[29]. Cash Flow - Net cash flow from operating activities decreased by 64.76% to CNY 87,049,151.46, compared to CNY 247,036,905.03 in the same period last year[7]. - Cash inflow from operating activities for Q1 2025 was approximately $2.53 billion, a decrease of 9.4% compared to $2.80 billion in Q1 2024[34]. - Net cash flow from operating activities for Q1 2025 was approximately $87.05 million, a significant decline of 64.8% compared to $247.04 million in Q1 2024[35]. - The net increase in cash and cash equivalents for Q1 2025 was approximately $405.49 million, contrasting with a decrease of $272.83 million in Q1 2024[39]. - The ending balance of cash and cash equivalents for Q1 2025 was approximately $2.19 billion, up from $1.95 billion in Q1 2024[39]. Assets and Liabilities - Total assets increased by 8.88% to CNY 15,996,632,378.31 from CNY 14,691,335,709.97 at the end of the previous year[7]. - The total liabilities increased to RMB 7,679,708,982.76 as of March 31, 2025, compared to RMB 6,913,064,048.45 at the end of 2024, indicating a rise of about 11.1%[22]. - The company's total assets reached RMB 15,996,632,378.31 as of March 31, 2025, compared to RMB 14,691,335,709.97 at the end of 2024, representing an increase of approximately 8.9%[20]. - The total current liabilities amounted to RMB 7,274,821,529.91, an increase from RMB 6,498,069,754.11, indicating a growth of about 11.9%[21]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 37,723, with 37,436 being A-share holders and 287 being H-share holders[13]. - The largest shareholder, China Yituo Group Co., Ltd., holds 48.81% of the shares[14]. - Equity attributable to shareholders rose by 7.34% to CNY 7,788,081,504.56 from CNY 7,255,707,334.12 at the end of the previous year[7]. - Shareholders' equity totaled approximately ¥8.32 billion in 2025, compared to ¥7.78 billion in 2024, reflecting a growth of 7.1%[23]. Operational Insights - The company experienced a significant decline in cash flow due to seasonal factors affecting agricultural machinery sales[12]. - Research and development expenses for Q1 2025 were approximately ¥86.93 million, a decrease of 8.3% from ¥95.21 million in Q1 2024[25]. - Other income for Q1 2025 was approximately ¥76.80 million, down from ¥80.26 million in Q1 2024[26]. - Investment income for Q1 2025 was approximately ¥45.25 million, an increase from ¥41.12 million in Q1 2024[26]. Governance and Management - The company plans to extend the term of its board and supervisory committee elections, which will not affect normal operations[18]. - The independent director's term will end on April 12, 2025, and he has applied to resign, which will not impact the legality of the board's composition[18].

Financial Performance - Total operating revenue for 2024 reached ¥11,904,370,911.94, a 3.21% increase compared to ¥11,533,786,779.44 in 2023[16] - Net profit attributable to shareholders decreased by 7.52% to ¥922,023,211.45 from ¥997,022,699.99 in the previous year[16] - The net cash flow from operating activities increased by 15.13% to ¥1,216,115,552.21 compared to ¥1,056,261,600.78 in 2023[16] - Basic earnings per share for 2024 was ¥0.8206, down 7.52% from ¥0.8873 in 2023[18] - Total assets grew by 6.33% to ¥14,691,335,709.97 from ¥13,817,261,971.79 in 2023[16] - The company reported a quarterly net profit of ¥599,396,148.31 in Q1 2024, with a significant drop to -¥178,879,297.75 in Q4 2024[20] - Non-recurring gains and losses totaled ¥55,146,131.09 in 2024, compared to ¥71,137,510.83 in 2023[22] - The weighted average return on equity decreased to 13.22% in 2024 from 15.76% in 2023, a decline of 2.54 percentage points[18] - The total liabilities increased to ¥6,913,064,048.45 in 2024 from ¥6,597,932,308.41 in 2023[29] - The company's net assets attributable to shareholders rose by 8.43% to ¥7,255,707,334.12 in 2024 from ¥6,691,690,666.55 in 2023[16] Dividend and Profit Distribution - The company plans to distribute a cash dividend of RMB 2.995 per 10 shares, totaling RMB 336.53 million, based on a total share capital of 1,123,645,275 shares as of December 31, 2024[4] - The cumulative cash dividend over the last three accounting years amounts to RMB 94,903 million, with a cash dividend ratio of 109.50% based on the average net profit during the same period[164] - The company maintains a profit distribution policy that ensures at least 25% of the distributable profits are distributed in cash annually, subject to business needs and major investment plans[189] Audit and Compliance - The company has received a standard unqualified audit report from the accounting firm Xin Yong Zhong He[5] - The company has maintained the accuracy and completeness of its annual report, with no significant omissions or misleading statements[5] - The company is committed to ensuring the authenticity of its financial reports, as stated by its responsible personnel[5] - The company strictly adheres to domestic and international regulatory requirements for information disclosure, ensuring that disclosures are truthful, accurate, complete, and timely[114] - The company's board of directors has reviewed compliance with governance codes and has executed its governance responsibilities during the fiscal year[191] Risk Management - The company emphasizes the importance of risk analysis in its management discussion and analysis section of the annual report[4] - The company has established a clear management structure for risk management and internal control, aimed at achieving business objectives and protecting assets[187] - The board of directors has confirmed the effectiveness of the risk management and internal control systems, ensuring compliance with relevant laws and regulations[187] Market and Product Development - The company sold 743,000 large and medium-sized tractors in 2024, an increase of 2.73% year-on-year, maintaining its leading position in the industry[35] - The company exported 7,100 tractors in 2024, reflecting a year-on-year growth of 8.23% despite challenges from geopolitical factors and trade policy changes[36] - The company completed the development of new products for 30-50 horsepower hillside tractors, marking the first batch market application of such tractors in China[34] - The company is focusing on technological innovation and has made substantial progress in developing high-end agricultural machinery, including 320-horsepower tractors[34] - The company is actively expanding its overseas market presence, leveraging international engineering resources to enhance its product offerings[36] Research and Development - The company focuses on self-research for product development, with strategic planning and market demand projects managed by its R&D center and subsidiaries[47] - Research and development expenses increased by 11.93% to CNY 516,377,794.17 from CNY 461,344,381.32 year-on-year, reflecting increased investment in R&D projects[56] - Total R&D expenses amounted to RMB 516,377,794.17, representing 4.34% of operating revenue, with no capitalized R&D expenditures[79] Governance and Management - The company maintains a robust governance structure, ensuring independence in assets, personnel, finance, and operations, with no factors affecting its independence[117] - The company has a strong governance structure with experienced executives, including Chairman Zhao Weilin and General Manager Wei Tao, who have extensive backgrounds in international trade and management[123] - The board of directors consists of 9 members, with independent directors making up over one-third of the board, ensuring a diverse and balanced governance structure[171] - The company has a structured process for determining the remuneration of its directors and supervisors, requiring approval from the shareholders' meeting[131] - The company has appointed several independent directors with extensive experience in finance and management, enhancing corporate governance[124][125][126] Environmental and Social Responsibility - The company invested ¥61.82 million in environmental protection during the reporting period[197] - The company achieved compliance in pollutant emissions, with particulate matter emissions averaging 5.66 mg/m³ against a standard of 120 mg/m³[197] - The company and its subsidiary implemented the "three simultaneous" system for environmental protection facilities, with four new environmental facilities added in 2024[199] - The company received the ESG Golden Bull Award and was recognized as one of the top 50 central enterprises in ESG, highlighting its commitment to environmental, social, and governance practices[116] Employee and Training Initiatives - The company invested RMB 9.6 million in training programs in 2024, covering 1,097 training sessions with 45,083 participants, achieving a 100% training coverage rate[158] - The employee composition includes 4,027 production staff, 615 sales personnel, and 1,158 technical staff, reflecting a diverse workforce[155] - The company has 1,364 female employees, representing 19.71% of the total workforce, indicating a commitment to employee diversity[156] Shareholder Engagement - The company emphasizes the importance of maintaining clear communication with investors, particularly small and medium shareholders, to protect their rights[115] - The company plans to enhance communication with investors regarding its operational performance and investment strategies[145] - The company participated in multiple investor communication activities, including performance briefings and investor surveys, to address market concerns and convey company value[115]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：601038 证券简称：一拖股份 公告编号：临2025-18 第一拖拉机股份有限公司 关于调整第九届董事会 专门委员会委员的公告 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个别及连带责任。 第一拖拉机股份有限公司（以下简称公司）于2025年4月10日召开第九届董事会第三十四次会议，审议 通过《关于调整公司第九届董事会专门委员会委员的议案》，同意增补黄绮汶女士为公司第九届董事会 审核委员会委员、第九届董事会提名委员会委员，并担任董事会审核委员会主席；同意增补徐立友先生 为第九届董事会薪酬委员会委员，并担任主席。上述人员任期至公司第九届董事会完成换届之日止。除 上述调整外，公司第九届董事会专门委员会其他成员保持不变。本次调整完成后，第九届董事会各专门 委员会组成情况如下： 公司第九届董事会审核委员会： 黄绮汶（主席）、苗雨、徐立友 公司第九届董事会提名委员会： 王书茂（主席）、赵维林、黄绮汶 公司第九届董事会薪酬委员会： 赵维林（主席）、魏涛、方宪法、徐立友 特此公告。 第一拖 ...

智通财经APP讯，第一拖拉机股份(00038)公布2024年业绩，营业总收入约119.04亿元，同比增长3.26%; 归属于母公司所有者的净利润约9.22亿元，同比减少7.52%。基本每股收益0.8206元，每10股派发现金 红利人民币2.995元(含税)。 公告称，营收增长主要由于主导产品销量同比上升。 拖拉机业务方面，公司持续丰富拖拉机产品组合和产品配置，加快新产品上市推广。聚焦拓市场的关键 环节，优化渠道管理，针对薄弱区域推进「一地一策、一品一策」，提升区域产品竞争力。针对重点市 场、战略产品、跨区作业集中区域等制定专项服务方案，为用户提供专业化的产品和服务，并通过东方 红金融业务有效缓解经销渠道和终端用户的资金压力。公司更加注重探索新媒体在营销宣传等领域应 用，达到品牌宣传、引流客户效果。2024年，公司实现大中型拖拉机产品销售7.43万台，同比增长 2.73%，继续保持行业领先位势。 动力机械业务方面，2024年公司柴油机产品继续以稳定扩大拖拉机、收获机等传统农业机械主机产品配 套市场为主，同时培育开拓船机、发电机、工程机械等市场。受拖拉机、收获机产品市场集中度提升影 响，柴油机外部配套市场需求有所 ...

Financial Performance - Total operating revenue for the year ended December 31, 2024, was RMB 11,904,370,911.94, an increase from RMB 11,533,786,779.44 in 2023, representing a growth of approximately 3.2%[13] - Net profit attributable to shareholders of the parent company was RMB 922,023,211.45, compared to RMB 770,570,612.56 in the previous year, reflecting a year-on-year increase of about 19.6%[2] - Earnings per share for the year was RMB 0.8206, up from RMB 0.6854 in 2023, indicating a growth of approximately 19.7%[2] - Operating profit for the year reached CNY 1,046,347,111.80, an increase of 5.04% from CNY 996,266,250.37 in the previous year[14] - Total profit amounted to CNY 1,051,777,667.34, up from CNY 1,003,085,973.63, reflecting a growth of 4.83%[14] - Net profit for the year was CNY 930,937,715.31, a decrease of 5.8% compared to CNY 989,027,297.80 from the previous year[14] - Total comprehensive income for the year was CNY 931,151,092.03, a decrease of 5.5% from CNY 984,994,466.66 in the previous year[15] - The company reported a net profit attributable to shareholders of approximately $922.02 million for the year, contributing to an increase in retained earnings to approximately $2.70 billion[50] Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 14,691,335,709.97, an increase from RMB 13,817,261,971.79 in 2023, representing a growth of about 6.3%[10] - Total liabilities increased to RMB 6,913,064,048.45 from RMB 6,597,932,308.41, marking an increase of approximately 4.8%[8] - The total current assets as of December 31, 2024, were RMB 7,425,048,133.18, up from RMB 6,487,671,852.68 in 2023, indicating a growth of approximately 14.5%[4] - The total non-current assets decreased slightly to RMB 7,266,287,576.79 from RMB 7,329,590,119.11, a decline of about 0.9%[5] - The total current liabilities increased to RMB 6,498,069,754.11 from RMB 6,044,604,287.57, representing a rise of approximately 7.5%[7] - The total equity attributable to shareholders of the parent company was RMB 7,255,707,334.12, an increase from RMB 6,691,690,666.55 in 2023, reflecting a growth of about 8.4%[11] Research and Development - Research and development expenses for the year were RMB 516,377,794.17, compared to RMB 461,344,381.32 in 2023, reflecting an increase of about 11.9%[13] - The research and development strategy emphasizes self-initiated projects and collaboration with academic institutions to meet market demands[63] - The company plans to enhance its R&D investment focusing on advanced technologies such as power shifting and hybrid technology to maintain competitive advantage[87] - The company is committed to innovation-driven development, increasing R&D investment, and enhancing its technological workforce to create competitive advantages in products like continuously variable transmission and hybrid tractors[83] Sales and Market Presence - The company operates primarily in the manufacturing and sales of agricultural and power machinery[16] - The company operates in two main segments: Agricultural Machinery and Power Machinery, with over 90% of revenue and assets located in China[31] - The sales model includes a comprehensive distribution network covering 31 provinces in China and various international markets[64] - The company is actively expanding its overseas market presence, signing a contract for the supply of 301 tractors for an agricultural engineering project in Nigeria[74] - The company exported 7,100 tractors in 2024, a year-on-year increase of 8.23%[74] Cost Management and Efficiency - The company is focusing on cost management through various measures, including optimizing production processes and implementing lean production techniques to enhance economic efficiency[84] - The company’s operating costs for 2023 were adjusted from ¥9,696,630,033.53 to ¥9,783,012,246.50, reflecting an increase of ¥86,382,212.97 due to the implementation of Interpretation No. 18[34] - Operating costs increased to CNY 10,145,221,753.22, reflecting a year-on-year rise of 3.70% from CNY 9,783,012,246.50[90] Dividends and Shareholder Returns - A cash dividend of RMB 0.2995 per share is proposed for the 2024 fiscal year, totaling RMB 33,653 million[59] - The board of directors has proposed a cash dividend of RMB 2.995 per 10 shares, totaling RMB 336.53 million, subject to approval at the 2024 annual general meeting[124] Corporate Governance and Compliance - The financial statements are prepared in accordance with the Chinese Accounting Standards, reflecting the company's financial position and operating results accurately[19] - The company has established a merger accounting policy based on control, including all subsidiaries in the consolidated financial statements[28] - The company has confirmed that it has obtained necessary approvals and completed required procedures for mergers[27] - Changes in the board include the election of new directors and the appointment of a new CFO, reflecting organizational adjustments[123] Environmental and Social Responsibility - The company’s 2024 Environmental, Social, and Governance report is scheduled to be published by April 2025, in compliance with the Hong Kong Stock Exchange guidelines[121] Risk Management - The company is subject to foreign exchange risks due to its export trade primarily settled in foreign currencies, which may impact its performance[116] - The company is responding to industry uncertainties by adjusting its sales strategies based on subsidy policy changes and market competition dynamics[82]

Financial Performance - Operating revenue for the third quarter was CNY 2,929,760,090.86, a decrease of 2.45% compared to the same period last year[5]. - Net profit attributable to shareholders was CNY 195,552,935.06, down 40.93% year-on-year[5]. - Basic earnings per share decreased by 40.93% to CNY 0.1740[5]. - The weighted average return on net assets was 2.66%, a decrease of 2.34 percentage points compared to the same period last year[5]. - Total revenue for the first three quarters of 2024 reached RMB 10,736,379,923.58, an increase of 4.73% compared to RMB 10,251,806,292.67 in the same period of 2023[25]. - The net profit for the first three quarters of 2024 reached ¥1,115,315,214.65, a slight increase from ¥1,092,324,002.62 in the same period of 2023, representing a growth of approximately 2.1%[27]. - Total revenue from operating activities amounted to ¥9,107,655,152.34 in the first three quarters of 2024, compared to ¥8,534,245,072.80 in 2023, indicating an increase of about 6.7%[32]. - The operating profit for the first three quarters of 2024 was ¥1,305,114,623.98, up from ¥1,157,018,048.68 in 2023, reflecting a growth of approximately 12.8%[26]. - Basic earnings per share for the first three quarters of 2024 were ¥0.9798, compared to ¥0.9658 in 2023, showing an increase of about 1.9%[30]. - The total comprehensive income attributable to the parent company's owners for the first three quarters of 2024 was ¥1,115,529,348.54, compared to ¥1,096,537,446.61 in 2023, marking a growth of approximately 1.7%[30]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 15,800,090,626.94, an increase of 14.35% from the end of the previous year[5]. - Total assets as of September 30, 2024, amounted to RMB 15,800,090,626.94, compared to RMB 13,817,261,971.79 at the end of 2023, indicating a growth of 14.3%[21]. - The total liabilities increased to RMB 7,831,296,534.02 from RMB 6,597,932,308.41, marking a rise of 18.7%[23]. - The company's equity attributable to shareholders rose to RMB 7,440,324,374.61 as of September 30, 2024, compared to RMB 6,691,690,666.55 at the end of 2023, an increase of 11.2%[24]. Cash Flow - Net cash flow from operating activities for the year-to-date was CNY 1,744,781,554.68, an increase of 16.27% year-on-year[5]. - The net cash flow from operating activities for the first three quarters of 2024 was ¥1,744,781,554.68, up from ¥1,500,649,110.70 in 2023, reflecting a growth of about 16.3%[34]. - Cash inflow from operating activities increased to ¥9,107,655,152.34 in 2024 from ¥8,534,245,072.80 in 2023, representing a rise of about 6.7%[32]. - Cash outflow for purchasing goods and services was ¥5,889,702,280.20 in 2024, compared to ¥5,659,505,167.91 in 2023, indicating an increase of approximately 4.1%[34]. - The company's cash and cash equivalents decreased to RMB 2,317,864,928.67 as of September 30, 2024, down from RMB 2,769,578,885.96 at the end of 2023, a decline of 16.3%[20]. - The ending balance of cash and cash equivalents as of September 2024 was approximately $1.74 billion, down from $2.87 billion at the end of September 2023[37]. Shareholder Information - The total number of shareholders at the end of the reporting period was 19,574, with 48.81% of shares held by the largest shareholder, China Yituo Group Co., Ltd.[12]. - The top 10 shareholders hold a total of 548,485,853 unrestricted circulating shares, with HKSCC NOMINEES LIMITED holding 389,025,309 shares, representing 70.8% of the total[15]. - The largest shareholder, 富国基金－中國人壽保險股份有限公司－分紅險, holds 7,671,241 shares, accounting for 0.68% of the total shares[16]. - The total number of shares held by the basic pension insurance fund is 3,898,699, which represents 0.35% of the total shares[16]. - The top 10 unrestricted shareholders include several investment funds, with 招商銀行股份有限公司－南方 holding 2,617,000 shares, representing 0.23%[14]. - The report indicates that there are no known relationships among the top shareholders that would classify them as acting in concert under the regulations[17]. - The company has not disclosed any information regarding the participation of the top shareholders in margin financing and securities lending[17]. Strategic Initiatives - The company plans to expand its market presence through strategic acquisitions and partnerships, as evidenced by the recent acquisition of ZF's equity[19]. - The company acquired 51% equity of ZF (China) Investment Co., Ltd. for a total price of 97,476,149 RMB, which will be consolidated into the company's financial statements[19]. - The company announced the resignation of three board members, including the chairman, and appointed new non-independent directors during the 2024 first extraordinary shareholders' meeting[18]. - The company will continue to monitor and adapt its strategies in response to market conditions and shareholder dynamics[18]. Expenses and Income - Operating costs for the first three quarters of 2024 were RMB 9,670,238,422.90, up from RMB 9,239,404,972.71 in 2023, reflecting a year-over-year increase of 4.66%[25]. - Research and development expenses for the first three quarters of 2024 were RMB 317,450,819.65, up from RMB 290,167,982.58 in 2023, reflecting a growth of 9.4%[25]. - The company reported a financial income of RMB 38,287,439.33 for the first three quarters of 2024, compared to RMB 45,931,429.25 in the same period of 2023, a decrease of 16.7%[25]. - Investment income for the first three quarters of 2024 was ¥122,315,342.61, compared to ¥98,510,105.73 in 2023, showing an increase of approximately 24.2%[26]. Inventory and Receivables - Accounts receivable increased significantly to RMB 1,498,823,037.09 from RMB 331,205,994.88, representing a growth of 352.5%[20]. - The inventory decreased to RMB 1,226,171,260.62 from RMB 1,514,190,377.68, representing a decline of 19.0%[20].

第 一拖拉机股份有限公司 FIRST TRACTOR COMPANY LIMITED* (於中華人民共和國註冊成立的股份有限公司) 股份代號 : 0038.HK 601038.SH 2024 中期業績報告 造供鐵別 重要提示 1 第一拖拉機股份有限公司 2024 中期報告 重要提示 一、 本公司董事會、監事會及董事、監事、高級管理人員保證半年度報告內容的真實性、準確性、完整性，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。 二、 未出席董事情況 未出席董事職務 未出席董事姓名 未出席董事的原因說明 被委託人姓名 董事長 黎曉煜 因公務 魏濤 三、 本半年度報告未經審計。 四、 公司負責人黎曉煜、主管會計工作負責人康志鋒及會計機構負責人（會計主管人員）蔣靜媛聲明：保證半年度 報告中財務報告的真實、準確、完整。 五、 董事會決議通過的本報告期利潤分配預案或公積金轉增股本預案 無 六、 前瞻性陳述的風險聲明 本報告涉及的本公司發展戰略、經營計劃等前瞻性陳述不構成本公司對投資者的實質承諾，敬請投資者注意 風險。 七、 是否存在被控股股東及其他關聯方非經營性佔用資金情況? 否 八、 是否存在違反規 ...

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。 1 (股份編號：0038) 截至2024年6月30日止六個月中期業績公告 | --- | --- | |----------------------------------------------------|-------| | | | | 財務摘要 | | | 營業總收入：人民幣 7,806,619,832.72 元 | | | 歸屬於本公司股東的淨利潤：人民幣 905,349,574.14 元 | | | 歸屬於本公司股東之每股收益：人民幣 0.8057 元 | | 第一拖拉機股份有限公司（「本公司」）之董事（「董事」）會（「董事會」）宣佈本公司及其 附屬公司截至2024年6月30日止，按照中國企業會計準則編製之經審核綜合業績，連 同2023年同期比較數字如下（如無特殊註明，本公告所載述之數據以人民幣計價，單 位元）。 合併資產負債表 2024年6月30日 編製單位：第一拖拉機股份有限公司 202 ...

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。 1 (股份編號：0038) 2024年第一季度報告 重要內容提示 公司董事會、監事會及董事、監事、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。 第一季度財務報表未經審計。 一、釋義 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 本公司、公司 指 第一拖拉機股份有限公司 控股子公司 指 公司持有其50%以上的股份，或者能夠決定其董事會 半數以上成員的當選，或者通過協議或其他安排能夠 實際控制的公司 中國證監會 指 中國證券監督管理委員會 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 ...

Financial Performance - Total operating revenue for 2023 was RMB 11,533,786,779.44, a decrease of 8.20% compared to 2022 [16] - Net profit attributable to shareholders of the listed company in 2023 was RMB 997,022,699.99, an increase of 46.39% compared to 2022 [16] - Net cash flow from operating activities in 2023 was RMB 1,056,261,600.78, a decrease of 70.68% compared to 2022 [16] - Basic earnings per share in 2023 were RMB 0.8873, an increase of 46.39% compared to 2022 [17] - Weighted average return on equity in 2023 was 15.76%, an increase of 3.77 percentage points compared to 2022 [17] - Revenue for 2023 was RMB 11.53 billion, a decrease of 7.44% year-over-year [26] - Net profit attributable to shareholders of the parent company was RMB 997.02 million, an increase of 46.39% year-over-year [26] - Total assets for 2023 were RMB 13.82 billion, an increase from RMB 12.99 billion in 2022 [25] - Total liabilities for 2023 were RMB 6.60 billion, slightly up from RMB 6.49 billion in 2022 [25] - Shareholders' equity for 2023 was RMB 7.22 billion, up from RMB 6.50 billion in 2022 [25] - Revenue decreased by 7.44% to RMB 11,528,160,755.86 compared to the previous year [43] - Operating costs decreased by 7.63% to RMB 9,696,630,033.53 [43] - R&D expenses decreased by 12.75% to RMB 461,344,381.32 [43] - Sales expenses increased by 8.41% to RMB 240,891,055.45 [43] - Investment income surged by 1,576.20% to RMB 122,157,792.20 [43] - Net cash flow from operating activities decreased by 70.68% to RMB 1,056,261,600.78 [43] - Revenue from the equipment manufacturing industry decreased by 7.44% year-on-year to 1,152,816 million RMB, with a gross margin increase of 0.17 percentage points to 15.89% [47] - Agricultural machinery revenue decreased by 9.32% year-on-year to 1,056,253 million RMB, with a gross margin increase of 0.45 percentage points to 14.50% [47] - Domestic revenue decreased by 10.18% year-on-year to 1,054,356 million RMB, while international revenue increased by 37.29% to 98,460 million RMB [48] - Sales through the distribution channel decreased by 15.10% year-on-year to 863,246 million RMB, while direct sales increased by 26.60% to 289,570 million RMB [48] - Material costs for agricultural machinery decreased by 10.78% year-on-year to 818,405 million RMB, accounting for 90.62% of total costs [52] - Material costs for power machinery increased by 16.91% year-on-year to 239,719 million RMB, accounting for 91.42% of total costs [52] - Sales expenses increased by 18.68 million RMB year-on-year due to increased product promotion and service support for the new National IV products [45] - R&D expenses decreased by 67.44 million RMB year-on-year due to reduced investment in National IV model development and certification [45] - Investment income increased by 114.87 million RMB year-on-year due to increased large-scale certificate of deposit purchases and improved performance of affiliated enterprises [45] - The top five customers accounted for 80,121 million RMB in sales, representing 6.95% of total annual sales, with related party sales accounting for 18,277 million RMB or 1.59% of total sales [54] - Sales to the top 5 customers totaled 14,505.21 million yuan and 14,029.57 million yuan respectively, accounting for 1.26% and 1.22% of the total annual sales [55] - Procurement from the top 5 suppliers amounted to 172,252 million yuan, accounting for 19.88% of the total annual procurement, with related party procurement of 108,504 million yuan, accounting for 12.52% [56] - R&D expenses decreased by 12.75% to 461,344,381.32 yuan, accounting for 4.00% of the total operating revenue [59][60] - The net cash flow from operating activities decreased by 2,545,745,716.57 yuan, a 70.68% decrease compared to the same period last year [65] - The company's total assets at the end of the reporting period were 1,381,726.20 million yuan, with overseas assets accounting for 0.56% of the total assets [68] - The company's restricted monetary funds at the end of the reporting period amounted to 546,368,200 yuan, including bank acceptance bill guarantees of 544,771,500 yuan [69] - The company's monetary funds decreased by 36.54% to 2,769,578,885.96 yuan, accounting for 20.04% of total assets [67] - The company's undistributed profits increased by 44.05% to 2,218,749,266.26 yuan, accounting for 16.06% of total assets [67] - Asset-liability ratio decreased by 2.24 percentage points to 47.75% compared to the beginning of the period [70] - Current ratio decreased by 0.22 to 1.07, and quick ratio decreased by 0.27 to 0.82 [70] - The company has long-term borrowings of RMB 200 million due after one year [71] - The company's subsidiary, Diesel Engine Company, sold 32,262,716 shares of Zhongyuan Bank, representing 0.8827% of the bank's equity, for RMB 667.83 million [74] - Guomao Company's net profit increased by RMB 124.92 million due to increased export sales and no new credit impairment provisions [78] - Diesel Engine Company's net profit increased by RMB 246.61 million due to reduced fair value loss on Zhongyuan Bank shares and lower tax expenses [78] - Tuoyan Company's net profit increased by RMB 5.96 million due to cost reduction and efficiency improvement [78] Dividend and Shareholder Information - The company plans to distribute a cash dividend of RMB 3.194 per 10 shares, totaling approximately RMB 358.89 million, based on the total share capital of 1,123,645,275 shares as of December 31, 2023 [2] - The company's total share capital as of December 31, 2023, is 1,123,645,275 shares [2] - The company plans to distribute a cash dividend of RMB 3.194 per 10 shares, totaling approximately RMB 358.89 million for the year 2023 [164] - The company's dividend policy mandates a minimum cash dividend payout of 25% of distributable profits, with higher payouts during periods of significant profit growth [187] - The company's cash dividend payout ratio varies based on its development stage and capital expenditure plans, ranging from 20% to 80% [188] Corporate Governance and Leadership - The company's legal representative is Liu Jiguo [8] - The company's Board Secretary is Yu Lina, and the Securities Affairs Representative is Zhang Shuang [9] - The company's Chinese name is 第一拖拉機股份有限公司, and its English name is First Tractor Company Limited [8] - The company's English abbreviation is First Tractor [8] - The company's contact address is 154 Jianshe Road, Luoyang City, Henan Province [9] - The company's telephone number is (86 379) 64967038, and the fax number is (86 379) 64967438 [9] - The company's email addresses are yulina@ytogroup.com for the Board Secretary and kicyzhang@126.com for the Securities Affairs Representative [9] - The company's 2023 annual report was audited by ShineWing Certified Public Accountants, who issued a standard unqualified audit report [2] - The company's board of directors consists of 8 members, with independent non-executive directors accounting for one-third of the board [172] - The board of directors held 10 meetings during the reporting period, including 4 regular meetings [175] - The company has adopted a Board Diversity Policy to achieve diversity in board composition, aiming to comply with the HKEX Listing Rules by December 31, 2024 [177] - The company's management structure includes a General Manager, Deputy General Managers, and a CFO, responsible for daily operations and business planning [178] - The company's board members range in age from 41 to 67 years old, with diverse professional backgrounds including accounting, agricultural machinery, and business management [175] - The company has implemented a Board Independence Evaluation Mechanism to ensure independent perspectives and improve board performance [176] - The company's subsidiaries are managed through operational planning, comprehensive budgeting, performance evaluation, and the appointment of directors and supervisors [168] - The company's Chairman and General Manager roles were separated on October 23, 2023, with Wei Tao appointed as General Manager [178] - The company's board members have no financial, commercial, familial, or other significant relationships with each other [172] - The company has appointed ShineWing Certified Public Accountants as the auditor for the 2023 fiscal year, following their appointment in November 2022 [182] - Shareholders holding 10% or more of the company's voting shares can request an extraordinary general meeting, which the board must convene within 2 months [183] - Shareholders holding 3% or more of the company's shares can propose agenda items for the general meeting 10 days prior to the meeting [183] - The company has strengthened investor relations through various channels, including earnings briefings, the SSE E-Interaction platform, and on-site shareholder meetings [184] - The board has confirmed the effectiveness of the company's risk management and internal control systems as of December 31, 2023 [185] - The company has revised its Articles of Association and Independent Director Work System to enhance the role of independent directors in decision-making and oversight [186] - The board has fulfilled its corporate governance responsibilities, including policy formulation, compliance monitoring, and director training [189] Research and Development - The company's new YTN3 diesel engine intelligent production line has been put into use, enhancing manufacturing capabilities [27] - The company's LW3204 high-horsepower continuously variable transmission tractor completed testing and achieved small-scale sales, filling multiple domestic technology gaps [27] - The company's 50-80 horsepower hilly and mountainous tractors completed trial production and entered market operation verification [27] - The company's YTN3 diesel engine products performed well in the market [27] - The company's intelligent multi-purpose tractor capacity enhancement project has commenced construction [27] - The company's YTN platform series diesel engine new product development and application are progressing steadily [27] - The company has a robust R&D team and has made breakthroughs in high-end intelligent agricultural machinery and equipment [39] - The company's R&D personnel totaled 1,093, accounting for 15.94% of the total number of employees [63] Market and Sales Performance - The company sold 72,300 medium and large tractors in 2023, maintaining a leading market share [28] - Tractor product export sales increased by 43% year-over-year [28] - The company sold 151,100 diesel engines in 2023, with 82,500 units exported, a 7.69% year-over-year increase [28] - The company's market capitalization increased by 30% at the end of 2023 compared to the beginning of the year [30] - The company's sales network covers all 31 provinces, autonomous regions, and municipalities in China, with international markets expanding in Asia, Russia, South America, Africa, and countries along the "Belt and Road" initiative [37] - The company's "Dongfanghong" brand has a strong market presence and has won multiple industry awards, including the "Most Influential Brand Award" and "Innovative Product Brand" [41] Environmental and Social Responsibility - The company invested 78.7525 million yuan in environmental protection during the reporting period [194] - The company's pollutant emissions, including particulate matter, nitrogen oxides, and sulfur dioxide, all met the standards, with a compliance rate of 100% [195][200] - The company implemented upgrades to the waste gas treatment facilities for the painting lines of the large tractor and diesel engine companies, achieving full-process waste gas collection and treatment [200] - The company completed environmental impact assessments for new investment projects and obtained approval in accordance with national regulations [200] - The company conducted emergency drills for hazardous waste leaks and sudden environmental equipment failures, enhancing its ability to handle environmental emergencies [200] Employee and Training Information - The company's total number of employees is 6,891, including 4,479 from the parent company and 2,412 from major subsidiaries [160] - The company has 4,008 production personnel, 632 sales personnel, 1,141 technical personnel, 1,041 management personnel, and 69 service personnel [160] - The company's employee education breakdown includes 279 with postgraduate degrees, 1,970 with bachelor's degrees, 1,432 with associate degrees, and 3,210 with below associate degrees [160] - The company has 15,365 retired employees for whom it bears expenses [160] - The company has established a salary system linked to economic performance, with incentives for key positions and high-skilled talent [161] - The company conducted various training programs, including for management, engineering, marketing, and operational skills, and developed online training resources [162] - The company has no equity incentive plans or employee stock ownership plans, except for disclosed mechanisms [165] Risk Management and Internal Controls - The company has formulated and revised 123 internal control systems, covering areas such as audit management, financial management, and investment management [167] - The company's internal control audit report for 2023 received a standard unqualified opinion [169] - The company has strengthened corporate governance by revising and improving governance systems, including the Independent Director Work System and Articles of Association [89] - The company's Audit Committee is responsible for recommending the appointment, reappointment, and removal of external auditors, approving their remuneration, and handling resignation or dismissal issues [143] - The Audit Committee reviews and monitors the independence and objectivity of auditors, as well as the effectiveness of audit procedures [143] - The Audit Committee evaluates the company's financial statements, annual reports, and internal control systems, ensuring compliance with accounting standards and relevant regulations [143] - The Audit Committee communicates with management to ensure the establishment of effective internal control systems and adequate resources for accounting and financial reporting functions [145] - The Audit Committee reviews internal control self-assessment reports and external audit reports, assessing the results and promoting the rectification of internal control deficiencies [145] - The Audit Committee serves as the primary representative between the company and external auditors, monitoring their relationship [146] - The company held 9 audit committee meetings during the reporting period, with all members attending in person and providing comprehensive feedback [147] - The audit committee reviewed the company's 2022 annual report preparation plan and financial report audit plan on January 9, 2023 [147] - The committee reviewed the 2022 performance forecast on January 18, 2023 [147] - On March 17, 2023, the committee reviewed the 2022 performance report and suggested enhancing training for financial personnel and directors [147] - The committee reviewed the 2023 Q1 report on April 21, 2023 [149] - The 2023 semi-annual report was reviewed on August 23, 2023 [149] - The committee reviewed the 2023 Q3 report and internal control evaluation plan on October 23, 2023 [149] - The nomination committee held 1 meeting during the reporting period, focusing on director and manager candidate recommendations [151] - The compensation committee held 1 meeting, reviewing the 2022 performance-based compensation for company executives [154] - The strategic, investment, and sustainable development committee held 2 meetings during the reporting period [157] Strategic Plans and Future Outlook - The company plans to focus on technological innovation in 2024, targeting large-scale, intelligent, and energy-saving agricultural machinery [82] - The company aims to enhance its core competitiveness and profitability by leveraging its manufacturing, technological, and market advantages [81] - The company will continue to develop high-end, intelligent agricultural machinery and integrate smart agriculture technologies to improve operational efficiency and precision [82] - Accelerate the improvement of marketing capabilities to consolidate the industry-leading position, focusing on enhancing competitiveness in the medium and large tractor market, and strengthening overseas expansion efforts, especially in South America and Southeast Asia [83] - Deepen cost management across the entire value chain, including R&D, procurement, production, and sales, to achieve cost reduction and efficiency improvement [84] - Focus on cultivating core competitive advantages in 2024, exploring various forms of cooperation in agricultural machinery, key component localization, and intelligent agricultural machinery [85] - Face intensified market competition risks due to product homogenization and the entry of cross-industry enterprises into the agricultural machinery sector [86] - Risk of subsidy policy adjustments in 2024, which may reduce subsidies for traditional tractor products and affect user purchasing power [87] - Overseas market expansion risks due to complex and volatile international business environments, including geopolitical, trade policy, and exchange rate fluctuations [88] Awards and Recognition - Received multiple awards in 2023, including the "Special Contribution Award for Corporate Governance" and the "ESG Central Enterprise 50 Golden Bull Award" [90] - The company's "Dongfanghong" brand has a strong market presence and has won multiple industry awards, including the "Most Influential Brand Award" and "Innovative Product Brand" [41] Board and Committee Meetings - The company held a total of 10 board meetings in 2023, including 3 on-site meetings, 4 via telecommunication, and 3 combining both methods [140] - Director Liu Jiguo attended all 10 board meetings and 3 shareholder meetings, with 4 meetings attended via telecommunication [141] - Director Zhang Zhiyu attended 9 out of 10 board meetings, with 4 meetings attended via telecommunication and 1 meeting delegated [141] - The Audit Committee is chaired by independent non-executive director Xue Liping and includes non-executive director Zhang Zhiyu and independent non-executive director Xu Liyou [142] - The company held 9 audit committee meetings during the reporting period, with all members attending