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 ...

Financial Performance - Total revenue for the six months ended June 30, 2024, was RMB 7,806,619,832.72, compared to the same period in 2023[2] - Net profit attributable to shareholders for the same period was RMB 905,349,574.14, with earnings per share of RMB 0.8057[2] - Total operating revenue for the first half of 2024 reached ¥7,806,619,832.72, an increase of 7.67% compared to ¥7,248,544,566.19 in the same period last year[8] - Net profit for the first half of 2024 was ¥919,695,759.54, representing a growth of 20.39% from ¥764,475,408.69 in the previous year[9] - Operating profit increased to ¥1,077,306,515.25, up 31.66% from ¥818,317,831.85 year-over-year[9] - The company reported a total profit of ¥1,080,991,672.89, which is a 31.66% increase from ¥820,998,952.24 in the same period last year[9] - The company’s net current assets increased to RMB 610.65 million from RMB 443.07 million at the beginning of the period[39] - The average return on equity (ROE) was 12.78% before deducting non-recurring gains and losses, and 12.39% after[42] - The comprehensive gross margin of the company's main products increased by 1.16 percentage points year-on-year, indicating enhanced profitability[49] Assets and Liabilities - Current assets as of June 30, 2024, totaled RMB 7,105,460,103.46, an increase from RMB 6,487,671,852.68 as of December 31, 2023[3] - Total assets reached RMB 14,781,260,907.38 as of June 30, 2024, compared to RMB 13,817,261,971.79 at the end of 2023[4] - Total liabilities amounted to RMB 7,013,881,865.81 as of June 30, 2024, up from RMB 6,597,932,308.41 at the end of 2023[6] - Shareholders' equity increased to RMB 7,767,379,041.57 as of June 30, 2024, from RMB 7,219,329,663.38 at the end of 2023[7] - The company's asset-liability ratio decreased to 47.45% from 47.75% at the beginning of the year, a decline of 0.3 percentage points[58] Cash Flow and Expenses - Cash and cash equivalents at the end of the period totaled 2,050,410,254.15, down from 2,769,578,885.96 at the beginning of the period, representing a decrease of approximately 26%[24] - The total depreciation and amortization expense for the current period was 144,442,021.13, slightly down from 148,750,471.58 in the previous period[36] - Current income tax expense was reported at 155,143,830.93, a significant increase from 56,090,677.37 in the prior period, indicating a rise of approximately 176%[37] - The company’s net cash flow from operating activities decreased by 4.16% to ¥914,617,256.70, primarily due to increased tax payments[51] Market and Business Strategy - The company plans to continue expanding its market presence and investing in new technologies[2] - The company is focusing on the development of large power shift and continuously variable transmission tractors, as well as fuel cell wheeled tractors[45] - The company is actively expanding both domestic and international markets, particularly in Central Asia and the Caucasus region, to offset declines in the Russian market[47] - The company plans to enhance product technology leadership and optimize quality control measures, focusing on high-end intelligent agricultural machinery[50] - The company is committed to meeting the demand for high-quality agricultural machinery and is advancing product upgrades to enhance market competitiveness[45] Research and Development - Research and development expenses rose to ¥205,286,144.38, an increase of 13.86% compared to ¥180,333,815.14 in the previous period[8] - The company has increased its R&D investment, focusing on innovative technologies such as power shift and continuously variable transmission, as well as smart driving technology[70] Shareholder Information - The largest shareholder, China Yituo Group Co., Ltd., holds 548,485,853 shares, representing 48.81% of the total shares[77] - HKSCC Nominees Limited is the second largest shareholder with 388,935,309 shares, accounting for 34.61%[77] - The total number of shares held by the top ten shareholders is 1,124,000,000, which constitutes approximately 99.99% of the total share capital[78] - The company will not propose a mid-term dividend for the six months ending June 30, 2024, consistent with the previous year[72] Compliance and Governance - The company has maintained compliance with accounting standards, ensuring accurate financial reporting and transparency in its operations[14] - The company has not made any changes to its accounting policies during the reporting period[23] - The board of directors includes both executive and independent non-executive members, ensuring diverse governance[86] - The company has appointed Shinewing Certified Public Accountants as its auditor for the fiscal year 2024[84] Operational Highlights - The company sold 51,000 large and medium-sized tractors, a year-on-year increase of 4.25%, with exports reaching 4,209 units, up 3.09%[47] - The company sold 82,400 diesel engines in the first half of the year, with 39,800 units exported, reflecting a decrease in external sales due to market concentration and a decline in generator exports[48] - The company has a complete manufacturing system for tractors, with self-manufacturing capabilities for key components such as chassis, castings, engines, and gears, supporting product upgrades and quality assurance[70]

Financial Performance - The company reported a significant increase in revenue for the first half of 2024, achieving a total of 1.2 billion RMB, representing a 15% growth compared to the same period last year[7]. - The company achieved total operating revenue of 7.807 billion RMB in the first half of 2024, representing a year-on-year increase of 7.78%[13]. - The net profit attributable to shareholders reached 905.35 million RMB, marking a 20.05% increase compared to the same period last year[13]. - The basic earnings per share increased to 0.8057 RMB, reflecting a growth of 20.04% year-on-year[14]. - The weighted average return on net assets rose to 12.78%, an increase of 0.80 percentage points from the previous year[14]. - The company's net assets attributable to shareholders increased by 8.18% to 7.239 billion RMB compared to the end of the previous year[13]. - The company reported a net cash flow from operating activities of 914.62 million RMB, a decrease of 4.16% compared to the previous year[13]. - The company reported a significant increase in accounts receivable, which rose by 340.96% to ¥1,460,470,354.82 due to seasonal sales[28]. - The company reported a total operating cash outflow of ¥5,231,144,725.73, compared to ¥4,778,506,926.84 in the previous year, an increase of about 9.5%[99]. Market Expansion and Strategy - The company has set a future outlook with a revenue target of 2.5 billion RMB for the full year 2024, which would require a 10% increase in sales in the second half[7]. - The company is planning to expand its market presence in Southeast Asia, targeting a 25% increase in market share within the next two years[7]. - A strategic acquisition of a local competitor is in progress, which is anticipated to enhance production capacity by 30%[7]. - The company is actively expanding into Central Asia and the Caucasus to compensate for the decline in the Russian market due to increased scrapping taxes[24]. - The company plans to enhance its marketing capabilities and after-sales service management to boost sales growth in response to intensified industry competition[36]. Product Development and Innovation - New product development includes the launch of a next-generation tractor model, expected to contribute an additional 300 million RMB in sales by the end of 2024[7]. - The company continues to invest in technology research and development, focusing on advanced agricultural machinery and intelligent driving technologies[20]. - The company is focusing on the development of high-end intelligent agricultural machinery, including 240 and 320 horsepower continuously variable tractors and 220 horsepower hybrid tractors[26]. - The company has initiated a project to enhance the capabilities of intelligent multi-purpose tractors and is advancing the smart manufacturing of high-efficiency low-emission diesel engines[24]. - The company has invested 100 million RMB in research and development for new technologies aimed at improving fuel efficiency by 15%[7]. Financial Management and Risks - The company has maintained a strong balance sheet with total assets of 3 billion RMB and a debt-to-equity ratio of 0.5[7]. - Management has highlighted potential risks including fluctuations in raw material prices, which could impact profit margins in the upcoming quarters[7]. - The company has reduced sales expenses by 10.02% and management expenses by 3.49% compared to the previous year[26]. - The company reported a significant increase in short-term borrowings, with accounts payable rising to CNY 2,924,771,888.45 from CNY 2,315,345,789.04, an increase of approximately 26%[84]. Environmental and Social Responsibility - The company has two units listed as key pollution discharge units in Luoyang, with the company itself being a key environmental risk control unit for 2024[45]. - The company and its subsidiary, Fuleige, have implemented the "three simultaneous" system for environmental protection facilities, ensuring compliance with environmental regulations[46]. - The company was recognized as a "Green Factory" for 2024 by the Henan Provincial Industrial and Information Technology Department, following the completion of a green factory evaluation report[50]. - The company actively engaged in rural revitalization efforts, conducting market research to understand local agricultural needs and enhancing agricultural mechanization and smart agriculture services[51]. - The company is committed to fulfilling its social responsibilities by promoting consumption assistance activities during the "Double Festival" period, supporting the sale of local agricultural products[51]. Shareholder and Corporate Governance - The company appointed Li Xiaoyu as the chairman and Yang Jianhui and Miao Yu as directors during the 2024 first extraordinary shareholders' meeting held on August 2, 2024[41]. - Zhao Qingliang was appointed as the deputy general manager on January 31, 2024, with a term until the end of the ninth board's term[41]. - The company has made commitments regarding shareholding, ensuring that major shareholders will not reduce their holdings during the restructuring process, with compliance confirmed[52]. - The company has committed to not engaging in competitive practices that could harm its business interests, ensuring fair market conditions[54]. - The company is focused on enhancing its operational management without interference from major shareholders, ensuring the protection of company interests[54]. Accounting and Financial Reporting - The company adheres to the accounting standards set by the Ministry of Finance and reflects its financial status accurately as of June 30, 2024[117]. - The group determines the scope of consolidated financial statements based on control, including all subsidiaries controlled by the company[124]. - The group recognizes financial assets or liabilities when it becomes a party to the financial instrument contract[132]. - The company recognizes expected credit losses for financial assets measured at amortized cost and those measured at fair value with changes in other comprehensive income[135]. - The corporate income tax rate is set at 25%, with a reduced rate of 15% applicable to certain entities[181].

Financial Performance - The company's operating revenue for Q1 2024 was RMB 4,655,884,153.40, representing an increase of 11.11% compared to the same period last year[5]. - Net profit attributable to shareholders was RMB 599,396,148.31, reflecting a growth of 23.40% year-on-year[5]. - Total revenue for Q1 2024 reached RMB 4,655,884,153.40, an increase of 11.0% compared to RMB 4,194,351,167.11 in Q1 2023[21]. - Net profit for Q1 2024 was RMB 606,903,187.48, a significant increase from RMB 496,310,653.08 in Q1 2023, representing a growth of 22.3%[25]. - The total comprehensive income attributable to shareholders of the parent company for Q1 2024 was RMB 599,396,148.31, compared to RMB 485,733,620.69 in Q1 2023, an increase of 23.4%[25]. - Total comprehensive income for Q1 2024 reached ¥606.91 million, up from ¥496.51 million in Q1 2023, representing a growth of 22.3%[27]. - Basic and diluted earnings per share for Q1 2024 were both ¥0.5334, compared to ¥0.4323 in Q1 2023, reflecting an increase of 23.4%[27]. Cash Flow - The net cash flow from operating activities increased significantly by 59.83%, amounting to RMB 247,036,905.03, driven by increased sales and improved cash collection[5][8]. - Cash inflow from operating activities in Q1 2024 was ¥2.80 billion, compared to ¥2.71 billion in Q1 2023, indicating a rise of 3.3%[29]. - Net cash flow from operating activities for Q1 2024 was ¥247.04 million, an increase of 60% from ¥154.56 million in Q1 2023[30]. - Cash outflow from investing activities in Q1 2024 totaled ¥518.36 million, a decrease from ¥1.11 billion in Q1 2023, showing a reduction of 53.3%[32]. - Net cash flow from investing activities for Q1 2024 was -¥518.01 million, compared to -¥1.11 billion in Q1 2023, indicating an improvement of 53.3%[32]. - Cash outflow from financing activities in Q1 2024 was ¥3.41 million, down from ¥6.08 million in Q1 2023, reflecting a decrease of 43.9%[34]. - The impact of exchange rate changes on cash and cash equivalents in Q1 2024 was positive at ¥1.55 million, compared to a negative impact of ¥996.92 thousand in Q1 2023[35]. - The ending balance of cash and cash equivalents for Q1 2024 was ¥1.95 billion, down from ¥2.56 billion in Q1 2023, a decrease of 23.7%[35]. Assets and Liabilities - The total assets at the end of the reporting period reached RMB 15,357,505,624.41, up 11.15% from the previous year[5]. - The total current assets as of March 31, 2024, amounted to RMB 7,774,698,601.37, an increase from RMB 6,487,671,852.68 as of December 31, 2023, representing a growth of approximately 19.87%[16]. - The total liabilities as of March 31, 2024, were RMB 6,976,122,850.66, compared to RMB 6,044,604,287.57 as of December 31, 2023, indicating an increase of about 15.43%[18]. - The company's total liabilities increased to RMB 7,529,602,886.23 as of March 31, 2024, compared to RMB 6,597,932,308.41 at the end of 2023, reflecting a rise of 14.1%[20]. - The total equity attributable to shareholders was RMB 7,293,050,377.51, an increase of 8.99% compared to the end of the previous year[5]. - Shareholders' equity rose to RMB 7,827,902,738.18 as of March 31, 2024, compared to RMB 7,219,329,663.38 at the end of 2023, indicating an increase of 8.4%[20]. - The non-current assets totaled RMB 7,582,807,023.04 as of March 31, 2024, compared to RMB 7,329,590,119.11, reflecting a growth of about 3.45%[17]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 22,639, with 22,323 being A-share holders[9]. - The largest shareholder, China Yituo Group Co., Ltd., holds 48.81% of the shares[10]. - The company issued 137,795,275 shares of RMB ordinary shares to its controlling shareholder, which will become tradable on February 23, 2024, after the lock-up period expires[14]. Research and Development - Research and development expenses for Q1 2024 were RMB 95,205,504.15, up from RMB 82,656,071.97 in Q1 2023, marking a growth of 15.2%[21]. Other Financial Metrics - The weighted average return on net assets rose by 0.74 percentage points to 8.57%[5]. - The company recognized non-recurring gains of RMB 3,096,576.09 during the reporting period[7]. - Deferred income increased to RMB 183,880,508.36 as of March 31, 2024, compared to RMB 181,945,272.97 at the end of 2023, a rise of 1.1%[19]. - The company reported investment income of RMB 41,123,380.20 in Q1 2024, compared to RMB 28,232,071.57 in Q1 2023, reflecting a growth of 45.5%[23]. - The company's long-term borrowings remained stable at RMB 200,000,000.00 as of March 31, 2024, unchanged from the previous period[19]. - The company's cash and cash equivalents decreased to RMB 2,412,947,634.63 from RMB 2,769,578,885.96, a decline of about 12.87%[16]. - Accounts receivable increased significantly to RMB 1,689,563,565.01 from RMB 331,205,994.88, reflecting a growth of approximately 409.73%[16]. - The company's inventory decreased to RMB 1,426,754,223.21 from RMB 1,514,190,377.68, a decline of approximately 5.78%[16]. - The company's short-term borrowings and other current liabilities are being closely monitored as part of its financial strategy[18]. - The company reported no net profit from merged entities in both the current and previous periods[27].

Financial Performance - The company's operating revenue for the reporting period was CNY 4,655,884,153.40, representing an increase of 11.11% compared to the same period last year[3]. - The net profit attributable to shareholders of the listed company was CNY 599,396,148.31, reflecting a growth of 23.40% year-on-year[3]. - Basic earnings per share were CNY 0.5334, up 23.39% from the previous year[3]. - The total comprehensive income attributable to the parent company reached CNY 599,715,806.95, an increase from CNY 485,432,096.26 in the same period last year, representing a growth of approximately 23.5%[20]. - Basic and diluted earnings per share increased to CNY 0.5334 from CNY 0.4323, reflecting a rise of about 23.4% year-over-year[20]. - Total operating revenue for Q1 2024 reached RMB 4,655,884,153.40, an increase of 10.99% compared to RMB 4,194,351,167.11 in Q1 2023[28]. - Total operating costs for Q1 2024 were RMB 4,058,553,977.84, up from RMB 3,726,461,515.15 in Q1 2023, reflecting a year-over-year increase of 8.91%[28]. Cash Flow and Liquidity - The net cash flow from operating activities increased by 59.83% to CNY 247,036,905.03, driven by higher sales and improved collection of receivables[3][13]. - Cash inflows from operating activities totaled CNY 2,797,851,053.67, compared to CNY 2,711,065,456.50 in the previous year, marking an increase of approximately 3.2%[21]. - The cash received from tax refunds was CNY 121,638,072.16, compared to CNY 88,799,983.47 in the previous year, showing an increase of approximately 37.0%[21]. - The net increase in cash and cash equivalents for Q1 2024 was RMB -272,834,441.43, an improvement from RMB -959,146,359.28 in Q1 2023[33]. - The company reported a net cash outflow from investing activities of RMB 518,012,197.59 in Q1 2024, compared to RMB 1,106,629,376.91 in Q1 2023, showing a reduction in cash outflow[33]. Assets and Liabilities - Total assets at the end of the reporting period reached CNY 15,357,505,624.41, an increase of 11.15% compared to the end of the previous year[3]. - The total assets of the company amounted to CNY 15,357,505,624.41, up from CNY 13,817,261,971.79, indicating a growth of about 11.1% year-over-year[25]. - The total liabilities increased to CNY 7,529,602,886.23 from CNY 6,597,932,308.41, which is an increase of approximately 14.1%[27]. - The company's total equity attributable to shareholders reached CNY 7,293,050,377.51, an increase from CNY 6,691,690,666.55, representing a growth of about 9.0%[27]. - The company's inventory decreased to CNY 1.43 billion from CNY 1.51 billion, reflecting a reduction of 5.06%[55]. - The accounts receivable increased significantly to CNY 1.69 billion from CNY 331.21 million, marking a growth of 409.73%[55]. - The total amount of other receivables increased to CNY 48.30 million from CNY 24.67 million, a growth of 96.67%[55]. - The prepayments increased to CNY 315.39 million from CNY 210.73 million, reflecting a rise of 49.59%[55]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 22,639, with 22,323 being A-share holders[8]. - The company has no related party relationships among its top ten shareholders, ensuring independent operations[11]. Other Financial Metrics - The weighted average return on equity rose by 0.74 percentage points to 8.57%[3]. - The company reported structural deposit income of CNY 1,531,624.05 as part of its daily fund management activities[4]. - The company recorded a total of RMB 80,257,788.48 in other income for Q1 2024, significantly higher than RMB 5,501,799.89 in Q1 2023[28]. - The company reported a decrease in other comprehensive income, with a net amount of CNY -13,604,071.37 compared to CNY -13,923,730.01 in the previous year[27]. Future Plans and Developments - The company is in the process of publicly transferring its 0.8827% stake in Zhongyuan Bank, with no interested buyers identified as of the report date[54]. - The company plans to continue advancing the major asset sale related to its subsidiary, Yitu Diesel Engine[54]. - The company has not disclosed any new product or technology developments in this report[56]. - The company has not reported any restricted shares being released from lock-up as of the current report[53].

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

Financial Performance - The comprehensive gross margin for the equipment manufacturing industry was 15.89%, an increase of 0.17 percentage points compared to the same period last year[12]. - The gross margin for the agricultural machinery business was 14.50%, up by 0.45 percentage points year-on-year[12]. - The gross margin for the power machinery business was 11.97%, a decrease of 0.54 percentage points year-on-year[12]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB, representing a year-over-year growth of 15%[40]. - The total operating revenue for 2023 was approximately ¥11.53 billion, a decrease of 8.20% compared to ¥12.56 billion in 2022[82]. - The net profit attributable to shareholders for 2023 was approximately ¥997 million, representing an increase of 46.39% from ¥681 million in 2022[82]. - The company's total assets increased by 6.36% to approximately ¥13.82 billion in 2023, up from ¥12.99 billion in 2022[82]. - The net assets attributable to shareholders rose by 12.31% to approximately ¥6.69 billion in 2023, compared to ¥5.96 billion in 2022[82]. - The basic earnings per share for 2023 was ¥0.8873, an increase of 46.39% from ¥0.6061 in 2022[82]. - The total revenue for Q1 2023 was approximately CNY 4.19 billion, while Q2 and Q3 revenues were CNY 3.05 billion and CNY 3.00 billion, respectively, with Q4 revenue at CNY 1.28 billion[86]. - The net profit attributable to shareholders for Q1 2023 was CNY 485.73 million, decreasing to CNY 268.41 million in Q2, and increasing to CNY 331.05 million in Q3, but showing a loss of CNY 88.17 million in Q4[86]. Shareholder Information - The top ten shareholders held a total of 1,124,000,000 shares, representing 100% of the total shares[2]. - HKSCC Nominees Limited held 548,485,853 shares, accounting for 48.81% of the total shares[2]. - China Construction Bank's shareholding decreased by 17,399,662 shares, leaving it with 8,117,112 shares, which is 0.72%[2]. - The company has a total of 137,795,275 restricted shares at the end of the year, with no shares released or added during the year[74]. Cost Management and Expenses - The company plans to strengthen cost control across all processes, which has led to significant cost reduction results[12]. - The company has implemented strict expense management to control spending effectively[12]. - The total expenses for the year were CNY 1,017,359,639.69, a decrease of 7.88% compared to the previous year[60]. - The company reported a decrease in management expenses by 8.75%, totaling CNY 360,636,115.92 compared to the previous year[60]. - Operating costs decreased by 7.63% to CNY 9,696,630,033.53 from CNY 10,497,058,564.32 year-on-year[129]. - Research and development expenses decreased by 12.75% to CNY 461,344,381.32 from CNY 528,782,269.55 in the previous year[129]. Cash Flow and Investments - The company reported a net cash flow from operating activities decreased by RMB 254.575 million compared to the same period last year, primarily due to the restructuring of the financial company and the gradual cessation of financial operations[24]. - The net cash flow from investing activities decreased by RMB 86.28 million year-on-year, mainly due to the payment for equity investment in the financial company in the previous year[24]. - The net cash flow from financing activities increased outflow by RMB 20.582 million year-on-year, attributed to a decrease in the net inflow from loan guarantees and an increase in dividend payments[24]. - The cash flow from operating activities for 2023 was approximately ¥1.06 billion, a decrease of 70.68% from ¥3.60 billion in 2022[82]. - The net cash flow from operating activities for the current period is ¥1,056,261,600.78, a decrease of ¥2,545,745,716.57 or 70.68% compared to the same period last year[149]. Research and Development - The company has invested 50 million RMB in research and development for advanced agricultural machinery technologies[40]. - The company's R&D expenses for the period amounted to CNY 461,344,381.32, representing 4.00% of operating revenue, with no capitalized R&D expenses[64]. - The company has a total of 1,093 R&D personnel, accounting for 15.94% of the total workforce[147]. - The age structure of R&D personnel shows that 432 are aged between 30-40 years, while 260 are under 30 years old[147]. - The educational background of R&D personnel includes 1 PhD, 173 Master's degrees, and 819 Bachelor's degrees[147]. - The company has enhanced its R&D capabilities, launching new products such as the LF2204-E and LW3204 tractors, filling multiple domestic technology gaps[119]. Market Expansion and Sales - User data indicates that the company has expanded its customer base by 20%, reaching a total of 500,000 active users[40]. - The company projects a revenue growth of 10% for the next fiscal year, aiming for a target of 1.32 billion RMB[40]. - New product development includes the launch of a next-generation tractor model, expected to increase market share by 5%[40]. - The company is actively pursuing market expansion strategies, targeting Southeast Asia for new sales opportunities[40]. - The company sold 72,300 large and medium tractors in 2023, maintaining a leading market share, with tractor product exports increasing by 43% year-on-year[120]. - The company sold 151,100 diesel engines in 2023, with external sales reaching 82,500 units, a year-on-year growth of 7.69%[123]. Related Party Transactions - The company has classified a previously wholly-owned subsidiary as an other related party due to its bankruptcy liquidation[11]. - The company recovered 4.27 million RMB from a related party during the reporting period[11]. - The company has not engaged in any significant related party transactions during the reporting period[20]. - The company has established a procurement framework agreement with a related party, with an expected transaction amount of CNY 5,800,000, and an actual transaction amount of CNY 4,943,000, representing 0.43% of the total[67]. Compliance and Governance - There were no significant litigation or arbitration matters reported for the year[19]. - The company has taken corrective measures in response to accounting errors that led to inaccurate disclosures in the third quarter of 2022, receiving warning letters from regulatory bodies[19]. - The company has maintained a good integrity status, with no significant debts or court judgments unfulfilled during the reporting period[19]. - The company has not faced any delisting risks or bankruptcy restructuring matters during the reporting period[18]. - The company has committed to not transferring shares acquired through non-public issuance for 36 months from the issuance date[74]. Strategic Partnerships - The company has established a strategic partnership with a leading technology firm to innovate in smart farming solutions[40]. - The company signed a procurement contract with Luoyang Intelligent Agricultural Equipment Research Institute for a total amount of ¥87.19 million in 2023[70]. Financial Integration - The financial integration of Yituo Financial Company with Guoji Financial Company has been completed, with Yituo Financial Company undergoing liquidation[115]. - The company reported a maximum daily deposit limit of RMB 200 million with Guoji Financial Company, with a total deposit amount of RMB 6,936,716.06 during the reporting period[101].

Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 11,533,786,779.44, compared to the previous year's revenue[3] - Net profit attributable to shareholders for the same period was RMB 997,022,699.99, with earnings per share of RMB 0.8873[3] - Total operating revenue for the year was RMB 11,533,786,779.44, a decrease of 8.2% from RMB 12,563,780,344.92 in the previous year[9] - Net profit for the year reached RMB 989,027,297.80, representing an increase of 54.1% compared to RMB 641,958,134.10 in the previous year[10] - Operating profit increased to RMB 996,266,250.37, up 69.4% from RMB 588,018,899.85 in the previous year[10] - The company achieved a total profit of RMB 1,003,085,973.63, an increase of 63.9% from RMB 611,897,862.07 in the previous year[10] - The company reported a basic earnings per share of RMB 0.8873, an increase from RMB 0.6061 in the previous year[12] - The company’s total comprehensive income for the year was RMB 984,994,466.66, up from RMB 647,435,549.64 in the previous year[12] Assets and Liabilities - Current assets decreased to RMB 6,487,671,852.68 from RMB 7,882,202,099.51 in the previous year, representing a decline of approximately 17.66%[4] - Cash and cash equivalents dropped to RMB 2,769,578,885.96 from RMB 4,363,742,346.01, a decrease of about 36.4%[4] - Total non-current assets increased to RMB 7,329,590,119.11 from RMB 5,109,363,382.17, reflecting a growth of approximately 43.3%[5] - Total assets reached RMB 13,817,261,971.79, up from RMB 12,991,565,481.68, indicating an increase of about 6.4%[5] - Total liabilities amounted to RMB 6,597,932,308.41, compared to RMB 6,494,394,605.75 in the previous year, showing a rise of approximately 1.6%[7] - Shareholders' equity attributable to the parent company increased to RMB 6,691,690,666.55 from RMB 5,958,084,951.83, marking an increase of about 12.3%[8] Cash Flow and Investments - The net cash flow from operating activities decreased by 70.68% to CNY 1,056,261,600.78, reflecting a decline in tractor sales during the reporting period[73] - The net cash flow from investing activities showed a slight decrease of ¥86,278,388.48, totaling -¥2,009,731,546.47, primarily due to increased purchases of structured deposits and large time deposits[88] - The net cash flow from financing activities increased outflow by ¥205,816,759.89, with a net outflow of -¥346,343,393.83, attributed to reduced loan guarantee recoveries and higher dividend payments[88] - Investment income significantly rose to RMB 122,157,792.20, compared to RMB 7,287,769.45 in the previous year[9] Research and Development - Research and development expenses were RMB 461,344,381.32, down 12.7% from RMB 528,782,269.55 in the previous year[9] - The company has a strong R&D team with extensive experience in agricultural machinery, focusing on market demand-driven product improvements[50] - The company emphasizes a "quality first" management philosophy, continuously optimizing quality management models to enhance product reliability[55] Market and Sales - The company plans to focus on market expansion and new product development in the upcoming year[3] - The company sold 72,300 large and medium tractors in 2023, maintaining a leading market share, with tractor exports increasing by 43% year-on-year[59] - The company sold 151,100 diesel engines in 2023, with external sales reaching 82,500 units, a year-on-year growth of 7.69%[59] - The company is actively expanding its international market presence, particularly in Russian-speaking regions and South America, to enhance product adaptability and service support[59] Corporate Governance and Compliance - The company has completed the preparation of the 2023 Environmental, Social, and Governance report, which will be published on the company and stock exchange websites in April 2024[97] - The board of directors has proposed a profit distribution plan for the 2023 fiscal year, pending approval at the annual general meeting[99] - The company’s auditor has agreed that the preliminary performance announcement figures for the year ending December 31, 2023, are consistent with those to be published in the annual report[100] - There were no changes in the shareholdings of the board members during the reporting period, confirming compliance with the trading code[98] Future Outlook - The company plans to continue its strategic focus on advanced agricultural equipment in 2024, aiming to become a world-class enterprise in the agricultural machinery sector[64] - The company anticipates a gradual recovery in market demand as the impact of the National IV transition diminishes and agricultural product prices stabilize[62] - In 2024, the company will focus on innovation-driven development, targeting large-scale, intelligent, and energy-saving agricultural machinery, with an emphasis on core product technology breakthroughs[66]

Financial Performance - The net profit attributable to shareholders for the first three quarters of 2023 increased by 54.45% compared to the same period last year, primarily due to effective cost control and stable operating income [9]. - The net profit attributable to shareholders for the year-to-date period increased by 36.36%, significantly impacted by non-recurring gains and losses from the previous year [9]. - The basic earnings per share for the reporting period was CNY 54.40, driven by the increase in net profit [9]. - Net profit attributable to shareholders for Q3 2023 was CNY 331,049,971.24, an increase of 54.45% from CNY 214,336,546.47 in Q3 2022 [22]. - The net profit excluding non-recurring gains and losses for Q3 2023 was CNY 319,876,246.06, a slight increase of 0.17% compared to CNY 319,318,626.81 in Q3 2022 [22]. - The company's net profit for the first three quarters of 2023 reached CNY 1,092,324,002.62, an increase from CNY 778,505,360.04 in the same period of 2022, representing a growth of approximately 40.2% [48]. - Operating profit for the current period was CNY 1,157,018,048.68, compared to CNY 762,530,546.71 in the previous year, indicating a year-over-year increase of about 52% [48]. - The total profit for the first three quarters was CNY 1,160,188,539.21, up from CNY 765,091,363.31, reflecting a growth of approximately 52.7% [48]. - The total comprehensive income for the current period was CNY 1,096,537,446.61, compared to CNY 783,559,683.20 in the same period last year, marking an increase of approximately 40% [49]. - Basic and diluted earnings per share for the current period were both CNY 0.9658, compared to CNY 0.7082 in the previous year, representing an increase of about 36.3% [49]. Cash Flow and Investments - The net cash flow from operating activities for the year-to-date period decreased by 59.77%, mainly due to the absence of large fund recoveries from the previous year's financial restructuring [9]. - The company's cash flow from operating activities generated a net amount of CNY 1,500,649,110.70, compared to CNY 3,730,549,350.17 in the previous year, showing a decrease of about 59.9% [51]. - The cash inflow from operating activities totaled CNY 8,534,245,072.80, slightly down from CNY 8,580,439,170.08 in the previous year [51]. - The company’s investment activities resulted in a net cash outflow of CNY -2,124,329,045.16, compared to CNY -1,677,728,129.18 in the previous year, indicating increased investment expenditures [51]. - Cash flow from financing activities totaled $619,032,188.68, with cash inflows from borrowings amounting to $300,000,000.00 [53]. - Net cash flow from financing activities was -$56,712,891.04, indicating a decrease in cash from financing operations [53]. - The ending balance of cash and cash equivalents was $4,149,800,978.12, compared to an initial balance of $2,146,767,725.61 [53]. - The net increase in cash and cash equivalents was $2,003,033,252.51, reflecting significant cash generation during the period [53]. - Cash outflows for debt repayment amounted to $470,300,000.00, highlighting the company's debt servicing obligations [53]. - Dividends and interest payments totaled $196,411,933.58, indicating ongoing returns to shareholders [53]. - The impact of exchange rate changes on cash and cash equivalents was $6,924,922.56, affecting the overall cash position [53]. - Cash inflows from other financing activities were $138,052,188.68, contributing to the overall financing cash flow [53]. - Cash outflows for other financing activities were $9,033,146.14, reflecting additional financing costs [53]. - The company distributed $52,762,144.65 in dividends to minority shareholders, indicating continued commitment to shareholder returns [53]. Market Performance - The company's international market sales increased by 48.82% year-on-year, reflecting successful overseas market expansion efforts [12]. - The sales of the Dongfanghong National IV diesel engine in external markets grew by 14.66% year-on-year, indicating strong product demand [12]. - The company maintained a leading market share in the domestic large and medium-sized tractor market during the first three quarters of 2023 [12]. Assets and Liabilities - The total equity attributable to shareholders of the parent company reached approximately CNY 6.79 billion, an increase from CNY 5.96 billion in the previous year [16]. - The total liabilities and equity amounted to approximately CNY 14.74 billion, up from CNY 12.99 billion in the previous year [16]. - Total assets as of September 30, 2023, were CNY 14,742,704,971.68, reflecting an increase of 13.48% from CNY 12,986,142,323.23 at the end of 2022 [22]. - Total liabilities rose to CNY 7,411,632,293.07 in 2023, up from CNY 6,494,394,605.75 in 2022, marking an increase of about 14.1% [46]. - Short-term borrowings increased significantly to CNY 500,000,000.00 in 2023 from CNY 270,223,055.56 in 2022, representing an increase of approximately 85.0% [46]. - The company's total assets increased to CNY 14,742,704,971.68 in 2023 from CNY 12,991,565,481.68 in 2022, reflecting a growth of approximately 13.5% [46]. - The total equity remained stable at CNY 1,123,645,275.00, unchanged from the previous year [46]. Research and Development - Research and development expenses decreased to CNY 290,167,982.58 in 2023 from CNY 340,517,897.96 in 2022, indicating a reduction of approximately 14.8% [47]. Other Financial Metrics - The company reported a government subsidy of CNY 12,734,023.26 for Q3 2023, with a total of CNY 24,591,234.19 for the year-to-date period [24]. - Non-recurring gains and losses for Q3 2023 totaled CNY 11,173,725.18, compared to CNY 39,265,907.01 for the year-to-date period [24]. - The company has implemented adjustments in financial reporting due to the new accounting standards effective from January 1, 2023, with no significant impact on profits [23]. - The company reported a net investment income of CNY 98,510,105.73 in 2022, which is a significant increase from CNY 44,693,590.42 in the previous year [47]. - The company’s deferred tax assets increased slightly to CNY 141,047,262.73 in 2023 from CNY 138,136,755.38 in 2022, showing a marginal growth [45]. - The company experienced a credit impairment loss of CNY -14,423,992.05, compared to CNY -131,443,947.90 in the previous year, showing an improvement in credit quality [48].

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。 (股份編號：0038) 2023年第三季度報告 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。 第三季度財務報表未經過審計。 一、釋義 本公司、公司 指 第一拖拉機股份有限公司 本集團 指 本公司及控股子公司 控股子公司 指 上市公司持有其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 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、經香港聯 交所批准上市、以人民幣標明股票面值、以港幣 ...