Summary of the Conference Call for Yituo Co., Ltd. Company Overview - The conference call pertains to Yituo Co., Ltd., a company in the agricultural machinery industry, specifically focusing on tractor sales and related products. Key Points and Arguments Sales Performance - In 2024, Yituo's large agricultural tractor sales increased by 2.7% year-on-year to 74,430 units, but sales in April and May 2025 saw a significant decline of nearly 20% due to overall weak industry demand [2][3] - The company achieved revenue of 11.9 billion yuan and a net profit of 920 million yuan in 2024, with Q1 2025 revenue at 4.5 billion yuan and net profit at 529 million yuan [3] Product Development and Market Trends - The company has increased its focus on developing power-shift products, with their share in tractor products around 20%, while power-shift sales account for less than 5% [2][8] - The market share of large horsepower tractors is expected to gradually increase, but the medium horsepower tractor market will still have demand due to China's complex operational environment [10] Pricing and Promotions - Despite good promotion of new products, the overall industry downturn led to price stability, with average prices remaining similar to the previous year due to discount promotions [6][2] Export Strategy - The company aims to focus on exports, with expected overseas revenue of approximately 900 million yuan in 2025, despite a decline in the Russian market [4][19] - The overseas market grew over 20% in Q1 2025, primarily driven by regions outside Russia [15] Inventory Management - Dealer inventories have returned to normal levels, approximately three months' worth, following promotional efforts [4][26] Future Outlook - The agricultural machinery industry is currently in a low growth phase, but government support for agricultural machinery development and food security remains strong [27] - The company does not have specific targets for the next two to three years but anticipates exporting 8,500 to 9,000 units in 2025, with corresponding revenue around 900 million yuan [19] Capital Expenditure Plans - Yituo plans to maintain fixed capital expenditures at around 500 million yuan annually, focusing on high-end intelligent tractor assembly lines and heavy-duty diesel engine production lines [24] Aftermarket Services - The company currently relies on dealers for after-sales service and has no immediate plans to directly enter the aftermarket [4][17] New Product Focus - Future product development will concentrate on high-end intelligent products, including large horsepower tractors and upgrades to existing products to meet rising quality and comfort demands [23][21] Market Conditions - The company is cautious about predicting a market turnaround, emphasizing the need to observe the summer grain harvest and pricing trends in the second half of 2025 [22] Additional Important Information - The company is exploring the integration of other agricultural machinery businesses into the listed company platform but faces challenges due to profitability issues [20] - The development of CVT (continuously variable transmission) technology is ongoing, primarily targeting large state-owned farms, but widespread adoption remains challenging [14]

Group 1 - The board of directors of Yituo Co., Ltd. held its 36th meeting on June 20, 2025, with 8 directors present, complying with relevant regulations [1] - The board approved an investment of RMB 159.2 million for the technical transformation project of the heavy-duty engine production line at Yituo (Luoyang) Diesel Engine Co., Ltd., with a construction period of 1 year [1] - The board also approved an investment of RMB 73.5 million for the technical transformation project of the coating line, with a construction period of 18 months [2] Group 2 - The board unanimously agreed on the proposal to establish the "Overseas Commission Management Measures" [2]

Core Points - The company announced a cash dividend of RMB 0.2995 per share (including tax) for A-share shareholders [1][2] - The total cash dividend distribution amounts to RMB 336,531,759.86 (including tax) based on a total share capital of 1,123,645,275 shares [2] - The relevant dates for the dividend distribution are: - Record date: June 24, 2025 - Ex-dividend date: June 25, 2025 - Dividend payment date: June 25, 2025 [2] Dividend Distribution Details - The cash dividend will be distributed to all A-share shareholders registered with China Securities Depository and Clearing Corporation Limited, Shanghai Branch as of the record date [2] - For A-share shareholders who have not completed designated trading, the dividends will be held by China Securities Depository and Clearing Corporation Limited until they complete the designated trading [2] - H-share shareholders are not included in this announcement and will receive dividends as per a separate announcement on the Hong Kong Stock Exchange [2] Taxation Information - Individual A-share shareholders and securities investment funds are temporarily exempt from personal income tax, resulting in an actual cash dividend of RMB 0.2995 per share [3] - For shares held for less than one month, the actual tax burden is RMB 0.26955 per share [3] - Qualified Foreign Institutional Investors (QFII) will have a 10% withholding tax applied, resulting in an actual cash dividend of RMB 0.26955 per share [5]

Summary of the Conference Call for Yituo Co., Ltd. Industry Overview - The agricultural machinery market is expected to see increased demand due to the rebound in grain prices, particularly corn and soybean prices, which serve as leading indicators for agricultural machinery demand [2][8] - The crop rotation mechanism of major crops like corn and wheat directly influences agricultural machinery demand [2][6] Key Points and Arguments - **Grain Price Impact**: The rebound in grain prices is anticipated to positively affect agricultural machinery demand and, consequently, the company's performance [2][8] - **Inventory Management**: The company has successfully reduced inventory levels to near normal, resolving previous issues related to declining gross margins. This marks the end of the destocking cycle, laying a foundation for future performance growth [2][9] - **New Subsidy Policy**: The introduction of a new agricultural machinery purchase subsidy policy has enhanced the competitiveness of power-shift models. The company is adopting an aggressive pricing strategy to increase product penetration, which may temporarily reduce gross margins but is expected to significantly enhance competitiveness in the high-end agricultural machinery market in the long run [2][10] - **Stock Buyback Policy**: The recent stock buyback policy in Hong Kong is expected to boost investor confidence, optimize capital structure, and improve earnings per share, positively impacting the company's overall financial condition [2][11] - **Profit Margin Forecast**: For Q3 2025, the company anticipates a year-on-year profit margin increase of 2.5 to 3 percentage points, reaching over 30%, driven by larger horsepower sales in the North China Plain and the autumn harvest season [3][17] Additional Important Insights - **Future Earnings Outlook**: The company's future earnings are expected to improve due to rising grain prices, normalized inventory levels, and the new subsidy policy, which collectively will drive profitability growth [7][18] - **High-End Product Demand**: The trend towards high-end agricultural machinery is evident, with an increasing proportion of products over 200 horsepower contributing significantly to overall profits [5][17] - **Sales Data**: In early 2025, the production growth rates for large and medium tractors were 7.6% and -6.8%, respectively, indicating a mixed performance compared to the previous year [12] - **Subsidy Sales Fluctuations**: The subsidy sales data showed a decline of approximately 13.5% in early 2024, with a recovery to 66,850 units in early 2025, reflecting regional operational variations [13] - **Cost Management**: The company is expected to manage costs effectively, with a reduction in R&D expenses in Q4 2025 compared to the previous year, which should aid in mitigating losses [17][18] This summary encapsulates the key insights from the conference call, highlighting the company's strategic positioning within the agricultural machinery industry and its outlook for future performance.

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 证券代码：601038 证券简称：一拖股份 公告编号：临2025-28 第一拖拉机股份有限公司 2024年度股东周年大会、2025 年第一次 A 股类别股东会 及 2025 年第一次 H 股类别股东会决议公告 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 405 | | --- | --- | | 其中：A 股股东人数 | 403 | | 境外上市外资股股东人数（H 股） | 2 | | 2、出席会议的股东所持有表决权的股份总数（股） | 607,958,719 | | 其中：A 股股东持有股份总数 | 554,538,934 | | 境外上市外资股股东持有股份总数（H 股） | 53,419,785 | (一) 股东大会召开的时间：2025 年 6 月 10 日 (二) 股东大会召开的地点：河南省洛阳市建设路 154 号公司会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 3、出席 ...

北京市中伦律师事务所 关于第一拖拉机股份有限公司 2024 年度股东周年大会、2025 年 第一次 A 股类别股东会议及 2025 年第一次 H 股类别股东会议的 法律意见书 致：第一拖拉机股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共 和国证券法》、《上市公司股东会规则》（以下简称"《股东会规则》"）等法律、 法规、规章和规范性文件以及《第一拖拉机股份有限公司章程》（以下简称"《公 司章程》"）的规定，北京市中伦律师事务所（以下简称"本所"）作为第一拖 拉机股份有限公司（以下简称"公司"）的常年法律顾问，指派律师出席公司 2024 年度股东周年大会（以下简称"本次股东周年大会"）、2025 年第一次 A 股类别 股东会议（以下简称"本次 A 股类别股东会"）及 2025 年第一次 H 股类别股东会 议（以下简称"本次 H 股类别股东会"，与本次股东周年大会、本次 A 股类别股 东会统称"本次股东会"），并依法出具本法律意见书。 本法律意见书仅就本次股东会的召集和召开程序是否符合法律、行政法规及 《公司章程》的规定，以及出席本次股东会人员的资格、召集人资格、会议表决 程序及 ...

2024 年三季报后，主粮价格下跌抑制农户购机需求，公司渠道库存偏 高，潍柴动力价格补贴导致毛利率下降 2-3%，多重因素导致公司基本 面恶化。 2025 年一季度大中拖销量同比下降 10%，四月单月销量同比下降 20% 左右，与农机流通协会指数匹配，反映行业景气度不佳。 2025 年三大主粮价格企稳反弹，公司内部及经销商库存回落至合理水 平，价格战趋于平稳，新任董事长推动出海战略，公司业绩有望筑底回 升。 第一拖拉机股份 H 股折价明显，仅相当于 A 股的 40%多，账上现金及 理财资产约 60 多亿，与 H 股市值接近，大量现金资产对 ROE 形成拖累。 公司计划回购并注销不超过 10%的 H 股，预计最快 2025 年 7 月开始， 需通过股东大会流程并完成外管局换汇，此举有望提升市场信心和公司 价值。 公司 H 股股息率超过 4.4%，现金流良好，具备提高分红的基础，但尚 未发布相关公告，建议关注后续公告。 预计 2025 年第二季度发货量仍为负，下半年有望同比转正，粮价触底 回升，渠道库存合理，行业或处于最差时期，即将迎来见底改善。 Q&A 港股依托第一拖拉机股份的投资机会如何？ 目前基本面仍然处于 ...

Summary of the Conference Call for Yituo Co., Ltd. Industry Overview - The agricultural machinery industry is experiencing a decline in sales, with large and medium-sized tractor sales dropping significantly in April, with Yituo Co., Ltd. reporting a decline of over 20% [2][3]. - The industry has not seen a significant price war, although Yituo has offered discounts to manage dealer inventory [6]. - The market concentration among leading brands has slightly increased, with a growing preference for larger, high-quality products among end users [7]. Company Performance - Yituo's sales of power-shift products have increased significantly, accounting for approximately 1/6 of total sales, driven by subsidy policies and ease of operation [8]. - The average price of products has seen a slight increase due to structural adjustments, despite overall price stability [4][6]. - The company plans to increase capital expenditure to approximately 500-600 million yuan for key component construction and production line upgrades [5][23]. Market Dynamics - The demand for agricultural machinery remains weak, and the recovery of grain prices has not significantly influenced purchasing intentions among users [12]. - The replacement cycle for equipment has lengthened, closely tied to grain prices, with limited effectiveness of subsidy policies for equipment replacement [14][15]. - The company anticipates that the second half of the year will be crucial for market recovery, depending on grain prices and sales performance [13]. International Strategy - Yituo is focusing on expanding its overseas market presence, with a target of maintaining over 20% export growth for the year [5][17]. - Key regions for international development include Africa, Central Asia, and the Americas, with current overseas revenue accounting for less than 10% of total income [17]. - The company is exploring local manufacturing and adapting products to meet regional demands, particularly in Central Asia and South America [20][21]. Future Outlook - The penetration rate of power-shift products is expected to increase, but they are unlikely to completely replace mechanical shift products, especially in small to medium horsepower segments [11]. - The company is committed to enhancing its product offerings in response to market demands, focusing on large-scale, green, and intelligent upgrades [35]. - Yituo's financial health remains strong, with a stable dividend payout expected, and plans for share buybacks in the Hong Kong market [22][38]. Additional Insights - The company is not currently facing significant competition from engineering machinery firms entering the agricultural sector, as these firms typically focus on specific product categories rather than full-spectrum production [31]. - The overall agricultural machinery market is expected to recover if grain prices improve in the autumn, but the current outlook remains challenging [13].

证券代码：601038 证券简称：一拖股份 公告编号：临2025-25 第一拖拉机股份有限公司 关于召开2024年度股东周年大会、2025 年第一次 A 股类别股东 会议及 2025 年第一次 H 股类别股东会议的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 (一) 股东会类型和届次 2024年度股东周年大会、2025 年第一次 A 股类别股东会议及 2025 年第一次 H 股类别股东会议 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相 结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 6 月 10 日 14 点 30 分开始，依次召开 2024 年度 股东周年大会、2025 年第一次 A 股类别股东会议及 2025 年第一次 H 股类别股东 会议。 召开地点：河南省洛阳市建设路 154 号公司会议室 1 股东会召开日期：2025年6月10日 本次股东会采用的网络投票系统：上海证券交易所股东大会网 ...

2024 年度股东周年大会及 2025 年第一次 A/H 股类别股东会 会议资料 2025 年 6 月 第一拖拉机股份有限公司 2024 年度股东周年大会及 2025 年第一次 A/H 股类别股东会会议资料 目 录 | 一、会议须知…………………………………………………2 | | --- | | 二、会议议程…………………………………………………3 | | 三、会议议案…………………………………………………5 | 1 第一拖拉机股份有限公司 2024 年度股东周年大会及 2025 年第一次 A/H 股类别股东会会议资料 会 议 须 知 为维护全体股东的合法权益，确保第一拖拉机股份有限公司（以下简称 公司）2024 年度股东周年大会及 2025 年第一次 A/H 股类别股东会议（以 下合称"本次会议"）的正常秩序和议事效率，保证本次会议顺利进行，公 司根据中国证监会发布的《上市公司股东大会规则》 的要求，现就会议有关事项通知如下 、公司《章程》等文件 ： 一、参会股东及股东代表须携带会议通知中所列身份证明文件及相关 授权文件原件办理会议登记有关事宜。出席本次会议的股东及股东代表应于 2025 年 6 月 10 ...