Core Viewpoint - YTO Express (SH 601038) announced its board meeting held on October 28, 2025, to review the Q3 2025 report, indicating ongoing corporate governance and financial oversight [1] Company Summary - YTO Express's revenue composition for the period from January to December 2024 is entirely from the equipment manufacturing sector, reflecting a focused business model [1] - As of the report, YTO Express has a market capitalization of 14.6 billion yuan [1]

第一拖拉机股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在虚假记载、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。 证券代码：601038 证券简称：一拖股份 公告编号：临 2025－42 重要内容提示： （网址：https://roadshow.sseinfo.com/） 召开方式：网络文字互动 问题征集：投资者可于 2025 年 10 月 29 日（星期三）至 2025 年 11 月 3 日（星期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过公司邮箱 msc0038@ytogroup.com 进行提问，公司将在业绩说明会上 对投资者普遍关注的问题进行回答。 一、业绩说明会类型 第一拖拉机股份有限公司（以下简称公司）于 2025 年 10 月 29 日在《中国 证券报》《上海证券报》及上海证券交易所网站发布公司《2025 年第三季度报 告》，为使广大投资者更全面深入地了解公司 2025 年前三季度经营业绩，公司 计划于 2025 年 11 月 4 日（星期二）16:00-17:00 以网络文字 ...

证券代码：601038 证券简称：一拖股份 公告编号：临 2025－41 第一拖拉机股份有限公司 第九届董事会第三十九次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 第一拖拉机股份有限公司（以下简称公司）第九届董事会第三十九次会议（以 下简称本次会议）于 2025 年 10 月 28 日以通讯方式召开，会议通知已于 2025 年 10 月 14 日以电子邮件方式向全体董事发出。本次会议应出席董事 8 名，实际 出席董事 8 名。本次会议的召开符合《公司法》及公司《章程》《董事会议事规 则》等有关规定。 二、董事会会议审议情况 （一）《公司 2025 年第三季度报告》 同意公司 2025 年第三季度报告，并授权董事会秘书根据公司上市地《上市 规则》进行披露。 表决结果：同意 8 票，反对 0 票，弃权 0 票。 公司第九届董事会审计委员会 2025 年第五次会议审议通过本议案，并同意 将本议案提交董事会审议。 有关详情见公司于本公告同日在上海证券交易所网站刊发的《一拖股份 2025 年第三 ...

Company Performance - YTO Express reported a revenue of approximately 9.703 billion yuan for the first three quarters of 2025, representing a year-on-year decrease of 9.63% [1] - The net profit attributable to shareholders was about 994 million yuan, down 9.69% year-on-year [1] - Basic earnings per share were 0.8848 yuan, reflecting a decrease of 9.7% compared to the previous year [1] Market Context - As of the report, YTO Express has a market capitalization of 14.6 billion yuan [2] - The A-share market has recently surpassed 4000 points, indicating a significant market resurgence after a decade of stagnation, with a new "slow bull" market pattern emerging [2]

Financial Performance - The company's operating revenue for the third quarter was CNY 2,774,856,418.56, a decrease of 5.29% compared to the same period last year[3]. - The total profit for the quarter was CNY 244,751,602.87, reflecting an increase of 6.87% year-over-year[3]. - The net profit attributable to shareholders was CNY 225,151,227.06, which represents a 15.14% increase compared to the previous year[3]. - The basic earnings per share for the quarter was CNY 0.2004, up by 15.17% year-over-year[3]. - Total operating revenue for the first three quarters of 2025 was CNY 9,702,504,828.09, a decrease of 9.65% compared to CNY 10,736,379,923.58 in the same period of 2024[18]. - Total operating costs decreased to CNY 8,838,461,348.83, down 8.59% from CNY 9,670,238,422.90 year-over-year[18]. - Net profit for the first three quarters of 2025 was CNY 1,057,222,350.47, a decline of 5.19% compared to CNY 1,115,315,214.65 in 2024[19]. - Earnings per share (EPS) for the first three quarters of 2025 was CNY 0.8848, down from CNY 0.9798 in the same period last year[20]. Assets and Liabilities - The total assets at the end of the reporting period amounted to CNY 16,246,609,715.17, an increase of 10.59% from the end of the previous year[3]. - The total current assets as of September 30, 2025, amounted to RMB 10,983,480,781.51, an increase from RMB 7,425,048,133.18 as of December 31, 2024, reflecting a significant growth[13]. - The total non-current assets were reported at RMB 5,080,000,000.00, with fixed assets valued at RMB 2,116,394,885.56[14]. - Total liabilities increased to CNY 7,821,285,122.55, up from CNY 6,913,064,048.45, representing a growth of 13.14% year-over-year[16]. - The company reported a significant increase in accounts payable, which rose to CNY 2,675,353,677.89 from CNY 2,157,202,989.34, a growth of 24.0%[16]. Cash Flow - Cash flow from operating activities for the year-to-date was CNY 1,090,850,796.96, down by 37.48% compared to the previous year[3]. - Operating cash inflow for the first three quarters of 2025 was CNY 8,103,062,551.08, a decrease of 11.0% compared to CNY 9,107,655,152.34 in the same period of 2024[22]. - Net cash flow from operating activities was CNY 1,090,850,796.96, down 37.5% from CNY 1,744,781,554.68 year-on-year[23]. - Cash outflow for purchasing goods and services was CNY 5,618,441,533.84, a slight decrease of 4.6% from CNY 5,889,702,280.20 in 2024[23]. - Net cash flow from investment activities was -CNY 1,488,586,014.32, an improvement from -CNY 1,830,292,014.39 in the same period last year[24]. - The ending cash and cash equivalents balance was CNY 1,026,142,008.88, down from CNY 1,744,554,983.94 in the same period last year[24]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 33,867[10]. - There were no changes in the top 10 shareholders or their participation in margin financing and securities lending activities[13]. - Shareholders' equity totaled CNY 8,425,324,592.62, an increase from CNY 7,778,271,661.52, marking a growth of 8.31%[16]. Operational Insights - The company experienced a decrease in cash flow due to increased credit sales and delayed receivables[8]. - The company emphasized the importance of monitoring operational performance and financial metrics in the upcoming quarters[12]. - The company has not disclosed any new product developments or market expansion strategies during the conference call[12]. - Research and development expenses increased to CNY 346,824,564.08, up 9.26% from CNY 317,450,819.65 in 2024, indicating a focus on innovation[19]. Financial Management - The company reported non-recurring gains of CNY 6,755,286.41 for the quarter[6]. - The company's financial expenses showed a notable improvement, with a net financial income of CNY -2,306,067.81 compared to CNY -29,262,583.14 in the previous year, indicating better cost management[19]. - Cash received from tax refunds increased to CNY 208,757,443.11, up 46.0% from CNY 143,073,680.06 in the previous year[23]. - Cash inflow from investment activities totaled CNY 442,338,261.81, compared to CNY 373,847,690.30 in 2024, reflecting a 18.3% increase[24]. - Cash outflow for investment activities was CNY 1,930,924,276.13, down 12.4% from CNY 2,204,139,704.69 year-on-year[24]. Accounting Standards - The company did not implement new accounting standards or interpretations for the year 2025[25].

Core Insights - The article discusses the financing, investment, and merger and acquisition activities within the Chinese agricultural machinery industry, highlighting key players and trends in the sector. Financing Activities - Listed companies in the agricultural machinery sector primarily use financing to supplement working capital and repay debts. Major financing events from 2021 to 2023 include: - Jifeng Technology raised 612 million yuan through a private placement in April 2025 for working capital [1] - Zoomlion issued short-term financing bonds worth 12 billion yuan in March 2023 for working capital [1] - Yiteng Technology borrowed 10 million yuan from non-related parties in June 2022 for daily operations [1] Investment Activities - As of 2025, representative companies have conducted over 100 investment events, with Zoomlion and Leo Group leading in the number of investments, exceeding 40 and 30 events respectively [2] - Notable investments include: - Jifeng Technology invested in multiple subsidiaries, including a 51% stake in Shenzhen Jifeng Intelligent Equipment Co., Ltd. [3] - Leo Group has made significant investments in various sectors, including a 100% stake in Zhejiang Leo Medical Equipment Co., Ltd. [4] Purpose of Investments - The primary objectives of external investments by agricultural machinery companies are to expand business scale and diversify operations. Examples include: - Leo Group's investment in Zhejiang Leo Medical Equipment Co., Ltd. for diversification [8] - Jifeng Technology's investment in Chengdu Nongjihui Agricultural Technology Co., Ltd. to expand its business scale [9] Industry Park Development - The number of agricultural machinery-related industrial parks in China is increasing, with significant investments exceeding 6 billion yuan from companies like Xingguang Agricultural Machinery and Zoomlion [10] - Notable projects include: - The establishment of the Hubei Agricultural Machinery Equipment Recycling Industrial Park with a total investment of 500 million yuan [12] - The construction of the Dazhou Hilly Area Modern Agricultural Equipment Industrial Park, which began in September 2023 [12] Mergers and Acquisitions - The agricultural machinery industry has seen numerous mergers and acquisitions aimed at expanding the scale of midstream enterprises. Key events include: - Jifeng Technology's acquisition of a 48.9943% stake in Liaoning Huifeng Agricultural Machinery City to enhance control and operational efficiency in Northeast China [15] - Kubota's acquisition of Bloomfield Robotics to integrate advanced AI imaging technology into its agricultural equipment [15] Summary of Investment and M&A Trends - The financing activities of listed companies are primarily aimed at supplementing working capital. External investments focus on expanding business scale and diversifying operations. The industry is also witnessing a rise in mergers and acquisitions, primarily for scale expansion and diversification [17]

Summary of Key Points Core Viewpoint - The article provides a comprehensive overview of the agricultural machinery industry in China, highlighting key listed companies, their revenue performance, business layouts, and future planning strategies. Group 1: Overview of Listed Companies - The agricultural machinery industry in China includes upstream companies like QuanChai Power and Zhenghe Industrial, midstream companies such as Jifeng Technology and Xinguang Agricultural Machinery, and downstream companies like Dongfang Group and Beidahuang [1][2]. Group 2: Company Revenue and Performance - In 2024, major companies in the agricultural machinery sector include: - Zhonglian Heavy Industry: Revenue of 454.78 billion - Yituo Co., Ltd.: Revenue of 118.56 billion - Jifeng Technology: Revenue of 27.09 billion - Other companies have varying revenues, with the lowest being Xinguang Agricultural Machinery at 2.69 billion [4][16]. Group 3: Business Layout and Focus Areas - Companies like Yituo Co., Ltd. and Jifeng Technology have over 90% of their business focused on agricultural machinery, with a significant emphasis on tractors and harvesters [14]. - Zhonglian Heavy Industry focuses on high-end agricultural machinery, while other companies like Xinguang Agricultural Machinery specialize in specific products like combine harvesters [15]. Group 4: Employee and Patent Information - Zhonglian Heavy Industry employs over 30,000 people, with 10,724 being technical staff, and holds the most patents in the industry at 4,399 [8][9]. - Other companies have varying employee counts and patent holdings, indicating a diverse range of capabilities within the sector [10]. Group 5: Future Business Planning - Companies are focusing on new product development, expanding overseas markets, and enhancing technology. For instance, Yituo Co., Ltd. aims to improve product quality and develop export-oriented products, while Jifeng Technology plans to leverage its network for promoting high-end agricultural machinery [17]

Investment Rating - The report suggests a positive outlook for the machinery equipment sector, with specific recommendations for stocks such as XCMG, Hengli Hydraulic, SANY Heavy Industry, Zoomlion, LiuGong, and YTO Group [10]. Core Insights - The machinery equipment index rose by 4.71% in the last week, outperforming the CSI 300 index, which increased by 3.24% [13][15]. - Year-to-date, the machinery equipment index has increased by 35.02%, ranking fifth among 31 primary industry categories [15]. - The report highlights a significant increase in engineering machinery exports, with a total of $43.855 billion from January to September 2025, marking a year-on-year growth of 13.3% [4][23]. - The report emphasizes the potential growth in quantum computing and controllable nuclear fusion as new economic growth points, supported by top-level policy and funding [4][23]. - Tesla's humanoid robot production plans are seen as a strategic opportunity for the robotics sector, with expectations for significant commercialization by 2026 [4][23]. Summary by Sections Market Review - The SW Machinery Equipment Index increased by 4.71% last week, ranking fourth among 31 primary industry categories [13][15]. - Year-to-date performance shows a 35.02% increase in the SW Machinery Equipment Index, compared to an 18.44% increase in the CSI 300 Index [15]. Key Data Tracking General Machinery - The general machinery sector continues to face pressure, with the manufacturing PMI at 49.8% in September, indicating contraction [22]. - Forklift sales in September reached 130,380 units, a year-on-year increase of 23% [22]. Engineering Machinery - In September, total excavator sales reached 19,858 units, a year-on-year increase of 25.4%, with both domestic and international sales showing strong growth [31]. Railway Equipment - The railway equipment sector is experiencing steady growth, with fixed asset investment in railways maintaining a growth rate of around 6% [42]. Shipbuilding - The shipbuilding sector is seeing a slowdown in price declines, with the global new ship price index at 185.58 as of September 2025 [44]. Oilfield Equipment - The oilfield equipment sector is stabilizing at the bottom, with an increase in global rig counts and expected growth in oil and gas extraction demand [46]. Industrial Gases - A decrease in raw material prices is expected to improve profitability in the steel sector, which may boost demand for industrial gases [50]. Gas Turbines - The gas turbine sector is showing robust growth, with GEV reporting a 39% year-on-year increase in new gas turbine orders in the first three quarters of 2025 [52].

Core Viewpoint - The company, Yituo Co., Ltd., has shown fluctuations in its stock performance and financial metrics, indicating potential investment opportunities and challenges in the agricultural machinery sector [1][2]. Financing and Trading Activity - On October 22, Yituo Co., Ltd. experienced a stock price increase of 1.82%, with a trading volume of 106 million yuan. The net financing purchase for the day was 1.3663 million yuan, with a total financing balance of 183 million yuan [1]. - The financing balance represents 1.93% of the circulating market value, which is below the 30% percentile level over the past year, indicating a low financing level [1]. - In terms of securities lending, the company had a lending balance of 1.0381 million yuan, which is above the 80% percentile level over the past year, suggesting a high level of short interest [1]. Financial Performance - For the first half of 2025, Yituo Co., Ltd. reported a revenue of 6.928 billion yuan, reflecting a year-on-year decrease of 11.26%. The net profit attributable to shareholders was 769 million yuan, down 15.06% compared to the previous year [2]. Shareholder and Institutional Holdings - As of June 30, 2025, the number of shareholders decreased to 36,600, while the average circulating shares per person increased by 3.00% to 20,131 shares [2]. - The company has distributed a total of 1.549 billion yuan in dividends since its A-share listing, with 1.026 billion yuan distributed over the past three years [3]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 3.7635 million shares, a decrease of 94,200 shares from the previous period. Meanwhile, several ETFs have increased their holdings, indicating a shift in institutional investment [3].

Core Viewpoint - First Tractor Company (00038) saw a stock increase of over 4%, closing at 7.7 HKD with a trading volume of 24.88 million HKD, driven by strong export growth in agricultural machinery [1] Export Performance - In September 2025, China's agricultural machinery exports amounted to 450.425 million CNY, representing a year-on-year increase of 30.7% [1] - Cumulative exports from January to September 2025 reached 5.044223 billion CNY, up 40.1% compared to the same period last year [1] - In September, tractor exports totaled 15,556 units, marking a 30.2% increase year-on-year, with export value reaching 77.134 million CNY, a 51.2% increase [1] - From January to September 2025, cumulative tractor exports were 135,702 units, up 20.2%, with a total export value of 665.489 million CNY, reflecting a 33.4% increase [1] Company Sales Performance - In the first half of 2025, First Tractor Company sold 42,800 tractors, with overseas sales accounting for 5,445 units, a year-on-year growth of 29.37% [1] - The company has established five major sales regions: Central Asia, Southeast Asia, the Americas, Central and Eastern Europe, and Africa [1] - Notably, the African and Central and Eastern European markets showed impressive performance, with sales growth exceeding 50%, indicating a diversified overseas market strategy that reduces reliance on a single market [1]