Core Viewpoint - The legal opinion letter issued by Beijing Zhonglun Law Firm confirms that the procedures for convening and holding the 2024 Annual General Meeting and the 2025 A and H Shareholder Meetings of First Tractor Company Limited comply with relevant laws and regulations [2][3][4]. Group 1: Meeting Procedures - The company’s board of directors published the notice for the meetings on May 10, 2025, through the Shanghai Stock Exchange and other required media [4]. - The meetings were held on June 10, 2025, at the company’s conference room in Luoyang, Henan Province, and were presided over by the chairman [4][5]. - Voting was conducted through a combination of on-site and online methods, with specific time slots designated for online voting [5]. Group 2: Attendance and Qualifications - A total of 405 shareholders and their proxies attended the annual general meeting, representing 607,958,719 shares, which is 49.35% of the total voting shares [6]. - For the A Shareholder Meeting, 403 attendees represented 554,538,934 shares, while 2 H shareholders represented 53,419,785 shares, accounting for 4.75% of the total voting shares [6]. - The board of directors served as the convenor of the meetings, meeting the qualifications set forth by relevant laws and regulations [7]. Group 3: Voting Procedures and Results - The meetings reviewed and voted on the agenda items as outlined in the notice, with both on-site and online voting methods employed [8]. - The following proposals were approved: the 2024 Board of Directors Work Report, the 2024 Supervisory Board Work Report, the 2024 audited financial report, the profit distribution plan, the annual report, the appointment of the auditing firm for 2025, and the authorization for the board to decide on the mid-year profit distribution for 2025 [8]. - A special resolution regarding the general authorization for the board to repurchase H shares was passed with more than two-thirds of the voting rights in favor [8].

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 ...

Summary of Yituo Co., Ltd. Conference Call Company Overview - **Company**: Yituo Co., Ltd. (一拖股份) - **Industry**: Agricultural Machinery Key Points and Arguments Financial Performance and Shareholder Returns - Yituo announced a buyback of 10% of its Hong Kong-listed shares and increased its dividend payout ratio to over 5%, indicating strong cash flow and commitment to shareholder returns, which is expected to positively impact stock prices and boost investor confidence [2][3] - The company has a net cash position of nearly 8 billion, significantly exceeding its market capitalization, suggesting sustainability in high dividend payouts [3] Market Demand Indicators - Grain prices are a crucial leading indicator for agricultural machinery demand, with expectations of a rebound in grain prices during the third quarter of 2024, which will enhance machinery demand [2][4] - The agricultural machinery purchase subsidy policy is expected to drive the high-end product trend, although it may temporarily affect gross margins [2][6] Overseas Expansion - Yituo is actively expanding its overseas business, particularly in Southeast Asia, Africa, and Latin America, where there is significant room for market share growth. It is anticipated that overseas business will see substantial growth in the next two to three years [2][9] Industry Cycle and Profitability - The company and the industry are currently at the bottom of the operating cycle, with expectations for stock performance to improve post-earnings release and shareholder return enhancements [3][4] - Despite a 10% decline in profits in the first quarter of 2025 due to decreased demand, the company is expected to maintain a growth rate of over 15% in the coming years [4][41] Product Trends and Market Dynamics - The trend towards larger and higher-end agricultural machinery is evident, with the proportion of large tractors (over 100 horsepower) increasing from less than 10% to 23% by 2024 [6][28] - The introduction of high-end power-shift products may have a short-term negative impact on gross margins but is expected to improve overall operational performance in the long run [7][31] Challenges and Opportunities - The company faces challenges in managing inventory and pricing strategies due to fluctuating demand and market conditions, particularly in 2024 [16][19] - The high-standard farmland construction initiative is expected to significantly boost demand for large tractors, with government subsidies increasing the attractiveness of such projects [28][29] Competitive Landscape - The agricultural machinery market is highly competitive, with domestic leaders like Wode Agricultural Machinery and the impact of the upcoming listing of Weichai Lovol, which may create investment opportunities [11][12] - Yituo's market share in overseas regions is currently between 6% and 8%, with significant potential for growth in Southeast Asia and Africa [36][37] Future Outlook - The company is expected to see a slight decline in net profit in the second quarter of 2025, but significant growth is anticipated in the third quarter, with overall net profit projected to decrease by 5% for the year [41] - The agricultural machinery market is expected to stabilize, with signs of a bottoming cycle and improvements in grain prices anticipated by early 2026 [41] Additional Important Insights - The relationship between grain prices and agricultural machinery demand is strong, with machinery demand typically lagging behind grain price movements by one to two harvest seasons [4][23] - The company is implementing management incentives to align executive performance with shareholder interests, which includes a significant compensation structure for executives [21][22]

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].

Industry Overview - Agricultural machinery refers to various machines used in crop planting and livestock production, as well as the initial processing and handling of agricultural and livestock products [1][6] - The industry is experiencing a structural adjustment driven by policy support, with a focus on the intelligent development of agricultural equipment [1][6] - The total power of agricultural machinery in China is projected to grow from 105,622.15 million kilowatts in 2020 to approximately 116,230 million kilowatts in 2024, indicating a transition towards new productive forces [1][6] Policy Support - Recent policies emphasize the upgrade of agricultural machinery towards high-end, intelligent, and green technologies, including the implementation of subsidies for machinery replacement and purchase [6][8] - The government has introduced various measures to enhance the subsidy standards for agricultural machinery, encouraging the replacement of old, high-energy-consuming equipment [8][10] Market Dynamics - In 2024, the agricultural machinery subsidy consumption scale is expected to reach 66.578 billion yuan, with a decrease in both the number of units sold and total sales compared to previous years [10][11] - The subsidy sales for power machinery and harvesting machinery exceeded 10 billion yuan, with power machinery accounting for 36.57% of the subsidy market [11][10] Competitive Landscape - The global agricultural machinery market is dominated by major players such as John Deere, Case New Holland, and AGCO, while domestic leaders like YTO Group, Weichai Lovol, and Wode Agricultural Machinery hold significant market shares in high-end products [13][15] - Despite rapid growth, China lacks large agricultural machinery manufacturers with international influence, but the market is expected to become more competitive as companies focus on technological innovation and service network expansion [13][15] Development Trends - The industry is witnessing a shift towards smart and digital transformation, with technologies like AI and 5G enhancing operational efficiency and reducing labor costs [19][20] - Green transformation is also a priority, with a focus on developing new energy agricultural machinery, such as electric tractors and hydrogen fuel cell harvesters, to meet carbon reduction goals [20][21] - Chinese agricultural machinery companies are increasingly expanding into international markets, supported by government policies that encourage overseas investment and collaboration [22][24]

证券代码：601038 证券简称：一拖股份 公告编号：临 2025-27 第一拖拉机股份有限公司 2024 年度沪市主板低碳新能专题集体业绩说明会 投资者问答 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 5 月 28 日参加了 2024 年度沪市主板低碳新能专题集体业绩说明会，并围绕出口业务拓展、市值管理、 ESG 信息披露以及公司未来发展战略等问题与投资者进行互动交流。有关投资者 问答情况如下： 1、请介绍一下针对行业趋势，公司未来整体发展战略和业务布局？ 公司回复：近些年，随着土地集约化经营的推进以及国家通过发展高质量农 机装备来保障粮食安全，用户对农业生产效率和经济效益的要求持续提升，推动 农机装备朝着大型化、智能化、绿色化方向发展的趋势愈发明显；同时我国疆域 辽阔，地形地貌和种植结构多样，中小功率可靠性高的农机装备也会有较好需求。 在此背景下，拖拉机行业实现"质的提升"已成为非常重要的特征。 未来，公司业务发展布局将聚焦以下几个方面： 在业务布局方面，一 ...

Core Insights - The article highlights the significant contribution of Henan province to China's grain production, particularly in wheat, despite having less than 6% of the country's arable land, showcasing the importance of advanced agricultural machinery in achieving food security [1][4]. Agricultural Machinery Industry - China Yituo Group is a leading manufacturer in the agricultural machinery sector, focusing on both high-end large machinery and small-scale equipment suitable for hilly areas, addressing existing gaps through increased R&D investment [4][6]. - The introduction of smart agricultural machinery, such as the Dongfanghong 4LZ-10AK combine harvester, enhances efficiency with features like a high grain intake rate of 10 kg per second, making it ideal for small-scale farming [3][4]. - The application of technologies like Beidou high-precision navigation and agricultural sensors has significantly improved the operational quality of agricultural machinery [4][10]. Smart Agriculture and Digital Platforms - The "Henan Agricultural Machinery Cloud" platform facilitates real-time monitoring and management of agricultural machinery, allowing farmers to connect with service providers and optimize harvesting operations [7][10]. - The platform has registered over 124,000 agricultural machines, including more than 71,000 grain combine harvesters, demonstrating its effectiveness in enhancing operational efficiency [10][11]. Support Services for Farmers - Henan province has established over 400 cross-regional service stations to provide support for agricultural machinery operators, including route guidance and accommodation arrangements [11][13]. - The provincial government has implemented various measures to ensure fuel supply and weather information for farmers, enhancing the overall support system for agricultural operations [13].

证券代码：601038 证券简称：一拖股份 公告编号：临 2025－26 第一拖拉机股份有限公司 关于参加 2024 年度沪市主板低碳新能专题 集体业绩说明会的公告 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。 重要内容提示： （网址：https://roadshow.sseinfo.com/） （三）召开方式：上证路演中心视频直播和网络文字互动 召开方式：上证路演中心视频直播和网络文字互动 问题征集：投资者可于 2025 年 5 月 21 日（星期三）至 2025 年 5 月 27 日（星期二）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。 第一拖拉机股份有限公司（以下简称公司）于 2025 年 3 月 28 日及 4 月 29 日在上海证券交易所网站（https://www.sse.com.cn/）披露了《2024 年年度报告》《2024 年度环境、社会和治理报告》《2025 年第一 ...

Core Viewpoint - The Chinese tractor industry is undergoing unprecedented technological transformation driven by agricultural modernization and "dual carbon" goals, characterized by "high-end leadership, intelligent drive, and green transformation" [1][16][18]. Group 1: Industry Overview - The new energy tractor refers to agricultural machinery powered by non-traditional fuels (such as electricity, hydrogen, or solar energy), aiming to reduce carbon emissions and enhance energy efficiency while meeting modern agricultural demands for intelligence and sustainability [2][4]. - New energy tractors have three core advantages over traditional tractors: environmental friendliness (zero emissions, low noise), economic efficiency (operating costs reduced by 30%-50%), and intelligence (seamless integration with precision agriculture systems) [4][5]. Group 2: Industry Development Background - The acceleration of land transfer and the rise of large-scale farming operations (over 60% of farming entities) have increased the demand for intelligent and green agricultural machinery [9][12]. - Recent policies, such as the "2024-2026 Agricultural Machinery Purchase and Application Subsidy Implementation Opinions," provide comprehensive support for the development of the new energy tractor industry [9][10]. Group 3: Market Dynamics - The new energy tractor industry is expected to experience explosive growth, with a market size projected to exceed 100 billion yuan and a compound annual growth rate (CAGR) of over 30% by 2030 [18][29]. - The industry is characterized by a competitive landscape where leading companies dominate the market, while smaller firms seek differentiation through niche segments [21][23]. Group 4: Technological Trends - The industry is witnessing a multi-energy landscape with mixed power, pure electric, and hydrogen fuel cell technologies coexisting, with mixed power being the most mature and holding the largest market share (65%) [23][25]. - Intelligent and unmanned technologies are rapidly advancing, with L4-level autonomous driving models expected to achieve full autonomy by 2030, significantly reducing labor costs [28][29]. Group 5: Future Outlook - The new energy tractor industry is positioned for rapid growth driven by policy support and technological advancements, with a shift from equipment sales to a "data + service + carbon trading" ecosystem [25][29]. - The focus will be on enhancing energy management and transmission efficiency, with pure electric technology penetrating the market for small to medium-sized agricultural scenarios [26][27].