Investment Rating - The report maintains a "Buy" rating for the company, with expected profit growth for the upcoming years [4]. Core Insights - The company reported a revenue of 11.9 billion RMB for 2024, a year-on-year increase of 3.2%, while the net profit attributable to the parent company was 0.92 billion RMB, a decrease of 7.5% compared to the previous year [1]. - In Q4 2024, the company achieved a revenue of 1.17 billion RMB, a decline of 8.9% year-on-year, and a net profit of -0.18 billion RMB, which represents an increase in losses by 102.9% [1]. - The overall industry demand remains weak, with a notable increase in inventory destocking urgency [2]. Summary by Sections Performance Review - The company's comprehensive gross margin in the equipment manufacturing sector was 14.78%, down by 0.36 percentage points year-on-year, primarily due to increased promotional efforts to enhance market share [2]. - The production of large tractors in China decreased by 12.7% year-on-year in Q4 2024, while medium-sized tractors saw a significant increase of 23.4% [2]. Market Position and Policy Impact - The company has increased its market share in large tractors, with sales reaching 34,800 units in 2024, a 12.5% increase year-on-year, and the proportion of large tractors sold rose from 42.8% in 2023 to 46.8% in 2024 [3]. - The new national agricultural machinery purchase subsidy policy has widened the subsidy gap between advanced tractors and ordinary tractors, which is expected to drive product upgrades in the agricultural machinery industry and enhance the profitability of leading companies [3]. Profit Forecast and Valuation - The forecast for net profit attributable to the parent company is 1.03 billion RMB in 2025, 1.16 billion RMB in 2026, and 1.29 billion RMB in 2027, reflecting year-on-year growth rates of 11.6%, 12.2%, and 11.6% respectively [4]. - The current price-to-earnings (P/E) ratios are projected to be 16, 14, and 13 for the years 2025, 2026, and 2027 respectively [4].

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

Group 1 - The company reported a revenue of 11.904 billion yuan for 2024, representing a year-on-year increase of 3.26%, while the net profit attributable to shareholders decreased by 7.52% to 922 million yuan [1] - The company sold 74,300 large and medium-sized tractors in 2024, achieving a year-on-year growth of 2.73%, maintaining its leading position in the industry [1] - The company’s diesel engine sales reached 145,900 units, with exports accounting for 77,600 units, reflecting a year-on-year decline of 5.98% due to a decrease in external market demand [1] Group 2 - The company’s R&D investment for 2024 was 516 million yuan, an increase of 11.93% year-on-year, focusing on high-end agricultural machinery and new platform development [3] - The company is enhancing its overseas market development, with tractor exports increasing by 8.23% to 7,100 units in 2024 [1] - The company is addressing the challenges in the traditional machinery market by increasing R&D investments to promote structural upgrades and differentiate its products [2]

机构名称：信永中和会计师事务所（特殊普通合伙） 成立日期：2012 年 3 月 2 日 组织形式：特殊普通合伙 第一拖拉机股份有限公司关于会计师事务所 第一拖拉机股份有限公司（以下简称公司）聘请信永中和会计 师事务所（特殊普通合伙）（以下简称信永中和）作为公司 2024 年 度年报审计机构。根据《国有企业、上市公司选聘会计师事务所管 理办法》的要求，公司对信永中和 2024 年度审计履职情况进行了评 估。经评估，公司认为，2024 年信永中和资质、独立性等方面均符 合监管要求，履职过程中勤勉尽责、公允表达意见。具体情况如下： 一、会计师事务所基本情况 注册地址：北京市东城区朝阳门北大街 8 号富华大厦 A 座 8 层 首席合伙人：谭小青先生 执业资格：具有财政部颁发的会计师事务所执业资格；具有财 政部、中国证券监督管理委员会备案的从事证券服务业务会计师事 务所资格；具有中国证券监督管理委员会获准从事 H 股企业审计资 格。 人员信息：截至 2024 年 12 月 31 日，信永中和有合伙人 259 人，注册会计师 1780 人，其中签署过证券服务业务审计报告的注册 会计师人数超 700 人。 业务信息：信永中 ...

关于第一拖拉机股份有限公司 存款、贷款等金融业务的 专项说明 索引 页码 专项说明 1-2 关于第一拖拉机股份有限公司 专项说明 XYZH/2025BJAA3B0402 第一拖拉机股份有限公司 编制和对外披露汇总表，并确保其真实性、准确性及完整性是一拖股份公司的责任。 我们核对了汇总表所载项目金额与我们审计一拖股份公司2024年度财务报表时一拖股 份公司提供的会计资料和经审计的财务报表的相关内容，在所有重大方面没有发现不一 致。 除对一拖股份公司2024年度财务报表执行审计以及将本专项说明后附的汇总表所 载项目金额与我们审计一拖股份公司2024年度财务报表时一拖股份公司提供的会计资 料和经审计的财务报表的相关内容进行核对外，我们没有对本专项说明后附的汇总表执 行任何附加程序。 为了更好地理解一拖股份公司2024年度涉及财务公司关联交易的存款、贷款等金融 业务情况，汇总表应当与已审计的财务报表一并阅读。 专项说明（续） XYZH/2025BJAA3B0402 第一拖拉机股份有限公司 第一拖拉机股份有限公司董事会： 我们按照中国注册会计师审计准则审计了第一拖拉机股份有限公司(以下简称一拖 股份公司) 2024年度 ...

Group 1: Core Insights - The report evaluates the operational qualifications, business, and risk status of Guojin Finance Co., Ltd. [1] - Guojin Finance was established in September 2003 and is a non-bank financial institution, with its business scope including financial and financing consulting, credit verification, and internal transfer settlement among member units [1][2] - The company has a well-defined internal control system that includes a board of directors, supervisory board, and various specialized committees to ensure effective risk management [2][3] Group 2: Internal Control and Risk Management - Guojin Finance has established a comprehensive internal control framework that adheres to principles such as separation of incompatible duties, authorization, budget control, and independent auditing [4][5] - The company conducts annual internal control evaluations and audits to identify deficiencies and improve its risk management strategies [4][6] - The risk management framework includes credit risk, market risk, liquidity risk, operational risk, and information technology risk, all of which are integrated into the internal audit process [6][7] Group 3: Financial Performance and Regulatory Compliance - As of December 31, 2024, Guojin Finance reported total assets of 55.77 billion yuan and total liabilities of 51.51 billion yuan, with a net profit of 2.59 billion yuan for the year [8][9] - The company meets all regulatory financial indicators, including a capital adequacy ratio of 12.27%, which exceeds the minimum requirement of 10.5% [9] - Guojin Finance's investment total does not exceed 70% of its net capital, maintaining a ratio of 55.58% [9][10] Group 4: Relationship with Member Companies - The company maintains a secure and liquid deposit situation with Guojin Finance, with no delays in payments due to cash shortages [10] - The financial transactions between the company and Guojin Finance are conducted at fair prices and align with the company's operational needs [10]

Summary of First Tractor Company Limited Core Viewpoint The report provides an audit summary of non-operating fund occupation and other related fund transactions for First Tractor Company Limited, ensuring the accuracy and completeness of the financial data presented. Group 1: Audit Overview - The audit was conducted by Xinyong Zhonghe Accounting Firm according to Chinese CPA auditing standards, covering the financial statements for the year ending December 31, 2024 [1]. - The audit report issued was unqualified, indicating no significant discrepancies were found in the financial data [1]. Group 2: Non-Operating Fund Occupation - The report details the non-operating fund occupation for the year 2024, including the total amount occupied at the beginning of the year, the amount occupied during the year, and the total amount repaid [1]. - The total non-operating fund occupation at the end of 2024 was reported, along with the reasons for these transactions [1]. Group 3: Related Party Transactions - The report includes a summary of related party transactions, detailing the amounts involved and the nature of these transactions [2][3]. - Specific amounts for accounts receivable and payable with various related parties are listed, indicating the operational relationships and financial interactions [2][3]. Group 4: Financial Data - The financial data includes significant figures such as total receivables and payables with related parties, highlighting the financial health and operational dynamics of the company [5][6]. - The report notes changes in financial positions due to currency fluctuations and the consolidation of subsidiaries, particularly the acquisition of a controlling stake in a joint venture [6].

一、独立董事基本情况 黄绮汶女士，1988 年 7 月出生，本科学历，会计学工商管理、 法律学士学位，香港会计师公会注册会计师、执业会计师，注册 ESG 分析师，现任本公司独立董事，上邦永晋咨询有限公司总监。黄女士 曾就职于毕马威会计师事务所、富事高咨询有限公司、富盟咨询有限 公司、景顺投资管理公司、香港证券及期货事务监察委员会，在财务、 审计及合规管理方面拥有丰富经验。 第一拖拉机股份有限公司 独立董事2024 年度述职报告 黄绮汶 本人作为第一拖拉机股份有限公司（以下简称"公司"）独立董 事，根据《公司法》 《上市公司独立董事管理办法》 、公司《章程》及 《独立董事工作制度》等有关规定，现就 2024 年度履职情况报告如 下： 四、年度履职重点关注事项 项。 五、总体评价和建议 和监管文件精神的学习研究，积极参加独董履职相关培训，通过现场 调研、独立董事专门会议等履职形式，充分发挥独立董事作用，推动 公司健康、持续发展。 特此报告。 报告期内，本人及直系亲属和主要社会关系成员，均未在公司及 子公司担任除独立董事以外的任何职务，也未在公司主要股东及股东 投资的单位担任任何职务，没有从公司及其主要股东或有利害 ...

Group 1 - The company is responsible for establishing and effectively implementing internal controls and evaluating their effectiveness as per relevant regulations [2] - The auditors' responsibility is to express an opinion on the effectiveness of internal controls over financial reporting and disclose any significant deficiencies noted [2] - The inherent limitations of internal controls may prevent the detection and prevention of misstatements, and changes in circumstances may render controls inappropriate [2] Group 2 - The audit opinion states that as of December 31, 2024, the company maintained effective internal controls over financial reporting in all material respects according to the relevant standards [2]

Summary of Key Points Core Viewpoint - The company plans to distribute a cash dividend of RMB 0.2995 per share for the fiscal year 2024, based on the total share capital as of the dividend record date, which is subject to change if the total share capital varies before that date [1][3]. Profit Distribution Plan - The company reported a net profit attributable to shareholders of RMB 922.02 million for 2024, with accumulated undistributed profits amounting to RMB 2.757 billion as of December 31, 2024 [1]. - The total cash dividend distribution is calculated based on the total share capital of 1,123,645,275 shares, resulting in a total cash dividend of approximately RMB 336.53 million for 2024 [2][3]. - The profit distribution plan is subject to approval at the company's 2024 annual general meeting [2]. Historical Cash Dividends - The total cash dividends for the last three fiscal years were RMB 358.89 million in 2023, RMB 253.61 million in 2022, and the cumulative cash dividends over the last three years amounted to RMB 949.03 million [2][5]. - The cash dividend payout ratio for the last three years was above 30% of the average annual net profit, indicating a consistent return to shareholders [5]. Decision-Making Process - The board of directors unanimously approved the profit distribution plan and the proposal to authorize the board to decide on the mid-term profit distribution for 2025 during a meeting held on March 27, 2025 [5]. - The supervisory board confirmed that the profit distribution plan aligns with the company's articles of association and regulatory guidelines, ensuring the interests of minority investors are protected [5].