第一拖拉机股份有限公司2025 年第三季度报告 第一拖拉机股份有限公司 2025 年第三季度报告 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。 重要内容提示： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、释义 | 本公司、公司 | 指 | 第一拖拉机股份有限公司 | | --- | --- | --- | | 中国一拖 | 指 | 中国一拖集团有限公司（本公司控股股东） | | 中国证监会 | 指 | 中国证券监督管理委员会 | | 联交所 | 指 | 香港联合交易所有限公司 | | 股 A | 指 | 经中国证监会批准向境内投资者及合资格境外投资者发行、 在中国境内 证券交易所上市、 以人民币标明股票面值、 以人民币认购和进行交易 | | | | 的普通股 | | H 股 | 指 | ...

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].

消息面上，据农机网报道，近日，根据海关统计数据显示，2025年9月，我国农业机械当月出口金额为 450,425万元，比去年同期增长30.7%；1-9月累计出口金额为5,044,223万元，比去年同期增长40.1%。其 中，拖拉机9月出口数量为15556辆，比去年同期增长30.2%；9月出口金额为77,134万元，比去年同期增 长51.2%；1-9月累计出口数量为135,702辆，比去年同期增长20.2%；1-9月累计出口金额为665,489万 元，比去年同期增长33.4%。 第一拖拉机股份(00038)涨超4%，截至发稿，涨4.05%，报7.7港元，成交额2487.78万港元。 据悉，2025年上半年，第一拖拉机股份共销售拖拉机产品4.28万台，其中海外销售5445台，同比增长 29.37%。值得一提的是，公司已形成了以中亚、东南亚、美洲区、中东欧区、非洲区为主的五大销售 区域。2025年上半年，非洲市场与中东欧市场表现亮眼，销量增幅超过50%，通过多元化的海外区域布 局，降低了对单一市场的依赖。 ...

消息面上，据农机网报道，近日，根据海关统计数据显示，2025年9月，我国农业机械当月出口金额为 450,425万元，比去年同期增长30.7%；1-9月累计出口金额为5,044,223万元，比去年同期增长40.1%。其 中，拖拉机9月出口数量为15556辆，比去年同期增长30.2%；9月出口金额为77,134万元，比去年同期增 长51.2%；1-9月累计出口数量为135,702辆，比去年同期增长20.2%；1-9月累计出口金额为665,489万 元，比去年同期增长33.4%。 智通财经APP获悉，第一拖拉机股份(00038)涨超4%，截至发稿，涨4.05%，报7.7港元，成交额2487.78 万港元。 （原标题：港股异动 | 第一拖拉机股份(00038)涨超4% 前三季度我国农机出口表现强劲 公司出口区域多 元化） 据悉，2025年上半年，第一拖拉机股份共销售拖拉机产品4.28万台，其中海外销售5445台，同比增长 29.37%。值得一提的是，公司已形成了以中亚、东南亚、美洲区、中东欧区、非洲区为主的五大销售 区域。2025年上半年，非洲市场与中东欧市场表现亮眼，销量增幅超过50%，通过多元化的海外区域布 局， ...

每经AI快讯，10月22日，港股第一拖拉机股份(00038.HK)涨超4%，截至发稿，涨4.05%，报7.7港元， 成交额2487.78万港元。 ...

Group 1 - The core viewpoint of the articles highlights the transformation of Chinese agriculture from "product export" to "system export," emphasizing the importance of branding, high-end products, and comprehensive agricultural service systems [2][6][7] - Chinese agricultural exports are increasingly focusing on high-value products, with companies like Xinfeng Zhengda Agricultural Development Co., Ltd. successfully exporting processed products such as navel orange wine and tea to multiple countries [2] - The export of agricultural machinery and components has shown strong growth, with a total import and export value of $9.98 billion in the first half of the year, marking a 21.5% year-on-year increase [4] Group 2 - The agricultural sector is not only expanding internationally but also deepening domestic cooperation, as evidenced by the "Tianjin-Guangdong-Guangxi Deepening Inter-Provincial Cooperation Initiative" aimed at promoting regional agricultural development [6] - Companies are integrating advanced technologies such as IoT, big data, and AI into agriculture, exemplified by the efforts of Nongxin Digital Group to create a data-driven global smart agriculture service platform [6] - The future of agricultural exports is expected to exceed current expectations in terms of application scenarios and value creation, indicating a significant potential for growth and innovation in the sector [7]

Core Viewpoint - YTO Group Corporation's stock has experienced a decline in price and trading volume, reflecting a challenging financial performance in recent periods [1][2]. Financial Performance - As of June 30, 2025, YTO Group reported a revenue of 6.928 billion yuan, a year-on-year decrease of 11.26% [2]. - The net profit attributable to shareholders was 769 million yuan, down 15.06% compared to the previous year [2]. - Year-to-date, the stock price has dropped by 12.64%, with a 2.18% decline over the last five trading days and a 3.91% drop over the last 20 days [1]. Shareholder Information - The number of shareholders as of June 30, 2025, was 36,600, a decrease of 2.89% from the previous period [2]. - The average number of circulating shares per shareholder increased by 3.00% to 20,131 shares [2]. Dividend Distribution - YTO Group has distributed a total of 1.549 billion yuan in dividends since its A-share listing, with 1.026 billion yuan distributed over the last three years [3]. Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited as the third-largest shareholder, holding 3.7635 million shares, a decrease of 94,200 shares from the previous period [3]. - Southern CSI 1000 ETF increased its holdings by 387,600 shares, while Huaxia CSI 1000 ETF added 281,800 shares [3].