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].

证券代码：601038 证券简称：一拖股份 公告编号：临 2025-24 第一拖拉机股份有限公司 关于终止重大资产出售事项相关内幕信息知情人买卖股票情况 自查报告的公告 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个别及连带责任。 第一拖拉机股份有限公司（以下简称一拖股份、公司或上市公司）于 2023 年 12 月 26 日召开第九届董事会第十七次会议及第九届监事会第十次会议，审议通过 了《关于公司本次重大资产出售方案的议案》及相关议案，同意公司控股子公司一 拖（洛阳）柴油机有限公司在北京产权交易所公开挂牌转让所持中原银行股份有限 公司 0.8827%股权（以上交易简称本次交易或本次重大资产出售）。 2024 年 12 月 27 日，公司召开了第九届董事会第三十次会议及第九届监事会第 十五次会议，审议通过了《关于终止重大资产出售事项的议案》，同意终止本次重大 资产出售事项。 根据《上市公司重大资产重组管理办法》《上海证券交易所上市公司自律监管指 引第 6 号——重大资产重组》等规定，公司对终止本次重大资产出售事项相关内幕 信息知情人买 ...

证券代码：601038 证券简称：一拖股份 公告编号：临 2025－23 第一拖拉机股份有限公司 关于召开 2024 年度暨 2025 年第一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。 重要内容提示： 会议召开时间：2025 年 5 月 16 日（星期五）16:00-17:00 会议召开地点：上海证券交易所上证路演中心（网址：http://road show.sseinfo.com） 会议召开方式：上证路演中心视频录制和网络互动 投资者可于 2025 年 5 月 12 日（星期一）至 2025 年 5 月 15 日（星 期四）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。公司将在说明会上对投资者普 遍关注的问题进行回答。 一、说明会类型 第一拖拉机股份有限公司（以下简称公司）已于 2025 年 3 月 28 日及 4 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《2024 年年度报告》《20 ...

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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 net profit decreased by 11.66% year-on-year, aligning with market expectations. The revenue for Q1 2025 was 4.56 billion yuan, down 2.1% year-on-year, while the net profit was 530 million yuan, also down 11.7% year-on-year. The decline is attributed to short-term pressure on staple grain prices and a downturn in the tractor industry, with national tractor production in Q1 2025 at 151,000 units, down 7.7% year-on-year. However, the company is expected to see continued growth in performance as domestic grain prices stabilize and overseas channels expand [2][3]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a gross profit margin of 15.9%, a decrease of 1.4 percentage points year-on-year. The net profit margin was 11.9%, down 1.3 percentage points year-on-year, indicating short-term pressure on profitability. The company maintained good control over expenses, with a total expense ratio of 4.17%, a slight decrease of 0.04 percentage points year-on-year [3]. Market Position and Trends - The company is a leading player in the high-end, large-horsepower tractor market and is expected to benefit from the trends of large-scale and high-end agricultural machinery. The domestic market is experiencing a shift towards high-end and large-scale products, with the proportion of medium and large tractors in total production reaching 79.5% in the first quarter of 2025, an increase of 6.4 percentage points year-on-year. The company is also expanding its overseas market presence, with tractor exports in Q1 2025 amounting to 2.13 billion yuan, up 32.1% year-on-year [4]. Future Outlook - The company forecasts a net profit of 1.022 billion yuan for 2025, with a corresponding P/E ratio of 14.56. The expected growth rates for revenue and net profit from 2025 to 2027 are 10.68% and 10.87%, respectively, indicating a positive growth trajectory [1][11].