Regulatory Developments - The China Securities Association is seeking opinions on guidelines aimed at preventing securities practitioners from engaging in illegal trading activities, including insider trading and market manipulation [1] - The guidelines are intended to strengthen the management of industry personnel and promote a culture of compliance within the financial sector [1] Macro News - The Chinese Foreign Ministry confirmed that there have been no recent communications between the leaders of China and the United States, contradicting claims made by former President Trump [2] Industry Dynamics - The Ministry of Industry and Information Technology released key points for automotive standardization work for 2025, focusing on advanced technology standards and new areas such as artificial intelligence and solid-state batteries [3] - The National Medical Products Administration issued quality management regulations for online sales of medical devices, effective from October 1, 2025, to enhance industry accountability [5] Company News - Zhengzhou Coal Machine Company plans to change its name to "Zhongchuang Zhiling (Zhengzhou) Industrial Technology Group Co., Ltd." to better reflect its strategic direction [6] - Seres plans to go public in Hong Kong with a projected revenue of 145.1 billion yuan for 2024, a year-on-year increase of 305.5%, and aims to become a leading luxury electric vehicle brand [6] - Unigroup plans to issue H-shares and list on the Hong Kong Stock Exchange, considering the interests of existing shareholders [6] - Saitex New Materials announced that its chairman will voluntarily forgo salary, and several executives will reduce their salaries by 20% for the remainder of 2025 [7] - Jiayuan Technology's chairman is under investigation, and the company has arranged for the vice chairman to assume responsibilities during this period [7] - Lifan Technology is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations [8] - Baidu's stock will be suspended for one day and will be renamed "*ST Baidu" due to negative net profit for 2024 [9] - Nanchuan Co. will also change its stock name to "ST Nanchuan" following a negative audit report [10] - Weitai will change its stock name to "*ST Weitai" and suspend trading for one day due to risk warnings [11] - ST Xinchao expects to miss the deadline for its annual report, which may lead to trading suspension [12] - XCMG plans to repurchase shares worth between 300 million and 600 million yuan [14] - SF Holding intends to repurchase shares worth between 500 million and 1 billion yuan [15] - Midea Group received a commitment from China Bank for a stock repurchase loan of up to 1 billion yuan [15] - Yitu Co. plans to repurchase up to 10% of its H-shares [16] - Beiqi Blue Valley reported a net loss of 953 million yuan in Q1 2025, despite a 150.75% increase in revenue [17] - Zhonggang Luoyang reported a 117% increase in net profit in Q1 2025, driven by revenue growth [18] - Yanghe Distillery's Q1 2025 net profit decreased by 39.93% due to market conditions [19] - CICC reported a 65% increase in net profit in Q1 2025, attributed to increased investment income [20] - WuXi AppTec's Q1 2025 net profit increased by 89.06% [21] - Lao Fengxiang's Q1 2025 net profit decreased by 24% due to declining sales [22]

Mergers and Acquisitions - Fushun Special Steel plans to absorb and merge its wholly-owned subsidiary Fushun Xinxing Steel Plate Co., Ltd, aiming to optimize management structure, reduce management costs, and improve operational efficiency [1] - Shenghang Co., Ltd. has completed the acquisition of 25.2762% of Shenghang Haoyuan's shares, now holding a total of 78.3316% of the company [2] - Yuanshang Co., Ltd. has completed the industrial and commercial change registration for the acquisition of 60% of Wuhan Hechuan You's shares [3] Earnings Disclosure - Sinopec reported Q1 2025 revenue of 735.36 billion yuan, a decrease of 6.9% year-on-year, with a net profit of 13.26 billion yuan, down 27.6% [4] - Yunnan Baiyao achieved Q1 2025 revenue of 10.841 billion yuan, a year-on-year increase of 0.62%, with a net profit of 1.935 billion yuan, up 13.67% [5] - Haitian Flavor Industry reported Q1 2025 revenue of 8.315 billion yuan, an increase of 8.08%, and a net profit of 2.202 billion yuan, up 14.77% [6] - CICC reported Q1 2025 revenue of 5.721 billion yuan, a significant increase of 47.69%, with a net profit of 2.042 billion yuan, up 64.85% [7] Share Buybacks - China Nuclear Power plans to repurchase shares worth between 300 million and 500 million yuan, with a maximum price of 13.98 yuan per share [8] - Yituo Co., Ltd. intends to repurchase up to 10% of its issued H shares, using self-owned and raised funds [9] - Xingguang Co., Ltd.'s actual controller plans to increase shareholding by no less than 10 million yuan and no more than 20 million yuan within three months starting from April 29, 2025 [10] - Haiou Co., Ltd. plans to repurchase shares worth between 60 million and 120 million yuan, with a maximum price of 17 yuan per share [11] Risk Matters - Lifang Shuke received a notice from the CSRC regarding an investigation into suspected information disclosure violations [12] - Boda Co., Ltd. will implement a delisting risk warning starting April 30 due to negative net profit and revenue below 300 million yuan [13] - Sitong Co., Ltd. will also face a delisting risk warning starting April 30 for similar financial issues [14] - Yuanshang Co., Ltd. will implement a delisting risk warning starting April 30 due to negative financial results [15]

证券代码：601038 证券简称：一拖股份 公告编号：临 2025-21 第一拖拉机股份有限公司 关于增加销售货物日常关联交易2025年预计上限金额的公告 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。 重要内容提示： 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 1.2024 年 12 月 18 日，公司召开 2024 年第二次临时股东会，审议批准公司 与中国一拖签署 2025 年-2027 年《销售货物协议》及各年度预计关联交易上限 金额。 第一拖拉机股份有限公司（以下简称公司）经 2024 年第二次临时股东 会审议批准，与控股股东中国一拖集团有限公司（以下简称中国一拖， 同时代表公司实际控制人中国机械工业集团有限公司）签署的《销售货 物协议》2025 年日常关联交易上限金额为 34,000 万元（有关详情详见< 第一拖拉机股份有限公司关于 2025 年-2027 年日常关联交易的公告>< 第一拖拉机股份有限公司 2024 年第二次临时股东大会决议公告>）。 公司因生产经营需要，按照一般商业条款测算，拟 ...

证券代码：601038 证券简称：一拖股份 公告编号：临 2025－20 第一拖拉机股份有限公司 本公司监事会及全体监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。 一、监事会会议召开情况 第一拖拉机股份有限公司（以下简称公司）第九届监事会第十七次会议（以 下简称本次会议）于 2025 年 4 月 28 日在公司营业地以现场方式召开。会议通知 已于 2025 年 4 月 16 日通过电子邮件方式发送给各位监事。本次会议应出席监事 5 名，实际出席监事 5 名。会议由监事会主席杨郁先生主持。本次会议召开符合 有关法律法规和公司《章程》《监事会议事规则》等规定。 二、监事会审议情况 （一）《公司 2024 年度环境、社会和治理报告》 表决结果：同意 5 票，反对 0 票，弃权 0 票。 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《公司 2024 年 度环境、社会和治理报告》。 （二）《公司 2025 年第一季度报告》 全体监事一致认为：公司 2025 年第一季度报告的编制及审核程序符合法律、 法规、公司《章程》和公司管理制度的规定，其内容 ...

证券代码：601038 证券简称：一拖股份 公告编号：临 2025-19 第一拖拉机股份有限公司 第九届董事会第三十五次会议决议公告 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、董事会召开情况 第一拖拉机股份有限公司（以下简称公司、一拖股份）第九届董事会第三十 五次会议（以下简称本次会议）于 2025 年 4 月 28 日以现场结合视频方式召开。 会议通知已于 2025 年 4 月 14 日通过电子邮件方式发送给各位董事。本次会议应 出席董事 8 名，实际出席董事 8 名。会议由董事长赵维林先生主持，公司监事、 部分高级管理人员列席会议。本次会议召开符合《公司法》及公司《章程》《董 事会议事规则》等有关规定。 二、董事会审议情况 （一）《公司 2024 年度环境、社会和治理报告》 表决结果：同意 8 票，反对 0 票，弃权 0 票。 公司第九届董事会战略投资及可持续发展委员会 2025 年第一次会议审议通 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《公司 2024 年 ...

证券代码：601038 证券简称：一拖股份 公告编号：临 2025-22 第一拖拉机股份有限公司 关于提请股东会给予董事会回购公司H股股份之一般性授权 的提示性公告 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（以下简称公司）为增强投资者信心，维护全体股 东利益，综合考虑公司当前财务状况及未来发展等因素，建议公司股东会/类别 股东会给予公司董事会回购 H 股股份之一般性授权，使公司董事会在授权范围内 可择机灵活决策实施 H 股股份回购的具体事宜。2025 年 4 月 28 日公司召开第九 届董事会第三十五次会议，审议通过《关于提请公司股东会给予董事会回购公司 H 股股份之一般性授权的议案》（以下称本次 H 股回购的一般性授权），主要内 容如下： （2）回购资金包括公司自有资金及自筹资金。 2、回购股份用途： 公司回购 H 股股份将予以注销，并相应减少注册资本。 1、回购股份总额及资金来源： （1）在符合上市规则及有关监管规定的前提下，公司在有关授权期间可回 购 H 股股份总数不超过公司已发行 H ...

Financial Performance - The company's operating revenue for Q1 2025 was approximately ¥4.56 billion, a decrease of 2.13% compared to ¥4.66 billion in the same period last year[6]. - Net profit attributable to shareholders was approximately ¥529.5 million, down 11.66% from ¥599.4 million year-on-year[6]. - Basic and diluted earnings per share were both ¥0.4712, reflecting an 11.66% decline from ¥0.5334 in the previous year[6]. - Operating profit for Q1 2025 was approximately ¥622 million, a decrease of 11.2% from ¥700 million in Q1 2024[21]. - Net profit for Q1 2025 was approximately ¥536 million, down 11.7% from ¥607 million in Q1 2024[21]. - Total operating costs for Q1 2025 were approximately ¥4.03 billion, down 0.6% from ¥4.06 billion in Q1 2024[20]. - The company reported a tax expense of approximately ¥86 million for Q1 2025, down from ¥96 million in Q1 2024[21]. Cash Flow and Liquidity - The net cash flow from operating activities decreased by 64.76%, from ¥247 million to approximately ¥87 million, primarily due to seasonal sales impacts[6][8]. - Cash flow from operating activities for Q1 2025 was approximately ¥87 million, a significant decrease of 64.8% compared to ¥247 million in Q1 2024[24]. - Cash flow from investing activities for Q1 2025 was approximately ¥326 million, a recovery from a negative cash flow of approximately ¥518 million in Q1 2024[25]. - Cash and cash equivalents increased to RMB 2,606,089,432.79 from RMB 2,345,044,150.92, marking a growth of about 11.1%[15]. - Cash and cash equivalents at the end of Q1 2025 totaled approximately ¥2.19 billion, an increase from ¥1.95 billion at the end of Q1 2024[25]. Assets and Liabilities - Total assets increased by 8.88% to approximately ¥15.99 billion, compared to ¥14.69 billion at the end of the previous year[6]. - The company's total liabilities increased to RMB 7,679,708,982.76 from RMB 6,913,064,048.45, reflecting a rise of about 11.1%[17]. - Accounts receivable surged to RMB 1,913,550,148.86 from RMB 302,269,723.59, showing a significant increase of approximately 532.5%[15]. - Inventory decreased to RMB 1,216,723,722.71 from RMB 1,374,778,847.98, reflecting a decline of about 11.5%[15]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 37,723, with 37,436 being A-shareholders[9]. - The largest shareholder, China Yituo Group Co., Ltd., held 48.81% of the shares, totaling approximately 548.49 million shares[11]. - Shareholders' equity attributable to the parent company rose by 7.34% to approximately ¥7.79 billion from ¥7.26 billion[6]. - The total equity attributable to shareholders rose to RMB 7,788,081,504.56, up from RMB 7,255,707,334.12, indicating an increase of approximately 7.3%[17]. Strategic Initiatives - The company plans to continue its market expansion and product development strategies, although specific figures were not disclosed in the conference call[18]. - The board of directors' term is set to be extended, ensuring continuity in governance and strategic direction[13]. - The company reported no significant changes in major shareholders or their participation in financing activities during the reporting period[13]. Research and Development - Research and development expenses for Q1 2025 were approximately ¥87 million, a decrease of 8.6% from ¥95 million in Q1 2024[20]. Accounting Changes - The company will implement new accounting standards starting from 2025, which will involve adjustments to the financial statements at the beginning of the year[26].

公司地址：河南省洛阳市建设路154号 邮政编码：471004 联系电话：0379-64967038 联络邮箱：msc0038@ytogroup.com 关于本报告 董事长致辞 走进一拖股份 ESG治理篇 专题 绿色智造护航篇 责任同行聚力篇 治理守正固本篇 展望未来 附录 目 录 | 关于本报告 | 001 | | --- | --- | | 董事长致辞 | 003 | | 专题 | 019 | | 走进 | | | --- | --- | | 一拖股份 | | | 公司简介 | 007 | | 企业文化 | 008 | | 业务概况 | 009 | | 年度荣誉 | 010 | 绿色智造 护航篇 | 强化管控 筑牢环境防线 | 025 | | --- | --- | | 低碳转型 应对气候挑战 | 027 | | 循环驱动 提升资源效能 | 030 | | 治污攻坚 守护碧水净土 | 036 | | 生态共生 构建多样屏障 | 040 | ESG 治理篇 | ESG 治理体系 | 013 | | --- | --- | | 双重重要性分析 | 014 | | ESG 风险、影响与机遇 | 016 | | 指 ...

一拖股份（601038）公告，2025年第一季度营收为45.57亿元，同比下降2.13%；净利润为5.29亿元，同 比下降11.66%。 ...

2025 年 04 月 11 日 结构升级夯实长期景气，新兴市场表现亮眼 ——一拖股份（601038.SH）公司事件点评报告 买入(维持) 事件 2025 年 3 月 27 日，一拖股份发布 2024 年年报，2024 年全年 营收 119.04 亿元，同比增长 3.21%；归母净利润 9.22 亿 元，同比下降 7.52%。 投资要点 ▌产品结构加速升级，支撑行业长期景气 据中国统计局数据， 2024 年全年大型拖拉机累计产量 11 万 台，中型拖拉机累计产量 24 万台；随着农业生产规模化水平 提升，大拖市场占比持续增长，2024 年大型拖拉机占比增长 至 22.85%，产品大型化趋势持续强化。政策端来看，"优机 优补" 差异化补贴机制，引导行业技术升级。同时，随着农 村人口结构变动及土地集中化趋势，行业将长期受益于农业 现代化。在政策与市场双重驱动下，农机产品呈现大型、高 效、智能化的发展态势。 ▌海外业务承压显韧性，渠道优化驱动逆势突破 受俄罗斯等关键市场出口量下滑拖累，一拖股份全年海外营 收同比减少 6.27%（2023 年为 9.85 亿元）。面对地缘政治风 险扰动，公司通过渠道精细化运营、强化本 ...