Core Viewpoint - The article discusses the resilience of YTO Group Corporation (一拖股份) in the agricultural machinery industry, highlighting its historical significance and current challenges, while also noting its strategic responses to market conditions and opportunities for growth in overseas markets [4][6][12]. Company Overview - YTO Group Corporation specializes in agricultural machinery (tractors and components) and power machinery (non-road diesel engines) [5]. - The company was listed in Hong Kong in 1997 and on the Shanghai Stock Exchange in 2012, being the only "A+H" agricultural machinery enterprise in China [6]. Historical Performance - From 2012 to 2018, YTO's revenue showed a downward trend, with a significant loss of 1.39 billion yuan in net profit in 2018, coinciding with a 20.8% decline in the sales of large and medium tractors in the industry [6][9]. - The company undertook significant restructuring in 2018, including workforce reductions, which led to a turnaround in profitability by 2019 [6]. Recent Performance - In the first three quarters of the current year, YTO's revenue was 9.7 billion yuan, a decrease of nearly 10%, with a net profit of 990 million yuan, down 9.7% year-on-year [7][9]. - The company is facing new challenges in 2025, including low grain prices and extreme weather, which are expected to reduce demand for traditional agricultural machinery [11]. Market Dynamics - Despite market declines, the agricultural machinery industry is seeing increased concentration, with government policies favoring intelligent products [12]. - YTO has successfully launched its "Oriental Red" power-shifting products, capitalizing on policy opportunities [12]. International Expansion - YTO is accelerating its international strategy, with tractor sales reaching 42,800 units in the first half of the year, including 5,445 units sold overseas, marking a 29.4% increase [13]. - The African and Central and Eastern European markets have shown significant growth, with sales increasing by over 50% [13]. Financial Resilience - The company's gross margin has remained around 15%, with a slight increase to 16.2% in the first three quarters of the year, indicating strong resilience [14]. - YTO's net profit margin has been unusually high, attributed to minimal interest-bearing debt and substantial investment income, including 120 million yuan in investment returns in 2023 [16][17].

（附註5及6） ： 附註： 二零二五年第三次臨時股東會適用之代表委任表格 本人╱吾等 （附註1） 地址為 為第一拖拉機股份有限公司（「本公司」）股本中每股面值人民幣1.00元股份 （附註2） 股的註 冊持有人，現委任大會主席或 （附註3） 地址為 為本人╱吾等之代理人，代表本人╱吾等出席擬於二零二五年十二月十六日（星期二）上午十時正假座中華人民共和國 （「中國」）河南省洛陽市建設路154號舉行的本公司二零二五年第三次臨時股東會（「臨時股東會」）或其任何續會，並於 該會代表本人╱吾等及以本人╱吾等名義，依照下列指示就以下所列決議案及於臨時股東會上須處理的其他事項進行 表決。除非另有界定，本通告所用詞彙與本公司日期為二零二五年十一月二十四日的通函所界定者俱有相同涵義。 | | 普通決議案 | （附註4） 贊成 | （附註4） 反對 | （附註4） 棄權 | | --- | --- | --- | --- | --- | | 1. | 第十屆董事會董事薪酬方案 | | | | | | 普通決議案（累積投票制之決議案） | | （附註10） 投票 | | | 2.00 | 有關選舉本公司第十屆董事會非獨立董事之決議案 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本通告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本通告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 二零二五年第三次臨時股東會通告 茲通告第一拖拉機股份有限公司（「本公司」）謹訂於二零二五年十二月十六日（星期 二）上午十時正假座中華人民共和國（「中國」）河南省洛陽市建設路154號舉行二零 二五年第三次臨時股東會（「臨時股東會」），藉以審議並酌情通過下列決議案： 除非另有說明，本通告所用詞彙應與本公司於二零二五年十一月十九日發佈之公告 所定義者具有相同涵義。 普通決議案 1. 第十屆董事會董事薪酬方案 普通決議案 （採用累積投票制之決議案） 2.00 有關選舉本公司第十屆董事會非獨立董事之決議案（共選舉五名董事） 2.01 選舉趙維林為第十屆董事會非獨立董事 2.02 選舉魏濤為第十屆董事會非獨立董事 1 2.03 選舉方憲法為第十屆董事會非獨立董事 2.04 選舉楊建輝為第十屆董事會非獨立董事 2.05 選舉孫峰為第十屆董事會非獨立董事 3.02 選舉徐立友為第十屆董事會獨立非執行董事 3.03 選舉 ...

此乃要件 請即處理 閣下如對本通函任何方面或應採取行動有任何疑問，應諮詢 閣下的持牌證券交易商或 註冊證券機構、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已將名下的第一拖拉機股份有限公司的股份全部售出或轉讓，應立即將本通函連 同隨附代表委任表格交予買主或承讓人，或經手買賣或轉讓的銀行、持牌證券交易商或 其他代理商，以便轉交買主或承讓人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本通函全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 (1)重選及委任董事； (2)董事薪酬； 及 (3)臨時股東會通告 董事會函件載於本通函第3至12頁。第一拖拉機股份有限公司謹訂於二零二五年十二月 十六日（星期二）上午十時正假座中國河南省洛陽市建設路154號舉行臨時股東會通告載 於本通函第EGM-1至EGM-3頁。 隨附臨時股東會適用之代表委任表格。無論 閣下是否能夠親身出席會議，務請將隨附 代表委任表格按其上印備的指示填妥並交回。代表委任表格須盡快交回本公司的香港股 份過戶登記分處香港中央證券登記有限公司（地 ...

2025 年第三次临时股东会 会议资料 2025 年 12 月 第一拖拉机股份有限公司 2025 年第三次临时股东会会议资料 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 2025 年第三次临时股东会会议资料 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）2025 年第三次临时股东会（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 司股东会规则》等文件的要求，现就会议有关事项通知如下： 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 12 月 16 日（星期二）上午 9:30-10:00 办理会议登记。 二、出席本次会议的人员须将手机调至振动或关机，听从工作人员安 排，共同维护股东会的正常秩序。谢绝个人进行录音、拍照及录像。 三、在会议 ...

Core Insights - The Chinese agricultural machinery market is advancing rapidly, driven by government policies and market demand, focusing on modernization and sustainability [1][2][10] Policy Impact - The implementation of the 2025 agricultural machinery scrapping and updating subsidy policy has significantly boosted the market, expanding the types of machinery eligible for subsidies and increasing subsidy amounts [2][3] - The annual value of agricultural machinery updates in China is approximately 300 billion yuan, with a 5% elimination rate leading to around 800,000 small tractors and other machinery being phased out each year [2][3] Market Dynamics - The agricultural machinery market is experiencing a "volume and price increase" trend, with total power exceeding 11 billion kilowatts and a 28% increase in sales of medium and large tractors [3][11] - The "old for new" policy has stimulated demand, with Jiangsu province alone scrapping 110,000 old machines, generating over 15 billion yuan in new purchases [3][11] Technological Advancements - Leading companies are focusing on high-end markets, with innovations such as the CVT continuously variable transmission tractor and lightweight hillside micro-harvesters showing significant sales growth [5][9] - The introduction of smart and green technologies is transforming the industry, with products like AI-powered weeding robots achieving high accuracy in weed identification [9][10] Export Growth - Agricultural machinery exports reached 9.305 billion USD in the first half of 2025, marking a 26.5% increase, with notable growth in markets like Africa and Southeast Asia [10][11] - The export of grain processing and poultry farming machinery also saw a 40% increase, indicating a strong international demand for Chinese agricultural machinery [10] Regional Development - Regional policies have effectively promoted agricultural machinery upgrades, with provinces like Jiangsu and Zhejiang leading in creating industrial clusters and specialized enterprises [2][3] - The mechanization rate in hilly areas has improved significantly, with a 3.5 percentage point increase in comprehensive mechanization rates, showcasing successful local initiatives [13]

召开地点：河南省洛阳市建设路 154 号公司会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 证券代码：601038 证券简称：一拖股份 公告编号：临2025-44 第一拖拉机股份有限公司 关于召开2025年第三次临时股东会的通知 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 召开的日期时间：2025 年 12 月 16 日 10 点 00 分 网络投票起止时间：自2025 年 12 月 16 日至2025 年 12 月 16 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东会召开当日的 9:15-15:00。 股东会召开日期：2025年12月16日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票 系统 (一) 股东会类型和届次：2025年第三次临时股东会 (二) 股 ...

Investment Rating - The report does not explicitly state an investment rating for the industry [3]. Core Insights - Siemens Energy has raised its gas turbine production target, indicating strong demand for gas turbines, which benefits leading turbine blade manufacturer Yingliu. Siemens aims for a production capacity of 17GW in FY24, increasing to 22GW from 2025 to 2027, and exceeding 30GW from 2028 to 2030 [5][24]. - The tractor market showed stable data in October, with corn prices returning to positive year-on-year growth, suggesting a recovery in agricultural machinery demand [5][24]. - The robotics sector is approaching a pivotal moment with upcoming mass production from leading companies, highlighting the potential for domestic suppliers to break through [5][24]. - The general machinery sector remains under pressure, while engineering machinery is accelerating upward, and gas turbines are showing steady growth [5][24]. Summary by Sections Market Review - The SW Machinery Equipment Index fell by 4.78% in the week of November 17-21, 2025, ranking 13th among 31 primary industry categories. Year-to-date, the index has risen by 25.58%, ranking 6th [3][15]. Key Data Tracking - General Machinery: Continues to face pressure with a PMI of 49.0% in October, indicating contraction [23]. - Engineering Machinery: Sales of excavators reached 18,096 units in October, up 7.8% year-on-year, indicating a recovery [31]. - Railway Equipment: Steady growth with fixed asset investment maintaining around 6% [43]. - Gas Turbines: GEV's new gas turbine orders grew by 39% year-on-year in the first three quarters of 2025, reflecting strong industry demand [55][56]. Industry Dynamics - The report highlights significant developments in various sectors, including the acquisition of Mitsubishi Electric's motor business by Ebara and advancements in 3D printing technology by INTAMSYS [59][60].

资料显示，第一拖拉机股份有限公司位于河南省洛阳市建设路154号，成立日期1998年12月28日，上市 日期2012年8月8日，公司主营业务涉及农业机械、动力机械及其零部件产品研发、制造和销售。主营业 务收入构成为：农业机械93.06%，动力机械22.10%。 11月20日，一拖股份跌0.47%，成交额6599.41万元。两融数据显示，当日一拖股份获融资买入额425.90 万元，融资偿还401.35万元，融资净买入24.55万元。截至11月20日，一拖股份融资融券余额合计1.77亿 元。 融资方面，一拖股份当日融资买入425.90万元。当前融资余额1.77亿元，占流通市值的1.89%，融资余 额低于近一年20%分位水平，处于低位。 融券方面，一拖股份11月20日融券偿还300.00股，融券卖出1300.00股，按当日收盘价计算，卖出金额 1.66万元；融券余量9700.00股，融券余额12.42万元，低于近一年10%分位水平，处于低位。 截至9月30日，一拖股份股东户数3.39万，较上期减少7.55%；人均流通股21786股，较上期增加8.22%。 2025年1月-9月，一拖股份实现营业收入97.03亿元，同比 ...

Group 1 - The board of directors of Yituo Co., Ltd. held its 40th meeting of the 9th session on November 19, 2025, via video conference, with all 8 directors present [2][4] - The board approved the nomination of several candidates for the 10th board of directors, including Zhao Weilin, Wei Tao, Fang Xianfa, Yang Jianhui, and Sun Feng, all serving a term of three years upon shareholder approval [3][5][6][7][8] - The board also approved the nomination of independent director candidates Wang Shumao, Xu Liyou, and Huang Qiwen, who have obtained the necessary qualifications [10][11] Group 2 - The board proposed a remuneration plan for the 10th board of directors, which will be submitted to the shareholders' meeting for approval due to insufficient voting directors [13] - The board agreed to purchase directors' liability insurance from China Ping An Property & Casualty Insurance Co., Ltd. [12] - A cash capital increase of 280 million yuan to the wholly-owned subsidiary Yituo International Economic and Trade Co., Ltd. was approved [13] - The board decided to convene the 3rd temporary shareholders' meeting of 2025, with the chairman authorized to determine the meeting's details [15]