第一拖拉机股份有限公司 证券代码：601038 证券简称：一拖股份 公告编号：临 2025－47 第十届董事会第一次会议决议公告 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、董事会会议召开情况 第一拖拉机股份有限公司（以下简称公司）第十届董事会第一次会议（以下 简称本次会议）于 2025 年 12 月 16 日在河南省洛阳市建设路 154 号公司营业地 以现场结合视频方式召开，会议通知已于 2025 年 12 月 5 日以电子邮件方式向全 体董事发出。本次会议应出席董事 9 名，实际出席董事 9 名。经全体董事推举， 本次会议由赵维林董事主持，会议的召开符合《公司法》及公司《章程》《董事 会议事规则》等有关规定。 二、董事会会议审议情况 （一）《关于选举公司第十届董事会董事长及法定代表人的议案》 同意选举赵维林董事（简历详见附件）为公司第十届董事会董事长，任期自 董事会审议通过之日至第十届董事会届满之日止；同意赵维林董事担任公司法定 代表人。 表决结果：9 票同意，0 票弃权，0 票反对 （二）《关于选举公司第十届董事 ...

Group 1 - Company YTO Express (SH 601038) announced that its 10th first board meeting will be held on December 16, 2025, in Luoyang, Henan Province, combining on-site and video formats [1] - The meeting will review the proposal for the election of the chairman of the 10th board of directors and the legal representative [1] - As of the latest report, YTO Express has a market capitalization of 16 billion yuan [3] Group 2 - For the year 2024, YTO Express's revenue composition is entirely from the equipment manufacturing industry, accounting for 100.0% [2]

高盛发表研究报告，首次给予第一拖拉机股份"买入"评级，目标价14港元，认为该公司在中国农业现代 化转型中处于有利位置，能把握拖拉机大型化及规格升级中的行业结构性增长机遇，同时亦具有长期的 出口潜力。该行预期，市场份额将持续向一拖等行业龙头集中，亦将导致其EBIT利润率在未来五年内 翻倍，另预期至2030年出口业务占收入的比例将翻倍。高盛认为，始于2023年、为期三年的拖拉机下行 周期将在进入2026年时结束，扭转一拖的跌势，视国内拖拉机周期拐点为近期主要催化剂。 ...

东吴证券此前发布研报称，2025年上半年海外拖拉机销量5445台，同比增长29%。其中非洲、中东欧市 场表现亮眼，销量同比增长超过50%。海外农机市场广阔，公司2025年上半年海外收入仅占总营业收入 的9.5%，对比工程机械行业平均50%的海外收入占比仍有较大提升空间。 高盛发布研报称，在中国为实现粮食安全而向农业现代化转型的背景下，一拖股份处于有利地位，能够 捕捉拖拉机大型化和高端化升级所带来的结构性增长机会。长期来看，出口业务有望成为公司增长的另 一大支柱，随着一拖股份不断提升其全球竞争力，出口有望成为长期增长的新驱动力。 一拖股份（601038）(00038)再涨超9%，近三个交易日累计涨幅超20%，截至发稿，截至发稿，涨 7.8%，报8.71港元，成交额4814.88万港元。 ...

Core Insights - The heavy machinery stocks are rising in line with the market, with notable increases in shares of First Tractor Company (00038) by 8.54%, Dafeng Equipment (02153) by 3.09%, Zoomlion Heavy Industry (01157) by 2.18%, and Sany International (00631) by 2.03% [1][2] Sales Performance - In November, excavator sales reached 20,027 units, a year-on-year increase of 13.9%, with domestic sales at 9,842 units (+9.11%) and exports at 10,185 units (+18.8%) [3] - Loader sales in November totaled 11,419 units, reflecting a year-on-year growth of 32.1%, with domestic sales at 5,671 units (+29.4%) and exports at 5,748 units (+34.8%) [3] Electricization Rate - The electricization rate in November was 25.7%, an increase of 0.34 percentage points month-on-month, while the cumulative electricization rate from January to November was approximately 23.35%, up by 0.26 percentage points from October [3] Market Outlook - The growth rates for excavator sales in November showed an upward trend compared to October, indicating a clear upward resonance in both domestic and international demand [2][3] - The recovery in demand for non-excavator segments driven by wind and hydropower continues, with strong demand for mining machinery in Australia and Latin America [2][3] - In 2024, domestic brand exports are expected to account for 19.2% of global demand (excluding China), suggesting significant room for growth [2][3]

东吴证券此前发布研报称，2025年上半年海外拖拉机销量5445台，同比增长29%。其中非洲、中东欧市 场表现亮眼，销量同比增长超过50%。海外农机市场广阔，公司2025年上半年海外收入仅占总营业收入 的9.5%，对比工程机械行业平均50%的海外收入占比仍有较大提升空间。 一拖股份（00038）盘中涨超9%，近三个交易日累计涨幅超20%，截至发稿，截至发稿，股价上涨 8.42%，现报8.76港元，成交额5856.35万港元。 来源：新浪港股 高盛发布研报称，在中国为实现粮食安全而向农业现代化转型的背景下，一拖股份处于有利地位，能够 捕捉拖拉机大型化和高端化升级所带来的结构性增长机会。长期来看，出口业务有望成为公司增长的另 一大支柱，随着一拖股份不断提升其全球竞争力，出口有望成为长期增长的新驱动力。 ...

高盛发布研报称，在中国为实现粮食安全而向农业现代化转型的背景下，一拖股份处于有利地位，能够 捕捉拖拉机大型化和高端化升级所带来的结构性增长机会。长期来看，出口业务有望成为公司增长的另 一大支柱，随着一拖股份不断提升其全球竞争力，出口有望成为长期增长的新驱动力。 东吴证券此前发布研报称，2025年上半年海外拖拉机销量5445台，同比增长29%。其中非洲、中东欧市 场表现亮眼，销量同比增长超过50%。海外农机市场广阔，公司2025年上半年海外收入仅占总营业收入 的9.5%，对比工程机械行业平均50%的海外收入占比仍有较大提升空间。 智通财经APP获悉，一拖股份(00038)再涨超9%，近三个交易日累计涨幅超20%，截至发稿，截至发 稿，涨7.8%，报8.71港元，成交额4814.88万港元。 ...

Core Viewpoint - YTO Group Corporation (一拖股份) has experienced a significant stock price increase, reflecting positive market sentiment driven by government initiatives and favorable industry trends [1] Group 1: Stock Performance - YTO Group's stock rose by 10% yesterday and nearly 4% in the morning session today, currently trading at 8.16 HKD with a transaction volume of 60.38 million HKD [1] Group 2: Government Initiatives - The Minister of Agriculture and Rural Affairs, Han Jun, emphasized the need to enhance agricultural production capacity and quality, focusing on high-quality development of agricultural machinery [1] - Key initiatives include promoting the research and application of high-end and suitable agricultural machinery for hilly and mountainous areas, as well as implementing subsidies for the purchase and application of advanced machinery [1] Group 3: Analyst Insights - Goldman Sachs highlighted that YTO Group is well-positioned to capture structural growth opportunities from the trend of large-scale and high-end tractor upgrades in China, which could enhance profitability and returns [1] - The firm anticipates that by 2030, the proportion of exports in YTO Group's total revenue will double, indicating strong long-term growth potential [1]

Core Viewpoint - YTO Group Corporation (00038) has seen a significant stock price increase, reflecting positive market sentiment driven by government initiatives and favorable industry trends [1] Group 1: Stock Performance - YTO Group's stock rose by 10% yesterday and nearly 4% in early trading today, currently up by 3.03% at HKD 8.16, with a trading volume of HKD 60.3755 million [1] Group 2: Government Initiatives - The Minister of Agriculture and Rural Affairs, Han Jun, published an article emphasizing the need to enhance agricultural production capacity and quality, which includes promoting high-quality agricultural machinery development and application [1] - The article outlines actions such as integrating agricultural machinery research, manufacturing, and promotion, as well as implementing subsidies for the purchase and application of advanced machinery [1] Group 3: Analyst Insights - Goldman Sachs released a report indicating that YTO Group is well-positioned to capture structural growth opportunities from the trend towards larger and more advanced tractors in China, which could enhance long-term export potential [1] - The report suggests that these changes are expected to gradually align YTO Group's profit margins and returns with global peers, driving accelerated profit growth [1] - It is projected that by 2030, the share of exports in the company's total revenue will double [1]

Group 1 - The stock of Yituo Co., Ltd. (00038) rose by 10% yesterday and increased nearly 4% during today's trading session, currently priced at 8.15 HKD with a trading volume of 66.84 million HKD [1][5] - The Minister of Agriculture and Rural Affairs, Han Jun, published an article emphasizing the need to enhance agricultural production capacity and quality, focusing on high-quality development of agricultural machinery and promoting advanced and applicable machinery in hilly areas [1][5] - Goldman Sachs released a report indicating that Yituo Co., Ltd. is well-positioned to capture structural growth opportunities from the large-scale and high-end upgrade trends in China's tractor market, which is expected to drive profit margins and returns closer to global peers [1][5] Group 2 - The report predicts that by 2030, the proportion of exports in Yituo Co., Ltd.'s total revenue will double, reflecting the company's long-term export potential [1][5]