北京市中伦律师事务所 关于第一拖拉机股份有限公司 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 法律意见书 致：第一拖拉机股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共 和国证券法》、《上市公司股东会规则》（以下简称"《股东会规则》"）等法律、 法规、规章和规范性文件以及《第一拖拉机股份有限公司章程》（以下简称"《公 司章程》"）的规定，北京市中伦律师事务所（以下简称"本所"）作为第一拖 拉机股份有限公司（以下简称"公司"）的常年法律顾问，指派律师出席公司 2024 年度股东周年大会（以下简称"本次股东周年大会"）、2025 年第一次 A 股类别 股东会议（以下简称"本次 A 股类别股东会"）及 2025 年第一次 H 股类别股东会 议（以下简称"本次 H 股类别股东会"，与本次股东周年大会、本次 A 股类别股 东会统称"本次股东会"），并依法出具本法律意见书。 本法律意见书仅就本次股东会的召集和召开程序是否符合法律、行政法规及 《公司章程》的规定，以及出席本次股东会人员的资格、召集人资格、会议表决 程序及 ...

2024 年三季报后，主粮价格下跌抑制农户购机需求，公司渠道库存偏 高，潍柴动力价格补贴导致毛利率下降 2-3%，多重因素导致公司基本 面恶化。 2025 年一季度大中拖销量同比下降 10%，四月单月销量同比下降 20% 左右，与农机流通协会指数匹配，反映行业景气度不佳。 2025 年三大主粮价格企稳反弹，公司内部及经销商库存回落至合理水 平，价格战趋于平稳，新任董事长推动出海战略，公司业绩有望筑底回 升。 第一拖拉机股份 H 股折价明显，仅相当于 A 股的 40%多，账上现金及 理财资产约 60 多亿，与 H 股市值接近，大量现金资产对 ROE 形成拖累。 公司计划回购并注销不超过 10%的 H 股，预计最快 2025 年 7 月开始， 需通过股东大会流程并完成外管局换汇，此举有望提升市场信心和公司 价值。 公司 H 股股息率超过 4.4%，现金流良好，具备提高分红的基础，但尚 未发布相关公告，建议关注后续公告。 预计 2025 年第二季度发货量仍为负，下半年有望同比转正，粮价触底 回升，渠道库存合理，行业或处于最差时期，即将迎来见底改善。 Q&A 港股依托第一拖拉机股份的投资机会如何？ 目前基本面仍然处于 ...

Summary of the Conference Call for Yituo Co., Ltd. Industry Overview - The agricultural machinery industry is experiencing a decline in sales, with large and medium-sized tractor sales dropping significantly in April, with Yituo Co., Ltd. reporting a decline of over 20% [2][3]. - The industry has not seen a significant price war, although Yituo has offered discounts to manage dealer inventory [6]. - The market concentration among leading brands has slightly increased, with a growing preference for larger, high-quality products among end users [7]. Company Performance - Yituo's sales of power-shift products have increased significantly, accounting for approximately 1/6 of total sales, driven by subsidy policies and ease of operation [8]. - The average price of products has seen a slight increase due to structural adjustments, despite overall price stability [4][6]. - The company plans to increase capital expenditure to approximately 500-600 million yuan for key component construction and production line upgrades [5][23]. Market Dynamics - The demand for agricultural machinery remains weak, and the recovery of grain prices has not significantly influenced purchasing intentions among users [12]. - The replacement cycle for equipment has lengthened, closely tied to grain prices, with limited effectiveness of subsidy policies for equipment replacement [14][15]. - The company anticipates that the second half of the year will be crucial for market recovery, depending on grain prices and sales performance [13]. International Strategy - Yituo is focusing on expanding its overseas market presence, with a target of maintaining over 20% export growth for the year [5][17]. - Key regions for international development include Africa, Central Asia, and the Americas, with current overseas revenue accounting for less than 10% of total income [17]. - The company is exploring local manufacturing and adapting products to meet regional demands, particularly in Central Asia and South America [20][21]. Future Outlook - The penetration rate of power-shift products is expected to increase, but they are unlikely to completely replace mechanical shift products, especially in small to medium horsepower segments [11]. - The company is committed to enhancing its product offerings in response to market demands, focusing on large-scale, green, and intelligent upgrades [35]. - Yituo's financial health remains strong, with a stable dividend payout expected, and plans for share buybacks in the Hong Kong market [22][38]. Additional Insights - The company is not currently facing significant competition from engineering machinery firms entering the agricultural sector, as these firms typically focus on specific product categories rather than full-spectrum production [31]. - The overall agricultural machinery market is expected to recover if grain prices improve in the autumn, but the current outlook remains challenging [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 ...

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 ...

Financial Performance - Operating revenue for the first quarter was CNY 4,556,516,000.85, a decrease of 2.13% compared to CNY 4,655,884,153.40 in the same period last year[7]. - Net profit attributable to shareholders was CNY 529,498,722.85, down 11.66% from CNY 599,396,148.31 year-on-year[7]. - Basic and diluted earnings per share were both CNY 0.4712, reflecting an 11.66% decline from CNY 0.5334 in the previous year[7]. - Total operating revenue for Q1 2025 was approximately ¥4.56 billion, a decrease of 2.2% compared to ¥4.66 billion in Q1 2024[25]. - Net profit for Q1 2025 was approximately ¥535.77 million, a decrease of 11.7% from ¥606.90 million in Q1 2024[27]. - Earnings per share for Q1 2025 was ¥0.4712, down from ¥0.5334 in Q1 2024[29]. - The company reported a total comprehensive income of approximately ¥536.10 million for Q1 2025, compared to ¥606.91 million in Q1 2024, indicating a decline of 11.6%[29]. Cash Flow - Net cash flow from operating activities decreased by 64.76% to CNY 87,049,151.46, compared to CNY 247,036,905.03 in the same period last year[7]. - Cash inflow from operating activities for Q1 2025 was approximately $2.53 billion, a decrease of 9.4% compared to $2.80 billion in Q1 2024[34]. - Net cash flow from operating activities for Q1 2025 was approximately $87.05 million, a significant decline of 64.8% compared to $247.04 million in Q1 2024[35]. - The net increase in cash and cash equivalents for Q1 2025 was approximately $405.49 million, contrasting with a decrease of $272.83 million in Q1 2024[39]. - The ending balance of cash and cash equivalents for Q1 2025 was approximately $2.19 billion, up from $1.95 billion in Q1 2024[39]. Assets and Liabilities - Total assets increased by 8.88% to CNY 15,996,632,378.31 from CNY 14,691,335,709.97 at the end of the previous year[7]. - The total liabilities increased to RMB 7,679,708,982.76 as of March 31, 2025, compared to RMB 6,913,064,048.45 at the end of 2024, indicating a rise of about 11.1%[22]. - The company's total assets reached RMB 15,996,632,378.31 as of March 31, 2025, compared to RMB 14,691,335,709.97 at the end of 2024, representing an increase of approximately 8.9%[20]. - The total current liabilities amounted to RMB 7,274,821,529.91, an increase from RMB 6,498,069,754.11, indicating a growth of about 11.9%[21]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 37,723, with 37,436 being A-share holders and 287 being H-share holders[13]. - The largest shareholder, China Yituo Group Co., Ltd., holds 48.81% of the shares[14]. - Equity attributable to shareholders rose by 7.34% to CNY 7,788,081,504.56 from CNY 7,255,707,334.12 at the end of the previous year[7]. - Shareholders' equity totaled approximately ¥8.32 billion in 2025, compared to ¥7.78 billion in 2024, reflecting a growth of 7.1%[23]. Operational Insights - The company experienced a significant decline in cash flow due to seasonal factors affecting agricultural machinery sales[12]. - Research and development expenses for Q1 2025 were approximately ¥86.93 million, a decrease of 8.3% from ¥95.21 million in Q1 2024[25]. - Other income for Q1 2025 was approximately ¥76.80 million, down from ¥80.26 million in Q1 2024[26]. - Investment income for Q1 2025 was approximately ¥45.25 million, an increase from ¥41.12 million in Q1 2024[26]. Governance and Management - The company plans to extend the term of its board and supervisory committee elections, which will not affect normal operations[18]. - The independent director's term will end on April 12, 2025, and he has applied to resign, which will not impact the legality of the board's composition[18].

Financial Performance - Total operating revenue for 2024 reached ¥11,904,370,911.94, a 3.21% increase compared to ¥11,533,786,779.44 in 2023[16] - Net profit attributable to shareholders decreased by 7.52% to ¥922,023,211.45 from ¥997,022,699.99 in the previous year[16] - The net cash flow from operating activities increased by 15.13% to ¥1,216,115,552.21 compared to ¥1,056,261,600.78 in 2023[16] - Basic earnings per share for 2024 was ¥0.8206, down 7.52% from ¥0.8873 in 2023[18] - Total assets grew by 6.33% to ¥14,691,335,709.97 from ¥13,817,261,971.79 in 2023[16] - The company reported a quarterly net profit of ¥599,396,148.31 in Q1 2024, with a significant drop to -¥178,879,297.75 in Q4 2024[20] - Non-recurring gains and losses totaled ¥55,146,131.09 in 2024, compared to ¥71,137,510.83 in 2023[22] - The weighted average return on equity decreased to 13.22% in 2024 from 15.76% in 2023, a decline of 2.54 percentage points[18] - The total liabilities increased to ¥6,913,064,048.45 in 2024 from ¥6,597,932,308.41 in 2023[29] - The company's net assets attributable to shareholders rose by 8.43% to ¥7,255,707,334.12 in 2024 from ¥6,691,690,666.55 in 2023[16] Dividend and Profit Distribution - The company plans to distribute a cash dividend of RMB 2.995 per 10 shares, totaling RMB 336.53 million, based on a total share capital of 1,123,645,275 shares as of December 31, 2024[4] - The cumulative cash dividend over the last three accounting years amounts to RMB 94,903 million, with a cash dividend ratio of 109.50% based on the average net profit during the same period[164] - The company maintains a profit distribution policy that ensures at least 25% of the distributable profits are distributed in cash annually, subject to business needs and major investment plans[189] Audit and Compliance - The company has received a standard unqualified audit report from the accounting firm Xin Yong Zhong He[5] - The company has maintained the accuracy and completeness of its annual report, with no significant omissions or misleading statements[5] - The company is committed to ensuring the authenticity of its financial reports, as stated by its responsible personnel[5] - The company strictly adheres to domestic and international regulatory requirements for information disclosure, ensuring that disclosures are truthful, accurate, complete, and timely[114] - The company's board of directors has reviewed compliance with governance codes and has executed its governance responsibilities during the fiscal year[191] Risk Management - The company emphasizes the importance of risk analysis in its management discussion and analysis section of the annual report[4] - The company has established a clear management structure for risk management and internal control, aimed at achieving business objectives and protecting assets[187] - The board of directors has confirmed the effectiveness of the risk management and internal control systems, ensuring compliance with relevant laws and regulations[187] Market and Product Development - The company sold 743,000 large and medium-sized tractors in 2024, an increase of 2.73% year-on-year, maintaining its leading position in the industry[35] - The company exported 7,100 tractors in 2024, reflecting a year-on-year growth of 8.23% despite challenges from geopolitical factors and trade policy changes[36] - The company completed the development of new products for 30-50 horsepower hillside tractors, marking the first batch market application of such tractors in China[34] - The company is focusing on technological innovation and has made substantial progress in developing high-end agricultural machinery, including 320-horsepower tractors[34] - The company is actively expanding its overseas market presence, leveraging international engineering resources to enhance its product offerings[36] Research and Development - The company focuses on self-research for product development, with strategic planning and market demand projects managed by its R&D center and subsidiaries[47] - Research and development expenses increased by 11.93% to CNY 516,377,794.17 from CNY 461,344,381.32 year-on-year, reflecting increased investment in R&D projects[56] - Total R&D expenses amounted to RMB 516,377,794.17, representing 4.34% of operating revenue, with no capitalized R&D expenditures[79] Governance and Management - The company maintains a robust governance structure, ensuring independence in assets, personnel, finance, and operations, with no factors affecting its independence[117] - The company has a strong governance structure with experienced executives, including Chairman Zhao Weilin and General Manager Wei Tao, who have extensive backgrounds in international trade and management[123] - The board of directors consists of 9 members, with independent directors making up over one-third of the board, ensuring a diverse and balanced governance structure[171] - The company has a structured process for determining the remuneration of its directors and supervisors, requiring approval from the shareholders' meeting[131] - The company has appointed several independent directors with extensive experience in finance and management, enhancing corporate governance[124][125][126] Environmental and Social Responsibility - The company invested ¥61.82 million in environmental protection during the reporting period[197] - The company achieved compliance in pollutant emissions, with particulate matter emissions averaging 5.66 mg/m³ against a standard of 120 mg/m³[197] - The company and its subsidiary implemented the "three simultaneous" system for environmental protection facilities, with four new environmental facilities added in 2024[199] - The company received the ESG Golden Bull Award and was recognized as one of the top 50 central enterprises in ESG, highlighting its commitment to environmental, social, and governance practices[116] Employee and Training Initiatives - The company invested RMB 9.6 million in training programs in 2024, covering 1,097 training sessions with 45,083 participants, achieving a 100% training coverage rate[158] - The employee composition includes 4,027 production staff, 615 sales personnel, and 1,158 technical staff, reflecting a diverse workforce[155] - The company has 1,364 female employees, representing 19.71% of the total workforce, indicating a commitment to employee diversity[156] Shareholder Engagement - The company emphasizes the importance of maintaining clear communication with investors, particularly small and medium shareholders, to protect their rights[115] - The company plans to enhance communication with investors regarding its operational performance and investment strategies[145] - The company participated in multiple investor communication activities, including performance briefings and investor surveys, to address market concerns and convey company value[115]

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].

Financial Performance - Total operating revenue for the year ended December 31, 2024, was RMB 11,904,370,911.94, an increase from RMB 11,533,786,779.44 in 2023, representing a growth of approximately 3.2%[13] - Net profit attributable to shareholders of the parent company was RMB 922,023,211.45, compared to RMB 770,570,612.56 in the previous year, reflecting a year-on-year increase of about 19.6%[2] - Earnings per share for the year was RMB 0.8206, up from RMB 0.6854 in 2023, indicating a growth of approximately 19.7%[2] - Operating profit for the year reached CNY 1,046,347,111.80, an increase of 5.04% from CNY 996,266,250.37 in the previous year[14] - Total profit amounted to CNY 1,051,777,667.34, up from CNY 1,003,085,973.63, reflecting a growth of 4.83%[14] - Net profit for the year was CNY 930,937,715.31, a decrease of 5.8% compared to CNY 989,027,297.80 from the previous year[14] - Total comprehensive income for the year was CNY 931,151,092.03, a decrease of 5.5% from CNY 984,994,466.66 in the previous year[15] - The company reported a net profit attributable to shareholders of approximately $922.02 million for the year, contributing to an increase in retained earnings to approximately $2.70 billion[50] Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 14,691,335,709.97, an increase from RMB 13,817,261,971.79 in 2023, representing a growth of about 6.3%[10] - Total liabilities increased to RMB 6,913,064,048.45 from RMB 6,597,932,308.41, marking an increase of approximately 4.8%[8] - The total current assets as of December 31, 2024, were RMB 7,425,048,133.18, up from RMB 6,487,671,852.68 in 2023, indicating a growth of approximately 14.5%[4] - The total non-current assets decreased slightly to RMB 7,266,287,576.79 from RMB 7,329,590,119.11, a decline of about 0.9%[5] - The total current liabilities increased to RMB 6,498,069,754.11 from RMB 6,044,604,287.57, representing a rise of approximately 7.5%[7] - The total equity attributable to shareholders of the parent company was RMB 7,255,707,334.12, an increase from RMB 6,691,690,666.55 in 2023, reflecting a growth of about 8.4%[11] Research and Development - Research and development expenses for the year were RMB 516,377,794.17, compared to RMB 461,344,381.32 in 2023, reflecting an increase of about 11.9%[13] - The research and development strategy emphasizes self-initiated projects and collaboration with academic institutions to meet market demands[63] - The company plans to enhance its R&D investment focusing on advanced technologies such as power shifting and hybrid technology to maintain competitive advantage[87] - The company is committed to innovation-driven development, increasing R&D investment, and enhancing its technological workforce to create competitive advantages in products like continuously variable transmission and hybrid tractors[83] Sales and Market Presence - The company operates primarily in the manufacturing and sales of agricultural and power machinery[16] - The company operates in two main segments: Agricultural Machinery and Power Machinery, with over 90% of revenue and assets located in China[31] - The sales model includes a comprehensive distribution network covering 31 provinces in China and various international markets[64] - The company is actively expanding its overseas market presence, signing a contract for the supply of 301 tractors for an agricultural engineering project in Nigeria[74] - The company exported 7,100 tractors in 2024, a year-on-year increase of 8.23%[74] Cost Management and Efficiency - The company is focusing on cost management through various measures, including optimizing production processes and implementing lean production techniques to enhance economic efficiency[84] - The company’s operating costs for 2023 were adjusted from ¥9,696,630,033.53 to ¥9,783,012,246.50, reflecting an increase of ¥86,382,212.97 due to the implementation of Interpretation No. 18[34] - Operating costs increased to CNY 10,145,221,753.22, reflecting a year-on-year rise of 3.70% from CNY 9,783,012,246.50[90] Dividends and Shareholder Returns - A cash dividend of RMB 0.2995 per share is proposed for the 2024 fiscal year, totaling RMB 33,653 million[59] - The board of directors has proposed a cash dividend of RMB 2.995 per 10 shares, totaling RMB 336.53 million, subject to approval at the 2024 annual general meeting[124] Corporate Governance and Compliance - The financial statements are prepared in accordance with the Chinese Accounting Standards, reflecting the company's financial position and operating results accurately[19] - The company has established a merger accounting policy based on control, including all subsidiaries in the consolidated financial statements[28] - The company has confirmed that it has obtained necessary approvals and completed required procedures for mergers[27] - Changes in the board include the election of new directors and the appointment of a new CFO, reflecting organizational adjustments[123] Environmental and Social Responsibility - The company’s 2024 Environmental, Social, and Governance report is scheduled to be published by April 2025, in compliance with the Hong Kong Stock Exchange guidelines[121] Risk Management - The company is subject to foreign exchange risks due to its export trade primarily settled in foreign currencies, which may impact its performance[116] - The company is responding to industry uncertainties by adjusting its sales strategies based on subsidy policy changes and market competition dynamics[82]