第一拖拉机股份有限公司2025 年年度报告 公司代码：601038 公司简称：一拖股份 第一拖拉机股份有限公司 2025 年年度报告 1/ 211 第一拖拉机股份有限公司2025 年年度报告 重要提示 一、本公司董事会及董事、高级管理人员保证年度报告内容的真实性、准确性、完整性，不存在 虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、公司全体董事出席董事会会议。 三、信永中和会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 四、公司负责人赵维林、主管会计工作负责人刘斌及会计机构负责人（会计主管人员）蒋静媛 声明：保证年度报告中财务报告的真实、准确、完整。 五、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司第十届董事会第三次会议审议通过公司2025年度利润分配预案：拟以实施权益分派股权 登记日登记的总股本为基数，向全体股东每10股派发现金红利1.9746元（含税）。截至2025年12 月31日，公司总股本1,123,645,275股，以此计算合计拟分派现金股利人民币22,187.50万元（含 税）。 公司已于2025年9月实施2025年半年度现金分红，以总股 ...

Core Viewpoint - The company, Yituo Co., Ltd., reported a decline in revenue and net profit for the year 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company achieved an operating revenue of 10.823 billion yuan in 2025, a year-on-year decrease of 9.09% [1] - The net profit attributable to shareholders was 812 million yuan, down 11.94% year-on-year [1] - Basic earnings per share were 0.72 yuan, reflecting a decline of 11.94% compared to the previous year [1] - The net cash flow from operating activities was 916 million yuan, which represents a significant decrease of 24.70% year-on-year [1] Dividend Distribution - The company plans to distribute a cash dividend of 1.9746 yuan per 10 shares (including tax), totaling 222 million yuan (including tax) [1] - In addition to the planned dividend, the company has already distributed 76.9023 million yuan in dividends for the first half of 2025, bringing the total expected cash dividend for the year to 299 million yuan (including tax) [1]

Core Viewpoint - The company announced a decrease in revenue and profit for 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company's revenue for 2025 is projected to be 10.823 billion yuan, a year-on-year decrease of 9.09% [1] - The total profit is expected to be 936 million yuan, reflecting a year-on-year decline of 10.98% [1] - The net profit attributable to shareholders is forecasted at 812 million yuan, down 11.94% compared to the previous year [1] Dividend Distribution - The company plans to distribute a cash dividend of 1.9746 yuan per 10 shares (including tax), based on a total share capital of 1.124 billion shares, amounting to a total cash dividend of 222 million yuan (including tax) [1] - In September 2025, the company implemented a semi-annual cash dividend, totaling 77 million yuan (including tax) [1] - The total expected cash dividend distribution for the year is 299 million yuan (including tax), with no plans for capital reserve conversion into share capital [1]

Summary of First Tractor (0038.HK) Conference Call Company Overview - **Company**: First Tractor (0038.HK) - **Industry**: Agricultural Equipment Manufacturing Key Points Production Data - The National Bureau of Statistics (NBS) reported that high-horsepower (HHP) tractor production increased by approximately 10% year-over-year (yoy) in the first two months of 2026, while medium-to-high horsepower tractors saw a 2% yoy increase [1][5] - HHP tractor production has maintained double-digit growth since November 2025, and medium-to-high HP tractors have shown positive growth since July 2025 [1][5] Demand Drivers - The growth in tractor production is seen as evidence of a domestic cycle inflection, with domestic HHP tractor production growing by about 7% yoy after excluding strong export figures (which increased by 48% yoy) [5] - Crop prices have risen by an average of 6% year-to-date entering 2026, which is expected to release pent-up replacement demand for tractors [5] Investment Thesis - First Tractor is positioned as a core beneficiary of the cyclical recovery in the tractor market, with historical data showing a close correlation between the company's share price and tractor production volume [5][12] - The company is expected to benefit from structural trends towards upsizing (high-HP tractors) and upgrading (intelligent tractors) as China modernizes its agriculture sector [12] - Exports present a significant growth opportunity, estimated at approximately US$10 billion, which is three times the total addressable market (TAM) in emerging markets compared to the domestic market [12] Financial Projections - The target price for First Tractor's H-share is set at HK$14.00, representing a 61.1% upside from the current price of HK$8.69 [17] - The target price for the A-share is set at Rmb21.00, with a 59.5% upside from the current price of Rmb13.17 [17] - Revenue projections for 2024 estimate Rmb11.9 billion, with expected growth to Rmb15.3 billion by 2027 [17] Risks - Key downside risks include weaker-than-expected crop prices, unfavorable government subsidy changes, increased market competition, execution risks related to product mix upgrades, slower localization of key components, and slower overseas market expansion [16] Conclusion - The sustained strength in tractor production and favorable crop prices support a positive outlook for First Tractor, reinforcing the recommendation to buy both A-share and H-share [5][14]

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公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份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。 劉斌 中國 • 洛陽 2026年3月13日 於本公告日期，董事會成員包括執行董事趙維林先生（董事長）及魏濤先生；非執行 董事方憲法先生、楊建輝先生及孫峰先生；獨立非執行董事王書茂先生、徐立友先 生及黃綺汶女士；以及職工董事李鵬先生。 * 僅供識別 董事會會議召開日期 本公告乃根據香港聯合交易所有限公司證券上市規則第13.43條而刊發。 第一拖拉機股份有限公司（「本公司」）的董事（「董事」）會（「董事會」）宣佈將於2026 年3月26日舉行董事會會議，以審議及批准（當中包括）刊發本公司及其附屬公司截至 2025年12月31日止年度的全年業績及審議末期股息（如有）的建議，以及處理任何其 他事項。 承董事會命 第一拖拉機股份有限公司 聯席公司秘書 ...

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公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份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。 聯席公司秘書 劉斌 中國 • 洛陽 2026年3月13日 於本公告日期，董事會成員包括執行董事趙維林先生（董事長）及魏濤先生；非執行 董事方憲法先生、楊建輝先生及孫峰先生；獨立非執行董事王書茂先生、徐立友先 生及黃綺汶女士；以及職工董事李鵬先生。 * 僅供識別 本公告乃根據香港聯合交易所有限公司證券上市規則第13.43條而刊發。 第一拖拉機股份有限公司（「本公司」）的董事（「董事」）會（「董事會」）宣佈將於2026 年3月26日舉行董事會會議，以審議及批准（當中包括）刊發本公司及其附屬公司截至 2025年12月31日止年度的全年業績及審議末期股息（如有）的建議，以及處理任何其 他事項。 承董事會命 第一拖拉機股份有限公司 董事會會議召開日期 ...

Core Viewpoint - YTO Group Corporation (SH601038) reached its daily limit up on March 12, 2026, with a closing price of 15.82 yuan, marking a 10.01% increase, and a total market capitalization of 17.776 billion yuan [1][4]. Group 1: Company Developments - The company is undergoing a strategic transformation and business upgrade, focusing on high-end and intelligent agricultural machinery products, aligning with industry upgrade trends [2][5]. - YTO is advancing its production capacity through projects like the non-road National V diesel engine industrialization and painting line technology upgrades, which enhance manufacturing capabilities and lay a solid foundation for future growth [2][5]. - The company is intensifying its efforts in international markets, particularly targeting high-end markets in Europe and the United States, which is expected to expand market space and improve competitiveness [2][5]. Group 2: Industry Context - The agricultural machinery sector is a key industry supported by national policies, with increasing governmental efforts to promote agricultural mechanization [2][5]. - Recent market attention on the agricultural machinery sector has led to positive performances among several stocks in the same sector, creating a sector-wide momentum [2][5]. - On March 12, there was a notable inflow of funds into the agricultural machinery sector, contributing to YTO's stock price increase, which may have been influenced by the overall market atmosphere [2][5]. Group 3: Technical Analysis - The stock's MACD indicator is showing potential for a bullish crossover, and if the price breaks through significant resistance levels, it may attract technical investors [2][5]. - Monitoring data indicates a favorable net buying situation from large orders on March 12, suggesting that major investors are optimistic about the company's growth prospects, which contributed to the stock hitting its limit up [2][5].

Group 1 - YTO Group (00038) saw its stock price increase by 6.22%, reaching HKD 9.91, with a trading volume of HKD 66.997 million [1][6] - Deere & Company, a global leader in agricultural machinery, reported better-than-expected Q1 2026 results and raised its full-year profit guidance from USD 4-4.75 billion to USD 4.5-5 billion [1][6] - Guojin Securities reported a robust recovery in the global small and medium-sized agricultural machinery market, driven by rising commodity prices and stabilizing agricultural product prices, with a positive outlook for China's agricultural machinery exports [1][6] Group 2 - Goldman Sachs highlighted YTO Group as a major beneficiary of the agricultural machinery industry's cyclical turning point, noting that the company's stock price has historically aligned with the tractor cycle [1][6] - The firm pointed out significant potential for profit improvement for YTO Group amid the trend of large-scale and high-end upgrades in China's agricultural machinery equipment [1][6]

Core Viewpoint - YTO Group (00038) shares rose over 6% in the morning session, currently up 5.57% at HKD 9.85, with a trading volume of HKD 51.9447 million [1] Group 1: Company Performance - YTO Group's stock price is positively influenced by John Deere's Q1 2026 earnings report, which exceeded expectations and raised its full-year profit guidance from USD 4 billion to USD 4.5-5 billion [1] - Goldman Sachs highlighted YTO Group as a major beneficiary of the tractor industry cycle turning point, noting that the company's stock price has historically aligned with tractor cycles [1] Group 2: Industry Outlook - Guojin Securities reported a robust recovery in the global small and medium-sized agricultural machinery market, driven by rising commodity prices and stabilizing agricultural product prices, particularly in livestock and forestry sectors [1] - The trend towards larger and higher-end agricultural equipment in China presents significant potential for YTO Group's profitability enhancement, which is gradually being realized [1]

一拖股份（601038）(00038)午前涨超6%，截至发稿，涨5.57%，报9.85港元，成交额5194.47万港元。 消息面上，全球农机龙头约翰迪尔2026年一季报超预期，公司同时上调全年利润指引，从40-47.5亿美 元提升到45-50亿美元。国金证券发布研报称，全球中小型农机市场的复苏态势仍然蓬勃，主因是在全 球大宗商品价格上涨、农产品价格底部企稳的背景下，畜牧业、林果业显著反弹，看好中国农机出口和 后续主粮作物相关农机的周期反转，推荐一拖股份。 高盛则表示，作为传统和智能拖拉机市场的龙头企业，一拖股份是拖拉机行业周期拐点的主要受益者。 公司过往股价走势与拖拉机周期保持同步。该行指出，在中国农机设备大型化/高端化升级趋势下，一 拖股份的盈利能力蕴含显著的提升空间，并正逐步兑现。重申"买入"评级。 ...