Core Viewpoint - First Tractor Company (00038) experienced an over 8% increase in stock price, reaching 7.51 HKD, with a trading volume of 68.274 million HKD, following the release of its mid-year performance for 2025 [1] Financial Performance - The company reported total revenue of 6.928 billion RMB, a year-on-year decrease of 11.26% [1] - The net profit attributable to shareholders was 769 million RMB, down 15.06% year-on-year [1] Sales Performance - In the first half of the year, the company sold 42,800 tractor units, with overseas sales reaching 5,445 units, marking a year-on-year increase of 29.37% [1] - The African and Central and Eastern European markets showed significant growth, with sales increasing by over 50% [1] Market Outlook - Guojin Securities commented that the company's second-quarter revenue and profit met expectations, and the gross profit margin has stabilized [1] - The company achieved a higher export growth rate than the domestic industry average in the first half of the year, indicating a positive outlook for its overseas business expansion [1]

Core Viewpoint - First Tractor Company (00038) experienced an over 8% increase in stock price, reaching HKD 7.51, with a trading volume of HKD 68.274 million following the release of its 2025 interim results [1] Financial Performance - The company reported total revenue of RMB 6.928 billion, a year-on-year decrease of 11.26% [1] - The net profit attributable to shareholders was RMB 769 million, down 15.06% year-on-year [1] Sales Performance - In the first half of the year, the company sold 42,800 tractor units, with overseas sales reaching 5,445 units, marking a year-on-year increase of 29.37% [1] - The African and Central and Eastern European markets showed significant growth, with sales increasing by over 50% [1] Market Outlook - Guojin Securities commented that the company's second-quarter revenue and profit met expectations, and the gross profit margin has stabilized [1] - The company achieved a higher export growth rate than the domestic industry average in the first half of the year, indicating a positive outlook for its overseas business expansion [1]

| 序号 | 股东名称 | 持股 | | --- | --- | --- | | l | 中国一拖集团有限公司 | 48.8 | | 2 | 香港中央结算有限公司 | 0.33 | | ന | 招商银行股份有限公司-南方中证1000交易型开放式指数证券投资基金 | 0.18 | | ব | 招商银行股份有限公司-华夏中证1000交易型开放式指数证券投资基金 | 0.11 | | 5 | 中国人寿再保险有限责任公司 | 0.09 | | 6 | 中国工商银行股份有限公司-广发中证1000交易型开放式指数证券投资基金 | 0.09 | | 7 | 邓淑华 | 0.08 | | 8 | 走X ■ | 0.08 | | g | 张敬兵 | 0.08 | 公司最新毛利率为16.03%，在已披露的同业公司中排名第153，较上季度毛利率增加0.12个百分点，实现2个季度连续上涨，较去年同期毛利率减少0.98个百 分点。最新ROE为10.00%，在已披露的同业公司中排名第12，较去年同期ROE减少2.51个百分点。 公司摊薄每股收益为0.68元，在已披露的同业公司中排名第18，较去年同报告期摊薄每股收益减少0.12元，同比较 ...

Core Insights - The company reported a revenue of RMB 6.928 billion for the first half of 2025, representing a year-on-year decrease of 11.26% [1] - The net profit attributable to shareholders was RMB 769 million, down 15.06% year-on-year, with earnings per share at RMB 0.6844 [1] - The decline in revenue and net profit was attributed to weak market demand, prompting the company to adapt by launching smart agricultural machinery and enhancing product research and development [1] Revenue and Profit Performance - Revenue for the first half of 2025 was RMB 6.928 billion, a decrease of 11.26% compared to the previous year [1] - Net profit attributable to shareholders was RMB 769 million, reflecting a 15.06% decline year-on-year [1] - Earnings per share stood at RMB 0.6844 [1] Market and Sales Dynamics - The company sold 42,800 tractor units in the first half of 2025, with overseas sales reaching 5,445 units, marking a 29.37% increase [1] - Notable sales growth was observed in the African and Central and Eastern European markets, with sales increasing by over 50% [1] - The company has established five major sales regions: Central Asia, Southeast Asia, the Americas, Central and Eastern Europe, and Africa, which helps reduce reliance on a single market and supports future export growth [1]

Core Insights - The report by Zhiyan Consulting highlights the market supply and demand trends in China's harvesting machinery industry from 2025 to 2031 [1] Group 1: Import Data - In June 2025, China imported 228 units of harvesting machinery, showing no year-on-year change [1] - The import value for the same period was $0.25 million, reflecting a year-on-year decrease of 28.4% [1] Group 2: Industry Analysis - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive consulting services [1] - The firm has over a decade of experience in the industry research field, focusing on delivering tailored solutions to empower investment decisions [1]

Core Insights - A new company, Jingjiang Zede Machinery Co., Ltd., has been established with a registered capital of 1 million RMB [1] Company Overview - The legal representative of the company is Yu Jinkun [1] - The company operates in various sectors including machinery equipment sales, agricultural machinery sales, and sales of pumps and vacuum equipment [1] - The business scope also includes sales of electrical equipment, metal packaging containers, gas and liquid separation equipment, special equipment, solar thermal utilization products, gas compression machinery, valves, generators, software, electronic products, refrigeration and air conditioning equipment, office supplies, household appliances, furniture, automotive parts, clothing, daily necessities, financial consulting, and import-export services [1]

Core Insights - China's trade with Arab League countries has shown significant growth, maintaining its position as the largest trading partner for several consecutive years [1] - In the first seven months of this year, the trade volume between China and the Arab League reached 1.72 trillion yuan, marking a historical high for the same period and a year-on-year increase of 3.2% [1] - In July alone, China's imports and exports with the Arab League amounted to 245.31 billion yuan, reflecting a growth of 6.9% [1] Trade Dynamics - China's imports of crude oil from the Arab League accounted for over 40% of its total imports of similar products, with increases in imports of natural gas, refined oil, and metal ores [1] - Exports of mechanical and electrical products to the Arab League reached 557.66 billion yuan, a 22% increase, constituting nearly 60% of total exports to the region [1] - Specific growth rates for exports include machine tools (50.1%), ships (49.7%), and construction machinery (42.1%) [1] Agricultural Cooperation - China is deepening its agricultural cooperation with the Arab League, supporting modern agricultural development and increasing imports of distinctive agricultural products [1] - Exports of agricultural machinery and crop seeds from China to the Arab League grew by 10.5% and 10.4%, respectively [1] - Notable increases in imports include Omani seafood, which reached a historical high, and significant growth in imports of frozen strawberries from Egypt (54.7%), chocolate from Lebanon (38.2%), and wool from Algeria (12.8%) [1]

Group 1 - The company reported a total operating revenue of 6.928 billion yuan, a year-on-year decrease of 11.26% [1] - The net profit attributable to shareholders was 769 million yuan, reflecting a year-on-year decline of 15.06% [1] - The basic earnings per share stood at 0.6844 yuan [1]

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。 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列第一拖拉機股份有限公司於上海證券交易所網站(www.sse.com.cn)所刊發的 公告，僅供參考。 承董事會命 第一拖拉機股份有限公司 公司秘書 于麗娜 中國 • 洛陽 2025年8月28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、楊建輝先生及苗雨先生；以及獨立非執行董事薛立品先生、 王書茂先生、徐立友先生及黃綺汶女士。 * 僅供識別 第一拖拉机股份有限公司2025 年半年度报告 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 年半年度报告 1 / 154 第一拖拉机股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半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 ...

Group 1 - The company, Beidahuang Agricultural Co., is conducting a comprehensive verification of subsidy machinery to ensure the accurate implementation of agricultural machinery purchase subsidy policies through a three-dimensional approach of "strict parameter verification, precise advocacy, and dynamic management" [1] - In the fourth management area, staff adhere to the principle of "seeing people, seeing machines, and seeing invoices," using a method of "ledger comparison + on-site verification" to check the brand model, engine number, and other information of subsidized machinery [3] - The company has engaged in face-to-face communication with farmers, providing one-on-one policy interpretation and answering over 120 inquiries, thereby enhancing the awareness and satisfaction of the subsidy policy among agricultural machinery users [3]