证券代码：603789 证券简称：星光农机 公告编号：2025-017 星光农机股份有限公司 股票可能被实施退市风险警示的 根据《上海证券交易所股票上市规则》第9.3.2条第一款第（一）项"最近一 个会计年度经审计的利润总额、净利润或者扣除非经常性损益后的净利润孰低者 为负值且营业收入低于3亿元，或追溯重述后最近一个会计年度利润总额、净利 润或者扣除非经常性损益后的净利润孰低者为负值且营业收入低于3亿元"的规 定，公司股票在2024年年度报告披露后将可能被实施退市风险警示（*ST）。敬 请广大投资者注意投资风险。 二、公司股票停牌情况及退市风险警示实施安排 如公司 2024 年度经审计的扣除非经常性损益前后的净利润和扣除与主营业 务无关的业务收入和不具备商业实质的收入后的营业收入触及《上海证券交易所 股票上市规则》第 9.3.2 条第一款第（一）项情形，公司股票将于 2024 年年度报 告披露日起开始停牌。披露日为非交易日的，于次一交易日起开始停牌。 根据《上海证券交易所股票上市规则》规定，上海证券交易所在公司股票停 牌之日后 5 个交易日内，根据实际情况，对公司股票实施退市风险警示。公司将 在股票被实施退市 ...

Summary of First Tractor Company Limited Core Viewpoint The report provides an audit summary of non-operating fund occupation and other related fund transactions for First Tractor Company Limited, ensuring the accuracy and completeness of the financial data presented. Group 1: Audit Overview - The audit was conducted by Xinyong Zhonghe Accounting Firm according to Chinese CPA auditing standards, covering the financial statements for the year ending December 31, 2024 [1]. - The audit report issued was unqualified, indicating no significant discrepancies were found in the financial data [1]. Group 2: Non-Operating Fund Occupation - The report details the non-operating fund occupation for the year 2024, including the total amount occupied at the beginning of the year, the amount occupied during the year, and the total amount repaid [1]. - The total non-operating fund occupation at the end of 2024 was reported, along with the reasons for these transactions [1]. Group 3: Related Party Transactions - The report includes a summary of related party transactions, detailing the amounts involved and the nature of these transactions [2][3]. - Specific amounts for accounts receivable and payable with various related parties are listed, indicating the operational relationships and financial interactions [2][3]. Group 4: Financial Data - The financial data includes significant figures such as total receivables and payables with related parties, highlighting the financial health and operational dynamics of the company [5][6]. - The report notes changes in financial positions due to currency fluctuations and the consolidation of subsidiaries, particularly the acquisition of a controlling stake in a joint venture [6].

Group 1 - The company is responsible for establishing and effectively implementing internal controls and evaluating their effectiveness as per relevant regulations [2] - The auditors' responsibility is to express an opinion on the effectiveness of internal controls over financial reporting and disclose any significant deficiencies noted [2] - The inherent limitations of internal controls may prevent the detection and prevention of misstatements, and changes in circumstances may render controls inappropriate [2] Group 2 - The audit opinion states that as of December 31, 2024, the company maintained effective internal controls over financial reporting in all material respects according to the relevant standards [2]

张兵驹田里收的稻谷，以往都靠彭嗲和几个男劳力用肩扛到拖拉机上。有一年丰收，赶上彭嗲他们 没在，偏偏又下起大雨，淋湿了上百袋稻谷。这事之后，一个大胆的想法在张兵驹脑海中萌发。 张兵驹在乡农机厂工作多年，懂电焊、懂机械，他想给能下水田的拖拉机安装一个运谷物的漏斗。 经过一番努力，他还真成功了，并得意地给这个装置取名为"叉车"。彭嗲见了，对一同搬运的大伙 说："这下可好，我们都要失业咯。"张兵驹笑着说："我这是为了给你们减轻负担，你们在我这儿干活 轻松省力，干到60岁都没问题！"彭嗲撇撇嘴说："你就吹吧！"张兵驹也不生气，回了句："骑驴看唱 本，走着瞧！" 这件事，算是让张兵驹打开了脑袋里发明创造的闸门。这些年，除了"叉车"、秧盘输送带，他还发 明了新型抛秧机。以前5个人起早贪黑地干，一天也就抛8亩田。如今2个人配合，一天能抛40亩。他的 多项发明获得了国家专利，他本人还被评为全国农机使用一线"土专家"。这次，他的新发明——平田 器，更是让我充满了好奇。 到下午4点10分，终于"逮到"张兵驹。过了个年，他看起来精神抖擞，身着一件蓝色棉袄。他"嘿 嘿"一笑化解我的埋怨，"伸手不打笑脸人"，我被他直接请上车。 田间"土 ...

Investment Rating - The mechanical industry is rated as "Buy" (maintained) [1] Core Views - The humanoid robot industry is expected to see significant breakthroughs in 2025, with mass production reaching the scale of thousands, which will drive the downstream supply chain into a phase of certainty and expansion [8] - The introduction of advanced AI models, such as Google's Gemini Robotics, enhances the capabilities of robots in understanding new situations and performing precise physical tasks [3] - The launch of new humanoid robots, such as Muks Robotics' Spaceo series and Dobot Atom, indicates a technological advancement in the humanoid robotics sector, focusing on industrial operations and service applications [4][7] Summary by Sections Humanoid Robots - Google's DeepMind has released new AI models aimed at improving robot capabilities in real-world tasks, focusing on generality, interactivity, and flexibility [3] - Muks Robotics has introduced the Spaceo series, which includes models designed for industrial, social, and space tasks, showcasing advancements in AI systems [4] - The Genie Operator-1 model from Zhiyuan Robotics demonstrates strong generalization capabilities, reducing the data requirements for training robots [5] - The humanoid robot Tian Gong Xing Zhe, priced at 299,000 yuan, aims to reshape the research and education ecosystem for humanoid robots [7] Engineering Machinery - The engineering machinery sector maintains a stable outlook, with excavator sales in February 2025 showing a 52.8% year-on-year increase [13] - The demand for engineering machinery is expected to recover gradually due to the anticipated increase in infrastructure investment [13] - Key companies to watch include Zoomlion Heavy Industry, XCMG, and SANY Heavy Industry [13] Agricultural Machinery - The agricultural machinery market in China shows a significant increase in the market sentiment index, indicating a positive outlook for demand [10] - The export of tractors has seen substantial growth, with a 49.6% increase in quantity year-on-year [10] Semiconductor Equipment - The domestic replacement of semiconductor equipment is becoming essential, with a projected revenue growth of 29% for semiconductor equipment companies in 2024 [16] - The emphasis on domestic production capabilities is expected to benefit leading equipment manufacturers [16] New Energy Equipment - The solar energy sector is experiencing a price adjustment and technological breakthroughs, which are expected to foster a healthier competitive environment [18] - Companies like Maiwei Co., Ltd. and Weidong Nano are recommended for investment in this sector [18] Low-altitude Economy - The low-altitude economy is anticipated to accelerate in 2025, with developments in drone logistics and regulations supporting its growth [20] - Companies such as EHang Intelligent and Yingli Technology are highlighted as potential investment opportunities [21]

Investment Rating - The mechanical industry is rated as "Buy" (maintained) [1] Core Views - The humanoid robot industry is expected to see significant breakthroughs in 2025, with mass production reaching the scale of thousands, which will drive the downstream supply chain into a phase of certainty and expansion [8] - The introduction of advanced AI models like Gemini Robotics by Google DeepMind enhances the capabilities of robots in understanding new situations and performing precise physical tasks [3] - The launch of new humanoid robots, such as the Spaceo series by Muks Robotics and the Genie Operator-1 by Zhiyuan Robotics, indicates a trend towards more versatile and capable robots for various applications [4][5] Summary by Sections Humanoid Robots - Google DeepMind's Gemini Robotics aims to improve robot interaction and flexibility, allowing them to understand new contexts without specialized training [3] - Muks Robotics has released the Spaceo series, which includes models designed for industrial operations, social services, and space missions, showcasing advancements in AI capabilities [4] - Zhiyuan Robotics introduced the Genie Operator-1, a general-purpose model that reduces the data requirements for training robots, facilitating broader applications [5] - The humanoid robot market is projected to grow significantly, with a focus on high-complexity dexterous hands and cost reduction in production [8] Engineering Machinery - The engineering machinery sector maintains a stable outlook, with excavator sales in February 2025 showing a year-on-year increase of 52.8%, indicating strong domestic demand [13] - The infrastructure investment is expected to rebound, which will positively impact the demand for engineering machinery [13] - Key companies to watch include Zoomlion Heavy Industry, XCMG, and SANY Heavy Industry, which are leaders in the engineering machinery market [13] Agricultural Machinery - The agricultural machinery market in China shows a significant increase in the market sentiment index, indicating a positive outlook for demand [10] - The export of tractors has seen substantial growth, with a 49.6% increase in quantity year-on-year, suggesting a strong international market potential [10] Semiconductor Equipment - The domestic semiconductor equipment market is expected to grow significantly, driven by the need for local replacements of critical technologies like photolithography machines [16] - The total revenue for semiconductor equipment companies in A-shares is projected to reach 99 billion yuan in 2024, reflecting a 29% year-on-year growth [16] New Energy Equipment - The new energy sector is witnessing significant developments, with companies like China Resources New Energy planning to raise 24.5 billion yuan for wind and solar projects [17] - The solar panel market is expected to stabilize as production capacity clears, leading to healthier competition [18]

一、基本情况 第一拖拉机股份有限公司（以下简称公司）于 2025 年 1 月 15 日、2 月 7 日 召开第九届董事会第三十一次会议以及 2025 年第一次临时股东会审议通过了 《关于变更公司类型的议案》、于 2025 年 2 月 7 日召开第九届董事会第三十二 次会议审议通过了《关于选举公司第九届董事会董事长及法定代表人的议案》。 有关详情见公司于 2025 年 1 月 16 日、2 月 8 日在上海证券交易所网站刊发的 《一拖股份关于变更公司类型的公告》《一拖股份关于选举董事长及法定代表人 的公告》。 证券代码：601038 证券简称：一拖股份 公告编号：临 2025-10 第一拖拉机股份有限公司 关于完成法定代表人及公司类型变更并换发营业执照的公告 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个别及连带责任。 二、工商登记变更情况 经营范围：一般项目:拖拉机制造；农业机械销售；农业机械制造；机械设 备销售；机械设备研发；通用设备制造(不含特种设备制造)；发电机及发电机 组制造；发电机及发电机组销售；特种设备销售；黑色金属铸造； ...

Summary of Key Points from the Conference Call Industry Overview - The mechanical sector, particularly the robotics segment, has shown significant growth since the Spring Festival, despite recent market adjustments. The overall outlook remains optimistic due to improving fundamentals, reasonable valuations, and strong annual and quarterly reports from industry companies [2][42]. Key Companies and Their Performance Excavator Market - The domestic excavator market is expected to see a year-on-year sales increase of over 70% in February, with a combined growth of approximately 37% for January and February. This growth is driven by rural demand, high-standard farmland construction, and small infrastructure projects [3][2]. - SANY Heavy Industry is projected to achieve a domestic growth rate of 10%-20% and maintain similar export growth. The company is launching a new series of excavators in Europe and the U.S. and is enhancing its competitiveness in overseas mining through operations in Indonesia [5][2]. - XCMG Group leads in the mining equipment sector, having signed overseas orders exceeding 3 billion RMB in the second half of last year, which will contribute to revenue recognition this year [6][2]. - LiuGong has improved its domestic excavator market share from over 8% to over 14% post-restructuring, with steady profitability improvements. The company is focusing on cost reduction and efficiency enhancements [7][2]. - Hengli Hydraulic is benefiting from land rights issues and collaborations with Tesla, with expectations of becoming a key supplier for humanoid robots [13][2]. - China Power is excelling in the marine engine sector, with expectations of significant profit growth by 2025 due to acquisitions and a focus on new energy servo motors [17][2][18]. Injection Molding Machine Industry - The injection molding machine sector performed better than expected in February, with leading companies reporting over 50% year-on-year order growth in a single month and over 20% growth overall for January and February. The growth is supported by large-scale equipment upgrades and domestic demand [40][2]. Additional Insights - The agricultural machinery sector is expected to grow due to increased crop yields and land consolidation, with significant investments in high-end machinery driven by government policies [22][23]. - Zhejiang Dingli has benefited from reduced tariffs and is expected to see significant sales growth in the U.S. market, with a strong performance anticipated in 2025 [25][2]. - The shipbuilding sector remains a focus, with companies like China Power and Jiangsu Hantong expected to perform well due to ongoing demand for new vessels and the aging global shipping fleet [16][20]. Recommendations - Key companies to watch include SANY Heavy Industry, XCMG Group, LiuGong, Hengli Hydraulic, and China Power in the mechanical sector. In the lithium battery equipment sector, companies like Xian Dai Intelligent and Haopeng Technology are recommended. The export chain includes companies like Haomai Technology and Zhejiang Dingli, while the shipbuilding sector highlights China Power and Jiangsu Hantong [42][2].