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 部分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。 關於召開2025年半年度業績說明會的公告 第一拖拉機股份有限公司（「本公司」）董事（「董事」）會及全體董事保證本公告內容不 存在虛假記載、誤導性陳述或者重大遺漏，並對其內容的真實性、準確性和完整性 承擔個別及連帶責任。 重要內容提示： 1 四、投資者參加方式 （一）投資者可在2025年9月18日（星期四）16:00-17:00，通過互聯網登錄上證路 演中心（http://roadshow.sseinfo.com/），在線參與本次業績說明會，本公司 將及時回答投資者的提問。 • 會議召開時間：2025年9月18日（星期四）16:00-17:00 • 會議召開地點：上海證券交易所上證路演中心（網址：http://roadshow.sseinfo.com/） • 會議召開方式：自行錄製和網絡互動 • 投資者可於2025年9月11日（星 期 四）至2025年9月17日（星 期 三）16:00前 登 錄 上 證 ...

证券代码：601038 证券简称：一拖股份 公告编号：临 2025－39 第一拖拉机股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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。 召开方式：自行录制和网络文字互动 问题征集：投资者可于 2025 年 9 月 11 日（星期四）至 2025 年 9 月 17 日（星期三）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。 一、业绩说明会类型 第一拖拉机股份有限公司（以下简称公司）已于 2025 年 8 月 28 日在《中国 证券报》《上海证券报》及上海证券交易所网站发布公司《2025 年半年度报告》， 为使广大投资者更全面深入地了解公司 2025 年半年度经营业绩，公司计划于 2025 年 9 月 18 日 （星期四）16:00-17:00 以自行录制和网络文字互动形式召开 2025 年半年度业绩说明会，在信息披露允许的范围内就投资者 ...

证券代码：601038 证券简称：一拖股份 公告编号：临2025-38 一、 召开会议的基本情况 (一) 股东会类型和届次：2025年第二次临时股东会 (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 9 月 29 日 14 点 30 分 召开地点：河南省洛阳市建设路 154 号公司会议室 第一拖拉机股份有限公司 关于召开2025年第二次临时股东会的通知 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： (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 9 月 29 日至2025 年 9 月 29 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互 联网投票平台的投票时间为股东会召开当 ...

Group 1 - The company announced a profit distribution plan for the first half of 2025, with a cash dividend of 0.06844 yuan per share (tax included) for A-shares [2] - The record date for the dividend is set for September 15, 2025, and the ex-dividend date is September 16, 2025 [2]

证券代码：601038 证券简称：一拖股份 公告编号：临2025-37 第一拖拉机股份有限公司 2025年半年度权益分派实施公告 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。 重要内容提示： 每股分配金额：A 股每股现金红利人民币0.06844元(含税) 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放 | | --- | --- | --- | --- | --- | | | | | | 日 | | Ａ股 | 2025/9/15 | － | 2025/9/16 | 2025/9/16 | 差异化分红送转：否 H 股股东现金红利发放不适用本公告 一、 通过分配方案的股东会届次和日期 第一拖拉机股份有限公司（以下简称公司）于 2025 年 8 月 28 日召开第九届 董事会第三十八次会议，审议通过《关于公司 2025 年中期利润分配方案的议案》， 根据公司2025 年 6 月 10 日召开的2024年度股东周年大会授权，本次利润分配方案 无需提交股东会审议。 二、 分配方案 1. 发放 ...

Group 1 - The core objective of the training camps initiated by China Yituo is to empower dealers with new media skills to effectively reach customers and overcome growth bottlenecks [1][2] - As of now, seven training sessions have been conducted in major agricultural machinery production areas, with over 200 dealers participating [1] - The training program includes a comprehensive curriculum covering account setup, content creation, short video editing, and live streaming techniques, ensuring practical application of skills learned [1] Group 2 - The initiative aims to create a new marketing ecosystem that is closer to users, with a focus on good products, services, and channels as the core of long-term development [2] - Many dealers have emerged as "Oriental Red internet celebrities," showcasing product performance and service concepts through new media, leading to increased inquiries and customer retention [2] - China Yituo plans to continuously optimize its new media marketing support system to assist dealers in growth and enhance user awareness of the brand [2]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, indicating short-term operational pressure due to decreased demand in traditional agricultural machinery products [4][5]. Financial Performance - In H1 2025, the company achieved revenue of 6.93 billion yuan, a year-on-year decrease of 11.3%, and a net profit attributable to shareholders of 770 million yuan, down 15.1%. The net profit after deducting non-recurring items was 690 million yuan, a decline of 21.2% [4]. - In Q2 2025, revenue was 2.37 billion yuan, reflecting a year-on-year decrease of 24.7%, with net profit at 240 million yuan, down 21.7% [4]. Operational Insights - The decline in revenue and net profit in H1 2025 marks the first occurrence of such a trend in the past five years, primarily due to a sustained decrease in demand for traditional agricultural machinery [5]. - The company’s expense ratio increased by 1.1 percentage points to 6.3%, driven by higher marketing and R&D expenditures, with sales expenses rising by 8.2% and R&D expenses by 3.7% [5]. - The overall gross margin was 16.0%, an increase of 0.8 percentage points, and the net profit margin was 12.0%, up 0.2 percentage points, attributed to proactive adjustments in operational strategies [5]. Product Performance - In H1 2025, revenue from agricultural machinery was 6.28 billion yuan, down 11.5%, with a gross margin of 16.7%. Revenue from power machinery was 650 million yuan, down 8.9%, with a gross margin of 9.2% [6]. Market Expansion - Domestic revenue accounted for 90.5% of total revenue at 6.27 billion yuan, while overseas revenue reached 660 million yuan, a year-on-year increase of 16.5%, representing 9.5% of total revenue [7]. - The company sold 43,000 tractor units, with 5,445 units sold overseas, marking a 29.4% increase. Notably, sales in the African and Central and Eastern European markets saw growth exceeding 50% [7]. - The company has accelerated its overseas expansion strategy, establishing five major sales regions, which helps mitigate the impact of domestic market declines and lays a solid foundation for future export growth [7].

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, indicating short-term operational pressure due to decreased demand in traditional agricultural machinery products [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 6.93 billion yuan, a year-on-year decrease of 11.3%, and a net profit attributable to shareholders of 770 million yuan, down 15.1% year-on-year [1]. - In Q2 2025, revenue was 2.37 billion yuan, reflecting a 24.7% year-on-year decline, with net profit of 240 million yuan, down 21.7% year-on-year [1]. - The company's comprehensive gross margin was 16.0%, an increase of 0.8 percentage points year-on-year, while the net profit margin was 12.0%, up 0.2 percentage points year-on-year, indicating stable profitability despite revenue decline [1]. Group 2: Product Performance - In H1 2025, revenue from agricultural machinery was 6.28 billion yuan, down 11.5% year-on-year, with a gross margin of 16.7%. Revenue from power machinery was 650 million yuan, down 8.9% year-on-year, with a gross margin of 9.2% [1]. Group 3: Market Expansion - In H1 2025, domestic revenue was 6.27 billion yuan, accounting for 90.5% of total revenue, while overseas revenue was 660 million yuan, up 16.5% year-on-year, accounting for 9.5% of total revenue [2]. - The company sold 43,000 tractor units, with overseas sales of 5,445 units, a year-on-year increase of 29.4%, particularly strong performance in the African and Central and Eastern European markets [2]. - The company has accelerated its overseas expansion strategy, establishing five major sales regions, which helps mitigate the impact of domestic market decline and supports future export growth [2]. Group 4: Profit Forecast and Valuation - Due to weak domestic agricultural machinery market demand, the company has revised its net profit forecasts for 2025-2027 down by 16.1%, 11.4%, and 8.7% to 880 million, 1.01 billion, and 1.12 billion yuan respectively [3]. - The current stock price corresponds to a PE valuation of 17, 14, and 13 times for 2025-2027 [3]. - The company is expected to benefit from the trend towards larger and more advanced agricultural machinery, with long-term revenue growth potential supported by its overseas expansion strategy [3].

Core Viewpoint - China National Machinery Industry Corporation (Sinomach) aims to enhance the investment value of its listed companies and strengthen investor returns as a long-term commitment, focusing on effective market value management tools to create a cluster of leading companies with strong core competitiveness [1][2]. Group 1: Strategic Focus Areas - Sinomach will concentrate on five key areas: improving the quality of listed companies, enhancing capital operations, increasing reform efforts, ensuring standardized operations, and actively returning value to investors [1][2]. - The group plans to gather high-quality resources towards its listed companies and support them in capital operations that enhance investment value [1][2]. Group 2: Market Value Management - Sinomach currently controls 11 listed companies, with a total market value increase of 17.5% as of June 2025 compared to the end of 2022, surpassing the growth of relevant indices [2][3]. - The group has established a value management mechanism that integrates market value management into the performance assessment of company leaders, reinforcing positive incentives [2][3]. Group 3: Company-Specific Initiatives - China Electric Power Research Institute reported a share increase of 6.57 million shares, representing 1.62% of its total shares, with a total investment exceeding 140 million yuan, while maintaining a cash dividend ratio above 42% since its listing [3][4]. - China National Heavy Duty Truck Group is focusing on strategic emerging industries and future industries, particularly in high-end equipment manufacturing and new materials [4][5]. - Sinomach Precision Engineering is targeting future potential businesses in the bearing sector, particularly for commercial aerospace and humanoid robots, aiming to create new profit growth points within 3-5 years [5][6]. Group 4: Financial Performance and Shareholder Returns - Sinomach Automotive has implemented a mid-term dividend plan, ensuring that cash distributions will not be less than 35% of net profit attributable to shareholders from 2025 to 2027 [6]. - YTO Group has distributed a total of 1.473 billion yuan in dividends since its A-share listing, with a planned dividend of 337 million yuan for 2024 [6].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company experienced a significant decline in revenue and net profit in the first half of 2025, with revenue down 11.3% year-on-year to 6.93 billion yuan and net profit down 15.1% to 770 million yuan [1][2] - Despite the short-term operational pressure, the company's profit margins remained stable, with a gross margin of 16.0%, up 0.8 percentage points year-on-year, and a net profit margin of 12.0%, up 0.2 percentage points [2] - The company has been actively expanding its overseas market presence, achieving a 16.5% year-on-year increase in overseas revenue to 660 million yuan, which now accounts for 9.5% of total revenue [3] Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 6.93 billion yuan, a decrease of 11.3% year-on-year, and a net profit of 770 million yuan, down 15.1% [1] - The second quarter of 2025 saw a revenue of 2.37 billion yuan, reflecting a 24.7% year-on-year decline, with net profit at 240 million yuan, down 21.7% [1] - The agricultural machinery segment generated 6.28 billion yuan in revenue, down 11.5%, while the power machinery segment brought in 650 million yuan, down 8.9% [2] Market Expansion - The company sold 43,000 tractor units in H1 2025, with overseas sales reaching 5,445 units, a 29.4% increase year-on-year [3] - The overseas sales strategy has been effective, particularly in the African and Central Eastern European markets, where sales growth exceeded 50% [3] Profitability and Valuation - The report adjusts the net profit forecasts for 2025-2027 downwards by 16.1%, 11.4%, and 8.7% to 880 million, 1.01 billion, and 1.12 billion yuan respectively [4] - The current stock price corresponds to a PE ratio of 17, 14, and 13 for 2025-2027 [4] - The company is positioned to benefit from the trend towards larger agricultural machinery, supporting long-term revenue growth [4]