First Tractor Company Limited

First Tractor Company Limited (YTO) is a China-based agricultural machinery manufacturer headquartered in Luoyang, Henan Province. Founded in 1955, the company generated ¥10.823 billion (about $1.5 billion) in 2025 revenue with 7,011 employees, dominating China's mid-and-large tractor market and exporting to 100+ countries.

Core Business

YTO focuses on mid-to-large wheeled and crawler tractors and harvesting machinery, backed by a fully integrated industrial chain: its Luoyang base has annual capacity for nearly 300,000 diesel engines and more than 100,000 large-and-medium tractors, with in-house forging, machining, transmissions, axles, and hydraulic systems. The company also operates the former McCormick transmission plant in France and overseas assembly bases in Turkey, Poland, and South Africa.

Global Presence

YTO products are sold in over 100 countries and regions. Under the Belt & Road initiative, it has won major mechanization tenders in Thailand, Indonesia, Myanmar, and African nations, with overseas business becoming a stable cash-flow source.

Key Strengths

YTO's state-backed scale, full vertical integration, and exceptional cost competitiveness give it leadership in China's mid-and-large tractor segment. Progress in high-horsepower powershift transmissions is breaking foreign technology monopolies, while expanding Belt & Road exports diversify demand away from the saturated domestic market.

Challenges & Outlook

Domestic headwinds — subsidy-policy rollback, stricter emission standards, and extreme market saturation — cut 2025 revenue 9.09% and net profit 11.94%. Accelerating smart-agriculture transformation and overseas expansion are key to restoring growth. VerityRank Score of 80/100.