First Tractor Co (SHSE:601038) Research & Development: ¥336 Mil (TTM As of Dec. 2025)

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SHSE:601038 First Tractor Co Ltd SHSE:601038
77 GF Score
Price ¥13.66
GF Value ¥11.34
Valuation Modestly Overvalued
! 7 Warning Signs
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What is First Tractor Co Research & Development?

First Tractor Co SHSE:601038 -0.94% 77 Research & Development is ¥336 Mil as of Dec. 2025. GuruFocus rates SHSE:601038 with a GF Score™ of 77/100 and a GF Value™ of ¥11.34 (Modestly Overvalued). The stock has 7 warning signs investors should review.

Research & Development is the aggregate amount of research and development expenses during the year. First Tractor Co's Research & Development for the three months ended in Dec. 2025 was ¥203 Mil. Its Research & Development for the trailing twelve months (TTM) ended in Dec. 2025 was ¥336 Mil.

First Tractor Co  (SHSE:601038) Research & Development Explanation

If competitive advantage is created by a patent or tech advantage, at some point it will disappear.

High R&D usually dictates high SG&A which threatens the competitive advantage.

First Tractor Co Research & Development Related Terms

First Tractor Co Research & Development Historical Data

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The historical data trend for First Tractor Co's Research & Development can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

First Tractor Co Research & Development Chart

First Tractor Co Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Research & Development
Get a 7-Day Free Trial Premium Member Only Premium Member Only 415.35 528.78 461.34 516.38 549.38

First Tractor Co Quarterly Data
Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Jun25 Sep25 Dec25
Research & Development Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 112.17 198.93 0.00 133.85 202.55
SHSE:601038
77GF Score
First Tractor Co Ltd SHSE:601038
Research & Development is just one metric. See GF Score™, valuation, warning signs, and more.
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First Tractor Co Research & Development Calculation

This is the expense the company spent on research and development.

Research & Development for the trailing twelve months (TTM) ended in Dec. 2025 adds up the quarterly data reported by the company within the most recent 12 months, which was ¥336 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Research & Development →
What does a Research & Development of ¥336 Mil mean?
First Tractor Co (SHSE:601038) has a Research & Development of ¥336 Mil as of Dec. 2025. Research and development expense is the total cost for research and development activities. View historical data on First Tractor Co and its competitors.
Is First Tractor Co's Research & Development too high?
First Tractor Co's current Research & Development is ¥336 Mil. Overall, First Tractor Co has a GF Score™ of 77/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does First Tractor Co's Research & Development compare to CAT and DE?
First Tractor Co's Research & Development of ¥336 Mil can be compared against companies in the Farm & Heavy Construction Machinery industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Research & Development for a Farm & Heavy Construction Machinery company?
A good Research & Development depends on the Farm & Heavy Construction Machinery industry context. However, Research & Development should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Research & Development mean?
A high Research & Development can signal that a stock is expensive relative to its fundamentals. Research and development expense is the total cost for research and development activities. View historical data on First Tractor Co and its competitors. First Tractor Co's current Research & Development is ¥336 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is First Tractor Co stock overvalued right now?
Based on GuruFocus' analysis, First Tractor Co (SHSE:601038) is currently considered Modestly Overvalued. The stock's GF Value™ is ¥11.34, compared to a current price of ¥13.66 — trading 20.5% above its estimated fair value. The current Research & Development is ¥336 Mil. First Tractor Co's overall GF Score™ is 77/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Research & Development calculated?
Research & Development is calculated from a company's financial statements. For First Tractor Co (SHSE:601038), the current Research & Development is ¥336 Mil as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is First Tractor Co (SHSE:601038) Overvalued in 2026?

Based on GuruFocus' analysis, First Tractor Co stock appears to be overvalued. The current stock price of ¥13.66 is trading 20.5% above its estimated GF Value™ of ¥11.34. GuruFocus considers First Tractor Co to be Modestly Overvalued.

Key valuation signals for SHSE:601038:

  • Research & Development: ¥336 Mil
  • GF Value™: ¥11.34 vs. price of ¥13.66 (20.5% above fair value)
  • GF Score™: 77/100 with 7 warning signs

No single metric tells the full story. See the SHSE:601038 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

First Tractor Co Business Description

Other Exchanges 00038:Hong KongFTP:Germany
Address No. 154 Jianshe Road, Henan Province, Luoyang, CHN, 471004
First Tractor Co Ltd is an agricultural machinery and equipment manufacturing service provider in China. The company focuses on the R&D and manufacturing of medium and largesized tractors and their core components, accelerating the product upgrades towards high-end, intelligent and green technologies. The company has two reportable segments: agricultural machinery segment and power machinery segment. The agricultural machinery segment is responsible for the production and sales of agricultural tractors and harvesters. The power machinery segment is mainly responsible for the production and sales of diesel engines. The majority of the company's revenue is derived from the Agricultural machinery segment.
77GF Score

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Research & Development is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

¥13.66
Price
¥11.34
GF Value