The predecessor of First Tractor Co., Ltd., First Tractor Manufacturing Factory, was founded in 1955. It is one of the 156 national key projects built during China's "First Five Year Plan" period and the only super large enterprise in China's agricultural machinery industry. In 1990, it was rated as a "National First Class Enterprise" by the State Council Enterprise Management Committee. In 1997, China First Tractor Group Co., Ltd. underwent a shareholding reform after restructuring its tractor related businesses, assets, liabilities, and personnel. It established First Tractor Co., Ltd. in accordance with the law and issued H-share stocks overseas. It was listed in Hong Kong on June 23 of the same year. On August 8, 2012, Yituo Corporation was listed and traded on the Shanghai Stock Exchange, becoming the only listed company in China's agricultural machinery industry to have an "A+H" stock capital platform. The direct holding company of the company is China Yituo Group Co., Ltd., and the ultimate holding company is China Machinery Industry Group Co., Ltd. The company has been awarded the National Advanced Enterprise in Quality Management and has passed system certifications such as ISO9001 for Quality Management System, ISO14001 for Environmental Management System, OHSAS18001 for Occupational Health and Safety Management System. The company was also awarded the 2012 Henan Provincial Governor's Quality Award. As of the end of 2012, the total assets of the company were 10.73 billion yuan, with 12200 employees, including more than 3200 management and professional technical personnel.

The company has a strong production capacity for forging, mechanical processing, assembly, and testing, with nearly a hundred assembly lines. The company's leading products cover more than 100 varieties of "Dongfanghong" series tracked tractors, wheeled tractors, and diesel engines. The company has maintained its leading position in the domestic market for large wheel trailers and non road power machinery products through product and technological advantages, and has successfully sold to more than 140 countries and regions worldwide, making outstanding contributions to China's agricultural machinery industry, agricultural mechanization, and new rural construction. Four specialized tractor assembly plants produce tracked tractors and variant products, as well as large, medium, and small wheeled tractors. The power coverage range of tractor products is 17-380 horsepower.

The company adheres to the concept of scientific development, guided by the strategic development idea of "gathering cores to build strength", gathers core resources, concentrates on core businesses, and focuses on core markets. The company focuses on enhancing independent innovation capabilities, improving marketing capabilities, enhancing talent to strengthen the enterprise, and improving international business capabilities, continuously improving its innovation and operational capabilities. Strengthen the core business of tractors and diesel engines, strengthen the golden supply chain system of components, and strengthen both domestic and international markets. Fully utilize the resources of listed companies, effectively integrate relevant resources, and create better development space. Comprehensively improve and enhance the overall competitiveness of the agricultural equipment based and moderately diversified industrial chain, and become a leader in agricultural equipment.