Core Points - Tax Friend Software Group Co., Ltd. announced a cash dividend of 0.20 CNY per share, totaling 81,352,650 CNY for all shareholders [1] - The record date for the dividend is May 28, 2025, with the ex-dividend date and payment date both set for May 29, 2025 [1] - The company will not implement any differentiated dividend distribution [1] Dividend Distribution Details - The total share capital before the distribution is 406,763,250 shares, and the cash dividend will be distributed to shareholders registered with China Securities Depository and Clearing Corporation Limited, Shanghai Branch [1] - Shareholders who have completed designated transactions can receive their cash dividends on the payment date at their designated securities business department [1] - For shareholders who have not completed designated transactions, the dividends will be held by China Securities Depository and Clearing Corporation Limited until the designated transaction is completed [1] Tax Implications - Individual shareholders holding shares for more than one year will not be subject to personal income tax on the dividend income, effectively receiving 0.20 CNY per share [2] - For shares held for less than one year, the actual tax burden will be 20% on the dividend income [3] - For Qualified Foreign Institutional Investors (QFII), the cash dividend will be subject to a withholding tax, resulting in a net dividend of 0.18 CNY per share [4]

证券代码：603171 证券简称：税友股份 公告编号：2025-026 税友软件集团股份有限公司 2024年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： 每股分配比例 A 股每股现金红利0.20元 相关日期 本次利润分配方案经税友软件集团股份有限公司（以下简称"公司"）2025 年 5 月 9 日的2024年年度股东大会审议通过。 二、分配方案 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本406,763,250股为基数，每股派发现 金红利0.20元（含税），共计派发现金红利81,352,650.00元（含税）。 三、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 | ...

Core Viewpoint - The company is undergoing a strategic transformation, showing initial success in high-value business drivers, with revenue growth and a notable increase in operating efficiency despite a decline in net profit [1][3][7]. Financial Performance - In 2024, the company achieved revenue of 1.945 billion, a year-on-year increase of 6.38%, and a net profit of 113 million, a year-on-year decrease of 35.01% [2][3]. - For Q1 2025, the company reported revenue of 449 million, a year-on-year increase of 23.72%, and a net profit of 25 million, a year-on-year decrease of 24.50% [2][3]. Business Segments Intelligent Financial Taxation - The intelligent financial taxation segment generated revenue of 1.177 billion in 2024, with a year-on-year growth of 8.46% and a net profit margin of 21.19% [4]. - The user base for the company's platforms saw significant growth, with active users increasing by 30.5% to 10.7 million and paid users growing by 24.5% to 707,000 [4]. Digital Government - In the digital government sector, the company narrowed its losses to 136 million, with revenue of 763 million, a year-on-year increase of 3.37% [5]. - Data value services revenue grew by 42.75%, reaching 266.59 million, driven by a focus on tax-related applications and services [5]. Strategic Focus - The company aims to accelerate its business model transformation by focusing on AI, ecological operations, and data value development [6][7]. - Plans include promoting Agent applications and expanding data service products in the digital government sector, as well as scaling up compliance tax products in the intelligent financial taxation sector [6]. Investment Outlook - The company is expected to see significant revenue growth from 2025 to 2027, with projected revenues of 2.337 billion, 2.837 billion, and 3.475 billion, representing year-on-year growth rates of 20.12%, 21.39%, and 22.51% respectively [7]. - Net profit forecasts for the same period are 178 million, 280 million, and 421 million, with growth rates of 58.14%, 57.23%, and 50.31% respectively [7].

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of 50.17 RMB per share, representing a potential upside of 49% from the current price of 44.20 RMB [1][8]. Core Insights - The company has entered a high growth phase, with Q1 2025 revenue growth exceeding 20% for the first time since Q2 2021. However, the G-end business continues to pressure overall profits [1][8]. - EPS forecasts for 2025 and 2026 are set at 0.63 RMB and 0.87 RMB, respectively, with a new forecast for 2027 at 1.18 RMB. The current profit levels do not align with the revenue scale due to G-end drag [1][8]. - The company reported a revenue of 1.95 billion RMB in 2024, up 6.38% YoY, and a net profit attributable to shareholders of 113 million RMB, up 35.01% YoY [1][8]. Financial Summary - In Q1 2025, the company achieved a revenue of 449 million RMB, a 23.72% increase YoY, while the net profit attributable to shareholders was 25 million RMB, down 24.50% YoY [1][8]. - The company’s 2024 revenue from its ToB business was 1.18 billion RMB, up 8.46% YoY, with a net profit of 249 million RMB, up 1.60% YoY. The ToG business generated 763 million RMB in revenue, up 3.37% YoY, but incurred a net loss of 136 million RMB, reducing losses significantly from 2023 [1][8]. - The report highlights that the company’s AI products now contribute over 20% to its digital tax business revenue, indicating a strong integration of AI into its service offerings [1][8].

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of 50.17 RMB per share, representing a potential upside of 49% from the current price of 44.20 RMB [1][8]. Core Insights - The company has entered a high growth phase, with Q1 2025 revenue growth exceeding 20% for the first time since Q2 2021. The revenue for 2024 was 1.95 billion RMB, up 6.38% year-on-year, while the net profit attributable to shareholders was 113 million RMB, up 35.01% year-on-year [1][8]. - The company is actively expanding its sales channels, which is reflected in the increase in operating costs and sales expenses. The B-end business is growing steadily, while the G-end business has significantly reduced its losses [8]. - The company is leveraging AI technology through its "Xiyou" platform to enhance its SaaS products, aiming to create a comprehensive tax and finance application ecosystem [8]. Financial Summary - The company's revenue is projected to grow from 1.83 billion RMB in 2023 to 3.53 billion RMB by 2027, with a compound annual growth rate (CAGR) of approximately 23.5% [3]. - Net profit attributable to shareholders is expected to increase from 83 million RMB in 2023 to 482 million RMB in 2027, reflecting a significant growth trajectory [3]. - The earnings per share (EPS) forecast for 2025 is 0.63 RMB, increasing to 1.18 RMB by 2027, indicating strong profitability growth [3][8]. Business Segments - The ToB (business-to-business) segment achieved revenue of 1.18 billion RMB in 2024, up 8.46% year-on-year, while the ToG (government-to-business) segment generated 763 million RMB, up 3.37% year-on-year, although it still reported a net loss [8]. - The active enterprise users on the Yiqiying platform reached 10.70 million, a 30.5% increase from early 2024, with 7.07 million paying users, up 24.5% [8]. AI Integration - AI products now contribute over 20% to the revenue of the digital tax business, highlighting the importance of AI in the company's future growth strategy [8].

浙江天册律师事务所 关于 税友软件集团股份有限公司 2024 年年度股东大会的 法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 法律意见书 浙江天册律师事务所 关于税友软件集团股份有限公司 2024 年年度股东大会的 法律意见书 编号：TCYJS2025H0662 号 致：税友软件集团股份有限公司 浙江天册律师事务所（以下简称"本所"）接受税友软件集团股份有限公司 （以下简称"税友软件"或"公司"）的委托，指派本所律师参加公司 2024 年年 度股东大会，并根据《中华人民共和国证券法》（以下简称"《证券法》"）、 《中华人民共和国公司法》（以下简称"《公司法》"）和《上市公司股东会规 则》（以下简称"《股东会规则》"）等法律、法规和其他有关规范性文件的要 求出具本法律意见书。 在本法律意见书中，本所律师仅对本次股东大会召集、召开程序、出席人员 的资格、召集人的资格、表决程序及表决结果的合法有效性发表意见，不对会议 所审议的议案内容和该等议案中所表述的事实或数据的真实性和准确性发表意见。 本法律意见书仅供公司 ...

证券代码：603171 证券简称：税友股份 公告编号：2025-025 税友软件集团股份有限公司 2024年年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、会议召开和出席情况 (一) 股东大会召开的时间：2025 年 5 月 9 日 (二) 股东大会召开的地点：浙江省杭州市滨江区浦沿街道西浦路 1015 号税 友大厦会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 68 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 328,791,131 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 80.8310 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况 等。 本次会议由税友软件集团股份有限公司（以下简称"公司"）董事会召集， 现场会议由董事长张镇潮先生主持。会议采用现场投票和网 ...

Core Viewpoint - The company demonstrates steady profitability and aims to transform its business model through "artificial intelligence + scenario implementation + ecological synergy" [2] Financial Performance - In Q1 2025, the company reported revenue of 449 million yuan, a year-on-year increase of 23.72%, while net profit attributable to shareholders was 25 million yuan, a year-on-year decrease of 24.50% [1] - For the full year 2024, the company achieved revenue of 1.945 billion yuan, a year-on-year increase of 6.38%, and net profit attributable to shareholders of 113 million yuan, a year-on-year increase of 35.01% [1] Profitability Metrics - In 2024, the company's gross margin was 55.21%, a slight decrease of 0.40 percentage points year-on-year, indicating stable gross profitability [2] - The net profit margin for 2024 was 5.82%, an increase of 1.29 percentage points year-on-year [2] Business Segments B-end: Smart Tax and Finance Solutions - The company's smart tax and finance business, branded as "Yiqiying," generated revenue of 1.177 billion yuan in 2024, a year-on-year increase of 8.46%, with a net profit of 249 million yuan, a year-on-year increase of 1.60% [3] - The platform had 10.7 million active enterprise users by the end of 2024, a growth of 30.5% from the beginning of the year, with 7.07 million paying users, a growth of 24.5% [3] G-end: Digital Government Services - The company, under the brand "Tax Friend Information," serves as a core supplier for financial and tax systems in the digital government sector, achieving revenue of 763 million yuan in 2024, a year-on-year increase of 3.37%, but a net loss of 136 million yuan [4] - The company has focused on key projects and deepened its market presence in provincial and municipal non-tax government departments [4] Future Outlook - The company is positioned as a leading provider of intelligent financial and tax services in China and is expected to benefit from the growth in demand for AI and electronic vouchers [5] - Revenue projections for 2025-2027 are set at 2.377 billion yuan, 2.877 billion yuan, and 3.409 billion yuan, with net profits of 218 million yuan, 349 million yuan, and 452 million yuan respectively [5]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported better-than-expected performance in Q1 2025, with revenue of 449 million yuan, a year-on-year increase of 23.7%, and a net profit of 24.75 million yuan, although this represents a decline of 24.5% year-on-year [7] - The company is focusing on AI applications in tax compliance, which is expected to drive growth and cost savings [7] - Revenue forecasts for 2025-2027 have been adjusted, with expected revenues of 2.38 billion yuan, 2.98 billion yuan, and 3.86 billion yuan respectively [7] - The company is positioned as a rare player in the AI application field, with expectations for significant growth starting in 2026 [7] Financial Data and Earnings Forecast - Total revenue for 2024 is projected at 1.945 billion yuan, with a year-on-year growth of 6.4% [6] - The company achieved a gross margin of 55.2% in 2024, with a stable gross margin expected in the coming years [7] - The net profit for 2025 is forecasted to be 186 million yuan, reflecting a significant increase of 65.1% compared to 2024 [6] - The company’s operating cash flow showed a positive trend, with a net operating cash flow of 273 million yuan in 2024, up 12% year-on-year [7] Adjustments to Key Metrics - The number of B-end paying users is expected to increase from 789,000 to 813,000 for 2025E [9] - The average customer price for B-end services is adjusted downwards from 209 yuan to 196 yuan for 2025E [9] - The gross margin for B-end services is revised down from 76% to 70% for 2025E [9] Valuation and Market Comparison - The target market capitalization for the company is set at 24.5 billion yuan, indicating over 20% upside potential from the current market value [10] - The company is compared with peers in the SaaS sector, showing a slightly lower gross margin due to the specialized nature of its products [10]

议 资 料 二〇二五年五月九日 税友软件集团股份有限公司 2024 年年度股东大会 会 | | | 2024 年年度股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事 效率，保证大会的顺利进行，根据《中华人民共和国公司法》（以下 简称"《公司法》"）《中华人民共和国证券法》（以下简称"《证 券法》"）及税友软件集团股份有限公司（以下简称"税友股份"或 "公司"）《公司章程》《股东大会议事规则》等相关规定，特制定 本次股东大会会议须知： 一、公司设立股东大会会务组，具体负责会议的程序安排和会务 工作。 二、请现场出席大会的股东或股东代理人及相关人员于 2025 年 4 月 30 日 17:00 前做好参会登记（详见公司于 2025 年 4 月 18 日在上 海证券交易所网站（www.sse.com.cn）发布的会议通知公告）。出席 会议的股东及股东代理人须在会议召开前 15 分钟到达会场进行签到 登记并请按规定出示证券账户卡、身份证明文件或法人单位证明、授 权委托书等，经验证后方可出席会议。会议开始后，会议签到登记终 止，由会议主持人宣布现场出席会议的股东和代理人人数及所持有表 决权的股 ...