丨证券研究报告丨 公司研究丨点评报告丨税友股份（603171.SH） [Table_Title] 税友股份 2025 中报点评：收入稳健增长，AI 收 入占比提升显著 报告要点 宗建树 刘思缘 SAC：S0490520030004 SFC：BUX668 [Table_Summary] 2025 年上半年公司实现营收 9.22 亿元，同比增长 13.25%；归母净利润 0.71 亿元，同比减少 19.52%；实现扣非归母净利润 0.62 亿元，同比下滑 25.09%。单 2025Q2，公司实现营收 4.74 亿元，同比增长 4.84%；实现归母净利润 0.46 亿元，同比减少 16.58%；实现扣非净利润 0.4 亿元，同比减少 27.58%。经营现金流净额-3.22 亿元。 分析师及联系人 [Table_Author] %% %% %% %% research.95579.com 请阅读最后评级说明和重要声明 2025 年 8 月 19 日，税友股份发布 2025 年度中报。2025 年上半年公司实现营收 9.22 亿元， 同比增长 13.25%；归母净利润 0.71 亿元，同比减少 19.52%；实现扣非归 ...

转自：新华财经 8月28日，税友股份（603171.SH）成功举办"财税数智芯 Agent新纪元"——财税行业首个Agentic平台产品发布会，会上不仅带来财税Agent-数智工场重磅产 品的全新亮相，更清晰展现了税友股份 AIBM 战略的推进成果与未来深化路径，为千亿财税市场注入数智化新活力。 发布会上，西安交通大学师斌教授表示：当前现有通用大模型面临财税知识缺乏、推理能力弱及垂域适配慢等核心问题，大量垂直细分领域仍存在大量空 白。财税行业作为国家和社会治理的"生命线"，是典型的垂直领域，其知识专业性强、人工标注成本高，且依法治税的刚性决定大模型对推理准确率的高度 需求，而通用大模型难以支撑。同时，财税行业多目标、多领域、更新快等特性，决定了行业急需"强知识-重推理"的财税垂域大模型，以行业+实务知识 库、多智能体协同推理为财税应用推理提供深度认知，全面提高财税决策、监管和服务能力。 税友股份作为财税行业AI应用先锋，依托20余年深耕财税行业的积累与"犀友"财税垂域大模型的落地应用，本次发布会从战略、产品、应用场景层层推进， 将AI应用数智化真正落地于财税服务的每一个环节。 基于财税垂域大模型，税友股份公司 ...

Company Overview - Taxfriend Software Group Co., Ltd. is located in Hangzhou, Zhejiang Province, established on December 22, 1999, and listed on June 30, 2021. The company specializes in the research, sales, and technical services of financial and tax information technology products [1] - The main business revenue composition includes: Intelligent Financial and Taxation Business 67.39%, Digital Government Business 32.56%, and Others 0.06% [1] Stock Performance - On September 2, Taxfriend's stock price fell by 1.14%, closing at 55.66 CNY per share, with a trading volume of 249 million CNY and a turnover rate of 1.11%. The total market capitalization is 22.617 billion CNY [1] - The stock has experienced a continuous decline for four consecutive days, with a cumulative drop of 5.82% during this period [1] Fund Holdings - From the perspective of the top ten heavy stocks in funds, one fund under Xinyuan Fund holds Taxfriend shares. Xinyuan Xinxin Income A (001601) held 29,500 shares in the second quarter, accounting for 3.16% of the fund's net value, ranking as the tenth heavy stock [2] - The estimated floating loss today is approximately 18,900 CNY, with a total floating loss of 101,500 CNY during the four-day decline [2] Fund Manager Information - The fund manager of Xinyuan Xinxin Income A (001601) is Chen Li and Zhang Hanyi. As of the report, Chen Li has a cumulative tenure of 12 years and 22 days, with a total fund asset size of 702 million CNY and the best fund return of 220.76% during his tenure [3] - Zhang Hanyi has a cumulative tenure of 8 years and 256 days, with a total fund asset size of 219 million CNY and the best fund return of 152.49% during his tenure [3]

Core Insights - The rapid development of the digital economy has led to increased demand for intelligent financial and tax management among small and micro enterprises, as well as for compliance and business empowerment [2] - TaxFriend Co., Ltd. launched the first Agentic platform in the financial and tax industry, named "Smart Workshop," which has shown initial optimization effects on financial and tax service models [2] - The platform's smart accounting function has achieved operational efficiency ten times that of traditional accounting, with an accuracy rate exceeding 90%, and has helped reduce labor costs by 60% [2] - TaxFriend's revenue from its intelligent financial and tax business reached 620 million yuan, a year-on-year increase of 11.95%, while its digital government business generated 300 million yuan, growing by 16.60% [4] Company Overview - TaxFriend Co., Ltd. was established in 1999 and is one of the earliest companies engaged in financial and tax information technology in China [3] - The company has participated in key tax infrastructure projects, including the national individual income tax reform and the smart electronic tax bureau [3] - TaxFriend operates a dual-brand strategy with its subsidiary "Yiqiying," focusing on B-end financial and tax SaaS services [3] Market Potential - The compliance tax optimization market is projected to have a market potential of over 100 billion yuan, with the domestic financial and tax AIBM ecosystem service industry expected to reach a market size of 390.73 billion yuan by 2028, with a compound annual growth rate of 74.9% [4] - The new generation of business owners is becoming younger, and small enterprises are showing increased compliance awareness, particularly in rapidly developing sectors such as e-commerce and new industries [4]

近日，国务院印发了《关于深入实施"人工智能+"行动的意见》(以下简称《意见》)。对A股AI应用板块而言，这无疑是一剂强有力的政策催化剂。然 而，《意见》发布后的第一个交易日，AI应用板块股价却出现了高开低走走势。反之，更受主流资金偏爱的AI硬件端企业股价一路高走。 随着A股上市公司半年报的陆续披露，面对市场质疑，AI应用板块内企业半年报业绩如何？ AI应用业绩难落地 先看股价表现，2025年上半年至今，AI教育龙头佳发教育（300559.SZ）股价涨幅约为20%、 AI文化龙头中文在线（300364.SZ）股价涨幅达32%左右、 中科金财（002657.SZ）上半年股价涨幅约140%、AI搜索龙头昆仑万维（维权）（300418.SZ）股价涨幅约10%， 然而这些企业的股价高涨并未在业绩上得到有力支撑。 佳发教育2025年上半年实现营业收入2.73亿元，同比增长5.03%，看似营收有增长，但归属于上市公司股东的净利润为4078.16万元，同比下降4.60%。对 于市场所关注的AI业务业绩表现时，佳发教育坦言："虽然公司AI相关产品类型不断增多，全系列产品的国产化程度不断提升，市场认可度和需求逐步 提升，但目前仍 ...

Core Insights - Taxfriend Co., Ltd. successfully launched the "Smart Tax Core Agent New Era" platform, marking a significant advancement in the financial and tax industry with the introduction of the Agentic platform product [1] - The AIBM strategy and the implementation of domain-specific large models have shown remarkable results, addressing the core issues of existing general models in the financial and tax sector [3][4] - The launch of the "Smart Workshop" aims to revolutionize the financial and tax service model, providing solutions to common industry challenges such as low efficiency and high costs [6] AIBM Strategy and Model Implementation - The AIBM strategy has established a smart ecosystem, integrating a general model adaptation tool, a financial and tax big data knowledge base, and a multi-agent reasoning model [4] - The introduction of AI digital employees has significantly improved operational efficiency, with new customer acquisition and revenue growth exceeding 100% year-on-year in the first half of 2025 [4] Product and Service Innovations - The "Smart Workshop" product matrix, including the cockpit, smart accounting, and smart compliance advisor, aims to enhance operational efficiency and reduce human error rates to below 10% [6] - Pilot programs have demonstrated that smart accounting can achieve tenfold efficiency compared to traditional accounting, with over 90% accuracy and a 60% reduction in labor costs [8] Market Trends and Opportunities - The financial and tax industry is undergoing a transformation from scale competition to value competition, driven by policy support, market changes, and technological advancements [10][11] - The compliance tax optimization market is projected to reach a scale of 390.73 billion yuan by 2028, with a compound annual growth rate of 74.9% [12] Future Outlook - Taxfriend Co., Ltd. aims to lead the smart financial and tax service era by leveraging technology innovation and ecosystem collaboration, establishing a new paradigm for financial and tax services in China [13]

Core Insights - The article discusses the launch of the "Agentic platform" named "Smart Factory" by TaxFriend Co., Ltd. (603171.SH), aimed at the financial and tax industry, highlighting the company's AIBM strategy and future plans [1][9] - TaxFriend has established a dual-driven business structure focusing on government (G-end) digital governance and enterprise (B-end) smart financial and tax services since its inception in 1999 [1][9] Business Structure - The G-end business serves as a stable revenue source, with TaxFriend being a core supplier for the national Golden Tax Project, contributing to system construction phases three and four [1][6] - The B-end business, particularly SaaS services for small and micro enterprises and tax service institutions, is the current growth engine, driven by increasing demand for efficiency and compliance management [1][6] AIBM Strategy Implementation - The AIBM strategy aims to address challenges in the highly specialized financial and tax sector, where general models struggle with knowledge gaps and logical reasoning [2][6] - TaxFriend has developed a specialized financial and tax domain model called "Xiyou" and has achieved preliminary results in building an AIBM digital ecosystem over the past six months [2] Smart Factory Platform - The "Smart Factory" platform is designed to tackle common pain points in the financial and tax service industry, such as low human efficiency, high operational costs, and inconsistent service quality [3][5] - The platform consists of a product matrix including "Cockpit + Smart Accounting + Smart Compliance Advisor," aiming to create a new human-machine collaborative work model [5] Performance Metrics - Pilot data for "Smart Accounting" showed that operational efficiency reached ten times that of traditional accounting, with an accuracy rate exceeding 90% and a 60% reduction in labor costs [5][8] - The company aims to assist 50,000 tax service institutions in improving efficiency and to establish AI financial departments for millions of small and micro enterprises [5] Market Expansion and Policy Alignment - TaxFriend is expanding its Agent services to government and public welfare sectors, aligning with current policies promoting refined financial and tax regulation and the acceleration of AI applications [6][11] - The market for financial and tax AIBM ecosystem services is projected to reach 390.73 billion yuan by 2028, indicating significant growth potential [11] Technological Foundation - The company has built a technical foundation comprising a "general model adaptation tool + financial and tax industry big data knowledge base + multi-agent reasoning model" [7] - The operational ecosystem supports tax service institutions through models like "tool empowerment + operational empowerment + joint management," with an average renewal rate increase of 15% for managed institutions [7] Business Model Transformation - The launch of "Smart Factory" signifies not only a technological update but also a transformation in the business model, shifting customer payment from "paying for tools" to "paying for results or digital labor" [8] - This shift is expected to enhance customer willingness to pay and increase average transaction value, as evidenced by the rapid growth of the product during its trial phase [8]

Core Insights - The launch of the "Smart Tax Agent - Intelligent Workshop" marks the introduction of the first Agentic platform in the tax and finance industry, aimed at revitalizing the trillion-yuan market with intelligent solutions [1] Group 1: New Service Model - The "Intelligent Workshop" platform provides a disruptive solution to common industry challenges such as low efficiency, high costs, and quality control issues [2] - The product matrix includes "Cockpit + Intelligent Accounting + Intelligent Compliance Advisor," reducing error rates to below 10% and enhancing human-machine collaboration [2] - The goal is to help 50,000 tax service institutions achieve a hundredfold increase in efficiency, while also establishing AI financial departments for millions of SMEs [2] Group 2: Market Engagement - The "Intelligent Accounting" product has demonstrated operational efficiency ten times that of traditional accounting, with over 90% accuracy and a 60% reduction in labor costs [2] - The platform is expected to significantly increase customer willingness to pay and average transaction value, shifting the focus from tool payments to results and digital labor payments [2] Group 3: Expansion into Public Sector - The company has extended its intelligent agent services to the public sector, addressing growing demands for personal tax optimization, social security planning, and pension calculations [3] - The "Yiqi Win" platform reported 11.8 million active enterprise users by June 2025, a 10.28% increase from the beginning of the year, with 7.78 million paying users, reflecting a 10.04% growth [3] Group 4: AIBM Strategy Implementation - The company is addressing core issues in existing general models, such as lack of tax knowledge and slow adaptation to specific domains, by leveraging over 20 years of industry experience [4] - The AIBM strategy has led to the establishment of a robust technical foundation, including a general model adaptation tool and a tax industry big data knowledge base [4] - The company has seen over 100% year-on-year growth in new customers and revenue from compliance products in the first half of 2025 [4] Group 5: Market Potential - The compliance tax optimization market is projected to reach a scale of 390.73 billion yuan by 2028, with a compound annual growth rate of 74.9% [5] Group 6: Commercialization of AI Products - By the first half of 2025, the company has successfully commercialized multiple scenarios of intelligent employees, with AI product sales accounting for 26.59% of its intelligent tax business [6] - This transition marks a significant step from being a traditional tax software service provider to becoming a leader in AI-driven intelligent services [6]

Core Insights - The company reported a revenue of 922 million yuan for H1 2025, representing a year-on-year growth of 13.25%, while the net profit attributable to shareholders decreased by 19.52% to 71 million yuan [1] - The B-end business has shown significant market expansion, with the number of registered enterprises in China reaching 61.226 million, a 5.1% increase from the end of 2023, and the digital economy's core industry value added is expected to account for 10% of GDP by 2025 [1] - The domestic financial and tax AIBM ecosystem service industry market size is projected to reach 390.73 billion yuan by 2028, with a compound annual growth rate of 74.9% [1] B-end Business Performance - The company has a leading position in the domestic financial and tax AIBM ecosystem service platform, benefiting from favorable policies and market conditions, with 11.8 million active enterprise users, a 10.28% increase from the beginning of the year [1] - The number of paid enterprise users reached 7.78 million, reflecting a growth of 10.04% [1] - The smart financial and tax business generated a revenue of 621.1263 million yuan, an increase of 11.95% year-on-year [1] G-end Business Development - The company is deeply involved in the "Golden Tax Phase IV" construction, enhancing its technological moat through the promotion of digital invoices and the gradual launch of new electronic tax bureaus [2] - The digital government business achieved a revenue of 300.0946 million yuan, a year-on-year growth of 16.60% [2] - The company is building an AI platform named "Xiyou" to support the transformation into a smart model service provider for the industry, leveraging over 20 billion financial and tax data [2] Future Outlook - The company is expected to achieve revenues of 2.311 billion yuan, 2.801 billion yuan, and 3.462 billion yuan from 2025 to 2027, with net profits projected at 277 million yuan, 427 million yuan, and 561 million yuan respectively [3] - Earnings per share (EPS) are forecasted to be 0.68 yuan, 1.05 yuan, and 1.38 yuan, with price-to-earnings (PE) ratios of 86.7X, 56.3X, and 42.9X [3]

Investment Rating - The report maintains a rating of "Accumulate" for the company [5] Core Views - The company has shown stable revenue growth, with both B-end and G-end businesses progressing effectively. The introduction of AI technology is expected to help build a competitive moat in vertical industries [4][9] - The B-end business is experiencing significant market expansion, supported by favorable policies and a growing number of registered enterprises in China. The domestic financial and tax AIBM ecosystem service market is projected to reach 390.73 billion by 2028, with a compound annual growth rate of 74.9% [2] - The G-end business is deeply involved in the "Golden Tax Phase IV" construction, enhancing digital tax products that help enterprises reduce costs and improve efficiency. The company is actively developing a large model for tax services, leveraging over 20 billion financial and tax data to create a competitive advantage [3] Financial Summary - For the fiscal year 2023, the company reported revenue of 1,829 million, with a year-on-year growth rate of 7.7%. The net profit attributable to the parent company was 83 million, reflecting a decline of 42.1% year-on-year [1] - Revenue is projected to grow to 2,311 million in 2025, with a year-on-year growth rate of 18.8%, and net profit is expected to reach 277 million, marking a significant increase of 146.4% [1][9] - The company's return on equity (ROE) is forecasted to improve from 3.4% in 2023 to 10.3% in 2025, indicating enhanced profitability [1]