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]

Investment Rating - The report provides a "Buy" recommendation for the technology sector, indicating a positive outlook for the industry over the next 12 months [24]. Core Insights - The report highlights key stocks in the technology sector for May 2025, including Hengxuan Technology, Weir Shares, Cambricon, Tax Friend, Huafeng Technology, Huace Navigation, Kaiying Network, and Shanghai Film [4][7]. - The report emphasizes the growth potential in various sub-sectors such as electronics, computing, communications, and media, driven by advancements in AI and digital transformation [9][10][11][12][14]. Summary by Category Electronics - Hengxuan Technology is recognized as a leader in wearable SoC, with strong growth in TWS earphones and potential in AI glasses and smartwatches [9]. - Weir Shares reported better-than-expected Q1 results, driven by high demand in automotive, IoT, and medical sectors, with a focus on maintaining high gross margins [9]. Computing - Cambricon is positioned as a leading AI chip manufacturer in China, with significant revenue growth expected in 2024 and 2025, benefiting from the expansion of AI capabilities [10]. - Tax Friend is a leading digital government service provider, with strong growth in AI-driven revenue and a focus on enhancing high-margin business segments [11]. Communications - Huafeng Technology is set to benefit from the increasing demand for high-performance connectors in AI computing clusters, with projected net profits of 278 million, 361 million, and 471 million yuan from 2025 to 2027 [12]. - Huace Navigation has seen significant improvements in overseas business margins and aims for a net profit target of 730 million yuan in 2025, reflecting a 25% year-on-year increase [12]. Media - Kaiying Network has a robust pipeline of IP products and is actively expanding into new game categories and overseas markets, with a focus on AI applications in gaming [14]. - Shanghai Film is leveraging its strong IP portfolio and aims to capitalize on the recovery of the film market, with growth strategies centered around IP monetization and innovative product offerings [14].

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 ...

Core Viewpoint - Taxfriend Software Group Co., Ltd. reported significant revenue growth in Q1 2025, driven by its high-value transformation strategy and the accelerated promotion of compliance tax optimization products [1][2] Group 1: Financial Performance - The company achieved an operating income of 449 million yuan, representing a year-on-year increase of 23.72% [1] - The net profit attributable to shareholders was 24.74 million yuan during the same period [1] Group 2: High-Value Transformation - Taxfriend's transformation focuses on creating an AIBM digital ecosystem in the smart tax and finance sector, leveraging Agentic AI technology to enhance compliance and financial management services [1] - The company aims to capture the trillion-yuan compliance tax optimization market through a joint operation and business management model [1] Group 3: Product Development and Market Strategy - The rapid growth in user adoption of basic compliance products like Risk Control Warning Agent and Compliance Assessment Agent contributed significantly to revenue growth [2] - Advanced compliance products such as Tax Optimization Planning Agent and Consulting Copilot are also experiencing increased user volume [2] - The "Xiyou" intelligent agent is designed to cover various application scenarios across different levels of tax authorities and government agencies, facilitating a shift towards high-value data services in digital governance [2] Group 4: Future Outlook - Despite increased short-term investments, the company anticipates that its high-value tax and finance services will continue to contribute to revenue and improve profitability [2] - The company is committed to building an Agent application factory that covers the entire tax and finance value chain, while also enhancing digital governance services driven by data [2]

Core Viewpoint - Taxfriend Co., Ltd. (603171) reported significant growth in Q1 2025, with total revenue reaching 449 million yuan, a year-on-year increase of 23.72%, and a net profit attributable to shareholders of 24.74 million yuan, with basic earnings per share of 0.06 yuan [1] Group 1: Business Performance - The company achieved total revenue of 449 million yuan in Q1 2025, marking a 23.72% increase compared to the same period last year [1] - The net profit attributable to shareholders was 24.74 million yuan, with basic earnings per share at 0.06 yuan [1] Group 2: Strategic Development - Taxfriend aims to create a new era of high-value financial and tax services through its vision of "intelligent and digital high-value financial and tax services" and a development path of "artificial intelligence + scenario implementation + ecological collaboration" [1][2] - The company has established two main business segments: intelligent financial and tax services and digital government [1] Group 3: Investment and R&D - The company is currently in a transformation investment phase, with increased promotional expenses for compliance products driven by Agentic AI and R&D investments, leading to sales and R&D expenses of 75.71 million yuan and 122 million yuan, respectively, reflecting year-on-year growth of 36.06% and 16.08% [1] - Taxfriend continues to maintain high R&D investment, with its self-developed AI platform "Xiyou" integrating multiple models to enhance the productivity of high-value service business growth [2] Group 4: Market Position and User Base - In the intelligent financial and tax sector, Taxfriend has launched the AIBM ecological strategy, serving over 10.7 million active enterprise users and more than 7.07 million paying users [1] - The compliance tax advantage products driven by Agentic AI technology are experiencing rapid growth in user numbers and subscriptions [1]

Financial Performance - The company's operating revenue for Q1 2025 was ¥448,744,016.74, representing a 23.72% increase compared to ¥362,700,556.68 in the same period last year[4]. - Net profit attributable to shareholders decreased by 24.50% to ¥24,745,677.38 from ¥32,775,309.18 year-on-year[4]. - The basic and diluted earnings per share both fell by 25.00% to ¥0.06 from ¥0.08 in the previous year[4]. - The company reported a decrease in net profit due to increased operational costs and market challenges[4]. - Total operating revenue for Q1 2025 reached ¥448.74 million, a 24% increase from ¥362.70 million in Q1 2024[19]. - Net profit for Q1 2025 was ¥24.05 million, a decrease of 27% compared to ¥32.84 million in Q1 2024[20]. - The company reported a basic earnings per share of ¥0.06 for Q1 2025, down from ¥0.08 in Q1 2024[20]. - The company’s total profit for Q1 2025 was ¥24.36 million, a decrease from ¥32.56 million in Q1 2024[19]. Assets and Liabilities - Total assets at the end of the reporting period were ¥4,003,893,059.58, down 3.49% from ¥4,148,568,542.66 at the end of the previous year[4]. - As of March 31, 2025, the total assets of the company amounted to RMB 4,003,893,059.58, a decrease from RMB 4,148,568,542.66 as of December 31, 2024, reflecting a decline of approximately 3.48%[16]. - The company's current assets totaled RMB 2,019,107,634.13, down from RMB 2,223,668,568.98, indicating a decrease of about 9.2%[14]. - The total liabilities decreased to RMB 1,480,430,067.24 from RMB 1,649,125,181.78, a reduction of about 10.3%[16]. - The company's total equity increased to RMB 2,523,462,992.34 from RMB 2,499,443,360.88, showing a growth of approximately 0.96%[16]. Cash Flow - The net cash flow from operating activities was negative at -¥370,024,431.87, compared to -¥360,074,517.35 in the same period last year[4]. - Cash flow from operating activities showed a net outflow of ¥370.02 million in Q1 2025, slightly worse than the outflow of ¥360.07 million in Q1 2024[24]. - Cash flow from investing activities generated a net inflow of ¥96.08 million in Q1 2025, compared to ¥41.20 million in Q1 2024, indicating a significant increase[25]. - Cash flow from financing activities resulted in a net inflow of ¥189.94 million in Q1 2025, down from ¥244.25 million in Q1 2024[25]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 12,221[9]. - The largest shareholder, Ningbo Sichuang Venture Capital Partnership, holds 53.67% of the shares[9]. Operational Costs and Expenses - Total operating costs for Q1 2025 were ¥425.82 million, up 28% from ¥331.76 million in Q1 2024[19]. - Research and development expenses increased to ¥122.09 million in Q1 2025, compared to ¥105.18 million in Q1 2024, reflecting a 16% rise[19]. Asset Composition - The company's cash and cash equivalents were RMB 1,303,422,051.20, a decrease from RMB 1,459,628,936.50, representing a decline of approximately 10.7%[14]. - The accounts receivable increased to RMB 244,968,472.59 from RMB 172,607,389.96, showing a growth of around 42%[14]. - The company's inventory increased to RMB 177,101,383.39 from RMB 163,429,089.95, reflecting a growth of about 8.4%[14]. - The company's short-term borrowings increased significantly to RMB 307,989,164.93 from RMB 114,629,087.90, marking an increase of about 168%[16]. - The total non-current assets amounted to RMB 1,984,785,425.45, up from RMB 1,924,899,973.68, indicating an increase of approximately 3.12%[15].

税友股份（603171）公告，2025年第一季度营收为4.49亿元，同比增长23.72%；净利润为2474.57万 元，同比下降24.50%。 ...

Investment Rating - The report maintains a "Recommended" rating for key companies in the AI+ government sector, including XinDian Software, BoSi Software, TaxFriend, and others [5][6]. Core Insights - The introduction of "AI+ Government Assistant" in Shenzhen has sparked widespread interest, with multiple regions launching AI government projects. The implementation of the DeepSeek model has improved overall efficiency by at least 20% in various administrative tasks [1][10]. - The AI-enabled government IT systems cover multiple vertical scenarios, including procurement, finance, and taxation, indicating significant potential for cost savings and efficiency improvements [2][14]. - The AI applications in government services, such as the "DeepXiao i" assistant, have shown a 90% accuracy rate in responding to public inquiries, significantly outperforming traditional methods [3][12]. Summary by Sections AI+ Government Applications - The report highlights the rapid deployment of AI projects across various government sectors, with Shenzhen leading the way. The DeepSeek model has been integrated into 240 real-world scenarios, enhancing work efficiency [10][11]. - The digital transformation of government services is projected to grow, with AI playing a crucial role in improving operational efficiency and service delivery [14][17]. Investment Recommendations - The report suggests focusing on the AI+ government industry chain, which includes companies like XinDian Software, BoSi Software, and TaxFriend, as well as the government cloud and integrated machine industry chain [40][41]. - The potential market for AI in government services is vast, covering procurement, finance, taxation, and judicial sectors, with significant opportunities for cost reduction and efficiency gains [40][41]. Key Company Forecasts - The report provides earnings per share (EPS) forecasts for key companies, indicating growth potential. For instance, XinDian Software is projected to have an EPS of 0.63 yuan in 2024, with a PE ratio of 54 [5][6]. - The report emphasizes the importance of AI in enhancing the capabilities of financial and procurement systems, with companies like BoSi Software and ZhongKe JiangNan integrating AI into their operations [24][28].

Investment Rating - The report maintains a "Buy" rating for the company [1][5][7] Core Views - The company has shown significant growth in 2024, with revenue reaching RMB 1.945 billion, a year-on-year increase of 6.38%, and a net profit of RMB 113 million, up 35.01% [5][10] - The rapid growth of the "Yiqiying" platform users and the continuous empowerment of AI technology in the business indicate a broad growth potential [5][10] - The company is positioned as a benchmark in the "AI + Tax SaaS" sector, leveraging AI technology to enhance its service offerings [10] Financial Performance Summary - In 2024, the company achieved a revenue of RMB 1.945 billion, with a growth rate of 6.4% [9] - The net profit for 2024 was RMB 113 million, reflecting a growth rate of 35.0% [9] - The company expects revenues of RMB 2.286 billion, RMB 2.766 billion, and RMB 3.319 billion for 2025, 2026, and 2027 respectively, with corresponding net profits of RMB 226 million, RMB 278 million, and RMB 351 million [7][9] - The EPS for 2025 is projected to be RMB 0.56, with a PE ratio of 77.3 [7][9] User Growth and AI Integration - The "Yiqiying" platform saw a 30.5% increase in active enterprise users and a 24.5% increase in paid enterprise users by the end of 2024 [10] - AI products now account for over 20% of the revenue from the smart tax business, indicating strong integration of AI technology [10] Market Outlook - The domestic tax AI business market is projected to reach RMB 390.73 billion by 2028, with a compound annual growth rate of 74.9% [10] - The company is actively participating in digital government projects and adapting to domestic environments, enhancing its service capabilities [10]

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company has shown steady growth in performance, with both business segments (BG) driving success. The financial indicators reflect significant improvements, particularly in net profit, which increased by 35.01% year-on-year in 2024 [4][5] - The company is actively enhancing its digital tax services, integrating AI-driven solutions to empower small and micro enterprises, with AI products contributing over 20% to the revenue of its digital tax business [2][4] - The user base for the company's platform has seen substantial growth, with active enterprise users reaching 10.7 million, a 30.5% increase from the beginning of the year [3] Financial Performance Summary - In 2024, the company achieved a revenue of 1.945 billion yuan, a year-on-year growth of 6.4%, and a net profit of 113 million yuan, reflecting a 35% increase [1][4] - The projected revenue for 2025 is 2.311 billion yuan, with an expected net profit of 277 million yuan, indicating a significant growth trajectory [9] - The company's return on equity (ROE) is expected to rise from 4.5% in 2024 to 16.0% by 2027, showcasing improved profitability [1][9] Business Development and Strategy - The company is committed to supporting digital governance initiatives, contributing to the digitalization of tax management across various provinces [4] - The integration of AI capabilities into the company's services is designed to address client pain points and enhance operational efficiency [4] - The digital governance business segment reported a revenue of 763 million yuan, growing by 3.37% year-on-year, indicating a stable demand for its services [4]