Core Viewpoint - The controlling shareholder of Taxfriend Co., Ltd. (税友股份) plans to reduce its stake in the company again, citing personal funding needs, following a previous reduction completed just two months ago [1][2]. Group 1: Shareholder Reduction Plans - The controlling shareholder, Ningbo Sichuang Investment Partnership, intends to reduce its holdings by up to 12.2 million shares, representing no more than 3% of the total share capital [1]. - Previously, in February, Ningbo Sichuang announced a plan to reduce its stake by up to 8.1353 million shares, which was completed two months later, amounting to approximately 352 million yuan [2]. Group 2: Company Performance - Taxfriend has experienced fluctuations in performance, with revenue and net profit declining over the past three years. Revenue figures were 1.605 billion yuan in 2021, 1.698 billion yuan in 2022, and 1.829 billion yuan in 2023, while net profit figures were 231 million yuan, 144 million yuan, and 83.39 million yuan respectively [3]. - In 2024, Taxfriend reported revenue of 1.945 billion yuan, a year-on-year increase of 6.38%, with net profit and net profit after deducting non-recurring gains and losses at 113 million yuan and 82.17 million yuan, reflecting growth rates of 35.01% and 35.65% respectively [3]. Group 3: Business Segments - The company's revenue from its smart tax business and digital government business reached 1.177 billion yuan and 763 million yuan respectively, with year-on-year growth rates of 8.46% and 3.37% [4]. - The gross profit margins for these segments were 72.04% and 29.12%, with slight changes of -1.82 and +0.26 percentage points year-on-year [4].

Group 1: Shareholding and Reduction Plan - Taxfriend Co., Ltd. announced a share reduction plan by its controlling shareholder, Ningbo Sichuang Venture Capital Partnership, which holds 214,960,498 shares, accounting for 52.85% of the total share capital [1] - Ningbo Sichuang plans to reduce its holdings by no more than 12,202,897 shares, representing up to 3% of the total share capital, with a portion to be sold through centralized bidding and block trading [1] Group 2: Financial Performance - In 2024, the company achieved operating revenue of 1.945 billion yuan, a year-on-year increase of 6.38%, and a net profit attributable to shareholders of 112.58 million yuan, up 35.01% [2][3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 82.17 million yuan, reflecting a growth of 35.65% compared to the previous year [2][3] - The net cash flow from operating activities was 273.78 million yuan, showing a 12.12% increase from the previous year [3] Group 3: Historical Financial Data - The net profit attributable to shareholders from 2020 to 2024 was 302.2 million yuan, 230.8 million yuan, 143.9 million yuan, 83.39 million yuan, and 112.6 million yuan respectively [4] - The company's total assets increased to 4.149 billion yuan in 2024, a 7.72% increase from 2023 [3] Group 4: Quarterly Performance - In Q1 2025, the company reported operating revenue of 449 million yuan, a year-on-year increase of 23.72%, but a net profit decline of 24.50% to 24.75 million yuan [6] - The net cash flow from operating activities was negative at -37 million yuan for Q1 2025 [6] Group 5: Initial Public Offering - Taxfriend Co., Ltd. was listed on the Shanghai Stock Exchange on June 30, 2021, with an issuance of 40.59 million shares at a price of 13.33 yuan per share, raising a total of 541.06 million yuan [7]

Core Viewpoint - The major shareholder of Taxfriend Software Group Co., Ltd. plans to reduce its stake in the company by up to 12,202,897 shares, representing a maximum of 3% of the total share capital, due to personal funding needs [1]. Shareholder Information - The controlling shareholder, Ningbo Sichu Venture Capital Partnership (Limited Partnership), holds 214,960,498 shares, accounting for 75.54% of the total share capital, all of which are tradable shares [1]. - The shareholder has a direct holding of 52.85% and is identified as a major shareholder [1]. Reduction Plan Details - The reduction plan includes selling up to 12,202,897 shares, with a breakdown of 4,067,632 shares through centralized bidding and 8,135,265 shares through block trading [1]. - The reduction period is set from July 28, 2025, to October 27, 2025 [1]. - The shares intended for reduction were acquired before the IPO [1]. Compliance and Commitments - The major shareholder has made commitments regarding the holding period and conditions for share reduction, including not transferring shares during the lock-up period and adhering to specific price conditions post-lock-up [2][3][4]. - The planned reduction aligns with previously disclosed commitments and complies with relevant laws and regulations [6].

证券代码：603171 证券简称：税友股份 公告编号：2025-031 税友软件集团股份有限公司 股东减持股份计划公告 本公司董事会、全体董事及相关股东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： 大股东持股的基本情况：截至本公告披露日，税友软件集团股份有限公 司（以下简称"税友股份"或"公司"）控股股东宁波思驰创业投资合伙企业（有 限合伙）（以下简称"宁波思驰"）持有公司股份 214,960,498 股，占公司总股本 52.85%。宁波思驰及一致行动人合计持有公司股份 307,260,498 股，占公司总股 本 75.54%，全部为无限售条件流通股。 减持计划的主要内容：宁波思驰计划减持公司股份不超过 12,202,897 股， 即不超过公司总股本的 3%。其中，拟通过集中竞价方式减持不超过 4,067,632 股，占公司总股本的比例不超过 1%；拟通过大宗交易方式减持不超过 8,135,265 股，占公司总股本的比例不超过 2%。减持期限为自公告披露之日起 15 个交易日 之后的 3 个月内实施。 实施期间，若公司有送股、资本 ...

Core Viewpoint - The controlling shareholder of Taxfriend Co., Ltd. (税友股份), Ningbo Sichu, plans to reduce its stake by up to 3% of the company's total share capital [1] Summary by Relevant Sections - **Shareholding Reduction Plan** - Ningbo Sichu intends to reduce its holdings by no more than 12,202,897 shares, which represents up to 3% of the total share capital of Taxfriend Co., Ltd. [1]

Investment Rating - The report indicates a positive outlook for the 3D printing industry, highlighting a high level of prosperity in the industry chain and potential rapid growth for core companies [5][6]. Core Insights - The 3D printing industry is entering a significant growth phase, driven by lower prices and simplified operations, particularly in the consumer market. Companies like Tuozhu Technology are leading this trend by making desktop 3D printers more accessible [7][10]. - The legal AI sector is poised for substantial opportunities due to advancements in large model reasoning capabilities, with significant investments flowing into AI legal startups [28][31]. - Key companies in the 3D printing space include Tuozhu Technology, Chuangxiang Sanwei, and others, while in the legal AI sector, notable players include Jinqiao Information and Huayu Software [29][32]. Summary by Sections 3D Printing Industry - The 3D printing industry is experiencing a boom, with a 40% year-on-year increase in equipment production as of May 2025, indicating a rapid growth phase for consumer-grade products [7][10]. - The industry is characterized by a diverse supply chain, including consumer-grade printers, core components, scanning devices, and materials, with companies like Tuozhu Technology and Jiepte leading the market [29][30]. - The technology is revolutionizing manufacturing by enabling complex designs and reducing production costs, particularly in aerospace and medical applications [24][25]. Legal AI Sector - The legal AI market is witnessing a surge in investment, with 79% of funding directed towards AI-related companies in the legal field during 2024-2025 [28][30]. - Key developments include the launch of AI products by Jinqiao Information, which aims to enhance judicial efficiency, and Huayu Software's comprehensive legal AI solutions [32][38]. - The report highlights the increasing adoption of AI in law firms, with applications expanding from document collaboration to full lifecycle management of contracts [28][30]. Company Updates - Taxfriend Co. is adapting to stricter tax regulations, with its AI products entering a critical deployment phase, aiming to meet the growing compliance needs of businesses [42][43]. - Newland has established a subsidiary in the U.S. and obtained an MSB license, facilitating its entry into the cross-border payment market [44][45]. - MaiFushi has launched its AI-Agentforce platform, enhancing marketing strategies through intelligent automation and data-driven decision-making [49][50].

Group 1 - The report presents the "Shenwan Hongyuan Top Ten Gold Stocks" as a monthly updated selection reflecting market trends and investment strategies [1][10] - The previous gold stock combination achieved a return of 10.81% from June 1 to June 30, 2025, outperforming the Shanghai Composite Index and CSI 300 Index by 11.85 and 12.25 percentage points respectively [4][5] - Since the first release on March 28, 2017, the gold stock combination has cumulatively increased by 302.29%, with the A-share combination rising by 239.35% [5][4] Group 2 - The current strategy maintains a judgment of a high central oscillation market, with expectations for a bull market core period emerging in 2026-27 [13] - The report suggests focusing on growth sectors such as national defense, innovative pharmaceuticals, and robotics, while strategically favoring Hong Kong stocks as a leading market in a potential bull market [13] - The top recommended stocks include "Iron Triangle" stocks: Plater, Haier Smart Home, and China Life (Hong Kong), along with other selected stocks like Yiwei Lithium Energy and Alibaba-W (Hong Kong) [16][17] Group 3 - The report highlights the performance and rationale for each of the top ten gold stocks, emphasizing their growth potential and market positioning [19][21] - For instance, Yiwei Lithium Energy is expected to benefit from the electric heavy truck market, while Haier Smart Home is positioned to leverage high-end market trends and digital upgrades [17][19] - The report also provides valuation and profit forecasts for these stocks, indicating expected growth rates and earnings per share (EPS) for the coming years [21][22]

Group 1 - Financial technology sector continues to strengthen, with New Guodu surging over 12% and other stocks like Zhao Ri Technology and Zhinancun also seeing significant gains [1] - The Financial Technology ETF (159851) rose by 1.61%, achieving a trading volume exceeding 400 million yuan [1] - The People's Bank of China is set to develop a new phase of financial technology development planning, aiming to enhance the digital transformation of finance [1] Group 2 - From a strategic perspective, financial technology is entering a new round of innovation opportunities, supported by favorable policies such as the recent legislation in Hong Kong and financial opening measures announced by the central bank [3] - The "1+6" policy is seen as a strong initiative for capital markets to better serve technological innovation and new productivity development, with a focus on retail brokers and financial technology targets [3] - The financial technology sector is expected to benefit from improved liquidity and active market trading, with internet brokers and financial IT firms poised for growth [3]

Core Viewpoint - The company announced the repurchase and cancellation of 418,250 shares of restricted stock due to the departure of seven incentive targets, along with an adjustment of the repurchase price to 22.86 yuan per share [1][4][6]. Summary by Sections Decision-Making Process and Disclosure - The company held multiple board and supervisory meetings to approve the stock incentive plan and related matters, ensuring compliance with regulations and obtaining independent opinions [2][3][4]. Reasons and Quantity for Repurchase - The repurchase involves 77,000 shares from departing employees and an additional 341,250 shares due to unmet performance criteria, totaling 418,250 shares [4][5]. Adjustment of Repurchase Price - The repurchase price was adjusted from 23.21 yuan to 22.86 yuan per share, accounting for cash dividends distributed in 2023 and 2024 [6][7]. Impact on Share Capital Structure - Following the repurchase, the total share capital will decrease by 418,250 shares, resulting in a new total of 406,345,000 shares [7][8]. Effects on Company Operations - The repurchase will not significantly impact the company's financial performance or management responsibilities, and the stock incentive plan will continue as planned [9][10]. Opinions from Supervisory and Legal Advisors - Both the supervisory board and legal advisors confirmed that the repurchase process complies with relevant laws and regulations, ensuring no harm to the company's financial status or shareholder interests [9][10].

Group 1 - The company has decided to repurchase and cancel a total of 418,250 restricted stocks that were granted but not yet released from restrictions due to the departure of 7 incentive recipients and 64 recipients not meeting performance assessment criteria [1] - Following the repurchase and cancellation, the company's total share capital will decrease from 406,763,250 shares [1] - The decision was made during the sixth board meeting and the sixth supervisory board meeting held on June 18, 2025 [1] Group 2 - The repurchase will lead to a reduction in registered capital, and the company is notifying creditors of their rights to claim debts or request guarantees within specified timeframes [2] - Creditors have 30 days from receiving the notice or 45 days from the announcement date to assert their claims [2] - The company will continue to fulfill its obligations based on original debt documents if creditors do not assert their claims within the specified period [2] Group 3 - Creditors must provide original and copies of documents proving the existence of the debt relationship when claiming their debts [3] - For corporate creditors, additional documents such as a business license and identification of the legal representative are required [3] - Natural persons must also present valid identification and may need to provide authorization documents if represented by others [3]