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]

税友软件集团股份有限公司2025 年第一季度报告 证券代码：603171 证券简称：税友股份 税友软件集团股份有限公司 2025 年第一季度报告 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、主要财务数据 (一) 主要会计数据和财务指标 单位：元 币种：人民币 | 项目 | 本报告期 | 上年同期 | 本报告期比上年同期 | | | --- | --- | --- | --- | --- | | | | | 增减变动幅度(%) | | | 营业收入 | 448,744,016.74 | 362,700,556.68 | 23.72 | | | 归属于上市公司股东的净利润 | 24,745,677.38 | 32,7 ...

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 "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]

证券代码：603171 证券简称：税友股份 公告编号：2025-024 税友软件集团股份有限公司 关于股东权益变动触及 1%暨减持股份结果公告 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： 1 | | 股东名称 | 持股数量（股） | 持股比例 | 一致行动关系形成原因 | | --- | --- | --- | --- | --- | | 第一组 | 宁波思驰创业投资合 | 223,095,730 | 54.85% | 张镇潮为宁波思驰创业 | | | 伙企业（有限合伙） | | | 投资合伙企业（有限合 | | | 张镇潮 | 92,300,000 | 22.69% | 伙）实际控制人 | | | 合计 | 315,395,730 | 77.54% | — | 2 一、减持主体减持前基本情况 股东名称 股东身份 持股数量 （股） 持股比例 当前持股股份来源 宁波思驰创业投资合 伙企业（有限合伙） 5%以上第一大 股东 223,095,730 54.85% IPO 前 取 得 ： 223,095, ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][22] Core Views - The company is expected to achieve steady revenue growth in 2024, with projected revenue of 1.945 billion yuan (+6.38%) and a net profit of 113 million yuan (+35.01%) [4][8] - The B-end business continues to show healthy growth, with a focus on building a comprehensive financial and tax AIBM ecosystem [4][6] - The G-end business is experiencing reduced losses, and the construction of the Golden Tax Phase IV is expected to accelerate [4][3] Summary by Sections Financial Performance - In 2024, the company anticipates revenue of 1.945 billion yuan, a 6.38% increase, and a net profit of 113 million yuan, reflecting a 35.01% growth [4][8] - The fourth quarter of 2024 is projected to have revenue of 662 million yuan (+4.48%) and a net profit of -3 million yuan (+83.29%) [8] - The overall gross margin for 2024 is expected to be 55.21%, showing stability with a slight decline [15][24] Business Segments - The B-end business is projected to generate 1.177 billion yuan in revenue (+8.46%) and a net profit of 249 million yuan (+1.60%) in 2024 [4][8] - The G-end business is expected to generate 763 million yuan in revenue (+3.37%) but is still operating at a loss of 136 million yuan [3][4] User Growth and Innovation - The Yiqiying platform has seen significant user growth, with active enterprise users reaching 10.7 million (+30.5%) and paid enterprise users at 7.07 million (+24.5%) by the end of 2024 [2] - The company has successfully launched advanced compliance products, achieving a breakthrough in paid user numbers [2] Future Projections - Revenue projections for 2025-2027 are set at 2.221 billion yuan, 2.566 billion yuan, and 2.990 billion yuan respectively, with net profits expected to reach 252 million yuan, 354 million yuan, and 470 million yuan [4][22] - The company maintains a healthy growth outlook for its B-end business, with AI-enabled products anticipated to drive high growth [4][22]

Core Insights - Taxfriend Software Group Co., Ltd. reported a revenue of 1.945 billion yuan for 2024, representing a year-on-year growth of 6.38%, and a net profit attributable to shareholders of 113 million yuan, up 35.01% year-on-year, driven by the dual engines of intelligent finance and digital government business [1] Group 1 - The company has established the "Yiqiying" financial and tax AIBM ecological service platform, aiming to integrate diverse financial and tax service resources and create a standardized, high-quality collaborative service system [1] - Research and development investment reached 531 million yuan during the reporting period, highlighting the company's commitment to innovation [1] - The self-developed AI platform "Xiyou" has been recognized by the National Cyberspace Administration for its ability to extract and annotate reliable financial and tax knowledge data rules [1] Group 2 - The company has innovatively developed an AI-driven financial and tax central system under the "Yiqiying" brand, providing intelligent financial and tax solutions covering the entire lifecycle and various scenarios [2] - The compliance tax optimization products driven by AgenticAI technology have achieved significant scale in promotion and delivery, contributing substantially to revenue growth [2] - In the digital government sector, the company achieved revenue of 763 million yuan, a year-on-year increase of 3.37%, while reducing net losses by 26.54 million yuan [2] Group 3 - The company has been a core supplier for the national Golden Tax Project for over 20 years and is transitioning towards high-value intelligent service models in tax digitalization [2] - Data value services and product revenue reached 267 million yuan, showing a robust year-on-year growth of 42.47% [2] - The company aims to create a new era of high-value intelligent financial and tax services and will continue to strengthen its efforts in the digital government sector for steady business growth [2]

Group 1 - Tax Friend Co., Ltd. (603171.SH) released its 2024 annual report on April 18, 2025, indicating that as of April 17, 2025, 150 institutional investors disclosed holdings in Tax Friend's A-shares, totaling 272 million shares, which accounts for 66.90% of the total share capital [1] - The top ten institutional investors include notable firms such as Ningbo Sichuang Venture Capital Partnership, Shanghai Yunxin Venture Capital Co., Ltd., and Industrial and Commercial Bank of China, with the top ten collectively holding 64.66% of the shares, a decrease of 1.73 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, two public funds reported a decrease in holdings compared to the previous quarter, with a total reduction of 0.45% [2] - A total of 142 new public funds were disclosed this period, including several from the Fortune series, indicating a growing interest in technology and innovation sectors [2] - One public fund, the Caitong Asset Management Innovation Growth Mixed A, was not disclosed in this period, suggesting a potential shift in investment strategies [2]