证券简称：税友股份 证券代码：603171 税友软件集团股份有限公司 2023 年限制性股票激励计划回购注销部分 限制性股票及调整回购价格相关事项 之 独立财务顾问报告 二零二五年六月 | 一、释义 | | --- | | 二、声明… | | 三、基本假设………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 4 | | 四、本激励计划已经履行的审批程序 | | 五、独立财务顾问意见…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………7 | | (一) 关于本次回购注销部分限制性股票及调整回购价格的说明 . | | (二) 结论性意见 … | | 六、备查文件及咨询方式… | | (一) 备查文件 … | | (一) 咨询方式 ...

北京金杜（杭州）律师事务所 关于税友软件集团股份有限公司 1 根据中国证监会《关于修改部分证券期货规章的决定》（中国证监会令第 227 号，2025 年 3 月 27 日实施） 的规定，原《上市公司股权激励管理办法（2018 修正）》已被修订，目前现行有效的规定为《上市公司股权 激励管理办法（2025 修正）》。《税友软件集团股份有限公司 2023 年限制性股票激励计划（草案）》系根据当 时有效的《上市公司股权激励管理办法（2018 修正）》制定，目前公司尚未根据《公司法》《上市公司章程指 引》等相关规则调整、修订《公司章程》有关监事会等内部机构的规定，公司监事会对本次回购注销相关议 案进行审议系根据《税友软件集团股份有限公司 2023 年限制性股票激励计划（草案）》及当时有效的《上市 公司股权激励管理办法（2018 修正）》执行。 1 和《律师事务所证券法律业务执业规则（试行）》等有关规定，收集了相关证据材 料，查阅了按规定需要查阅的文件以及本所认为必须查阅的其他文件。在公司保 证提供了本所为出具本法律意见书所要求公司提供的原始书面材料、副本材料、 复印材料、承诺函或证明，提供给本所的文件和材料是真实、准确 ...

税友软件集团股份有限公司（简称"公司"）第六届监事会第十一次会议通知 已于 2025 年 6 月 13 日以电子邮件方式送达，会议于 2025 年 6 月 18 日在公司会 议室以现场方式召开。本次会议应出席监事 3 人，实际出席监事 3 人，会议由监 事会主席钱立阳先生主持。本次会议的通知、召开、表决程序符合《公司法》《公 司章程》等法律法规的规定，会议合法有效。出席会议的监事对各项议案进行了 认真审议并做出了如下决议： 二、监事会会议审议情况 证券代码：603171 证券简称：税友股份 公告编号：2025-028 税友软件集团股份有限公司 第六届监事会第十一次会议决议公告 本公司监事会及全体监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、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 2 （一）审议通过《关于回购注销部分已获授但尚未解除限售的限制性股票 及调整回购价格的议案》 监事会认为：公司本次回购注销部分激励对象已获授但尚未解除限售的限制 性股票及调整回购价格符合《上市公司股权激励管理办法》及公司《2023 年限 制性股票激励计划（草案）》及相关法律法规的 ...

证券代码：603171 证券简称：税友股份 公告编号：2025-027 税友软件集团股份有限公司 第六届董事会第十二次会议决议公告 1 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、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 税友软件集团股份有限公司（以下简称"公司"）第六届董事会第十二次会议 通知已于 2025 年 6 月 13 日以电子邮件方式送达，会议于 2025 年 6 月 18 日在公 司会议室以现场和通讯相结合的方式召开。本次会议应出席董事 9 人，实际出席 董事 9 人，会议由董事长张镇潮先生主持。公司监事及部分高级管理人员列席会 议。本次会议的通知、召开、表决程序符合《公司法》《公司章程》等法律法规 的规定，会议合法有效。出席会议的董事对各项议案进行了审议并做出了如下决 议： 本议案已经公司薪酬与考核委员会审议通过。 表决情况：同意 9 票，反对 0 票，弃权 0 票。 二、董事会会议审议情况 （一）审议通过《关于回购注销部分已获授但尚未解除限售的限制性股票 及调整回购价格的议案》 鉴于公司 2023 年限制性股票激励计划首 ...

Industry Rating - The industry rating is maintained at "Outperform" [1] Core Insights - The report suggests that the years 2025-2026 are expected to mark the commercialization of AI Agents, driven by advancements in large model capabilities and the introduction of key players like OpenAI, Anthropic, Microsoft, and Google [2][3] - The total addressable market (TAM) for AI Agents is estimated at approximately 3.61 trillion yuan, with significant opportunities in vertical industries such as IT and finance [2][3] - AI Agents are projected to replace specific standardized roles in various sectors, with a focus on enhancing productivity and ROI for businesses [3][48] Summary by Sections Investment Rating - The report maintains a rating of "Outperform" for the industry [1] Market Potential - The total addressable market (TAM) for AI Agents is estimated at 3.61 trillion yuan, calculated based on total salary levels, replacement rates, and efficiency optimization [50][54] - The report highlights six core scenarios where AI Agents are expected to penetrate first, including coding, banking, human resources, legal, cybersecurity, and customer service [61][62] Key Industry Insights - AI Agents are anticipated to significantly impact the banking sector, with 54% of jobs having a high potential for automation, leading to an estimated TAM of 1774.32 billion yuan in this field [71][77] - In the coding sector, AI is expected to automate up to 99% of coding tasks by the end of 2025, with a TAM of approximately 4357.84 billion yuan [63][68] - The report emphasizes that AI Agents will first replace roles in high-salary, white-collar industries such as finance, IT, and law, where the ROI for AI implementation is more favorable [55][57] Company Recommendations - The report suggests monitoring companies involved in general office applications and enterprise SaaS, as well as those in vertical markets like banking, human resources, and cybersecurity [3][4]

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].