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]

公告称，公司控股股东宁波思驰及其一致行动人持股比例触及76%，适用权益变动触及1%的整数倍的情形。本次权益变动为履行此前 披露的减持股份计划所致，不触及要约收购，不会使公司控股股东及实际控制人发生变化。 | 股东名称 | 减持数量 | 减持比 | 减持期间 | 減持方式 | 減持价格 区间 | 减持总金额 | 减持完成 | 当前持股数 | 当前持股比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | (股) | 例 | | | | (元) | 情况 | 量(股) | | | | | | | | (元/股) | | | | | | 宁波思驰创业投 | 8,135,232 | 2.00% | 2025/3/14~ | 集中竞价 | 40.02- | 352,163,979.64 | | 已完成 214,960,498 | 52.85% | | 资合伙企业(有 | | | 2025/4/21 | 交易、大 | 50.76 | | | | | | 限合伙) | | | | 宗交易 | | | | | | 中国经济网北京4月22日讯税 ...

Group 1 - UCM plans to reduce its holdings in Youde Precision (300549.SZ) by up to 1,333,400 shares, accounting for 1% of total share capital within three months after the announcement [1] - Dongtai Juheng plans to reduce its holdings in Jusa Long (301131.SZ) by up to 477,909 shares, also representing 1% of total share capital within the same timeframe [1] - Shouzhong Education intends to reduce its holdings in Jindan Technology (300829.SZ) by up to 600,000 shares, which is 0.31% of total share capital [1] Group 2 - Zhao Hua Investment plans to reduce its holdings in Zhidi Technology (301503.SZ) by up to 336,000 shares, accounting for 0.42% of total share capital [1] - Jinfu Yuan Five Fund's shareholding in Nanjiguang (300940.SZ) has dropped to 4.9999% as of April 21, no longer qualifying as a major shareholder [1] - Executives of Yashichuangneng (603378.SH) completed their reduction plans, selling 3,311,900 shares, 406,700 shares, and 319,300 shares respectively [1] Group 3 - Shanghai Houxu did not reduce its holdings in Baoli Food (603170.SH) during the planned reduction period, which was set to be up to 12,000,300 shares [2] - Supervisors and executives of Hongyuan Electronics (603267.SH) completed their reduction plans, selling 210,000 shares and 300,000 shares respectively [3] - Major shareholders of Duolun Technology (603528.SH) reduced their holdings by 3,055,000 shares and 3,056,400 shares between April 8 and April 21 [3] Group 4 - Controlling shareholder Ningbo Sichu reduced its holdings in Shuiyou Co., Ltd. (603171.SH) by 8,135,232 shares, which is 2% of total share capital [3] - Shareholders of Kaiyin Technology (688687.SH) plan to reduce their holdings by up to 5,128,000 shares, representing 3% of total share capital [3] - Zhang Lijun from Fortune Trend (688318.SH) reduced 122,800 shares, while Qin Tao did not implement his reduction plan [4] Group 5 - Shareholders Yancheng Semiconductor and Gongqingcheng Kangseng reduced their holdings in Kangxi Communication (688653.SH) by 12,573,400 shares, accounting for 2.96% of total share capital [4] - Ali Zeta plans to reduce its holdings in Sanjiang Shopping (601116.SH) by up to 16,430,352 shares, which is 3% of total share capital [4] - Shareholder Yuming Yao plans to reduce its holdings in Shenli Co., Ltd. (603819.SH) by up to 6,531,900 shares, representing 3% of total share capital [4] Group 6 - Shandong Electric Construction completed its reduction plan for Liren New Energy (001258.SZ), selling 9,333,300 shares, which is 1% of total share capital [6] - Baishide Chuangye plans to reduce its holdings in Heyuan Gas (002971.SZ) by up to 454,064 shares through centralized bidding and 908,128 shares through block trading [6]

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]