Group 1 - The financial sector is driving the index towards the 3800-point mark, with the China Securities Financial Technology Index rising over 2% [1] - Notable stocks in the financial technology sector include Zhinan, which surged over 10%, and Hengyin Technology, which hit the daily limit, while several others rose over 3% [1] - The Financial Technology ETF (159851) experienced a significant price increase, reaching a new high with a trading volume exceeding 1 billion yuan, indicating strong market interest [1] Group 2 - The stock market is witnessing a continuous rise, with the Shanghai Composite Index reaching a ten-year high [2] - Trading volume in the Shanghai and Shenzhen markets has exceeded 2 trillion yuan for seven consecutive trading days, reflecting increased market activity [2] - The low-interest-rate environment is enhancing the attractiveness of equity markets, leading to an influx of new capital into the market, particularly benefiting internet brokerage businesses [2] Group 3 - The financial technology sector is expected to benefit significantly from improved liquidity and market activity, with internet brokerages likely to see continued fundamental improvements [2] - AI and financial technology are anticipated to create new growth opportunities for financial IT service providers, as they leverage their expertise in financial data and technology [2] - The Financial Technology ETF (159851) and its associated funds are recommended for investment, as they cover a wide range of themes including internet brokerages, financial IT, and AI applications [3]

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： ? 本次权益变动为税友软件集团股份有限公司（以下简称"公司"）总股本 变动导致股东持股权益被动变化以及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。 证券代码：603171 证券简称：税友股份 公告编号：2025-037 税友软件集团股份有限公司 关于股东权益变动触及 5%整数倍的提示性公告 ? 本次权益变动后，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"）及其一致行动人张镇潮先生持有公司股份数量从 适用变动触及 5%整数倍的情形。 ? 关于本次权益变动的具体内容详见公司同日在上海证券交易所网站 （www.sse.com.cn）披露的《简式权益变动报告书》。 公司于 2025 年 8 月 20 日收到宁波思驰及其一致行动人张镇潮先生出具的 《简式权益变动报告书》，现将有关权益变动情况公告如下： 一、本次权益变动的基本情况 （一）信息披露义务人基本信息 名称 宁波思驰创业投资合伙企业（有限合伙） ...

税友软件集团股份有限公司 上市公司名称：税友软件集团股份有限公司 股票上市地点：上海证券交易所 股票简称：税友股份 股票代码：603171 信息披露义务人信息 信息披露义务人一：宁波思驰创业投资合伙企业（有限合伙） 住所：浙江省宁波市北仑区大榭街道滨海南路 111 号西楼 A1028-1 室 （住所申报承诺试点区） 通讯地址：浙江省杭州市滨江区西浦路 1015 号税友亿企赢大厦 信息披露义务人二：张镇潮 住所：浙江省杭州市滨江区西浦路 1015 号税友亿企赢大厦 通讯地址：浙江省杭州市滨江区西浦路 1015 号税友亿企赢大厦 股份变动性质：股份减少（因上市公司总股本变动及主动减持综合导致持股 比例减少，合计拥有权益的股份触及 5%整数倍） 签署日期：2025 年 8 月 20 日 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国证券法》（以下简称为"《证券 法》"）、《上市公司收购管理办法》（以下简称"《收购管理办法》"）、《证 券期货法律适用意见第 19 号——第十三条、第十四条的适用意见》（以下简称 "《适用意见》"）《公开发行证券的公司信息披露内容与格式准则第 15 号- 权益变动报告书》（以 ...

事件：税友股份于2025 年8 月19 日晚发布半年报，2025 年上半年公司实现营收9.22 亿元，同比增长 13.25%；实现归母净利润0.71 亿元，同比下滑19.52%；实现扣非净利润0.62 亿元，同比下滑25.09%。 25Q2 收入增速放缓，加大AI 投入利润端有所承压。具体到25Q2，公司实现营收4.74 亿元，同比增长 4.84%；实现归母净利润0.46 亿元，同比下滑16.58%；实现扣非净利润0.4 亿元，同比下滑27.58%。 公 司收入涵盖B 端、G端两大类，项目的交付验收周期波动一定程度上会影响公司单季度的收入表现。 G 端业务保持良好增长态势，持续巩固卡位优势和创新业务探索。公司在税务总局层面，自觉承担金税 四期项目攻坚任务，在保障系统高效稳定运行的同时提升税费治理数智化能力；在省市局层面，深挖省 市区域客户数据服务需求，提供以数据精算与分析驱动的数智化高价值服务；在其他方面，积极开展财 税垂域大模型建设，积极探索G 端增值运营业务。2025H1 公司数字政务业务实现营业收入3.0 亿元，较 上年同期增长16.60%。 投资建议：预计公司25-27 年归母净利润分别为2.02、3 ...

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company achieved a revenue of 922 million yuan in the first half of 2025, representing a year-on-year growth of 13.25%, while the net profit attributable to shareholders decreased by 19.52% to 71 million yuan [1] - The company is increasing its investment in AI, which has put pressure on profit margins, with a notable increase in sales, management, and R&D expenses by 28%, 18%, and 8% respectively in the first half of 2025 [1] - The B-end business is growing steadily, with the smart tax and finance business generating 621 million yuan in revenue, a year-on-year increase of 11.95%, and the number of paid enterprise users on the platform reaching 7.78 million, up 10.04% from the beginning of the year [2] - The G-end business also shows good growth, with digital government services revenue reaching 300 million yuan, a 16.60% increase year-on-year [3] - The company is expected to see significant growth in net profit from 2025 to 2027, with projections of 202 million yuan, 300 million yuan, and 430 million yuan respectively, reflecting year-on-year growth rates of 79.7%, 48.2%, and 43.4% [4][3] Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 474 million yuan, a year-on-year increase of 4.84%, but a decline in net profit by 16.58% to 46 million yuan [1] - The company’s revenue is derived from both B-end and G-end businesses, with project delivery cycles affecting quarterly performance [1] Business Segments - The B-end business is benefiting from the digital transformation in the finance and tax service industry, with a significant increase in active users on the platform [2] - The G-end business is focused on enhancing tax governance capabilities and exploring value-added services [3] Future Outlook - The company is positioned to achieve substantial growth in the context of China's digital economy, with a projected PE ratio decreasing from 110 in 2025 to 52 in 2027 [4][3]

Core Insights - The company reported a steady revenue growth of 13.25% year-on-year for H1 2025, reaching 922 million yuan, while the net profit attributable to shareholders decreased by 19.52% to 71 million yuan [1] - The gross margin declined to 59.06%, down 2.05 percentage points from the previous year, indicating potential cost pressures [1] - The company’s cash flow from operations was negative at -322 million yuan, worsening from -284 million yuan in the same period last year [1] Business Segments - The smart finance and taxation business generated 620 million yuan in revenue, an increase of 11.95% year-on-year, with active enterprise users growing by 10.28% to 11.8 million [2] - AI-driven products and services accounted for 26.59% of the smart finance and taxation business revenue, totaling 165 million yuan [2] - The company is enhancing its service capabilities through a three-tier value system in smart finance, focusing on practical tax services, compliance, and operational empowerment [3] Digital Services - The digital government business achieved revenue of 300 million yuan, reflecting a growth of 16.60% year-on-year, with data value services and products growing by 17% [4] - The company is positioning itself as a smart model service provider in the industry by developing the "Xiyou" AI platform and tax domain models [5] Financial Forecast - Revenue projections for 2025-2027 are estimated at 2.3 billion, 2.851 billion, and 3.907 billion yuan, with year-on-year growth rates of 18.22%, 23.95%, and 37.04% respectively [6] - The net profit attributable to shareholders is forecasted to be 147 million, 588 million, and 996 million yuan for the same period [6]

中国经济网北京8月21日讯税友股份（603171）(603171.SH)昨日晚间披露《关于股东权益变动触及5% 整数倍的提示性公告》。 具体来看，宁波思驰于2025年3月14日至2025年4月21日通过集中竞价、大宗交易减持8,135,232股，占公 司总股本的2.0000%；于2025年7月28日至2025年8月1日通过集中竞价减持2,145,400股，占公司总股本 的0.5274%；于2025年8月20日通过集中竞价减持356,300股，占公司总股本的0.0877%。合计减持 10,636,932股，根据减持期间股价均价计算，套现总金额约486,125,802.2元。 本次权益变动前，宁波思驰持有公司股份223,095,730股，占公司总股本的54.9646%；张镇潮持有公司 股份92,300,000股，占公司总股本的22.7402%。本次权益变动后，宁波思驰持有公司股份212,458,798 股，占公司总股本的52.2853%；张镇潮持有公司股份92,300,000股，占公司总股本的22.7147%。 2025年半年度报告显示，张镇潮直接持有公司22.69%股权，通过宁波思驰间接持有公司31.17%股权 ...

Core Viewpoint - TaxFriend Co., Ltd. is positioned as a leading provider of financial and tax information services in China, expected to benefit significantly from the deepening reforms in the financial and tax system, achieving growth through both government (G-end) and business (B-end) sectors, while the integration of AI with financial and tax services is anticipated to open up long-term growth opportunities [1] Financial Performance - In the first half of 2025, the company's intelligent financial and tax business generated revenue of 621 million yuan, reflecting a year-on-year growth of 11.95% [1] - The platform had 11.8 million active enterprise users, an increase of 10.28% from the beginning of the year, with 7.78 million paying enterprise users, up by 10.04% [1] AI Integration and Product Development - The company has achieved commercialization validation and sales across multiple scenarios through its AI-driven products and services, with the revenue from these offerings (including intelligent accounting and compliance consulting) accounting for 26.59% of the total sales revenue in the intelligent financial and tax business, an increase from approximately 20% reported in 2024 [1] - The "Xiyou" financial and tax domain model is being utilized to enhance the three-tier value system of financial and tax services, focusing on practical tax services, compliance tax advantages, and operational empowerment [1] Market Expansion - TaxFriend has entered the non-tax client market by being selected for the Ministry of Human Resources and Social Security's data governance service project, achieving breakthroughs in the digital government market related to comprehensive tax management and refined oil analysis and monitoring [1] - The company has established project collaborations in various regions, including Yunnan, Xinjiang, Guangxi, Zhejiang, and Shanghai [1]

Core Viewpoint - Taxfriend Co., Ltd. (603171) reported mixed financial results for the first half of 2025, with revenue growth but a significant decline in net profit, indicating potential challenges in profitability and cash flow management [1][2]. Financial Performance - Total revenue for the first half of 2025 reached 922 million yuan, a year-on-year increase of 13.25% compared to 814 million yuan in the same period of 2024 [1]. - Net profit attributable to shareholders was 71.01 million yuan, down 19.52% from 88.24 million yuan in the previous year [1]. - The gross margin decreased to 59.06%, a decline of 3.36% year-on-year, while the net margin fell to 7.71%, down 28.86% [1]. - Total operating expenses (selling, administrative, and financial) amounted to 254 million yuan, accounting for 27.5% of revenue, an increase of 12.21% year-on-year [1]. Cash Flow and Receivables - The company reported a significant increase in accounts receivable, which reached 267 million yuan, representing 237.34% of the net profit, indicating potential liquidity issues [1][6]. - The net cash flow from financing activities increased by 480.47%, attributed to the need for additional short-term working capital [2]. Investment Returns - The company's return on invested capital (ROIC) was reported at 3%, which is below the historical median of 14.71% since its listing [2][4]. - The average operating cash flow over the past three years was only 15.12% of current liabilities, raising concerns about cash flow sustainability [6]. Market Position and Fund Holdings - The company has attracted interest from several funds, with notable holdings from Huazhong Fund, which recently increased its stake [5]. - The most significant fund holding is the Huazhong Small and Medium Growth Mixed Fund, with a scale of 1.85 billion yuan and a recent net value decline of 0.6% [5].

税友股份8月20日股价报53.40元，较前一交易日下跌1.48%。当日成交量为61105手，成交金额达3.22亿 元。 8月20日，税友股份主力资金净流入1640.40万元，占流通市值的0.08%。近五日主力资金累计净流入 2340.34万元，占流通市值的0.11%。 风险提示：股市有风险，投资需谨慎。 税友股份属于互联网服务板块，主营业务为财税数字化服务。公司致力于为税务机关、纳税企业及财税 中介机构提供财税信息化服务。 8月19日晚间，税友股份发布2025年半年度报告。报告显示，公司上半年实现营业收入9.22亿元，同比 增长13.25%；归属于上市公司股东的净利润7101万元，同比下降19.52%；基本每股收益0.17元，同比减 少22.73%。 ...