Investment Rating - The report maintains a "Recommended" rating for the company [4][3]. Core Insights - The company reported a significant recovery in Q3 2025, with revenue reaching 5.04 billion yuan, a year-on-year increase of 7.36%, and a net profit attributable to shareholders of 0.39 billion yuan, up 42.33% year-on-year [1]. - The company is actively upgrading its AI product matrix, having launched the industry's first Agentic platform, which aims to enhance efficiency and reduce costs for tax service institutions [2]. - Strong policy support for AI in government sectors is expected to drive growth, as new guidelines have been issued to promote the deployment of AI models in public administration [2]. Financial Performance Summary - For the first three quarters of 2025, the company achieved a total revenue of 14.26 billion yuan, an increase of 11.10% year-on-year, but the net profit attributable to shareholders decreased by 4.74% to 1.1 billion yuan [1]. - The company’s expenses for sales, management, and R&D for the first three quarters were 2.57 billion yuan, 1.70 billion yuan, and 3.37 billion yuan, reflecting increases of 20.1%, 13.6%, and 3.4% respectively [1]. - The projected net profits for 2025, 2026, and 2027 are 2.02 billion yuan, 3.00 billion yuan, and 4.29 billion yuan, with year-on-year growth rates of 80%, 48%, and 43% respectively [3]. Valuation Metrics - The current market capitalization corresponds to a price-to-earnings (PE) ratio of 105 for 2025, 71 for 2026, and 50 for 2027 [3]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.50 yuan, 0.74 yuan, and 1.06 yuan respectively [3]. Product Development - The company continues to enhance its AI product offerings, focusing on a new product matrix that includes a cockpit, smart accounting, and smart compliance advisory, aiming to significantly improve operational efficiency for tax service providers [2].

Core Insights - TaxFriend Co., Ltd. reported a revenue of 1.426 billion yuan for the first three quarters of 2025, marking an 11.1% year-on-year increase, with a net profit attributable to shareholders of 110 million yuan and basic earnings per share of 0.27 yuan [1] - In Q3 2025, the company achieved a significant net profit of 39 million yuan, reflecting a year-on-year growth of 42.33%, while the net profit after deducting non-recurring items reached 36 million yuan, up 54.23% year-on-year [1] - The growth in performance is attributed to the normalization and transformation of the bookkeeping industry, driven by the company's AI products and improved operational efficiency [1] Industry Overview - The bookkeeping industry in China has over 100,000 licensed bookkeeping agencies, and new regulatory measures announced on October 20 by the Ministry of Finance and the State Administration of Taxation aim to enhance compliance and standardization across the industry [1] - The shift from a "low-price competition" model to a "quality competition" model is expected, with an increasing proportion of high-value services [2] - The demand for digital tools among bookkeeping agencies is surging, leading to significant increases in IT investments within the industry, thereby creating market opportunities for financial technology companies [1][2] Company Strategy - TaxFriend's AIBM strategy is effectively addressing the transformation needs of the bookkeeping industry, focusing on the normalization and intelligent transition of services [3] - The launch of the Agentic platform "Smart Workshop" in August has improved efficiency in tax processing by tenfold compared to traditional methods, reducing labor costs by approximately 60% and achieving an accuracy rate exceeding 90% [2] - The company aims to further consolidate its competitive advantage in the B-end market through continuous technological innovation and product iteration, supporting high-quality development in the industry [3]

证券代码：603171 证券简称：税友股份 公告编号：2025-046 税友软件集团股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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： 会议召开时间：2025 年 12 月 1 日 （星期一）10:00-11:00 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow. sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 24 日（星期一）至 11 月 28 日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ServyouStock@servyou.com.cn 进行提问。公司将在说明会上对投资者普遍关注 的问题进行回答。 （二）会议召开地点：上证路演中心 （三）会议召开方式：上证路演中心网络互动 三、参加人员 董事长、总经理：张镇潮先生 董事、财务总监、副总经理：杨培丽女士 税友软件集团股份有限公司（以下简称"公司"）已于 2025 年 1 ...

Financial Performance - The company's operating revenue for the third quarter reached ¥503,679,784.21, an increase of 7.36% compared to the same period last year[4] - The total profit for the quarter was ¥39,758,195.98, representing a significant increase of 43.42% year-over-year[4] - Net profit attributable to shareholders was ¥39,422,574.14, up by 42.33% compared to the previous year[4] - The net profit after deducting non-recurring gains and losses was ¥36,042,729.05, reflecting a substantial increase of 54.23% year-over-year[4] - Basic earnings per share for the quarter were ¥0.10, an increase of 42.86% compared to the same period last year[5] - Total operating revenue for the first three quarters of 2025 reached ¥1,426,093,782.01, an increase of 11.1% compared to ¥1,283,632,049.70 in the same period of 2024[19] - Net profit for the first three quarters of 2025 was ¥110,276,945.79, a decrease of 5.5% from ¥116,145,053.26 in the same period of 2024[21] - Earnings per share for the first three quarters of 2025 were ¥0.27, compared to ¥0.29 in the same period of 2024[21] Assets and Liabilities - Total assets at the end of the reporting period were ¥4,081,547,542.15, a decrease of 1.62% from the end of the previous year[5] - The total assets amounted to ¥4,081,547,542.15, a slight decrease from ¥4,148,568,542.66 at the end of the previous period[16] - Total liabilities decreased to ¥1,550,166,240.92 from ¥1,649,125,181.78, indicating a reduction of approximately 6.0%[16] - Non-current assets totaled ¥1,971,083,519.27, an increase from ¥1,924,899,973.68, reflecting a growth of 2.4%[16] Shareholder Information - Total number of common shareholders at the end of the reporting period is 14,405[11] - The largest shareholder, Ningbo Sichi Venture Capital Partnership, holds 51.67% of shares, totaling 209,958,539 shares[11] - Zhang Zhenchao, a natural person, holds 22.71% of shares, totaling 92,300,000 shares[11] Cash Flow - The decrease in cash flow from operating activities was primarily due to a reduction in cash received related to operating activities[9] - In the first three quarters of 2025, the cash inflow from operating activities was CNY 1,369,649,460.15, a decrease of 9.95% compared to CNY 1,521,795,637.97 in the same period of 2024[24] - The net cash flow from operating activities was CNY -246,374,721.62, worsening from CNY -104,377,740.40 year-over-year[24] - The cash inflow from investment activities totaled CNY 498,894,058.67, significantly increasing from CNY 202,412,921.88 in the previous year[25] - The net cash flow from investment activities was CNY 36,711,546.15, recovering from CNY -103,391,972.13 in the same period of 2024[25] - The cash inflow from financing activities reached CNY 1,995,803,929.68, up from CNY 1,073,051,288.12 year-over-year[25] - The net cash flow from financing activities was CNY 98,731,754.89, improving from CNY -16,232,681.35 in the previous year[25] - The total cash and cash equivalents at the end of the period were CNY 1,299,536,359.17, down from CNY 1,389,990,810.02 at the end of Q3 2024[25] Operational Insights - The company has not disclosed any significant changes in shareholder relationships or actions[12] - There are no applicable reminders regarding the company's operational situation during the reporting period[13] - Research and development expenses for the first three quarters of 2025 were ¥337,007,552.91, slightly up from ¥326,008,690.85 in the previous year[20] - The company reported an investment income of ¥11,327,124.67, which is an increase from ¥8,792,388.34 in the same period of 2024[20] - Deferred income tax liabilities decreased to ¥1,673,175.95 from ¥2,080,288.01, showing a reduction of approximately 19.5%[16] Current Assets - Total current assets as of September 30, 2025, amount to ¥2,110,464,022.88, a decrease from ¥2,223,668,568.98 as of December 31, 2024[14] - Cash and cash equivalents are reported at ¥1,377,581,315.02, down from ¥1,459,628,936.50[14] - Accounts receivable increased to ¥281,136,316.13 from ¥172,607,389.96[14] - Inventory has risen to ¥204,864,094.62, compared to ¥163,429,089.95 previously[14] - Long-term equity investments increased to ¥36,032,225.05 from ¥31,687,522.19[14] Non-Recurring Gains and Losses - Non-recurring gains and losses for the period amounted to ¥3,379,845.09, with government subsidies contributing ¥5,357,264.63[7]

Core Insights - The company reported a third-quarter revenue of 504 million yuan, representing a year-on-year increase of 7.36% [1] - The net profit for the third quarter was 39.42 million yuan, showing a year-on-year growth of 42.33% [1] - For the first three quarters, the total revenue reached 1.426 billion yuan, which is an 11.10% increase compared to the same period last year [1] - The net profit for the first three quarters was 110 million yuan, reflecting a year-on-year decline of 4.74% [1]

Core Viewpoint - Taxfriend Co., Ltd. (603171.SH) announced the completion of its major shareholder's share reduction plan, with significant reductions in shareholding by the controlling shareholder, Ningbo Sichuang Venture Capital Partnership [1][2] Group 1: Share Reduction Details - Ningbo Sichuang planned to reduce its holdings by up to 1% of the total share capital through centralized bidding and up to 2% through block trading, totaling a maximum of 12,190,800 shares [1] - As of October 27, 2025, Ningbo Sichuang reduced its holdings by 5,045,959 shares, representing a total reduction of 1.24% of the company's total share capital, with a total reduction amounting to approximately 264.32 million yuan [1] - The share reduction occurred between July 28, 2025, and October 27, 2025, with 4,063,359 shares reduced through centralized bidding and 982,600 shares through block trading [1] Group 2: Previous Share Reduction Activities - In a previous announcement on April 22, 2025, Ningbo Sichuang had also completed a share reduction plan, reducing its holdings by a total of 8,135,232 shares, which accounted for 2% of the total share capital [2] - The share reduction price range during this period was between 40.02 yuan and 50.76 yuan per share, with a total reduction amount of approximately 352.16 million yuan [2] Group 3: Company Background - 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 approximately 54.11 million yuan [3] - The net proceeds from the public offering amounted to approximately 49.41 million yuan after deducting issuance costs [3]

Core Points - Taxfriend Co., Ltd. (603171) announced the election of Mr. Zhou Keren as the employee representative director of the sixth board of directors during the employee representative assembly held on October 28 [1] Summary by Category - **Company Announcement** - Taxfriend Co., Ltd. held an employee representative assembly to elect Mr. Zhou Keren as the employee representative director [1]

证券代码：603171 证券简称：税友股份 公告编号：2025-045 根据修订后的《公司章程》，公司应当在董事会中设职工代表董事 1 名。因 此，公司拟对董事会成员结构进行调整。公司已于 2025 年 10 月 28 日收到董事 周可仁先生的辞职报告，同时公司召开了职工代表大会，选举周可仁先生为第六 届董事会职工代表董事。本次董事离任暨选举职工代表董事的具体情况如下： | | | | | | | 是否继续在 | | 是否存在 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 离任职务 | 离任时间 | 原定任期 | | 离任原因 | 上市公司及 | 具体职务 | 未履行完 | | | | | 到期日 | | | 其控股子公 | | 毕的公开 | | | | | | | | 司任职 | | 承诺 | | 周可仁 | 非 独 立 董 事、副董事 长、战略委 | 2025 年 10 月 日 28 | 2026 年 月 日 27 | 12 | 董 事 会 成 员 结 构 调 | 是 | 控 股 子 公 司董事、经 | 是 | | | | ...

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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 证券代码：603171 证券简称：税友股份 公告编号：2025-043 税友软件集团股份有限公司 2025年第二次临时股东大会决议公告 (一) 股东大会召开的时间：2025 年 10 月 28 日 (二) 股东大会召开的地点：浙江省杭州市滨江区浦沿街道西浦路 1015 号税 友亿企赢大厦会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 129 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 320,599,215 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 78.8982 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况 等。 本次会议由公司董事会召集，现场会议由公司董事长张镇潮先生主持。会议 采用现场投票和网络投票相结合的表 ...

根据《公司法》《公司章程》等有关规定，董事会选举董事长张镇潮先生为 代表公司执行公司事务的董事，并担任公司法定代表人，任期自董事会审议通过 之日起至第六届董事会届满之日止。本次选举后，公司法定代表人未发生变更。 表决结果：9 票同意，0 票反对，0 票弃权。 证券代码：603171 证券简称：税友股份 公告编号：2025-044 税友软件集团股份有限公司 第六届董事会第十五次会议决议公告 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"）第六届董事会第十五次会议 通知已于 2025 年 10 月 20 日以电子邮件方式送达，会议于 2025 年 10 月 28 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》等法律法规和《公司章程》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： ...