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"）第六届董事会第十四次会议 通知已于 2025 年 9 月 23 日以电子邮件方式送达，会议于 2025 年 9 月 29 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》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： 二、董事会会议审议情况 证券代码：603171 证券简称：税友股份 公告编号：2025-038 税友软件集团股份有限公司 第六届董事会第十四次会议决议公告 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）审议通过公司《关于取消监事会、变更公司注册资本并修改<公司章 程>的议案》 为进一步完善公司治理结构，落实中国证券监督管理委员会关于上市公司内 部监督机构调整的相关要求，根据《中华人民共和国公司法》《上市公司章程指 引》等相 ...

截至发稿，税友股份市值为200亿元。 每经头条（nbdtoutiao）——农夫大战怡宝，抢到更多蛋糕的却是宗馥莉！农夫绿瓶上市后，怡宝上 演"滑铁卢"：市占率大跌近5个百分点 （记者 曾健辉） 每经AI快讯，税友股份（SH 603171，收盘价：49.11元）9月29日晚间发布公告称，公司第六届第十四 次董事会会议于2025年9月29日在公司会议室以现场和通讯相结合的方式召开。会议审议了《关于制 定、修订公司部分治理制度的议案》等文件。 2024年1至12月份，税友股份的营业收入构成为：软件和信息技术服务业占比99.69%，其他业务占比 0.31%。 ...

Investment Rating - The report recommends a positive investment outlook for the technology sector, specifically highlighting key stocks in electronics, computing, communications, and media [5][10]. Core Insights - The report identifies several companies as "gold stocks" for October 2025, including Luxshare Precision, GigaDevice, Taxu Technology, Meitu, Zhongji Xuchuang, Runze Technology, Kaiying Network, and Giant Network [10][14]. - The analysis emphasizes the importance of AI-driven innovations and market trends, particularly in consumer electronics and data center infrastructure, which are expected to drive growth for the highlighted companies [16][20]. Summary by Category Electronics - **Luxshare Precision**: The company is positioned for steady growth due to its deep integration with core clients and advancements in new materials and technologies. It is capitalizing on the demand for AI computing and data center upgrades, with a focus on high-value products [16]. - **GigaDevice**: The company is experiencing a robust upward trend in its fundamentals, with all storage products in a price increase cycle. It is expanding its market share in NOR Flash and enhancing its product matrix in DRAM [17]. Computing - **Taxu Technology**: As a leader in the tax IT industry, the company is leveraging its dual-driven business model. It is expected to benefit from AI integration, enhancing its SaaS subscription model and expanding its market reach [18]. - **Meitu**: The company has successfully transitioned from a traffic-based model to a subscription model, leveraging its aesthetic expertise and technology to expand its user base and global market presence [19]. Communications - **Zhongji Xuchuang**: The company is a leading global player in optical modules, maintaining stable delivery capabilities through strong industry partnerships. It is advancing in cutting-edge technologies like silicon photonics [20]. - **Runze Technology**: Positioned as a leading third-party IDC and AIDC provider, the company is expected to benefit from the increasing investments in data centers by major internet firms [21]. Media - **Kaiying Network**: The company is set to launch several new games, which are anticipated to drive revenue growth. Its strong product pipeline and AI integration in gaming are expected to enhance user engagement [22]. - **Giant Network**: The company is witnessing significant growth in its gaming titles, with a focus on AI-driven gameplay innovations that are expected to increase user activity and revenue [22]. Profit Forecasts - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for the recommended stocks, indicating expected growth in EPS for 2024 to 2027 across various companies [23].

| no and come your i hil vitra | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( *) 买入营业部 | | | 是否为专场 奥出营业部 | | 025-09-25 | 税发股份 | 603171 | 46.44 6.46 | 300 | 公司管家材料和 | 출판별품질환율 190 | 9月25日，税友股份大宗交易成交6.46万股，成交额300万元，占当日总成交额的1.11%，成交价46.44 元，较市场收盘价51.95元折价10.61%。 ...

Core Viewpoint - The development of AI technology is evolving from Copilot to Agent, with TaxFriend Co., Ltd. launching the first Agentic platform "Smart Factory" to reconstruct financial and tax services through human-machine collaboration [1] Group 1: AI Technology Evolution - The transition from Copilot to Agent signifies a shift towards AI systems that can independently complete tasks, enhancing operational efficiency [3] - While Agent applications are becoming more prevalent, Copilot functionalities are still relevant in complex tasks requiring human oversight [3][5] Group 2: Application in Financial and Tax Services - The financial and tax sectors are identified as suitable for AI Agent applications due to their high certainty and clear regulatory boundaries [5] - AI Agents can significantly improve efficiency in these sectors, but human intervention remains necessary for ethical and responsibility reasons [5] Group 3: Industry Challenges - The "square cost curse" presents a challenge in AI development, where performance improvements lead to exponential cost increases, particularly in large model training [6] - TaxFriend is addressing this by optimizing their AI Agent for specific business needs to enhance user experience rather than solely focusing on cost reduction [6] Group 4: Market Dynamics and User Willingness to Pay - The B2B market for AI Agents is characterized by strong demand for cost reduction and efficiency improvements, with potential for faster commercialization compared to B2C [7] - Recent AI product launches have shown an increase in user willingness to pay, driven by tangible benefits and clear ROI from AI applications [9][10] Group 5: Competitive Landscape - The AI Agent market is expected to see increased competition as advancements in large models create new opportunities, leading to a proliferation of financial and tax AI products [11] - The key to success will be the accuracy of AI applications and their ability to meet industry-specific needs, with a focus on real-world effectiveness [12]

| 交易日期 | 豆瓣圆修 | 证券代码 | | | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | 卖出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-09-16 | 税友股份 | 603171 | 46.64 | 419.76 | 9 | 杭构专用 | 中信证券股份有限 公司杭州金华路设 | Na | | | | | | | | | 得意业部 | | | 2025-09-16 | 税发股份 | 603171 | 46.64 | 303.16 | 6.5 | 桃构专用 | 中信证券股份有限 公司机州金华路设 | KI | | | | | | | | | 药管业部 | | | 2025-09-16 | 税友股份 | 603171 | 46.64 | 205.22 | 4.4 | 机构专用 | 中信证券股份有限 公司杭州金华路证 | KO | | | | | | | | | 發電亚聯 | | 9月16日，税友股份大宗交易成交19.9万股，成交额928.14万元，占当日总成交额的3.07%， ...

9月11日，税友股份大宗交易成交52.17万股，成交额2402.43万元，占当日总成交额的9.13%，成交价 46.05元，较市场收盘价51.1元折价9.88%。 | 交易日期 | 恒辨國核 | 证券代码 | | | 成交价(元) 成交金额(万元) 成交量(*) 买入管业部 | | 奥斯精选部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-09-11 | 税友股份 | 603171 | 46.05 | 799.89 | 17.37 | 方正证券股份有限 | 中信证券股份有限 | Ka | | | | | | | | 公司总部 | 公司杭州金华路证 | | | | | | | | | | 發電動器 | | | 2025-09-11 | 税发股份 | 603171 | 46.05 | 506.55 | 11 | 中信证券股份有限 | 中信证券股份有限 | る | | | | | | | | 公司上海分公司 | 公司机州金华路证 | | | | | | | | | | 药管业部 | | | 2025-09-11 | ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - In the first half of 2025, the company achieved revenue of 922 million yuan, a year-on-year increase of 13.25%. However, the net profit attributable to shareholders decreased by 19.52% to 71 million yuan, and the net profit after deducting non-recurring gains and losses fell by 25.09% to 62 million yuan [2][5]. - In Q2 2025, the company reported revenue of 474 million yuan, a growth of 4.84% year-on-year, while the net profit attributable to shareholders was 46 million yuan, down 16.58% year-on-year [2][5]. - The company’s operating cash flow showed a net outflow of 322 million yuan in the first half of 2025 [5]. Revenue Performance - The company’s revenue growth accelerated in the first half of the year, with B-end business revenue reaching 621 million yuan, up 11.95% year-on-year, while G-end business revenue was 300 million yuan, growing by 16.60% [11]. - The AI-driven product and service revenue accounted for 26.59% of B-end sales collections, indicating a significant contribution from AI initiatives [11]. Profitability Analysis - The company’s profit performance declined, potentially due to project delivery cycles and increased investment in AI. The sales, management, and R&D expenses for the first half of 2025 were 155 million, 117 million, and 225 million yuan, respectively, reflecting year-on-year increases of 28.38%, 17.80%, and 8.47% [11]. - The gross margin and net margin for the first half of 2025 were 59.06% and 7.71%, respectively, with Q2 figures at 57.3% and 9.94% [11]. Future Outlook - The company is positioned as a leader in financial and tax information technology, leveraging AI to enhance B-end business growth. Revenue projections for 2025 to 2027 are 2.21 billion, 2.54 billion, and 2.92 billion yuan, with growth rates of 14%, 15%, and 15% respectively [11]. - The expected net profit for the same period is projected to be 180 million, 290 million, and 390 million yuan, with growth rates of 64%, 57%, and 35% respectively [11].

Core Insights - Taxfriend Co., Ltd. successfully launched the "Smart Tax Agent" platform, marking a significant advancement in the financial and tax industry, injecting new vitality into the trillion-dollar market [1][4] Group 1: Product Launch and Strategic Development - The launch event showcased the "Smart Tax Agent" platform, highlighting the progress of Taxfriend's AIBM strategy and its future development paths [1][4] - The company aims to address the core issues of existing general models in the tax sector, such as lack of domain knowledge and weak reasoning capabilities, by developing a specialized model tailored for the financial and tax industry [2][3] Group 2: Technological Advancements and Value Creation - Taxfriend has established a robust technical foundation consisting of a general model adaptation tool, a financial and tax big data knowledge base, and a multi-agent reasoning model [3] - The company reported over 100% year-on-year growth in new customer numbers and revenue from compliance products in the first half of 2025, demonstrating significant value creation through AI digital employees and smart compliance advisors [3] Group 3: Operational Efficiency and Market Impact - The "Smart Tax Agent" platform has proven to enhance operational efficiency, with pilot projects showing a tenfold increase in operational efficiency and a 60% reduction in labor costs compared to traditional accounting methods [6][7] - The platform aims to assist 50,000 tax service institutions in achieving a hundredfold increase in human efficiency, thereby supporting millions of small and medium-sized enterprises in establishing AI-driven financial departments [7] Group 4: Expansion into Public Sector and Social Services - Taxfriend is extending its smart agent services to the public sector, addressing the growing demand for personal tax optimization and social security planning [9] - The company is committed to leveraging its 20 years of accumulated tax data and expertise to enhance public service offerings, including intelligent tax management and public tax planning services [9]

Company Overview - Taxfriend Software Group Co., Ltd. is located in Hangzhou, Zhejiang Province, established on December 22, 1999, and listed on June 30, 2021. The company specializes in the research, sales, and technical services of financial and tax information technology products [1] - The main business revenue composition includes: Intelligent Financial and Taxation Business 67.39%, Digital Government Business 32.56%, and Others 0.06% [1] Stock Performance - On September 2, Taxfriend's stock price fell by 1.14%, closing at 55.66 CNY per share, with a trading volume of 249 million CNY and a turnover rate of 1.11%. The total market capitalization is 22.617 billion CNY [1] - The stock has experienced a continuous decline for four consecutive days, with a cumulative drop of 5.82% during this period [1] Fund Holdings - From the perspective of the top ten heavy stocks in funds, one fund under Xinyuan Fund holds Taxfriend shares. Xinyuan Xinxin Income A (001601) held 29,500 shares in the second quarter, accounting for 3.16% of the fund's net value, ranking as the tenth heavy stock [2] - The estimated floating loss today is approximately 18,900 CNY, with a total floating loss of 101,500 CNY during the four-day decline [2] Fund Manager Information - The fund manager of Xinyuan Xinxin Income A (001601) is Chen Li and Zhang Hanyi. As of the report, Chen Li has a cumulative tenure of 12 years and 22 days, with a total fund asset size of 702 million CNY and the best fund return of 220.76% during his tenure [3] - Zhang Hanyi has a cumulative tenure of 8 years and 256 days, with a total fund asset size of 219 million CNY and the best fund return of 152.49% during his tenure [3]