议 资 料 二〇二五年五月九日 税友软件集团股份有限公司 2024 年年度股东大会 会 | | | 2024 年年度股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事 效率，保证大会的顺利进行，根据《中华人民共和国公司法》（以下 简称"《公司法》"）《中华人民共和国证券法》（以下简称"《证 券法》"）及税友软件集团股份有限公司（以下简称"税友股份"或 "公司"）《公司章程》《股东大会议事规则》等相关规定，特制定 本次股东大会会议须知： 一、公司设立股东大会会务组，具体负责会议的程序安排和会务 工作。 二、请现场出席大会的股东或股东代理人及相关人员于 2025 年 4 月 30 日 17:00 前做好参会登记（详见公司于 2025 年 4 月 18 日在上 海证券交易所网站（www.sse.com.cn）发布的会议通知公告）。出席 会议的股东及股东代理人须在会议召开前 15 分钟到达会场进行签到 登记并请按规定出示证券账户卡、身份证明文件或法人单位证明、授 权委托书等，经验证后方可出席会议。会议开始后，会议签到登记终 止，由会议主持人宣布现场出席会议的股东和代理人人数及所持有表 决权的股 ...

Core Viewpoint - Taxfriend Software Group Co., Ltd. reported significant revenue growth in Q1 2025, driven by its high-value transformation strategy and the accelerated promotion of compliance tax optimization products [1][2] Group 1: Financial Performance - The company achieved an operating income of 449 million yuan, representing a year-on-year increase of 23.72% [1] - The net profit attributable to shareholders was 24.74 million yuan during the same period [1] Group 2: High-Value Transformation - Taxfriend's transformation focuses on creating an AIBM digital ecosystem in the smart tax and finance sector, leveraging Agentic AI technology to enhance compliance and financial management services [1] - The company aims to capture the trillion-yuan compliance tax optimization market through a joint operation and business management model [1] Group 3: Product Development and Market Strategy - The rapid growth in user adoption of basic compliance products like Risk Control Warning Agent and Compliance Assessment Agent contributed significantly to revenue growth [2] - Advanced compliance products such as Tax Optimization Planning Agent and Consulting Copilot are also experiencing increased user volume [2] - The "Xiyou" intelligent agent is designed to cover various application scenarios across different levels of tax authorities and government agencies, facilitating a shift towards high-value data services in digital governance [2] Group 4: Future Outlook - Despite increased short-term investments, the company anticipates that its high-value tax and finance services will continue to contribute to revenue and improve profitability [2] - The company is committed to building an Agent application factory that covers the entire tax and finance value chain, while also enhancing digital governance services driven by data [2]

Core Viewpoint - Taxfriend Co., Ltd. (603171) reported significant growth in Q1 2025, with total revenue reaching 449 million yuan, a year-on-year increase of 23.72%, and a net profit attributable to shareholders of 24.74 million yuan, with basic earnings per share of 0.06 yuan [1] Group 1: Business Performance - The company achieved total revenue of 449 million yuan in Q1 2025, marking a 23.72% increase compared to the same period last year [1] - The net profit attributable to shareholders was 24.74 million yuan, with basic earnings per share at 0.06 yuan [1] Group 2: Strategic Development - Taxfriend aims to create a new era of high-value financial and tax services through its vision of "intelligent and digital high-value financial and tax services" and a development path of "artificial intelligence + scenario implementation + ecological collaboration" [1][2] - The company has established two main business segments: intelligent financial and tax services and digital government [1] Group 3: Investment and R&D - The company is currently in a transformation investment phase, with increased promotional expenses for compliance products driven by Agentic AI and R&D investments, leading to sales and R&D expenses of 75.71 million yuan and 122 million yuan, respectively, reflecting year-on-year growth of 36.06% and 16.08% [1] - Taxfriend continues to maintain high R&D investment, with its self-developed AI platform "Xiyou" integrating multiple models to enhance the productivity of high-value service business growth [2] Group 4: Market Position and User Base - In the intelligent financial and tax sector, Taxfriend has launched the AIBM ecological strategy, serving over 10.7 million active enterprise users and more than 7.07 million paying users [1] - The compliance tax advantage products driven by Agentic AI technology are experiencing rapid growth in user numbers and subscriptions [1]

Financial Performance - The company's operating revenue for Q1 2025 was ¥448,744,016.74, representing a 23.72% increase compared to ¥362,700,556.68 in the same period last year[4]. - Net profit attributable to shareholders decreased by 24.50% to ¥24,745,677.38 from ¥32,775,309.18 year-on-year[4]. - The basic and diluted earnings per share both fell by 25.00% to ¥0.06 from ¥0.08 in the previous year[4]. - The company reported a decrease in net profit due to increased operational costs and market challenges[4]. - Total operating revenue for Q1 2025 reached ¥448.74 million, a 24% increase from ¥362.70 million in Q1 2024[19]. - Net profit for Q1 2025 was ¥24.05 million, a decrease of 27% compared to ¥32.84 million in Q1 2024[20]. - The company reported a basic earnings per share of ¥0.06 for Q1 2025, down from ¥0.08 in Q1 2024[20]. - The company’s total profit for Q1 2025 was ¥24.36 million, a decrease from ¥32.56 million in Q1 2024[19]. Assets and Liabilities - Total assets at the end of the reporting period were ¥4,003,893,059.58, down 3.49% from ¥4,148,568,542.66 at the end of the previous year[4]. - As of March 31, 2025, the total assets of the company amounted to RMB 4,003,893,059.58, a decrease from RMB 4,148,568,542.66 as of December 31, 2024, reflecting a decline of approximately 3.48%[16]. - The company's current assets totaled RMB 2,019,107,634.13, down from RMB 2,223,668,568.98, indicating a decrease of about 9.2%[14]. - The total liabilities decreased to RMB 1,480,430,067.24 from RMB 1,649,125,181.78, a reduction of about 10.3%[16]. - The company's total equity increased to RMB 2,523,462,992.34 from RMB 2,499,443,360.88, showing a growth of approximately 0.96%[16]. Cash Flow - The net cash flow from operating activities was negative at -¥370,024,431.87, compared to -¥360,074,517.35 in the same period last year[4]. - Cash flow from operating activities showed a net outflow of ¥370.02 million in Q1 2025, slightly worse than the outflow of ¥360.07 million in Q1 2024[24]. - Cash flow from investing activities generated a net inflow of ¥96.08 million in Q1 2025, compared to ¥41.20 million in Q1 2024, indicating a significant increase[25]. - Cash flow from financing activities resulted in a net inflow of ¥189.94 million in Q1 2025, down from ¥244.25 million in Q1 2024[25]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 12,221[9]. - The largest shareholder, Ningbo Sichuang Venture Capital Partnership, holds 53.67% of the shares[9]. Operational Costs and Expenses - Total operating costs for Q1 2025 were ¥425.82 million, up 28% from ¥331.76 million in Q1 2024[19]. - Research and development expenses increased to ¥122.09 million in Q1 2025, compared to ¥105.18 million in Q1 2024, reflecting a 16% rise[19]. Asset Composition - The company's cash and cash equivalents were RMB 1,303,422,051.20, a decrease from RMB 1,459,628,936.50, representing a decline of approximately 10.7%[14]. - The accounts receivable increased to RMB 244,968,472.59 from RMB 172,607,389.96, showing a growth of around 42%[14]. - The company's inventory increased to RMB 177,101,383.39 from RMB 163,429,089.95, reflecting a growth of about 8.4%[14]. - The company's short-term borrowings increased significantly to RMB 307,989,164.93 from RMB 114,629,087.90, marking an increase of about 168%[16]. - The total non-current assets amounted to RMB 1,984,785,425.45, up from RMB 1,924,899,973.68, indicating an increase of approximately 3.12%[15].

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]

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]