Core Viewpoint - Taxfriend Co., Ltd. has completed the cancellation of its supervisory board and the registration change of its capital, obtaining a new business license with a registered capital of 406,345,000 yuan [1] Group 1 - The company has successfully completed the cancellation of its supervisory board [1] - The company has changed its registered capital to 406,345,000 yuan [1] - The company has obtained a new business license from the Zhejiang Provincial Market Supervision Administration [1]

证券代码：603171 证券简称：税友股份 公告编号：2025-047 税友软件集团股份有限公司 关于完成工商变更登记并换发营业执照的公告 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。 2、统一社会信用代码：91330100719597557Y 3、注册资本：肆亿零陆佰叁拾肆万伍仟元 4、类型：其他股份有限公司（上市） 5、成立日期：1999 年 12 月 22 日 6、法定代表人：张镇潮 7、住所：浙江省杭州市滨江区浦沿街道西浦路 1015 号 8、经营范围：增值电信业务（凭证经营）；服务：计算机软件研究、开发、 技术服务，计算机系统集成，成年人的非证书劳动职业技能培训（涉及前置审批 的项目除外），经济信息咨询（除商品中介），财务信息咨询，企业管理咨询， 代理纳税申报，代理记账；批发、零售：计算机软硬件、办公用品；劳务派遣； 其他无需报经审核的一切合法项目。（依法须经批准的项目，经相关部门批准后 税友软件集团股份有限公司（以下简称"公司"）于 2025 年 10 月 28 日召开 2025 年第二次临时股东大会，审议通过了 ...

Investment Rating - The report provides a recommendation for the technology sector, specifically highlighting key stocks for December 2025 [4][8]. Core Insights - The report identifies several companies within the technology sector that are expected to perform well, including Zhaoyi Innovation, Dongshan Precision, Fourth Paradigm, Tax Friend, Zhongji Xuchuang, Huafeng Technology, Kaiying Network, and Perfect World [12][14][15][16][19]. Summary by Category Electronics - **Zhaoyi Innovation**: The company is in a price increase cycle for storage products, with NOR Flash expanding its market share and SLC NAND Flash improving its process technology. The revenue is expected to continue growing as it captures high-end markets [14]. - **Dongshan Precision**: The company is entering a growth phase driven by AI technology, with increased demand for data servers. It has made strategic acquisitions to enhance its position in optical communication and PCB sectors [14]. Computer - **Fourth Paradigm**: The company is positioned to benefit from the increasing penetration of AI across various industries. Its core product, the AI platform, is experiencing rapid revenue growth, and it holds a leading market share in machine learning platforms in China [15]. - **Tax Friend**: As a leader in financial and tax information technology, the company is leveraging AI to enhance its service offerings, which is expected to drive significant growth in high-value business segments [16]. Communication - **Zhongji Xuchuang**: The company is a leader in optical modules, with strong R&D capabilities and a robust overseas production capacity. It is expected to see significant profit growth from 2025 to 2027 [16]. - **Huafeng Technology**: The company is well-positioned to benefit from the high demand for AI computing power, with expectations of profit growth in the coming years [17]. Media - **Kaiying Network**: The company has a rich product pipeline and is expected to see growth from new game launches and collaborations. Its investments in AI gaming applications are also anticipated to drive future revenue [19]. - **Perfect World**: The company is focusing on developing new games and hosting major esports events, which are expected to contribute to its growth trajectory [19].

Core Viewpoint - Taxfriend Co., Ltd. reported a net profit attributable to shareholders of 110 million yuan for the first three quarters of 2025, a year-on-year decrease of 4.74% [1] Financial Performance - In Q3 alone, the company achieved a net profit of 39 million yuan, representing a year-on-year growth of 42.33%, exceeding expectations [1] - The performance validates the commercial value of the company's AIBM strategy and its potential for future growth [1] Market Environment - The e-commerce sector is entering a phase of strict regulation, which is expected to release demand for tax compliance and planning, potentially opening up new growth opportunities for the company [1] - The company is anticipated to be a core beneficiary of these changes in the market environment [1] Investment Rating - The company has been given a "Buy" rating based on its performance and growth prospects [1]

Group 1 - Taxfriend Software Group Co., Ltd. experienced a stock price increase of 5.53%, reaching 50.19 CNY per share, with a trading volume of 214 million CNY and a turnover rate of 1.08%, resulting in a total market capitalization of 20.394 billion CNY [1] - The company, established on December 22, 1999, and listed on June 30, 2021, specializes in the research, sales, and technical services of financial and tax information technology products [1] - The main business revenue composition includes 71.45% from intelligent financial and tax services and 36.76% from digital government services [1] Group 2 - Yongying Fund has a significant holding in Taxfriend shares, with its fund "Yongying Information Industry Smart Selection Mixed Initiation A" (023753) holding 1.178 million shares, accounting for 7% of the fund's net value, making it the sixth-largest holding [2] - The fund has generated an estimated floating profit of approximately 3.0981 million CNY today [2] - The fund was established on March 26, 2025, with a current scale of 26.3197 million CNY and has experienced a loss of 12.3% since inception [2] Group 3 - The fund manager of Yongying Information Industry Smart Selection Mixed Initiation A is Wang Wenlong, who has been in the position for 2 years and 224 days [3] - The total asset scale of the fund is 5.087 billion CNY, with the best fund return during his tenure being 66.19% and the worst being -13.87% [3]

Core Insights - Taxfriend Co., Ltd. experienced a slight decline in stock price by 0.41% on November 14, with a trading volume of 193 million yuan [1] - The company reported a financing buy-in of 14.43 million yuan and a net financing buy of 3.54 million yuan on the same day, indicating strong investor interest despite the stock price drop [1] Financing Overview - As of November 14, the total financing and securities lending balance for Taxfriend Co., Ltd. reached 135 million yuan, with financing balance accounting for 0.71% of the circulating market value, indicating a high level of financing activity [1] - The company’s financing buy-in on November 14 was 14.43 million yuan, while the current financing balance stands at 134 million yuan, which is above the 90th percentile of the past year [1] Securities Lending Overview - On November 14, Taxfriend Co., Ltd. repaid 1,300 shares in securities lending, with no shares sold, resulting in a securities lending balance of 66,680 yuan, which is above the 80th percentile of the past year [1] Company Profile - Taxfriend Co., Ltd. was established on December 22, 1999, and went public on June 30, 2021. The company specializes in the research, sales, and technical services of financial and tax information technology products [1] - The main revenue sources for the company are intelligent financial and tax services, accounting for 71.45%, and digital government services, accounting for 36.76% of total revenue [1] Financial Performance - For the period from January to September 2025, Taxfriend Co., Ltd. reported a revenue of 1.426 billion yuan, reflecting a year-on-year growth of 11.10%, while the net profit attributable to shareholders decreased by 4.74% to 110 million yuan [2] - The company has distributed a total of 366 million yuan in dividends since its A-share listing, with 244 million yuan distributed over the past three years [2] Shareholder Structure - As of September 30, 2025, the number of shareholders for Taxfriend Co., Ltd. increased by 30.14% to 14,400, while the average circulating shares per person decreased by 23.16% to 28,177 shares [2] - Notable changes in institutional holdings include a decrease in shares held by Huazhang Small and Medium Growth Mixed Fund and the entry of new shareholders such as GF Electronic Information Media Stock A and Huabao Zhongzheng Financial Technology Theme ETF [2]

Market Overview - On November 11, the IT services sector declined by 1.23%, with Tax Friend Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Stock Performance - Notable gainers in the IT services sector included: - Haixia Innovation (300300) with a closing price of 12.00, up 7.05% [1] - ST Yilianzhong (300096) with a closing price of 7.86, up 5.08% [1] - ST Diweixun (300167) with a closing price of 6.07, up 5.02% [1] - Major decliners included: - Tax Friend Co., Ltd. (603171) with a closing price of 47.68, down 6.18% [2] - Jiahua Technology (688051) with a closing price of 48.25, down 4.66% [2] - Runhe Software (300339) with a closing price of 57.01, down 3.27% [2] Capital Flow - The IT services sector experienced a net outflow of 2.558 billion yuan from institutional investors, while retail investors saw a net inflow of 2.009 billion yuan [2][3] - Notable capital flows included: - Haixia Innovation (300300) saw a net inflow of 48.657 million yuan from institutional investors [3] - ST Yilianzhong (300096) had a net inflow of 16.548 million yuan from retail investors [3]

Market Performance - The IT services sector increased by 0.75% on November 10, with Junyi Digital leading the gains [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Top Gainers in IT Services - Junyi Digital (301172) closed at 24.02, up 8.39% with a trading volume of 167,600 shares and a transaction value of 403 million yuan [1] - Qianfang Technology (002373) closed at 11.36, up 6.17% with a trading volume of 741,100 shares and a transaction value of 836 million yuan [1] - Haoyun Technology (300448) closed at 7.71, up 6.05% with a trading volume of 448,500 shares and a transaction value of 338 million yuan [1] Top Losers in IT Services - Guozi Software (920953) closed at 38.48, down 4.11% with a trading volume of 44,900 shares and a transaction value of 174 million yuan [2] - Lupu Information (920748) closed at 54.98, down 3.54% with a trading volume of 32,100 shares and a transaction value of 181 million yuan [2] - Shenzhou Information (000555) closed at 19.05, down 2.56% with a trading volume of 1,393,800 shares and a transaction value of 2.714 billion yuan [2] Capital Flow Analysis - The IT services sector experienced a net outflow of 899.7 million yuan from institutional investors, while retail investors saw a net inflow of 931 million yuan [2][3] - Major stocks like Qianfang Technology and Junyi Digital had significant net inflows from retail investors despite overall sector outflows [3]

Group 1 - Taxfriend Software Group Co., Ltd. experienced a stock price increase of 5.36%, reaching 51.69 yuan per share, with a trading volume of 216 million yuan and a turnover rate of 1.05%, resulting in a total market capitalization of 21.004 billion yuan [1] - The company, established on December 22, 1999, and listed on June 30, 2021, specializes in the research, sales, and technical services of financial and tax information technology products [1] - The main business revenue composition includes 71.45% from intelligent financial and tax services and 36.76% from digital government services [1] Group 2 - According to data, one of the top ten circulating shareholders of Taxfriend is the Guangfa Fund, which has recently entered the top ten with its Guangfa Electronic Information Media Stock A fund, holding 2.658 million shares, representing 0.65% of the circulating shares [2] - The Guangfa Electronic Information Media Stock A fund has achieved a year-to-date return of 47.8%, ranking 725 out of 4216 in its category, and a one-year return of 40.24%, ranking 644 out of 3917 [2] - The fund manager, Feng Cheng, has been in position for 5 years and 97 days, with the fund's total asset size at 2.631 billion yuan and a best return of 90% during his tenure [3] Group 3 - The Guangfa Electronic Information Media Stock A fund holds 2.658 million shares of Taxfriend, accounting for 5.14% of the fund's net value, making it the sixth-largest holding [4] - The estimated floating profit from this holding is approximately 6.9904 million yuan [4]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of 1.426 billion yuan for the first three quarters of 2025, representing a year-over-year growth of 11.1%. However, the net profit attributable to the parent company was 110 million yuan, showing a decline of 4.74% year-over-year [6] - In Q3 2025, the company achieved a revenue of 504 million yuan, with a year-over-year increase of 7.36%, and a net profit of 39 million yuan, reflecting a significant growth of 42.33% year-over-year. This profit increase is attributed to the transition of AI products from research to market, leading to a decrease in R&D expense ratio [6] - The company's intangible assets grew significantly, reaching 267 million yuan as of September 30, 2025, a 42.78% increase from the beginning of the year, primarily due to the capitalization of joint cloud business customer acquisition costs [6] - The company has maintained a high level of contract liabilities, with 768 million yuan as of the report date, providing a solid foundation for future revenue growth [6] - Operating cash flow has increased in the negative direction, with a net outflow of 246 million yuan for the first three quarters of 2025, compared to 104 million yuan in the same period last year [6] Financial Data and Profit Forecast - The company is projected to achieve total revenue of 2.382 billion yuan in 2025, with a year-over-year growth rate of 22.5%. The net profit attributable to the parent company is expected to be 186 million yuan, reflecting a significant increase of 64.9% [5] - The gross profit margin is forecasted to be 56.8% in 2025, with a gradual increase to 59.1% by 2027 [5] - The return on equity (ROE) is expected to rise from 7.1% in 2025 to 13.9% in 2027, indicating improved profitability [5]