中信建投证券研报指出，税友股份2025年前三季度实现归母净利润1.10亿元，同比下降4.74%；受益于 AI产品驱动业务收入增长以及经营效率提升，Q3单季度业绩超预期，实现归母净利润0.39亿元，同比 增长42.33%；充分验证公司AIBM战略的商业化价值以及未来潜在成长力。电商进入严监管阶段，财税 合规与筹划需求释放有望打开公司全新增长空间，公司有望核心受益。给予"买入"评级。 ...

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]

Core Insights - The launch of the "Smart Tax Agent - Intelligent Workshop" marks the introduction of the first Agentic platform in the tax and finance industry, aimed at revitalizing the trillion-yuan market with intelligent solutions [1] Group 1: New Service Model - The "Intelligent Workshop" platform provides a disruptive solution to common industry challenges such as low efficiency, high costs, and quality control issues [2] - The product matrix includes "Cockpit + Intelligent Accounting + Intelligent Compliance Advisor," reducing error rates to below 10% and enhancing human-machine collaboration [2] - The goal is to help 50,000 tax service institutions achieve a hundredfold increase in efficiency, while also establishing AI financial departments for millions of SMEs [2] Group 2: Market Engagement - The "Intelligent Accounting" product has demonstrated operational efficiency ten times that of traditional accounting, with over 90% accuracy and a 60% reduction in labor costs [2] - The platform is expected to significantly increase customer willingness to pay and average transaction value, shifting the focus from tool payments to results and digital labor payments [2] Group 3: Expansion into Public Sector - The company has extended its intelligent agent services to the public sector, addressing growing demands for personal tax optimization, social security planning, and pension calculations [3] - The "Yiqi Win" platform reported 11.8 million active enterprise users by June 2025, a 10.28% increase from the beginning of the year, with 7.78 million paying users, reflecting a 10.04% growth [3] Group 4: AIBM Strategy Implementation - The company is addressing core issues in existing general models, such as lack of tax knowledge and slow adaptation to specific domains, by leveraging over 20 years of industry experience [4] - The AIBM strategy has led to the establishment of a robust technical foundation, including a general model adaptation tool and a tax industry big data knowledge base [4] - The company has seen over 100% year-on-year growth in new customers and revenue from compliance products in the first half of 2025 [4] Group 5: Market Potential - The compliance tax optimization market is projected to reach a scale of 390.73 billion yuan by 2028, with a compound annual growth rate of 74.9% [5] Group 6: Commercialization of AI Products - By the first half of 2025, the company has successfully commercialized multiple scenarios of intelligent employees, with AI product sales accounting for 26.59% of its intelligent tax business [6] - This transition marks a significant step from being a traditional tax software service provider to becoming a leader in AI-driven intelligent services [6]