丨证券研究报告丨 公司研究丨点评报告丨税友股份（603171.SH） [Table_Title] 税友股份 2025 中报点评：收入稳健增长，AI 收 入占比提升显著 报告要点 宗建树 刘思缘 SAC：S0490520030004 SFC：BUX668 [Table_Summary] 2025 年上半年公司实现营收 9.22 亿元，同比增长 13.25%；归母净利润 0.71 亿元，同比减少 19.52%；实现扣非归母净利润 0.62 亿元，同比下滑 25.09%。单 2025Q2，公司实现营收 4.74 亿元，同比增长 4.84%；实现归母净利润 0.46 亿元，同比减少 16.58%；实现扣非净利润 0.4 亿元，同比减少 27.58%。经营现金流净额-3.22 亿元。 分析师及联系人 [Table_Author] %% %% %% %% research.95579.com 请阅读最后评级说明和重要声明 2025 年 8 月 19 日，税友股份发布 2025 年度中报。2025 年上半年公司实现营收 9.22 亿元， 同比增长 13.25%；归母净利润 0.71 亿元，同比减少 19.52%；实现扣非归 ...

事件：税友股份于2025 年8 月19 日晚发布半年报，2025 年上半年公司实现营收9.22 亿元，同比增长 13.25%；实现归母净利润0.71 亿元，同比下滑19.52%；实现扣非净利润0.62 亿元，同比下滑25.09%。 25Q2 收入增速放缓，加大AI 投入利润端有所承压。具体到25Q2，公司实现营收4.74 亿元，同比增长 4.84%；实现归母净利润0.46 亿元，同比下滑16.58%；实现扣非净利润0.4 亿元，同比下滑27.58%。 公 司收入涵盖B 端、G端两大类，项目的交付验收周期波动一定程度上会影响公司单季度的收入表现。 G 端业务保持良好增长态势，持续巩固卡位优势和创新业务探索。公司在税务总局层面，自觉承担金税 四期项目攻坚任务，在保障系统高效稳定运行的同时提升税费治理数智化能力；在省市局层面，深挖省 市区域客户数据服务需求，提供以数据精算与分析驱动的数智化高价值服务；在其他方面，积极开展财 税垂域大模型建设，积极探索G 端增值运营业务。2025H1 公司数字政务业务实现营业收入3.0 亿元，较 上年同期增长16.60%。 投资建议：预计公司25-27 年归母净利润分别为2.02、3 ...

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company achieved a revenue of 922 million yuan in the first half of 2025, representing a year-on-year growth of 13.25%, while the net profit attributable to shareholders decreased by 19.52% to 71 million yuan [1] - The company is increasing its investment in AI, which has put pressure on profit margins, with a notable increase in sales, management, and R&D expenses by 28%, 18%, and 8% respectively in the first half of 2025 [1] - The B-end business is growing steadily, with the smart tax and finance business generating 621 million yuan in revenue, a year-on-year increase of 11.95%, and the number of paid enterprise users on the platform reaching 7.78 million, up 10.04% from the beginning of the year [2] - The G-end business also shows good growth, with digital government services revenue reaching 300 million yuan, a 16.60% increase year-on-year [3] - The company is expected to see significant growth in net profit from 2025 to 2027, with projections of 202 million yuan, 300 million yuan, and 430 million yuan respectively, reflecting year-on-year growth rates of 79.7%, 48.2%, and 43.4% [4][3] Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 474 million yuan, a year-on-year increase of 4.84%, but a decline in net profit by 16.58% to 46 million yuan [1] - The company’s revenue is derived from both B-end and G-end businesses, with project delivery cycles affecting quarterly performance [1] Business Segments - The B-end business is benefiting from the digital transformation in the finance and tax service industry, with a significant increase in active users on the platform [2] - The G-end business is focused on enhancing tax governance capabilities and exploring value-added services [3] Future Outlook - The company is positioned to achieve substantial growth in the context of China's digital economy, with a projected PE ratio decreasing from 110 in 2025 to 52 in 2027 [4][3]