从税友股份十大流通股东角度 9月16日，税友股份涨5.13%，截至发稿，报53.30元/股，成交2.01亿元，换手率0.96%，总市值216.58亿 元。 资料显示，税友软件集团股份有限公司位于浙江省杭州市滨江区浦沿街道西浦路1015号，成立日期1999 年12月22日，上市日期2021年6月30日，公司主营业务涉及财税信息化领域产品的研发、销售和技术服 务。主营业务收入构成为：数智财税业务71.45%，数字政务业务36.76%。 财通资管数字经济混合发起式A（017483）成立日期2022年12月26日，最新规模6.49亿。今年以来收益 71.78%，同类排名255/8174；近一年收益144.42%，同类排名91/7982；成立以来收益96.77%。 财通资管数字经济混合发起式A（017483）基金经理为包斅文。 数据显示，财通证券资管旗下1只基金位居税友股份十大流通股东。财通资管数字经济混合发起式A （017483）二季度新进十大流通股东，持有股数160.51万股，占流通股的比例为0.4%。根据测算，今日 浮盈赚取约417.33万元。 截至发稿，包斅文累计任职时间3年299天，现任基金资产总规模33.8 ...

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 Tax 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] Shareholder Information - Among the top ten circulating shareholders, a fund under Caitong Securities Asset Management has entered the list, holding 1.6051 million shares, which accounts for 0.4% of the circulating shares. The estimated floating loss today is approximately 1.0273 million CNY, with a total floating loss of 5.5215 million CNY during the four-day decline [2] - Caitong Asset Management Digital Economy Mixed Initiation A (017483) was established on December 26, 2022, with a latest scale of 649 million CNY. Year-to-date returns are 81.36%, ranking 152 out of 8184 in its category; the one-year return is 145.84%, ranking 66 out of 7971; and since inception, the return is 107.74% [2] Fund Management - The fund manager of Caitong Asset Management Digital Economy Mixed Initiation A is Bao Jianwen, who has been in the position for 3 years and 285 days. The total asset scale of the fund is 3.381 billion CNY, with the best fund return during the tenure being 101.45% and the worst being 8.01% [3]

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]

Group 1 - Taxfriend Software Group Co., Ltd. experienced a stock decline of 5.23% on August 28, with a share price of 56.01 yuan and a total market capitalization of 22.759 billion yuan [1] - The company, established on December 22, 1999, specializes in the research, sales, and technical services of financial and tax information technology products, with main business revenue composition being 67.39% from intelligent financial and tax services and 32.56% from digital government services [1] Group 2 - Among the top ten circulating shareholders of Taxfriend, a fund under Caitong Securities Asset Management entered the list, holding 1.6051 million shares, which is 0.4% of the circulating shares, resulting in an estimated floating loss of approximately 4.9598 million yuan [2] - Caitong Asset Management's Digital Economy Mixed Fund A (017483) was established on December 26, 2022, with a latest scale of 649 million yuan, achieving a year-to-date return of 71.07% and a one-year return of 143.93% [2] Group 3 - The fund manager of Caitong Asset Management's Digital Economy Mixed Fund A is Bao Lianwen, who has a total fund asset scale of 3.381 billion yuan and has achieved a best fund return of 90.55% during his tenure [3]

Core Insights - The company reported a steady revenue growth of 13.25% year-on-year for H1 2025, reaching 922 million yuan, while the net profit attributable to shareholders decreased by 19.52% to 71 million yuan [1] - The gross margin declined to 59.06%, down 2.05 percentage points from the previous year, indicating potential cost pressures [1] - The company’s cash flow from operations was negative at -322 million yuan, worsening from -284 million yuan in the same period last year [1] Business Segments - The smart finance and taxation business generated 620 million yuan in revenue, an increase of 11.95% year-on-year, with active enterprise users growing by 10.28% to 11.8 million [2] - AI-driven products and services accounted for 26.59% of the smart finance and taxation business revenue, totaling 165 million yuan [2] - The company is enhancing its service capabilities through a three-tier value system in smart finance, focusing on practical tax services, compliance, and operational empowerment [3] Digital Services - The digital government business achieved revenue of 300 million yuan, reflecting a growth of 16.60% year-on-year, with data value services and products growing by 17% [4] - The company is positioning itself as a smart model service provider in the industry by developing the "Xiyou" AI platform and tax domain models [5] Financial Forecast - Revenue projections for 2025-2027 are estimated at 2.3 billion, 2.851 billion, and 3.907 billion yuan, with year-on-year growth rates of 18.22%, 23.95%, and 37.04% respectively [6] - The net profit attributable to shareholders is forecasted to be 147 million, 588 million, and 996 million yuan for the same period [6]

Core Viewpoint - TaxFriend Co., Ltd. is positioned as a leading provider of financial and tax information services in China, expected to benefit significantly from the deepening reforms in the financial and tax system, achieving growth through both government (G-end) and business (B-end) sectors, while the integration of AI with financial and tax services is anticipated to open up long-term growth opportunities [1] Financial Performance - In the first half of 2025, the company's intelligent financial and tax business generated revenue of 621 million yuan, reflecting a year-on-year growth of 11.95% [1] - The platform had 11.8 million active enterprise users, an increase of 10.28% from the beginning of the year, with 7.78 million paying enterprise users, up by 10.04% [1] AI Integration and Product Development - The company has achieved commercialization validation and sales across multiple scenarios through its AI-driven products and services, with the revenue from these offerings (including intelligent accounting and compliance consulting) accounting for 26.59% of the total sales revenue in the intelligent financial and tax business, an increase from approximately 20% reported in 2024 [1] - The "Xiyou" financial and tax domain model is being utilized to enhance the three-tier value system of financial and tax services, focusing on practical tax services, compliance tax advantages, and operational empowerment [1] Market Expansion - TaxFriend has entered the non-tax client market by being selected for the Ministry of Human Resources and Social Security's data governance service project, achieving breakthroughs in the digital government market related to comprehensive tax management and refined oil analysis and monitoring [1] - The company has established project collaborations in various regions, including Yunnan, Xinjiang, Guangxi, Zhejiang, and Shanghai [1]

Group 1 - The core viewpoint of the article highlights the financial performance of Taxfriend Co., Ltd. for the first half of 2025, showing a mixed result with revenue growth but a decline in net profit [2] Group 2 - The company reported a total operating revenue of 922 million yuan, representing a year-on-year increase of 13.25% [2] - The net profit attributable to shareholders was 71.01 million yuan, reflecting a year-on-year decrease of 19.52% [2] - Basic earnings per share stood at 0.17 yuan [2] Group 3 - The smart tax business generated revenue of 621.13 million yuan, which is an increase of 11.95% compared to the same period last year [2] - The digital government business achieved revenue of 300.09 million yuan, marking a growth of 16.60% year-on-year [2]