国海证券研报指出，税友股份深耕G端税务二十余载，B端AI+Saas打开新空间。公司作为国内财税 AI+Saas龙头企业，深耕TOG业务，深度参与金税三期、四期等项目。B端业务上，公司，打造犀友财 税垂域人工智能平台，实现AI Agent+财税融合，引领智慧财税，开创第二增长点。公司所在AIBM生态 市场空间广阔，据弗若斯特沙利文&税友集团发布的《聚焦财税场景的AIBM生态服务行业白皮书》数 据，预计到2028年国内财税AIBM生态服务行业市场规模将达3907.3亿元，2023-2028年CARG达 74.9%。维持"增持"评级。 ...

Group 1: BYD / Passenger Vehicles - BYD reported a total sales volume of 4.6024 million vehicles in 2025, representing a year-on-year increase of 7.73% despite a monthly sales decline of 18.3% in December 2025 [3][4] - The sales of the high-end model "Fangchengbao" surged by 345.5% year-on-year in December 2025, with annual sales reaching 235,000 units, indicating a strong performance in the high-end market segment [4] - BYD's overseas sales reached 1.0496 million units in 2025, a year-on-year increase of 145%, solidifying its position as the global leader in the new energy vehicle market [4][5] Group 2: Kangnuo Ya-B / Biopharmaceuticals - Kangnuo Ya's innovative biological agent, Kangyueda, has been included in the national medical insurance reimbursement list, enhancing patient accessibility and reducing financial burdens [6][7] - The drug shows significant efficacy in treating moderate to severe atopic dermatitis, with response rates of 92.5% and 77.1% for EASI-75 and EASI-90, respectively [7] - Revenue projections for Kangnuo Ya are estimated at 741 million yuan for 2025, increasing to 1.9 billion yuan by 2027, with a "buy" rating assigned based on the growth potential of its innovative product pipeline [8] Group 3: Lithium Carbonate and Glyphosate Industry - The lithium carbonate price increased by 14.69% week-on-week, reaching 140,500 yuan per ton, driven by strong demand in the energy storage sector [17] - Glyphosate prices rose by 4.78% week-on-week, reflecting a recovery in demand and a tightening supply situation in the market [17][12] - The chemical industry is expected to experience a revaluation due to supply-side changes and a potential shift towards higher dividend yields as capacity expansion slows [12][13] Group 4: Shenli Environment / General Equipment - Shenli Environment is focusing on expanding production capacity and overseas markets, with a significant increase in orders for high-efficiency liquid cooling equipment [36][38] - The company aims to enhance its product delivery capabilities through the establishment of new intelligent production lines, ensuring timely and high-quality order fulfillment [38] - The data service segment is projected to become a core growth driver, with substantial order growth expected in the coming years [40][41] Group 5: Textile and Apparel Industry - The textile manufacturing sector is expected to improve as tariff impacts wane, with a focus on leading manufacturers benefiting from stable operations and improved order flows [43][44] - The domestic sports footwear and apparel market is showing signs of recovery, particularly among high-end brands, with expectations for accelerated growth in 2026 [44] - The luxury goods market in China is gradually recovering, driven by wealth effects and improved retail performance, with a projected growth of approximately 4% in 2026 [45]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company is a leading domestic AI+SaaS provider in the financial and tax services sector, deeply involved in government projects such as the Golden Tax Phase III and IV. The B-end business is accelerating with the launch of the "Xiyou" AI platform, which integrates AI and financial services, creating a new growth point [8][9] - The company has seen significant growth in its B-end active customer base, reaching 11.8 million in the first half of 2025, with expectations for the AIBM ecosystem service market to reach 390.7 billion yuan by 2028 [9][11] - The company’s revenue is projected to grow steadily, with expected revenues of 2.256 billion yuan, 2.924 billion yuan, and 3.493 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 175 million yuan, 363 million yuan, and 559 million yuan for the same years [13] Summary by Sections Company Overview - The company is a leading digital financial and tax service provider, focusing on digital governance and tax management solutions. It has transitioned from a G-end focus to a growing B-end business, with a stable revenue growth trajectory and a solid gross margin [17][22][40] - The company’s revenue has grown from 1.6 billion yuan in 2021 to 1.9 billion yuan in 2024, with a CAGR of 6.6% [35] B-end Digital Taxation Wave - The number of enterprises in China continues to rise, with a significant increase in the demand for compliance and tax optimization services among small and medium-sized enterprises (SMEs) due to more stringent tax regulations [44][48] - The company has developed the "Xiyou" AI platform to integrate AI with financial services, enhancing operational efficiency and compliance [55] Policy Support and G-end Business - The company benefits from favorable policies promoting digital transformation in tax services, with a clear positioning in G-end business and ongoing success in winning government contracts [12][20] Investment Recommendations - The company is expected to leverage its AI+SaaS capabilities to create a second growth point in the B-end market, with adjusted revenue forecasts indicating strong growth potential [13][15]