2025 年 11 月 04 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 刘熹 S0350523040001 liux10@ghzq.com.cn [Table_Title] 三季度拐点已现，代账新规下或迎来增长窗口期 ——税友股份（603171）2025 年三季报点评 事件: 2025 年 10 月 31 日，公司发布 2025 年三季报： 2025 年前三季度，营业收入 14.26 亿元，同比增长 11.10%；归母净利 润 1.10 亿元，同比减少 4.74%；扣非归母净利润 0.98 亿元，同比减少 7.64%。 AIBM 战略落地见效，G+B 双端优势稳固 2025 年第三季度，营业收入 5.04 亿元，同比增长 7.36%；归母净利润 0.39 亿元，同比大增 42.33%；扣非归母净利润 0.36 亿元，同比大增 54.23%。 受 AI 产品驱动，2025 年前三季度公司营业收入达 14.26 亿元，同 比增长 11.10%，保持稳健。"犀友"财税大模型与"数智工场"Agent 平台规模化落地带动产品结构升级，Q3 毛利率 59.41%，环比提升 2.11 pct；截至 8 月底 ...

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]