On July 1, the tax friend shares "withstanded" 9.4 billion yuan to lift the ban "pressure" against the trend, and this is the fourth limit in its 5 trading days.
Faced with the lifting of the ban on a huge market value of 9.4 billion, the shares of tax friends are still strong.
On July 1, the daily limit of tax friends shares was reported at 29.74 yuan, and this is the fourth time that it has recorded a daily limit in the past five trading days, during which the stock price has risen by more than 36%.
Coincidentally, on the same day, the shares of tax friends also faced a total of 9.4 billion yuan of lifting the ban on the actual controller and its subsidiaries. The fact that it can continue to perform strongly under such "pressure" may be related to the "east wind" of "catching up" with the concept of tax reform.
However, what is surprising is that Ant Group, as the original shareholder of Tax-friendly shares, only achieved "unwinding" with the help of this wave of sharp rise after 5 years of hard work.
Behind the strong price limit
The lifting of the ban on the market value of 9.4 billion did not crush the shares of tax friends, but became more and more courageous.
Looking at the data, on July 1, 315 million shares of tax friends were lifted, equivalent to 77% of the existing total share capital, and the actual market value of the ban was as high as 9.38 billion yuan.
It is reported that the shares lifted this time are restricted shares before the initial public offering of tax friends. Among them, the company's actual controller Zhang Zhenchao and his subordinate Sichi Investment were released from the ban of 92.3 million shares and 223 million shares respectively.
However, the negative factors seem to "can't stop" the strengthening of tax friends' shares. On July 1, the stock was still strong.
On the news side, Zhang Zhenchao's previous "commitment" may form a certain boost to the contrarian performance of tax friends. On June 24, the head of the tax friend issued a statement saying that within 12 months from the date of lifting the ban, he would not reduce his direct holdings of the company's shares through centralized bidding or block trading in the secondary market.
According to the data, at present, Zhang Zhenchao directly holds 92.3 million shares of tax friends, accounting for 22.67%; Sichi Investment holds 223 million shares of the company, accounting for 54.78%. Zhang Zhenchao owns 58.98% of the equity of Sichi Investment, so he also indirectly holds 32.31% of the company's equity, equivalent to about 132 million shares, through the latter.
On the other hand, throughout the five trading days since June 25, the shares of tax friends have gained the daily limit four times. This may be related to the recent "fiscal and tax reform" that has been fermenting.
On June 25, the National Audit Office issued the "Audit Report of the State Council on the Implementation of the Central Budget and Other Financial Revenues and Expenditures in 2023", proposing to plan a new round of fiscal and taxation system reform, and will evaluate and clean up the preferential policies of local taxes and fees. Since Chongqing issued the "Measures for Tax Collection, Management and Service Guarantee" on June 17, 17 provinces across the country have also issued this policy.
According to the data, Tax Friends is a financial and tax information enterprise, with the B-end "100 million enterprises win" brand, the G-end "Tax Friend Information" brand, to provide B-end customers such as small and medium-sized enterprises with digital intelligence finance and taxation cloud SaaS (software operation services) and expert consulting services, in the G-end digital government business level, it is the core supplier of the third phase of the national golden tax and the fourth phase of the golden tax project.
At present, the company has B-end products such as the "100 million enterprise micro finance and taxation" APP and the "100 million enterprise account" SaaS platform, and has also created a human resources salary tax service platform (PTS), a large enterprise financial data center platform (GTS), and a financial and tax big data business service. At present, the company's PTS has served nearly 40,000 enterprises and institutions, with more than 10 million monthly service person-times.
Since the main business is closely related to "finance and taxation", the company has successfully "caught up" the "east wind" of the concept of tax reform.
Ant Group, which has been holding on for 5 years, has just been "unbundled"
Under the current relatively flat market conditions, the shares of tax friends that have risen by more than 36% in five trading days can be described as "amazing".
With the recent rise in stock prices, the original shareholders of many ways of tax friends have also been "reinvigorated".
According to the first quarterly report, Yunxin Venture Capital, the largest circulating shareholder of tax friends, holds 18.2285 million shares of the company, assuming that it has not been sold so far, then according to the closing price of 29.74 yuan on July 1, the value of this part of the shares exceeds 533 million yuan.
According to the prospectus of tax friends, in March 2019, Yunxin Venture Capital was optimistic about the company's future development prospects, and invested 29.24 yuan in the company by way of equity transfer, spending a total of 532.9 million yuan to "win" 18.2285 million shares.
In other words, more than 5 years have passed, and Yunxin Venture Capital has achieved "unwrapping".
Interestingly, Yunxin Venture Capital is not an ordinary investment institution, it is wholly owned by Ant Group, and has more than a dozen A-share small and medium-capitalization new economy enterprises including LongShine Technology, Weining Health, Obi Zhongguang, New Cape, etc., and also "dabbles" in Hong Kong-listed companies such as Ubox Online and Weitian Express.
It is worth mentioning that before the "ant system" Yunxin Venture Capital "settled" in the shares of tax friends, Panmao Investment also obtained the company's equity one step ahead of it.
In February 2019, Panmao Investment also obtained 18,082,300 shares of Tax Friends at a price of 29.24 yuan for a total of 528.7 million yuan, accounting for 4.45% of the total share capital after the public offering, becoming the fourth largest shareholder of the company.
For more than four years after taking a stake in the shares of Taxyou, Panmao Investment did not carry out any operations. However, starting from the second half of 2023, the agency has continuously reduced its holdings in the company.
Among them, in the third and fourth quarters of 2023, Panmao Investment reduced its holdings by 4.072 million shares and 4.072 million shares respectively, with a reduction range of 29.54 yuan to 42.85 yuan, and it is conservatively estimated that it will cash out more than 200 million yuan.
In the first quarter of 2024, Panmao Investment continued to sell 782,000 shares, and as of the end of the period, the institution had reduced its holdings by 8.926 million shares, and still held 9.156 million shares of the company.
Assuming that there is no change in the follow-up shares, between June 24 and July 1, the market value of the shares held by Panmao Investment has rebounded from 199 million yuan to 272.3 million yuan.
In addition to Yunxin Venture Capital and Panmao Investment, Puhua Huiying, as the original shareholder, also acquired 6,758,100 shares of tax friends in March 2019 at a cost of 29.24 yuan and a cumulative cost of 198 million yuan.
It's just that, compared with Panmao Investment, PwC won to reduce its holdings of tax friends earlier.
In the fourth quarter of 2022 and the first quarter of 2023, PwC Huiying sold 1.73 million shares and 1.374 million shares successively, and at this time, the shares of tax friends walked out of a wave of "rare" trend market, and the stock price continued to rise from the lowest 23.4 yuan to 47.6 yuan.
From the second quarter of 2023 to the first quarter of 2024, the number of shares held by PwC Huiying has always stayed at 3,654,300 shares. If it still maintains the same number of positions, then the market value of the company held by the institution is still 108 million yuan.
Layout AIGC
Similar to many computer software companies such as medical informatization, education informatization, and bank informatization, the profitability of tax friends once lacked stability.
From 2020 to 2023, the company achieved revenue of 1.541 billion yuan, 1.605 billion yuan, 1.698 billion yuan, and 1.829 billion yuan respectively, an increase of 10.23%, 4.14%, 5.8%, and 7.71% year-on-year; However, during the same period, the company's non-net profit recorded 273.3 million yuan, 175.1 million yuan, 101.2 million yuan and 60.58 million yuan, with a year-on-year growth rate of 16.14%, -35.95%, -42.16% and -40.17%.
From the perspective of splitting, the operating cost of tax friends shares has always been high during this time period. Among them, from 2020 to 2022, the year-on-year growth rate of this data has always been 0.6 to 2 percentage points higher than the year-on-year growth rate of revenue, and in 2023, the company's operating costs will reach 812 million yuan, a year-on-year increase of 15.46%, which is 7.71 percentage points higher than the year-on-year growth rate of revenue.
In addition, in the 2023 annual report, the company also mentioned the statement of "building a 'new quality productivity' with high-tech, high-quality and high-efficiency characteristics in the field of finance and taxation digitalization". Driven by this, the company's R&D expenses in 2023 will reach 485 million yuan, a year-on-year increase of 12.42%, accounting for 26.5% of total revenue; To a certain extent, higher R&D investment also "restricts" the company's profit release.
The company's operating income reached 362.7 million yuan, a year-on-year increase of 9.66%, and the non-net profit was 27.03 million yuan, a year-on-year increase of 13.14%.
Specifically, the year-on-year growth rate of the company's operating costs was 2.12 percentage points lower than the year-on-year growth rate of revenue, achieving cost reduction and efficiency increase.
However, on the R&D expense side, in the first quarter, the company still spent 105 million yuan, a year-on-year increase of 9.98%, 0.32 percentage points higher than the year-on-year growth rate of revenue, and the proportion of total revenue further increased to 28.9%.
Where is this level of R&D invested?
Combing the public information found that the company has further strengthened the product technology of ApaaS (basic service middle platform) and DpaaS (data middle platform) in combination with AIGC, and built a tax big data management system; In addition, according to the company's official description, it has also launched the construction of a large financial and tax model in the vertical field, and has made progress in the research and development of AI SaaS applications in the three-tier value service system.
On the whole, the R&D of tax friends focuses more on the B-end business, that is, to enhance the value of the "100 million enterprises win" brand.
According to the data, with the assistance of AIGC, at the end of 2023, there will be about 8.2 million active users of the "100 million enterprises win" digital intelligent finance and taxation cloud SaaS platform (excluding innovative business customers), an increase of 16.3% from the beginning of the year, and 5.68 million paid users, an increase of 29.1% from the beginning of the year.
In the future, more data samples are needed for AIGC to continue to improve the core competitiveness of tax friends and achieve cost reduction and efficiency increase.