XUNCE (03317), known as the "first token economy stock," saw its shares rise more than 14% during the trading session, reaching a peak of HK$217 and setting a new historical high. By the time of writing, the stock was up 12.36%, trading at HK$212.80, with a turnover of HK$1.18 billion.
XUNCE Technology released its annual results for 2025. Benefiting from the accelerated implementation of large AI models driving concentrated demand for enterprise-level real-time data, the company achieved annual revenue of RMB 1.285 billion, a year-on-year increase of 103.28%, successfully crossing the RMB 1 billion revenue milestone. The adjusted net loss narrowed significantly by 33.41% compared to the previous year. Notably, the second half of the year saw an adjusted net profit of RMB 50.13 million, marking the first time the company achieved profitability on a half-yearly basis and formally establishing an inflection point towards profitability.
In 2025, XUNCE's ARPU (Average Revenue Per User) jumped from RMB 2.72 million to RMB 5.59 million, a year-on-year increase of 105.04. Against the backdrop of a core customer retention rate exceeding 90%, this doubling can only be explained by existing customers accelerating their consumption of data services. Furthermore, XUNCE's management stated during the earnings conference that for 2026, the company has adopted a Token-based payment model. Currently, Token-based fees account for 5% of revenue, and this proportion is expected to rapidly increase to 20-30% in 2026.
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