National Data Bureau Director Liu Liehong stated today that by the end of 2025, China had built over 100,000 high-quality datasets. The increase in daily Token usage fully indicates that China's AI development has entered a phase of rapid growth. Official statements have released two key signals: 1. AI has fully transitioned from "model training" to a period of scaling "inference applications"—Token usage is a core observation metric; 2. High-quality datasets have become a national-level strategic resource—data is no longer supplementary but the core fuel for the AI industry. In the Hong Kong stock market, XUNCE Technology (03317) is an exceptionally scarce "Token-focused stock" under this trend. The company positions itself as an AI real-time data infrastructure provider, and its business model has evolved from traditional subscriptions to pricing based on Token consumption, directly benefiting from the exponential growth in enterprise-level AI usage. In 2025, the company's ARPU doubled year-on-year to 5.59 million yuan, with revenue growing 103%. Its adjusted net profit turned positive in the second half of the year, showing high synchronization between performance growth and Token usage scaling. The company's business now covers diverse scenarios including finance, robotics, energy, and the low-altitude economy. As a "miner and refiner" of high-quality industry data, its development direction highly aligns with the national strategy of promoting high-quality dataset construction. With clear policies and the arrival of an industry inflection point, XUNCE Technology (03317), as a rare Token economy target in the Hong Kong market, is expected to see its valuation reshaped.
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