Amid the rising wave of AI Agents and Token economies, Xunce, a leading Chinese provider of AI-powered real-time data infrastructure and analytics services, is facing a historic opportunity. Guotai Junan International recently issued a research report maintaining its "Buy" rating on Xunce (03317) and significantly raised its target price from HK$86.0 to HK$245.0, an increase of approximately 185%. The firm forecasts the company's revenue for 2026-2028 to reach RMB 2.052 billion, RMB 2.960 billion, and RMB 3.461 billion, respectively, assigning a 2027 price-to-sales (P/S) ratio of 24 times.
The bank's optimistic outlook is based primarily on: 1) expectations of sustained robust growth in the era of AI Agents and Token economies; 2) stable growth and margin expansion in the asset management industry; and 3) the potential for further increases in Average Revenue Per User (ARPU) due to the deployment of more complex AI large models. ARPU has shown significant growth, surging 105% year-over-year from RMB 2.72 million in 2024 to RMB 5.59 million in 2025. The report attributes this substantial increase to the company's expansion beyond its core asset management clients into emerging sectors such as power, robotics training platforms, and commercial aviation, where it continues to deploy advanced AI large models, thereby driving overall revenue growth.
As a supplier of data infrastructure for the Token economy and AI Agents, Xunce is well-positioned to capture new growth opportunities, particularly with the emergence of next-generation AI operating system technologies. The company is actively advancing its forward-looking strategy by building real-time data infrastructure capabilities and exploring a "Token-based payment model." The research report suggests that as its commercialization capabilities continue to strengthen, this model is expected to boost new customer acquisition and further enhance average customer revenue.
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