On August 5, Huatai Securities released a new research report, reiterating its "Buy" rating for XUNCE (03317.HK) with a target price of HK$239.11. This follows Huatai's initial coverage of the company on June 20, which also gave a "Buy" rating, using Palantir as a benchmark to validate the high growth potential and valuation space of the "data infrastructure + AI Agent" track. The reaffirmation comes after the company issued a positive profit alert for its mid-2026 results, with the accelerated rollout of the Token business serving as a key driver.
Mid-term revenue surged 389%, reaching nearly 100 million yuan in profit, with the Token business becoming the primary revenue growth engine for the first time. On July 31, XUNCE released its mid-2026 performance forecast, expecting first-half revenue of 967 million yuan, a substantial 389% year-on-year increase, setting a new record for the period. Net profit attributable to shareholders is estimated at 72.51 million yuan, reversing a loss of 89 million yuan from the same period last year. Adjusted net profit stands at 67 million yuan, turning around from a net loss of 105 million yuan in the prior year. The strong performance is primarily attributed to the concentrated release of enterprise AI demand, with revenue growth from TokenOS deployment and increased Token call volumes.
Huatai Securities pointed out that XUNCE's Token business model is beginning to generate revenue contributions, with rising call volumes providing a new growth source. In May, the company officially launched the world's first TokenOS operating system, TokenONE, which converts enterprise multi-source heterogeneous data into standardized, measurable, and priceable scenario-specific Tokens in real-time. Notably, the pricing for XUNCE's scenario-specific Tokens ranges from $10 to $100 per million Tokens, over ten times the price of general-purpose large model Tokens. In June, the Token business's ARR grew 410% quarter-over-quarter, with Token-based revenue contributing about 5% of total revenue.
The TokenOS ecosystem continues to expand, with cross-industry replication accelerating. The Huatai Securities report emphasized that the company has been steadily improving the industrial ecosystem and application deployment of TokenOS. On the computing power side, the company is advancing cooperation with Moore Threads, Iluvatar CoreX, and BirenTech to strengthen its computing power and data synergy capabilities. In July, the company reached a strategic partnership with Hongtai Fund's holding company to promote the application of TokenOS in fund research, post-investment management, and AI upgrades for invested companies, marking the first entry of TokenOS's data tokenization capabilities into the private equity investment field. Additionally, the company has collaborated with PATEO and Saimo Technology to enter scenarios involving smart connected vehicles, physical AI, and world model training. A joint center for token economy innovation and application was established with the Guangdong-Hong Kong-Macao Greater Bay Area Big Data Research Institute, which is expected to accelerate the deployment of TokenOS in government projects and key industries. Huatai Securities believes that as the TokenOS industrial ecosystem and application deployment continue to improve, the company's commercialization process is likely to accelerate, further opening up long-term growth prospects.
Top investment banks are increasingly bullish, with valuation anchors collectively moving upward. Since the start of the year, several major investment banks, including CITIC Securities, Huatai Securities, CSC Financial, and Haitong International, have successively covered or upgraded their ratings for XUNCE. CITIC Securities upgraded its rating to "Buy" and raised its target price from HK$160 to HK$205. CSC Financial initiated coverage with a "Buy" rating. The consensus among these institutions is that XUNCE is transforming from a traditional data service provider into a new generation of AI real-time data infrastructure provider centered on TokenOS. Following the positive profit alert, the company received further favorable attention from investment banks. On August 1, Northeast Securities initiated coverage of XUNCE with an "Accumulate" rating, believing that token-based pricing will further expand the upper limit of ARPU. Huatai Securities further noted that the sustained release of enterprise AI demand will drive the company's replication into more industries. With the continued advancement of Token commercialization and overseas business, the company's revenue is expected to maintain rapid growth. Huatai maintains its revenue forecasts for XUNCE from 2026 to 2028 at 2.357 billion yuan, 3.915 billion yuan, and 5.94 billion yuan, corresponding to adjusted net income of 2 million yuan, 177 million yuan, and 553 million yuan, respectively.
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