On April 24, the announcement of DeepSeek V4's open-source release triggered a new wave of interest in tokens within the Hong Kong stock market. The core signal released by DeepSeek V4 is that the supply of large language models is no longer scarce. As performance converges and costs decline, application development is exploding, scenarios are diversifying, and AI is transitioning from "usable" to "deeply usable across multiple scenarios." Enterprise applications are accelerating towards large-scale deployment, with Agents, multi-step tasks, and long-chain calls becoming commonplace, driving a simultaneous surge in call frequency and complexity.
In high-frequency calling scenarios, data quality has become the core bottleneck. Generic data cannot support high-precision decision-making and struggles to deliver stable outputs in high-barrier fields like finance and energy. Consequently, specialized tokens are rapidly evolving from an "optimization feature" to a "necessity," with demand for their use becoming increasingly inelastic. This is precisely the core battleground for Xunce (03317).
Xunce's role is independent of large models; it is deployed independently within a company's local systems, providing high-quality data tokens. It transforms dispersed, complex, and heterogeneous private data into standardized inputs that large models can efficiently consume, enhancing the value output of each call. Against the backdrop of rising call density, these "high-conversion-rate tokens"反而 possess stronger pricing power.
Therefore, DeepSeek V4 brings demand expansion rather than a substitution effect. Short-term sentiment fluctuations may cause mispricing, but the long-term logic is clearer: Xunce's specialized tokens stand to be the biggest beneficiaries of this wave. Performance data already provides feedback: in 2025, Xunce achieved operating revenue of 1.285 billion yuan, a year-on-year increase of 103.28%. Entering April 2026, Xunce's Token-related Annual Recurring Revenue (ARR) surged 300% quarter-on-quarter. The proportion of revenue from token payments has already exceeded 5%, with a full-year target to increase it to 20%-30%. The token economy is entering a phase of accelerated realization.
Comments