GTHT has reaffirmed its "Overweight" rating on XUNCE (03317). The firm projects the company's revenue for 2026-2028 to reach RMB 2.18 billion, RMB 3.315 billion, and RMB 4.71 billion, respectively. Based on comparable company valuations and considering XUNCE's active exploration of a tokenized payment business model, which is expected to elevate its business operations and expand revenue growth potential, GTHT assigns a 2026 price-to-sales ratio of 33x. Using an exchange rate of HKD 1 = RMB 0.92, this translates to a target market capitalization of HKD 78.2 billion and a corresponding target price of HK$242.36.
Key points from the report are as follows:
Explosive data demand drove a doubling of revenue in 2025. The company achieved revenue of RMB 1.285 billion in 2025, a 103% year-on-year increase. Notably, it reported an adjusted net profit of RMB 50 million for the second half of 2025, marking its first half-yearly profit. Second-half 2025 revenue alone was RMB 1.087 billion, surging 211% year-on-year and 449% compared to the first half. This strong performance was primarily driven by: 1) The accelerated implementation of large AI models leading to explosive data demand, with the company's data infrastructure and solutions penetrating multiple scenarios; 2) Rapid expansion into new industries, including active development in emerging fields like robotic data platforms and commercial aerospace, alongside traditional sectors; 3) Upgraded collaborations with core clients resulting in a leap in average revenue per user (ARPU), which reached RMB 5.59 million in 2025, a 106% year-on-year increase.
The diversified industries segment experienced high-speed growth. Breaking down revenue by sector, income from the asset management industry in 2025 was RMB 262 million, up 7.0% year-on-year, with a gross margin of 71.1%, indicating relatively stable performance and profitability. In contrast, revenue from diversified industries reached RMB 1.023 billion, soaring 164.0% year-on-year with a 59.3% gross margin. As industry expansion accelerated and corporate client demand for data governance surged, the diversified industries segment saw rapid growth, increasing its revenue share from 61% in 2024 to 80% in 2025.
Exploring a tokenized payment model is expected to bring business dimension elevation. Centered around its AI Data Agent, XUNCE has built a comprehensive technical system covering the entire data pipeline from acquisition and cleansing to standardization, real-time computation, and large model optimization. With the accelerated adoption of large AI models in enterprise settings, corporate demand for AI data governance is booming, leading to an exponential increase in token consumption. The company is actively exploring a tokenized payment business model, which is anticipated to accumulate momentum for future performance growth.
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