On March 23, at the China Development Forum 2026 Annual Meeting, Liu Liehong, Administrator of the National Data Administration, officially designated "Token" as "词元" (Cíyuán) in Chinese, identifying it as a key value anchor in the intelligent era. The daily average call volume of tokens in China surged from 100 billion at the beginning of 2024 to 140 trillion by March 2026, marking a growth of over a thousand times in just two years. This substantial increase in daily token usage indicates that, as market-based allocation reforms for data factors deepen, a high-quality data supply system for artificial intelligence is taking shape, and a virtuous cycle of "data supply—value release" is beginning to emerge.
At this industrial inflection point, Xunce Technology (03317) has distinguished itself through a unique business model, becoming a rare "first token stock" in the Hong Kong market. The company positions itself as a provider of AI real-time data infrastructure. Its business model has evolved from traditional subscription-based pricing to charging based on token consumption, directly benefiting from the explosive growth in AI usage. In 2025, the company's average revenue per user (ARPU) doubled year-over-year to 5.59 million yuan, while revenue grew by 103%. It achieved positive adjusted net profit in the second half of the year, with performance forecasts indicating a 448% sequential revenue surge in the latter half. This performance growth is highly synchronized with the expansion in token usage.
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