There are over 100,000 high-quality datasets nationwide, with a surge in Token calls, XUNCE Technology (03317) accelerating its benefits.

Liu Liehong, director of the National Bureau of Statistics, stated today that by the end of 2025, over 100,000 high-quality data sets had been built nationwide, with an increase in daily Token calls indicating that China's AI development has entered a rapid growth stage. It is understood that the official statement has released two key signals: 1. AI has transitioned from "model training" to a period of mass "inference application" - Token call volume is a core observation indicator; 2. High-quality data sets have become a national strategic resource - data is no longer auxiliary, but the core fuel of the AI industry. In the Hong Kong stock market, XUNCE Technology (03317) is a highly scarce "Token first stock" under this trend. The company positions itself as a provider of AI real-time data infrastructure and its business model has evolved from traditional subscription to pricing based on Token consumption, directly benefiting from the exponential growth of enterprise-level AI call volume. By 2025, the company's ARPU had doubled year-on-year to 5.59 million yuan, with revenue growing by 103%. The net profit adjusted in the second half of the year has already turned positive, with performance growth highly synchronized with Token calls. Currently, the business has covered multiple scenarios such as finance, Siasun Robot & Automation, energy, and low-altitude economy. As a "miner and refiner" of high-quality industry data, its development direction aligns closely with the strategic orientation of the country promoting the construction of high-quality data sets. When policies are clear and industrial inflection points are reached, XUNCE Technology (03317) as a scarce Token economy target in the Hong Kong stock market is expected to reshape its valuation.