Why is XUNCE (03317) the first stock of the Token Element?

On March 23, at the China Development High-Level Forum 2026 Annual Meeting, the head of the National Bureau of Statistics, Liu Liehong, clearly stated that the Chinese name for Token is "," and pointed out that it is the anchor of value in the intelligent era. The daily number of Token calls in China has soared from 100 billion in early 2024 to 140 trillion in March 2026, an increase of over a thousand times in two years. The significant growth in the daily number of Token calls in China also indicates that as the reform of the market-oriented allocation of data elements deepens, a supply system for high-quality data for artificial intelligence is taking shape, and the virtuous cycle of "data supply-value release" is beginning to show. At this industry inflection point, XUNCE Technology (03317) has emerged as the "first Token stock" in the Hong Kong stock market with a unique business model. The company is positioned as a provider of AI real-time data infrastructure, and its business model has evolved from traditional subscription-based pricing to Token consumption-based pricing, directly benefiting from the surge in AI usage. In 2025, the company's ARPU doubled year-on-year to 5.59 million yuan, revenue grew by 103%, and adjusted net profit turned positive in the second half of the year. The performance forecast shows a staggering 448% quarter-on-quarter increase in revenue in the second half of the year, with performance growth highly synchronized with Token volume.