AI applications drive scene Token value release. XUNCE Technology (03317) enters high-growth channel.

Huatai's latest view points out that in the AI industry chain, Token is becoming a new unit of value measurement and forming a three-tier pricing structure of "computing power - model - application". The core of the application layer lies in improving the scenario conversion rate of Token, a value that has not been fully priced by the market, and XUNCE Technology (03317) is becoming the biggest beneficiary of this trend. Unlike traditional modular pricing, the core of AI applications is to inject industry-specific data and professional know-how into the Token usage process, maximizing the business output value of each Token. XUNCE Technology innovatively introduces a tokenized pricing model, creating a growth model where "revenue = Token price number of calls number of module applications", revenue is closely tied to the intensity of AI use, opening up a larger incremental market. As customer usage deepens, real business data continues to accumulate and feedback into model and agent optimization, driving continuous improvement in Token conversion efficiency, while enhancing effect certainty and customer stickiness. This "data flywheel" enables XUNCE Technology to gradually pull ahead in similar competition and strengthen pricing power. As model capabilities continue to evolve, AI application vendors with data assets and delivery capabilities will gain greater leverage, and XUNCE Technology's leading edge is expected to further expand. Against the backdrop of exponential growth in Token calls, XUNCE Technology is at the starting point of a high prosperity cycle, with the continuous strengthening of its business model and data flywheel, profitability and valuation space are expected to be released simultaneously.