Roadshow Record | Data Tokenization opens up new growth engine, XUNCE Technology (03317) builds TokenOS operating system for the AI-native era with real-time data foundation

Recently, the "2026 GMTEight Summer Roadshow Conference," organized by GMTEight and exclusively hosted by "Winter Warm Sun," with roadshow support provided by the professional financial roadshow live platform "Big Roadshow," was successfully held in Shenzhen. During this roadshow, Zhang Kailin, the Director of Investor Relations at XUNCE Technology, engaged in in-depth face-to-face communication with on-site investors about the company's business model, product evolution, cross-industry diversification, and future globalization strategies. Here is a summary of XUNCE Technology's roadshow: XUNCE Technology (03317) is a leading AI real-time data infrastructure and analysis service provider in China. The company's core product, AI Data Agent, focuses on providing customers with millisecond-level real-time data processing and analysis one-stop product services. Since its establishment in 2016, XUNCE Technology initially started in the financial asset management industry, focusing on serving institutional clients with high barriers to entry, heavy regulations, and high requirements for real-time and accuracy. After several years of deep cultivation in the financial field, the company has developed core capabilities of "millisecond timeliness" and "100% accuracy," providing customers with the most reliable data support for business decision-making. After a decade of rapid development, XUNCE Technology has established end-to-end capabilities ranging from data acquisition, cleaning, standardization and governance to data modeling and real-time stream computing. After the outbreak of large-scale models in 2023, the company further introduced intelligent agent development to fully support the connection and tuning of large models. Through continuous co-creation and exploration, the company has successfully expanded from a single financial vertical to diversified cross-industry development. By the end of 2025, 20% of the company's revenue came from the financial industry, while the remaining nearly 80% came from various sectors such as electricity, high-end manufacturing, and urban operations. In 2025, the company even ventured into industries such as embodied intelligence and low-altitude economy, and in 2026, further expanded into high-barrier industries. By the end of 2025, XUNCE Technology had accumulated over 300 functional modules in complex application scenarios in various industries, enabling the company to possess strong reusability and expansion speed when exploring new industries and customers. Due to the high stickiness of its products, the company's customer retention rate has been excellent, with over 230 customers by the end of 2025. The average revenue per user (ARPU) for a single enterprise customer showed explosive growth, increasing by 105.51% from 272 million yuan in 2024 to 559 million yuan in 2025. In terms of the AI industry chain and ecological positioning, XUNCE Technology does not compete with GPU manufacturers, large model manufacturers, or cloud providers; rather, it empowers and collaborates with the upstream and downstream ecosystems: -At the computing power and GPU layer, XUNCE Technology performs subsequent data processing, refinement, and analysis at the agent layer based on computing power infrastructure. -At the large model layer, the company does not bundle models and allows customers to freely choose to feed industry-specific tokens, cleaned, standardized, and injected with industry know-how by XUNCE, into any general large model. -At the cloud provider layer, the company is deeply deployed in customers' local clouds, public clouds, or local systems, helping large customers build secure, accurate data hubs and intelligent decision-making platforms in a cloud-native local environment. Business model upgrade: Opening up growth ceiling by Token payment model In terms of payment models, up until 2026, XUNCE Technology primarily focused on subscription and project-based payments. In 2025, project-based payments accounted for a high 91% of revenue, while subscription-based payments accounted for 9%. However, starting in 2026, the company has undergone a revolutionary upgrade to its business model by introducing a payment model based on Tokens. It is important to note that the Tokens defined by XUNCE Technology are fundamentally different from what traditional large model manufacturers call Tokens. In the company's business scenario, what is delivered is called "Scenario Vertical Token"; "Vertical" represents the industry, and "Scenario" represents the specific problem solved in a specific business process of a specific enterprise. In terms of pricing, the pricing for every one million Scenario Vertical Tokens ranges from $10 to $100. This pricing level is several times higher or even nearly ten times higher than traditional general large model Tokens. Why can such a high pricing be achieved? This is due to the unique nature of Scenario Vertical Tokens. If we compare general large model Tokens to "water" that everyone or every company can use as the lowest threshold to enter the AI world, then the Scenario Vertical Tokens are not water, not a beverage, not wine; their nature is essentially "oil." This is because, in this intelligent world, only with the injection of oil, can machines truly run, rockets fly into space. The Scenario Vertical Tokens are the absolute core that allow companies to utilize large models in specific complex business scenarios. This is the biggest and fundamentally different point between the two. Moreover, as more people and complex business scenarios in companies begin using large models, there is a need to preprocess data at the frontend and ideally directly turn this high-quality preprocessed data into Tokenized form. Tokens are the smallest unit that large models can directly understand and call. Whoever has the capability to do this will be willing to pay for it. TokenOS Operating System: Tokenizing data for measurable large model output To truly tokenize data, XUNCE Technology officially launched its core system, the TokenOS operating system. TokenOS is an AI-native enterprise Token operating system that horizontally covers nine complete steps of data tokenization and vertically enters into five application layers: 1. Base layer: Primarily responsible for standardizing the entire data. This technology has evolved traditional data standardization into "Tokenization of data standardization," with the future goal of transforming it into a standardized "Token factory" to enable different companies to swiftly replicate their data tokenization capabilities. 2. Middle layer: The core stage for injecting industry know-how, where deep data modeling and real-time stream computing take place. After entering the base layer, the company's local data and business know-how have been encapsulated into a measurable, priced, and exchangeable Scenario Vertical Token. 3. Application layer: Scenario Vertical Tokens can be called upon anytime via intelligent agents (Agents). Additionally, the system boasts strong flexibility, supporting multi-model connections (through the Multi-Connect Platform method). In the future, enterprise customers do not need to bind to a single model but can flexibly call different large models based on various business scenarios. 4. Leading-edge layer: TokenOS is compatible with multi-mode compute power, enabling integration with all compute power infrastructures available in the market. Regardless of a customer's GPU, CPU, or other underlying hardware, and no matter what final large model is chosen, TokenOS can help in achieving flexible connections and adjustments. 5. Measurement layer: It can produce clear system interfaces for customers, allowing them to see at any time and place how many Tokens are being called in their business processes, achieving complete measurability, traceability, and compliance review of Tokens. The core of the TokenOS operating system is to assist enterprises in tokenizing their data. Since the establishment of the National Data Bureau in 2023 and the introduction of data assets into balance sheets, many companies have come to realize the immense value their data holds. However, the biggest pain point in the industry is always about "how to price" and "how to grant data rights." XUNCE Technology believes that tokenizing and standardizing a company's private domain data, and thereby making it measurable, pricable, and exchangeable, is crucial in realizing large-scale industrial deployment of AI in specific business scenarios. Based on this model, XUNCE is currently engaged in deep cooperation with key enterprises in various business scenarios. By helping them process high-quality data and connect them to large models, the company is not ruling out the possibility of establishing Token factories with these industry-leading enterprises to drive the large-scale deployment of Token factories. Financial performance: Revenue doubled and self-sufficiency demonstrated Financial reports and operational data show that XUNCE Technology has maintained continuous and rapid growth, with the company achieving a revenue of 1.285 billion yuan in 2025, doubling the revenue scale from 2024. In terms of revenue structure, the share of revenue from diversified (non-financial) industries had already reached 80% by the previous year, and this percentage is expected to further increase this year. In terms of industry expansion, the management believes there are still many industry directions worth exploring and excavating. Looking at the structure of payment models, subscription-based payment accounted for about 10% in 2025, while project-based payment accounted for approximately 90%. However, with the latest structure in 2026, subscription-based payment is expected to remain stable at around 10%; project-based payment will continue to grow in absolute terms but will decrease to levels between 60% and 70% of the overall revenue share; and the Token payment model is expected to contribute 20% to 30% of revenue this year. Of particular note, in April, the Annual Recurring Revenue (ARR) from Token calls had already achieved a 300% increase quarter-over-quarter this year. With the current data, this new business line is showing very positive growth momentum. In terms of gross profit margin, as XUNCE Technology has been expanding into new industries in recent years, the company typically faces a business ramp-up period of 1 to 3 years when entering a new industry. During the early stages in the industry, gross profit margins usually range between 40% and 50%. Even during this ramp-up period, this gross profit level is relatively high within the industry. Once an industry passes the deployment period of 2 to 3 years, the gross profit margin converges upwards every year by 10 to 15 percentage points until it reaches the steady-state gross profit margin of 70% to 80%. Taking the asset management (financial) industry as an example, the current gross profit margin is around 70%. As the company continues to enter 1 to 2 new industries every year, the current comprehensive gross profit margin stabilizes at around 60%. In terms of profitability, in the second half of 2025, the company's adjusted net profit had achieved breakeven in a single half-year period. It is expected to reach a turning point for the full year in 2026. Regarding the balance sheet, the company's operational cash flow had significantly narrowed by the end of 2025, with expectations of completely entering a positive self-sufficiency ecosystem by 2026 or 2027. By the end of 2025, the company had nearly 1.1 billion yuan in cash and cash equivalents, indicating strong financial health. Looking ahead, the daily Token call volume in the Chinese market is showing a geometric growth trend. XUNCE Technology will closely follow the policy dividends such as the inclusion of data assets in financial statements. On one hand, it aims to benchmark international giants like Palantir (currently expanding into 17 industries), where XUNCE is currently in approximately 10 industries with room for doubling and replication; on the other hand, following absolute compliance, it plans to expand globally along with leading Chinese companies and expects overseas revenue to reach 5% to 10% by 2026. Additionally, the company is in discussions with leading GPU manufacturers and general large model manufacturers for strategic cooperation to empower the creation of industry-specific large models, thus fully unleashing the unlimited value of high-quality private domain data. Q&A Section Q: Recently, I noticed that the prices of general Tokens for intelligent large models have been continuously decreasing in the market. Will this downward trend have an impact on the company? A: The trends in the pricing of general Tokens for large models are expected to continue declining, and this trend may indeed have an impact on the market. However, the pricing trend for general Tokens is distinct from the pricing trend for Scenario Vertical Tokens provided by XUNCE Technology. The perception of value and the nature of these Tokens are fundamentally different. While the prices for general Tokens are decreasing to make them more accessible to individuals and lower-tier companies, the Scenario Vertical Tokens provided by XUNCE are valued differently. The prices for Scenario Vertical Tokens have been increasing, reflecting the superior quality and specific problem-solving capabilities these Tokens offer in complex business scenarios. This unique pricing structure and value proposition differentiate Scenario Vertical Tokens from general Tokens and sets them apart in the market. In practical terms, the adoption of Scenario Vertical Tokens has shown excellent growth, with an ARR increase of 300% in the past quarter. This demonstrates the strong market demand and acceptability of the new Token payment model. The pricing strategy and the high-quality data processing capabilities offered by XUNCE have positioned Scenario Vertical Tokens as a premium product with significant growth potential in the market. Q: What are the main competitors in the domestic market, and what are XUNCE Technology's core advantages compared to them? Are there any overseas competitors that the company benchmarks against? A: XUNCE Technology faces competition from various suppliers in the real-time data infrastructure, data governance, and analysis segments. While there are many competitors focusing on specific segments or products in the industry, XUNCE stands out from these competitors by offering end-to-end services covering a wide range of capabilities. The company's ability to seamlessly transition from data acquisition to large model tuning and Agent delivery sets it apart from the competition. Although there are international giants like Palantir in the market, XUNCE has established unique differentiators and advantages over its international competitors. In 2026, the introduction of the TokenOS operating system and the adoption of the Token payment model have greatly enhanced XUNCE's value proposition. These advancements allow the company to enable multi-model connections, provide accurate and rapid data tokenization, and offer entirely measurable and fee-charging mechanisms. These innovations have positioned XUNCE as a market leader with cutting-edge technology and unmatched capabilities in the industry. Q: How does XUNCE Technology address the transition to the Token payment model and any resistance encountered during this process? How were existing customers successfully converted to the Token payment model? A: XUNCE Technology has implemented the Token payment model to provide a more flexible and beneficial payment structure for its customers. The transition to the Token payment model has been well-received by clients due to the value proposition and business benefits it offers. Unlike traditional subscription or project-based payments, the Token payment model allows customers to pay based on their actual usage, encouraging cost-efficiency and performance optimization. The transition from traditional payment models to the Token payment model has been smooth for XUNCE Technology due to the company's strong value proposition and customer-centric approach. By offering high-quality Scenario Vertical Tokens and enabling measurable business outcomes, XUNCE has instilled confidence in its customers regarding the benefits of the new payment model. The flexibility and direct correlation between Token usage and financial outcomes have resonated positively with clients, resulting in a favorable reception of the new payment structure. Furthermore, the confidence XUNCE has in its products and data tokenization capabilities has played a significant role in driving customer adoption and acceptance of the Token payment model. By providing high-quality data processing and seamless integration with large models, the company has demonstrated its commitment to delivering tangible business value to its customers. These factors have contributed to the successful transition and adoption of the Token payment model by XUNCE's existing client base.