Quarter-over-quarter, ARR surged by 300%, and Xunfei (03317.HK) launched a token payment model to enable a new paradigm of AI commercialization.

Wisdom Finance and Economics APP learned that on May 12, Morgan Stanley published a report pointing out that Chinese artificial intelligence (AI) is entering a new stage, shifting from catching up on technological capabilities to capturing value, focusing on reasoning rather than training, from technology to application, and from potential to actual profits. This assessment is aligned with macro policy trends. Recently, the People's Bank of China clearly stated in its "2026 First Quarter China Monetary Policy Implementation Report" that artificial intelligence will inject new momentum into the high-quality development of the economy through accelerated technological iteration, deepened industrial integration, and expanded international market development. A real transformation about the commercialization path of AI is quietly happening with "Token First Share" Xunce (03317.HK).