It's settled! The token is called "Token," and the "leading stock of the token" once surged over 15%.

Recently, Liu Liehong, the director of the National Data Bureau, officially clarified that the Chinese translation of Token is “词元” (Ci Yuan), which serves as a settlement unit that connects technological supply with commercial demand, providing quantifiable possibilities for the implementation of business models.

Stimulated by this news, on the morning of March 25, XunCe (03317.HK), regarded by the market as the “leading stock of词元,” saw its shares rise by over 15% at one point, and as of the time of reporting, the increase remained above 6%.

Public information shows that XunCe is a leading real-time data infrastructure provider in China, with AI Data Agent as its core technology, establishing a full-link service system covering data acquisition, cleaning, standardization, and large model tuning. With millisecond-level real-time data processing capabilities, its solutions have deeply penetrated various core sectors such as asset management, financial services, urban management, and telecommunications.

In the real-time data sub-market of the asset management industry, which has the highest complexity, XunCe’s market share reached 11.6% in 2024, firmly holding the top position in the industry, and it has already covered the top ten asset management clients in China.

On March 24, Liu Liehong stated at a news conference held by the State Council Information Office that, with the joint efforts of all parties, the construction of high-quality datasets has achieved phased results. By the end of 2025, more than 100,000 high-quality datasets will have been established nationwide. The increase in daily Token usage fully indicates that the development of artificial intelligence in China has entered a rapid growth stage.

Public data shows that at the beginning of 2024, China’s daily Token usage was 100 billion; by the end of 2025, it is expected to leap to 100 trillion; as of March this year, it has surpassed 140 trillion, with a growth of over a thousand times in two years.

According to a report from the Securities Times·e Company, XunCe has informed that AI has moved from the training phase stacked with GPUs to a reasoning era characterized by strong logic and business understanding, making Token “efficacy” a key competitive factor. The high-purity data Token launched by XunCe can significantly reduce ineffective consumption, allowing for more business certainty with fewer Tokens, aligning with the core requirements of high-quality dataset construction.

It is reported that XunCe possesses full-link capabilities from data aggregation, cleaning, governance to value conversion. Its self-developed cloud-native unified real-time data platform can achieve millisecond-level processing of multi-source heterogeneous data, supporting Token efficiency enhancement. Users can use its high-purity data foundation to consume Tokens in exchange for higher precision business outcomes, greatly improving output certainty and truly achieving the leap of Token value from “measurement” to “efficiency enhancement.”

XunCe’s recent profit forecast shows that the company is expected to achieve revenue of 1.283 billion yuan in 2025, a year-on-year increase of 102.95%. Among them, XunCe’s revenue is expected to experience a phased explosion in the second half of 2025, with a significant growth of 448% compared to the first half. At the same time, XunCe is expected to achieve an adjusted net profit of 160 million yuan in the second half of 2025, establishing a profitability inflection point. In 2025, the company’s ARPU is expected to double year-on-year to 5.59 million yuan, with performance growth synchronized with Token expansion.

On March 12 this year, CITIC Securities released a research report covering XunCe for the first time, benchmarking it as the “Chinese version of Palantir.” According to Frost & Sullivan’s forecast, the market size of real-time data infrastructure and analysis in China is expected to grow from 18.7 billion yuan in 2024 to 50.5 billion yuan in 2029, with a compound annual growth rate of 22%.