The surge in AI data demand: "Token First Stock" Xunce's revenue soared by 103% last year, turning profitable in the second half of the year

Ask AI · How can policy catalyze the surge in AI data demand and drive business growth?

This article is sourced from Times Finance. Author: Zhou Li

Image source: Tuochuangyi

In the tide of accelerated deployment of AI large models and the booming rise in enterprise-level AI data demand, “Token first-stock company” Xunce (03317.HK; hereinafter referred to as “Xunce Technology”) delivered its first annual report performance since listing.

On March 30, Xunce Technology held its first results briefing after listing in Hong Kong, engaging with investors on the operational highlights for 2025, financial performance, and future outlook.

According to previously disclosed results, in 2025 it achieved revenue of 1.285 billion yuan, up 103.28% year over year, breaking through the “billion-yuan revenue” threshold for the first time; consolidated gross profit was 792 million yuan, up 63.44% year over year, with a consolidated gross margin of 61.66%; annual loss was 130 million yuan, with the loss widening by 32.51% year over year. However, after excluding listing expenses of 74.80 million yuan, the adjusted net loss was 54.85 million yuan, narrowing by 33.41% year over year.

Xunce Technology’s annual report mentions that its substantial revenue growth was mainly driven by the surge in data demand spurred by the deployment of AI large models.

This March, the “15th Five-Year Plan” Outline clearly stated the comprehensive implementation of the “Artificial Intelligence+” action, empowering all sectors in every possible way. The government work report this year also emphasized the direction of “creating a new form of the intelligent economy and further expanding ‘Artificial Intelligence+’,” aiming to promote commercialization and scaled applications of AI in key industries.

Liu Liehong, Director of the National Data Bureau, said that driven by technological innovation and commercial applications, the scale of the artificial intelligence industry has continued to grow. “By the end of the ‘15th Five-Year Plan,’ the scale of China’s AI-related industries is expected to exceed 10 trillion yuan.”

The “Artificial Intelligence+” actions under policy guidance directly led to explosive growth in AI applications. The most direct quantitative evidence is the explosive increase in AI daily Token call volume. According to the latest data from the National Data Bureau, China’s average daily Token call volume increased from 100 billion at the beginning of 2024 to 140 trillion in March 2026, up more than 1,000 times over two years. This indicates that AI large models have entered a stage of large-scale, high-frequency use in commercial applications.

As AI large models accelerate toward real-world deployment, enterprise-level AI data demand is experiencing a new round of concentrated release. As a provider of underlying AI real-time data infrastructure, Xunce showed strong growth momentum in the second half of 2025—revenue rose from 198 million yuan in the first half to 1.087 billion yuan in the second half, a quarter-on-quarter surge of 449.32%; net profit shifted from a loss of 105 million yuan in the first half to a profit of 50.13 million yuan in the second half, achieving positive semi-annual profitability for the first time.

Meanwhile, customers’ willingness to pay also strengthened. According to the annual report, in 2025 Xunce Technology’s number of customers reached 230, and its ARPU value (average revenue per user) was 5.59 million yuan, up 105.51% year over year.

From the industries covered, the company is replicating its capabilities from traditional advantaged areas into a broader market. In 2025, revenue from the asset management industry was approximately 262 million yuan (accounting for 20.37% of total revenue), up 7.04% year over year; revenue from diversified industries was approximately 1.023 billion yuan (accounting for 79.63% of total revenue), up 163.97% year over year.

With the proportion of revenue from diversified industries continuing to rise, Xunce Technology said this was mainly attributable to the growth in enterprise-level AI data demand brought about by the accelerated deployment of AI large models. Xunce seized the opportunity and intensively expanded into emerging areas such as the power industry, robot training platforms, and commercial aerospace. Revenue in related industries grew, demonstrating the effectiveness of its cross-industry replication capabilities and the broad applicability of its AI data infrastructure.

While continuously expanding horizontally into new industries, Xunce Technology is still able to “run lightly.” By the end of 2025, its asset-liability ratio was 1.51%, down 0.02 percentage points year over year, which also provides ample support for future capital expenditures.

Image source: Xunce Technology

However, during the Q&A session with investors, Xunce Technology’s Executive Director, President, and Joint Company Secretary, Xuanran, emphasized that the company adheres to a strategy of “primarily organic growth, with external acquisitions and mergers and acquisitions as a supplement.” The company is open to strategic acquisitions and M&A, but will evaluate them very prudently. As for the types of acquisition targets, it said they mainly fall into three categories: first, a technology and product complement type; second, a “know-how” supplementary type, which can help companies speed up their learning curve when expanding into new industries; and third, a layout type based on overseas markets—“because we need to gradually advance our globalization strategy. For targets and product and service offerings that can help us quickly deploy in the Southeast Asia and Middle East markets, we will give them key consideration.”

For its future development strategy, Xunce Technology stated that it will further deepen five major core directions: first, deepen the evolution of its business model, accelerating the upgrade from a project-based and subscription-based model to a Token-based payment and revenue-sharing model, thereby deeply tying returns to customer value; second, accelerate cross-industry replication, leveraging its real-time data processing capabilities to further expand into key areas related to the national economy and people’s livelihoods such as the power, telecommunications, healthcare, and energy sectors, robot training platforms, and commercial aerospace; third, open up cutting-edge applications, continuously increasing R&D investment in emerging areas such as robot data platforms and commercial aerospace to seize the commanding heights of future industries; fourth, steadily expand overseas business and advance its global layout under the premise of controllable risk; and fifth, build a strategic cooperation ecosystem, deeply linking with leading computing-power vendors and algorithm companies at home and abroad, to provide customers with a one-stop solution ranging from underlying computing power to application-layer solutions.

At the results briefing, Xunce Technology’s Executive Director and General Manager Geng Dayu said that as cooperation with domestic customers and partners continues to strengthen and deepen, it will enable the company to develop many overseas business opportunities. “We are also actively looking to screen and select global cooperation partners in certain business areas, and we will evaluate our overseas opportunities with great care. Under the premise that risks are controllable, we will steadily advance our overseas business. We hope that in 2026, the share of overseas business revenue can be increased to 10%–15%.”