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

Recently, Liu Liehong, Director of the National Data Bureau, officially clarified that the Chinese translation of “Token” is “词元” (word element). It serves as a settlement unit connecting technological supply and commercial demand, providing a quantifiable possibility for the implementation of business models.

Inspired by this news, on the morning of March 25, the market’s so-called “Token leader stock,” Xunce (03317.HK), surged by over 15% at one point, and as of press time, the increase remained above 6%.

Public information shows that Xunce is a leading domestic provider of real-time data infrastructure. The company centers on AI Data Agent technology, building a full-chain service system covering data acquisition, cleaning, standardization, and large model tuning. With millisecond-level real-time data processing capabilities, its solutions have deeply penetrated core sectors such as asset management, financial services, urban management, and telecommunications.

In the highly complex data segmentation market of the asset management industry, Xunce’s market share is projected to reach 11.6% in 2024, maintaining the top position in the industry, and it has already covered the top ten domestic asset management clients.

On March 24, Liu Liehong stated at a press conference held by the State Council Information Office that, through joint efforts, significant progress has been made in building high-quality data sets. By the end of 2025, more than 100,000 high-quality data sets will have been established nationwide. The increase in daily Token calls fully indicates that China’s artificial intelligence development has entered a rapid growth phase.

Public data shows that at the beginning of 2024, China’s daily Token call volume was 100 billion; by the end of 2025, it surged to 100 trillion; in March this year, it exceeded 140 trillion, representing over a thousand-fold growth in two years.

According to the Securities Times·e Company, sources from Xunce reveal that AI has shifted from GPU-intensive training to reasoning that emphasizes logic and strong business understanding. The “value” of Tokens has become a key competitive factor. Xunce’s high-purity data Tokens can significantly reduce ineffective consumption, allowing more business certainty with fewer Tokens, aligning with the core requirements of high-quality data set construction.

It is reported that Xunce possesses full-chain capabilities from data aggregation, cleaning, governance, to value transformation. Its self-developed cloud-native unified real-time data platform can process multi-source heterogeneous data in milliseconds, supporting Token efficiency enhancement. With its high-purity data foundation, users can exchange Token consumption for higher-precision business results, greatly improving output certainty and truly realizing the transition 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%. Notably, Xunce’s revenue in the second half of 2025 is expected to see a phased explosion, with a significant 448% increase compared to the first half. Meanwhile, the company is projected to achieve an adjusted net profit of 160 million yuan in the second half of 2025, establishing a profit turning 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 volume expansion.

On March 12, CITIC Securities released a research report covering Xunce for the first time, comparing it to the “Chinese version of Palantir.” According to Frost & Sullivan, the market size of China’s real-time data infrastructure and analytics 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%.