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

Recently, the Director of the National Data Bureau, Liu Liehong, officially clarified the Chinese translation of Token as “word token.” It is a settlement unit that connects technology supply with commercial demand, providing quantifiable possibilities for the implementation of business models.

Triggered by this news, on March 25 at the opening of trading, Xunce (03317.HK), regarded by the market as the “word token leader stock,” surged by more than 15% at one point; as of the time of this reporter’s release, the gains remained above 6%.

According to publicly available information, Xunce is a leading provider of real-time data infrastructure in China. With AI Data Agent as its core technology, the company has built an end-to-end service system covering data acquisition, cleaning, standardization, and large-model tuning. Thanks to its millisecond-level real-time data processing capabilities, its solutions have penetrated deeply into multiple core sectors, including asset management, financial services, city management, telecommunications, and others.

Among them, in the real-time data sub-segment with the highest data complexity—the asset management industry—Xunce’s market share in 2024 reached 11.6%, maintaining the number-one position in the industry, and it has already covered China’s top ten asset management clients.

On March 24, Liu Liehong said at a press conference by the State Council Information Office that, with the joint efforts of all parties, work on building high-quality data sets has achieved phased results. By the end of 2025, more than 100,000 high-quality data sets have been built nationwide. The increase in day-to-day Token call volume fully shows that China’s artificial intelligence development has entered a phase of rapid growth.

Based on published data, in early 2024, China’s average daily Token call volume was 100 billion; by the end of 2025, it jumped to 100 trillion; in March this year, it has already surpassed 140 trillion, with growth exceeding a thousand-fold over two years.

A Securities Times · e Company reporter learned from Xunce that, currently, AI has moved from the training stage built on GPU stacking into an inference era driven by stronger logic and deeper business understanding, where Token “value efficiency” has become the key to competition. Meanwhile, the high-purity data Token launched by Xunce can significantly reduce ineffective consumption—delivering higher business certainty with fewer Tokens—aligning with the core requirements of building high-quality data sets.

According to the company, Xunce has end-to-end capabilities ranging from data aggregation, cleaning, and governance to value transformation. Its proprietary cloud-native unified real-time data platform can support millisecond-level multi-source heterogeneous data processing, providing support for Token efficiency gains. With its high-purity data foundation, users can consume Tokens to obtain higher-precision business outcomes, greatly improving output certainty and truly realizing a leap in Token value from “measurement” to “efficiency enhancement.”

The profit forecast recently disclosed by Xunce shows that in 2025, the company will achieve revenue of RMB 1.283 billion, up 102.95% year over year. Of this, Xunce’s revenue in the second half of 2025 will experience a phased surge, with second-half revenue rising sharply by 448% compared with the first half. At the same time, Xunce’s adjusted net profit in the second half of 2025 will be RMB 160 million, confirming a turning point toward profitability. In 2025, the company’s ARPU will double year over year to RMB 5.59 million, and growth in performance will move in sync with the expanded volume of Tokens.

On March 12 this year, Citic Securities released a research report for the first time covering Xunce and benchmarked it against “China’s Palantir.” According to Frost & Sullivan, the scale of China’s real-time data infrastructure and analytics market will grow from RMB 18.7 billion in 2024 to RMB 50.5 billion in 2029, with a compound annual growth rate of 22%.