XUNCE (03317.HK) unveiled its interim results for the first half of 2026 on August 21, posting revenue of RMB 967 million, a staggering 389% year-on-year surge that set a new record for the period. Net profit attributable to shareholders reached RMB 72.51 million, flipping from a net loss of approximately RMB 89.4 million in the same period last year, marking the company's first-ever profitable first half. Adjusted net profit came in at RMB 67 million, versus an adjusted net loss of roughly RMB 105 million a year earlier, achieving a comprehensive turnaround. Gross margin held steady at a robust 60.1%, while total assets stood at approximately RMB 3.51 billion and net assets at around RMB 2.48 billion, with ample cash on hand. Token business revenue contribution surpassed 10% with strong ARR growth, ARPU vaulted 240% higher, and per-capita revenue generation soared 379%. Customer retention remained firmly above 90%, underscoring an all-round lift in operational quality. As a leading AI real-time data infrastructure and analytics provider in China, XUNCE made breakthrough strides in business model innovation, product development, industry penetration, and international expansion during the period, with all key metrics outperforming the sector. The company has officially transitioned from its "investment phase" into a "profit realization phase," pioneering a new avenue for AI profitability that highlights the true value of its AI offerings.

Four-Pronged Growth Drivers Propel Revenue Surge, Operational Efficiency Keeps Climbing

During the first half of 2026, with the 15th Five-Year Plan elevating AI to a national strategic priority, enterprise-grade AI is rapidly shifting from model training to inference deployment and from general-purpose capabilities to industry-specific applications. Demand for high-quality, structured, and scenario-driven real-time data has surged exponentially. Seizing this pivotal opportunity, XUNCE leveraged its FDE model to expand full-chain data processing and Tokenization capabilities, from data acquisition to large-model fine-tuning. By converting fragmented, heterogeneous enterprise data into data Tokens, the company empowers clients to cut costs, boost efficiency, and maximize the business value of each Token unit, enabling more agile, data-driven decision-making. To date, XUNCE has penetrated eleven high-value, high-barrier industries, developed over 400 functional modules, and honed three core technological advantages: millisecond/second-level real-time responsiveness, 100% precise data processing, and data Tokenization. By bridging computing power and algorithms, the company takes direct responsibility for client business outcomes. The robust revenue growth in the first half was fueled by four converging forces: accelerated deployment of enterprise AI real-time data infrastructure, faster penetration across diverse industries, the rollout of the Token business model, and international expansion coupled with ecosystem development. The dramatic swing to profitability stems from a rising share of high-margin businesses, economies of scale from its platform-and-module product architecture, significantly improved operational efficiency with optimized R&D, sales, and administrative expense structures, and enhanced treasury management that contributed incremental investment income. Meanwhile, operational efficiency continues to climb. The company has built a data development system anchored by its AIDP platform, automating data engineering workflows and serving as the "data hub" that embeds AI deeply into core business processes, supporting high-quality decisions and strengthening clients' willingness to pay. In the first half, ARPU leapt from RMB 1.64 million to RMB 5.56 million, a 240% year-on-year increase. Customer retention has consistently exceeded 90%, reflecting the strong lock-in effect and high stickiness from deep product integration into client workflows. Per-capita revenue generation jumped 379% year-on-year, placing XUNCE at the forefront of AI tech firms in terms of human capital efficiency.

TokenOS and TokenCloud Dual-Engine Model Drives Growth, Token Revenue Share Exceeds 10%

In the first half of this year, XUNCE pioneered its Token business model, enabling data Token calls to power AI business decisions. This model has already been deployed across multiple high-value scenarios and validated commercially. Revenue from the Token model surpassed 10% of total revenue during the period, with annualized recurring revenue (ARR) growing strongly, establishing itself as a fresh growth engine. The commercialization of the Token economy has far exceeded expectations. The company launched the world's first TokenOS operating system, which focuses on data capabilities, converting multi-source, heterogeneous enterprise data in real time into standardized, measurable, and priceable scenario Tokens. It opens a full-channel pathway from data ingestion to model invocation, allowing enterprise data to be called directly as Tokens and driving the establishment of Token factories across industries. Building on this, XUNCE also delivered and began testing its TokenCloud platform, which concentrates on model capabilities and integrated "data + model" offerings. This accelerates the construction of a full-chain, integrated product and service suite spanning "computing power—data—Token—model—application," covering everything from underlying compute scheduling and data Tokenization to model inference optimization, enterprise small-model refinement, fine-tuning, and deployment. This pushes AI from general-purpose capability toward enterprise-specific productivity.

The full-chain product matrix of "computing power—data—Token—model—application," powered by TokenOS and TokenCloud, creates a dual-engine architecture of "operating system + one-stop full-chain platform." This provides enterprise clients with end-to-end AI infrastructure, from data governance to model deployment, lowering deployment costs and improving matching efficiency. This unique dual-engine structure builds a formidable competitive moat that is difficult to replicate, positioning XUNCE to launch a new cycle of high growth as it develops its AI-to-B integrated platform.

Accelerated Multi-Industry Penetration, International Expansion Takes Concrete Steps

XUNCE began in the asset management sector, which demands the most stringent real-time data capabilities, and has since extended its AI real-time data processing expertise to eleven high-value, high-barrier industries, including telecommunications, power, energy, urban operations, and advanced manufacturing. Multi-industry penetration is accelerating, with cross-industry replication capabilities continuously validated. In the first half, the company collaborated with Botai Vehicle Connectivity and Cemu Technology to develop Token-based physical AI and world models, entering the intelligent connected vehicle arena. It also forged partnerships with three major domestic GPU manufacturers—MetaX, Tianshu Zhixin, and Biren Technology—to build a closed loop of "computing power + data." Additionally, a strategic alliance with Shenzhen Kaihong aims to deploy Tokenization capabilities within the HarmonyOS ecosystem, exploring world models and physical AI. The scenario Token factory model continues to be validated across multiple industries, scenarios, and ecosystems. As a result, revenue from diversified industries rose to 87.6% of total revenue in the first half, creating a more balanced business mix and opening broader growth avenues. On the international front, XUNCE is actively advancing overseas operations, accelerating the deployment of TokenOS and its Token-based commercial model abroad. Strategic partnerships with Shenzhen Data Exchange and Beijing International Data Exchange have laid the groundwork for global expansion. Overseas revenue reached RMB 11.86 million in the first half, up 264% year-on-year.

Four-Stage Leap in AI Data Infrastructure, Five Strategic Priorities for Execution

Looking ahead, XUNCE has charted a strategic evolution path for AI data infrastructure across four stages: starting with data governance (1.0), advancing through Tokenization (2.0), moving toward a global Token exchange platform (3.0), and accelerating the training and large-scale deployment of enterprise small models (4.0). In stage 1.0, the company began in asset management and expanded across industries, fully validating cross-industry data governance capabilities. In stage 2.0, TokenOS refines enterprise private data into high-quality scenario Tokens, while TokenCloud delivers one-stop cloud services, opening a growth channel for Token revenue. Stage 3.0 will see the launch of a global Token exchange platform, breaking down barriers to Token circulation across enterprises, industries, and scenarios. In stage 4.0, enterprise small models will complete the "last mile" of AI deployment, forming a complete closed loop of "computing power—data—Token—model—application." Concurrently, the company will execute its strategy along five key directions: first, deepening business model evolution, accelerating the shift from project-based and subscription models toward Token-based commercial frameworks; second, speeding up cross-industry replication through a "high-barrier, high-value" expansion strategy to continuously unlock growth in diversified industries; third, pioneering cutting-edge applications to seize the high ground in future industries; fourth, building a strategic partnership ecosystem with deep ties across the computing power and algorithm value chain; and fifth, steadily expanding overseas operations to establish a preliminary global footprint. These five priorities are designed to consistently create business value for clients and usher in a new era of exponential growth.

This standout financial report signals that XUNCE has officially reached an inflection point of value realization. At a time when AI large-model inference is driving explosive demand for high-quality industry data, the company has forged a solid moat through its proprietary Token system. Its "deep multi-industry cultivation + international expansion" strategy has unlocked vast headroom for revenue growth. As the Token exchange platform matures and enterprise small-model applications take hold, XUNCE is poised to accelerate onto the fast track of high-speed development.