XUNCE (03317) closed up nearly 24% yesterday and extended its gains in early trading today, rising over 7%. At the time of writing, the stock was up 3.46% to HK$293, with a turnover of HK$1.161 billion.

Recent developments indicate a shift in the domestic large language model landscape. The AI assistant "Doubao," with 345 million monthly active users, has for the first time disclosed its paid subscription pricing, with plans reaching up to RMB 500 per month. This move signals the end of the era where domestic models relied on "free access for scale."

Concurrently, several major providers, including Zhipu AI, Tencent Cloud, and Alibaba Cloud, have raised their API prices or service fees. This trend underscores a transition where tokens are evolving from being "loss-leading giveaways" to becoming the industry's "core commodity."

A recent Deutsche Bank research report positions XUNCE as a "data fuel supplier + billing hub," providing high-quality, scenario-specific tokens for vertical applications. The report suggests the company is benefiting from the explosive growth in AI data demand and its transition towards a "token economy" model, leading to a potential re-rating of its valuation.

Data shows that in April 2026, XUNCE's annual recurring revenue (ARR) from token calls surged 300% quarter-over-quarter. Revenue from token-based payments has already exceeded 5% of total income, with the full-year target aimed at reaching 20%-30%.