On July 31, XUNCE (03317.HK) issued a profit alert for its interim results for the six months ending June 30, 2026. The company anticipates revenue of 967 million yuan for the first half of 2026, representing a substantial year-on-year increase of 389%, setting a new historical record for the period. It expects net profit attributable to shareholders of 72.51 million yuan, compared to a net loss of 89 million yuan in the same period last year, marking its first half-year profitability. Adjusted net profit is projected at 67 million yuan, reversing from a net loss of 105 million yuan a year earlier, signaling a significant turnaround and a full release of earnings power.

Just six months after listing on the capital market, XUNCE nearly quadrupled its revenue year-on-year, achieving its first-ever first-half profit in its decade-long history. The results far exceeded market expectations, formally transitioning the company from an "investment phase" to a "profit delivery phase" while pioneering a new direction for AI profitability. In the first half of 2026, enterprise AI implementation demand was unleashed, with businesses accelerating the shift from traditional data processing to real-time, AI-driven decision-making, fueling a surge in demand for high-quality, structured, and scenario-specific real-time data. Seizing this strategic opportunity, as a leading AI real-time data infrastructure and analytics service provider in China, XUNCE expanded its full-chain data processing capabilities, from data acquisition to large model fine-tuning.

Currently, XUNCE has deployed its AI real-time data processing capabilities across 11 high-value, high-barrier industries, with penetration rates steadily increasing. It has refined three core technological advantages: millisecond/second-level real-time response, 100% accurate data processing, and data tokenization, helping customers reduce costs, enhance efficiency, and achieve more agile, data-driven decision-making.

Five Drivers Fuel Strong Performance, Token Income Emerges as New Growth Engine

The robust performance is driven by a synergy of five factors: the release of enterprise AI implementation demand, accelerated diversification of industry penetration, faster deployment of the TokenOS product, the landing of the token business model, and international expansion and ecosystem building. First, enterprise AI implementation demand has been concentratedly unleashed. Enterprise AI is shifting from "training" to "inference," and from "general capabilities" to "industry implementation," embedding AI into core business processes, leading to an exponential rise in demand for high-quality, structured, and scenario-specific data. However, deploying general large models faces three hurdles: data governance, real-time supply, and security compliance. Leveraging its decade-long accumulation of millisecond response and 100% accuracy capabilities, XUNCE is becoming a critical infrastructure provider in the AI era. The accelerated deployment of enterprise-level AI real-time data infrastructure and analytics is driving core business growth.

Second, diversification of industry penetration is accelerating, with cross-industry replication capabilities being continuously validated. This year, XUNCE has successfully expanded into several new industries, including smart vehicles and the low-altitude economy, accelerating the construction of an integrated "computing-data-token-model-application" full-chain product. Recently, the company partnered with Botai Vehicle Connectivity and Saimo Technology to enter the intelligent connected vehicle field, building a physical AI and world model training loop based on tokens. It also reached agreements with three major domestic GPU manufacturers鈥擬oore Threads, Tianshu Zhixin, and Biren Technology鈥攖o expand the "computing + data" integration. Furthermore, XUNCE collaborated with Hongtai Fund to explore vertical scenario token commercialization solutions, creating a new AI-native, token-native fund paradigm. It is also working with Shenzhen Kaihong Digital to promote data tokenization within the Harmony ecosystem, exploring new frontiers for world models and physical AI.

Third, the TokenOS product is accelerating deployment. In May, the company launched the world's first TokenOS operating system, TokenONE, which converts enterprise multi-source heterogeneous data in real-time into standardized, measurable, and priced scenario tokens, making large-scale industrial production of scenario tokens possible. This product addresses a core bottleneck in enterprise AI implementation: the insufficient supply of high-quality scenario data.

Fourth, the token business model is landing. Token call volumes are rising, becoming a new revenue growth engine. The token business has optimized the company's revenue structure, upgrading from linear growth based on project-based models to a growth model driven by token call volumes, with the commercialization of the token economy far exceeding expectations.

Fifth, international expansion and ecosystem building are accelerating. The company is actively expanding overseas, signing a strategic cooperation memorandum with a European digital and AI service provider to jointly develop a token factory targeting the European market, marking substantive steps in its global expansion. Additionally, XUNCE has established strategic partnerships with the Shenzhen Data Exchange and the Beijing International Big Data Exchange, laying a foundation of regulatory compliance and ecosystem support for global business expansion.

Furthermore, the company's gross margin has remained high and stable over the years. This profit growth is primarily driven by three factors: first, the profit share from high-margin fee models continues to expand, leading to an improved revenue structure and enhanced profitability; second, the platform-based, modular product architecture unlocks scale effects, with R&D, sales, and administrative expense ratios further optimized year-on-year, accelerating operating leverage; third, improved capital management efficiency contributed incremental investment income, further boosting profits for the period. These three factors combined provide solid support for XUNCE's earnings inflection point in the first half of the year.

Data Sector Faces Historic Opportunity, Long-Term Value Looks Promising

Recently, the National Development and Reform Commission clearly outlined China's AI industry work plan for the "15th Five-Year Plan" period at a press conference, listing "strengthening key technological breakthroughs in models, computing power, and data" as a top priority. The data sector is facing a historic development opportunity. As a leading AI real-time data infrastructure and analytics solutions provider in China, XUNCE has proposed a strategic path of "four-phase evolution" for AI data infrastructure over the "next decade." Phase 1.0: Starting from financial asset management, honing millisecond-level real-time data processing capabilities, replicating them across 10 high-barrier industries, and completing the full validation of cross-industry data governance capabilities. Phase 2.0: Using the TokenOS operating system to refine enterprise private data into measurable, priced, and exchangeable scenario tokens, opening a token business growth channel. Phase 3.0: Using a token exchange platform to facilitate cross-enterprise data exchange and circulation, expanding growth potential to the entire ecosystem and platform. Phase 4.0: Using enterprise small models to complete the "last mile" of AI implementation, providing enterprises with deployable, continuously evolving domain-specific small models, forming a complete "computing-data-token-model-application" loop and transforming AI from general capabilities into enterprise productivity.

The profit alert for the first half of 2026 is not an endpoint, but a new starting point. Over the past decade, XUNCE has deeply cultivated data governance through projects and subscriptions, validating the feasibility of its technology and business model. For the new decade, XUNCE has charted a clear three-step path: using the TokenOS operating system as a foundation, leveraging TokenRouters to enable cross-enterprise value exchange, and deploying enterprise small models to complete the last mile of AI implementation. It is the first to complete a full-chain layout from data governance to TokenOS, TokenRouters, and enterprise small models, ushering in a new cycle of exponential growth.