GTHT has commenced coverage on XUNCE, issuing an initial "Buy" recommendation and setting a target price of HK$104.78. This price implies a target market capitalization of HK$33.8 billion. Analysis suggests that during a pivotal period where AI large models are transitioning from general capabilities to deep integration in vertical scenarios, XUNCE is leveraging its core "data flow" competency to replicate a "Chinese version of Palantir" model, expanding from the asset management industry into diverse sectors. Key viewpoints from GTHT are outlined below.

The competitive paradigm in AI is shifting from "larger models" to "superior data flows." The AI industry is currently undergoing a strategic pivot. For large models to generate genuine commercial value, they must evolve from homogeneous general capabilities to specialized vertical applications. The critical barrier to deeply integrating models into specific business operations is no longer primarily algorithmic superiority; the strategic key lies in the ability to embed models into real-time business data flows. The report describes China's enterprise real-time data processing market as a vast, untapped opportunity. Enterprise data management is experiencing a paradigm shift from "siloed" systems to "holistic" integration. Historically, systems like CRM, SCM, and ERP operated by segregating data and departmental nodes, utilizing localized decision-making algorithms. In the AI era, as holistic algorithmic models are embedded directly into business and data flows, the model of data generating decisions automatically and in real-time will replace the operational redundancies of traditional departmental silos, significantly enhancing strategic efficiency. For instance, financial risk control requires millisecond-level transaction data, urban调度 relies on real-time traffic flow, manufacturing management depends on production line sensor signals, the healthcare industry needs real-time scheduling and millisecond-level data streams for remote surgery, and the energy sector requires real-time signals to balance peak and off-peak loads—all these vertical scenarios demand higher standards for data timeliness, accuracy, and traceability. The focal point of value in the industry chain is shifting from pursuing "larger models" to constructing "better data flows."

A decade of deep cultivation has built significant barriers, solidifying XUNCE's position as a leader in AI real-time data. The report highlights that XUNCE has been deeply involved in the real-time data infrastructure industry for ten years. Its unified data platform can collect, clean, manage, and analyze multi-source heterogeneous data within seconds, perfectly aligning with enterprise needs for instant decision-making. Starting from the asset management sector, the company has built a full lifecycle solution covering portfolio monitoring, order execution, valuation, risk management, and compliance, positioning it as a top player in the real-time data field by 2024. According to Frost & Sullivan data, the CAGR for China's real-time data infrastructure and analytics market from 2020 to 2024 was 46.1%, with an estimated value reaching RMB 50.5 billion by 2029. The current market penetration rate is below 4%, and the market is poised for explosive growth catalyzed by AI large models. Data's recognition as the fifth major factor of production has been elevated to a national strategy, and policies like the "Data Twenty Articles" and the inclusion of data assets in corporate balance sheets are driving increased corporate investment in data infrastructure.

Diversified expansion is unlocking new growth potential, with both paying customers and ARPU rising. While consolidating its advantage in asset management, XUNCE is actively pursuing a cross-industry strategy, extending its business to financial services (excluding asset management), urban management, production management, telecommunications, and other fields. It already covers China's three major state-owned telecommunications operators. From 2022 to 2024, the revenue contribution from diversified industries increased from 26% to 61%, becoming a crucial growth engine. The sustainability of its business model is supported by data: the number of paying clients grew from 182 in 2022 to 232 in 2024, while the Average Revenue Per User increased from RMB 1.58 million to RMB 2.72 million. With rising brand recognition and continuous solution optimization, the company's pricing power is expected to strengthen further.

GTHT forecasts XUNCE's operating revenue for 2025-2027 to be RMB 1.183 billion, RMB 2.177 billion, and RMB 3.311 billion, representing growth rates of 87%, 84%, and 52%, respectively. Net profit attributable to shareholders is projected to turn positive in 2026, reaching RMB 101 million, and is expected to further increase to RMB 311 million in 2027.