Northeast Securities Co., Ltd. has issued an initial research report covering XUNCE (03317.HK), assigning an "Accumulate" rating. The report highlights that the company's first-half 2026 revenue reached approximately RMB 967 million, representing a 388.76% year-on-year increase. Net profit attributable to shareholders stood at around RMB 72.51 million, marking a return to profitability. The Token business was cited for the first time as a key driver of revenue growth. Combined with the release of operating leverage on the expense side, the inflection point for profitability has been established.

With a first-half profit achieved for the first time, the operating leverage effect on expenses has been significant. The company issued a positive profit alert, indicating first-half 2026 revenue of roughly RMB 967 million, a 388.76% year-over-year surge. This figure already reaches 75.3% of the full-year 2025 revenue of RMB 1.285 billion. Net profit attributable to shareholders was approximately RMB 72.51 million, compared to a loss of RMB 89.43 million in the same period last year. Adjusted net profit was about RMB 67 million, versus an adjusted net loss of roughly RMB 105 million in the prior-year period. The net profit margin attributable to shareholders improved dramatically, rising from approximately -0.4% in the second half of 2025 to about 7.5% in the first half of 2026.

Northeast Securities Co., Ltd. attributes the profit improvement to an expanded share of high-margin businesses, economies of scale from its platform and modular architecture leading to lower expense ratios for R&D, sales, and administration, as well as gains from investment income. In 2025, the R&D, sales, and administrative expense ratios were 48.0%, 3.9%, and 11.5%, respectively, totaling 63.4%. With revenue doubling, the operating leverage effect has been significantly released.

Token call volume has been listed for the first time as a growth driver. The billing model is shifting, which unlocks the ceiling on per-customer value. In this profit alert, rising Token call volume was listed for the first time as a driver of revenue growth. This signals a migration of the company's revenue model from project-based to consumption-based billing. In 2025, project-based revenue accounted for 91.3% of total revenue, with subscriptions making up 8.7%, as Token-based billing had not yet reached scale. The company's TokenOS operating system can convert a company's diverse and heterogeneous data into standardized, measurable, and priced scenario Tokens. Billing based on call volume changes the ceiling for per-customer revenue from the contracted contract value to actual usage. In 2025, the company had 230 paying customers, roughly flat year-over-year, but average revenue per user (ARPU) doubled year-on-year to RMB 5.585 million. This growth was primarily driven by higher per-customer value, indicating that the product has become deeply embedded in clients' core business processes. Northeast Securities Co., Ltd. notes that the contribution of Tokens to revenue is a core variable for assessing future revenue quality and valuation logic.

Top-tier investment banks are expressing strong, concentrated optimism, leading to a collective upward revision of valuation anchors. Notably, since June 2026, four leading investment banks—CITIC Securities, Huatai Securities, CSC Financial, and Haitong International—have initiated coverage or upgraded their ratings on XUNCE within just three weeks. This is exceptionally rare for a company listed on the Hong Kong Stock Exchange for less than a year. CITIC Securities upgraded its rating to "Buy," raising its target price from HKD 160 to HKD 205. Huatai Securities initiated coverage with a "Buy" rating and a target price of HKD 240.08, the most aggressive among the four institutions. CSC Financial also initiated coverage with a "Buy" rating, centering its thesis on the "Token Economy Opening a Second Growth Curve." Haitong International suggested the company's valuation logic is being re-evaluated as a "Token Factory." The consensus among these institutions is that XUNCE is transforming from a traditional data service provider into a new-generation AI real-time data infrastructure provider, with TokenOS at its core. The commercialization of the Token-based billing model is expected to unlock the ceiling on medium-to-long-term valuation. This initial "Accumulate" rating from Northeast Securities Co., Ltd. further reinforces the capital market's collective bullish view on the company's business model transition.

AI data infrastructure and the Token migration form a dual growth logic. Turning profitable in 2026, the company is accelerating cross-industry replication as enterprise AI enters the phase of embedding into business processes, driving sustained demand for high-quality, real-time data. By the end of 2025, revenue from diversified industries already accounted for 79.63% of total revenue, while overseas business expansion is progressing simultaneously. Northeast Securities Co., Ltd. believes that the release of demand for AI data infrastructure and the migration to the Token model constitute the company's dual growth logic. With Token-based pricing further unlocking the ARPU ceiling, combined with the operating leverage effect on the expense side, Northeast Securities Co., Ltd. estimates the company's revenue for 2026-2028 will be RMB 2.265 billion, RMB 3.658 billion, and RMB 5.498 billion, respectively. Corresponding net profit attributable to shareholders is forecast at RMB 34 million, RMB 168 million, and RMB 379 million, with the company officially turning profitable in 2026. This is the inaugural coverage report, carrying an "Accumulate" rating.