金吾财讯 | 迅策(03317)股价连日受压下挫，报90.50港元，跌15.10%，成交额3.94亿港元。迅策科技股价出现深度回调，该股4月中旬创出382.8港元历史高点后持续下行，至今累计回撤幅度超过70%。公司此前因契合国家数据局提出的词元经济概念，叠加TokenOS操作系统TokenONE发布，被市场冠以Token第一股称号，短期资本热度高涨，但公司经营基本面并未同步匹配高估值，2025年末营收12亿元，归母净亏损9406.1万元，亏损规模同比下滑11.96%。
分析认为，迅策持续亏损由多项成本因素共同推动，2022至2025年研发开支逐年走高，分别为2.59亿元、3.79亿元、4.5亿元、6.16亿元，四年累计研发投入超16亿元，叠加2025年行政开支1.47亿元、金融资产减值亏损1.61亿元，持续抬升运营成本；当年上市相关一次性非经常性损益7480万元，剔除该项目后经调整净亏损收窄至5485万元。传统核心资管业务营收占比持续下滑，2022年该业务收入占比74.4%，2025年占比仅20.37%，原有主业增长动能逐步减弱。
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