Confirmed! Token is called "CiYuan," "CiYuan Leading Stock" surged over 15% at one point

Source: Securities Times Network Author: Li Yingquan

Recently, Liu Liehong, Director of the National Data Bureau, officially clarified that the Chinese translation of “Token” is “词元” (word element). It is a settlement unit connecting technological supply and commercial demand, providing a quantifiable possibility for the implementation of business models.

Inspired by this news, on the morning of March 25, the market’s leading “词元” stock, Xunce (03317.HK), surged over 15% at one point. As of the time of reporting, the increase remained above 6%.

Public information shows that Xunce is a leading domestic provider of real-time data infrastructure. The company centers on AI Data Agent technology, building a full-chain service system covering data acquisition, cleaning, standardization, and large model tuning. With millisecond-level real-time data processing capabilities, its solutions have deeply penetrated core sectors such as asset management, financial services, urban management, and telecommunications.

Among these, in the asset management industry’s most complex real-time data segmentation market, Xunce’s market share in 2024 reached 11.6%, maintaining the top position in the industry, and it has already covered the top ten domestic asset management clients.

On March 24, Liu Liehong stated at a State Council Information Office press conference that, with joint efforts from all parties, the construction of high-quality data sets has achieved phased results. By the end of 2025, more than 100,000 high-quality data sets will have been built nationwide. The increase in daily Token calls fully indicates that China’s artificial intelligence development has entered a rapid growth stage.

Public data shows that at the beginning of 2024, China’s daily Token call volume was 100 billion; by the end of 2025, it soared to 100 trillion; in March this year, it exceeded 140 trillion, a two-year growth of over a thousand times.

According to Securities Times·e Company, Xunce has learned that AI has shifted from GPU-intensive training to reasoning era focused on logic and strong business understanding. The “value” of Tokens has become a key competitive factor. Xunce’s high-purity data Tokens can significantly reduce ineffective consumption, exchanging fewer Tokens for higher business certainty, aligning with the core requirements of high-quality data set construction.

It is reported that Xunce possesses full-chain capabilities from data aggregation, cleaning, governance to value transformation. Its self-developed cloud-native unified real-time data platform can process multi-source heterogeneous data in milliseconds, supporting Token efficiency enhancement. Users can leverage its high-purity data foundation to exchange Tokens for higher-precision business results, greatly improving output certainty and truly realizing the transition of Token value from “measurement” to “efficiency enhancement.”

Xunce’s recent profit forecast shows that the company is expected to achieve revenue of 1.283 billion yuan in 2025, a year-on-year increase of 102.95%. Notably, in the second half of 2025, Xunce’s revenue will see a phased explosion, with a significant increase of 448% compared to the first half. Meanwhile, in the second half of 2025, Xunce is projected to achieve an adjusted net profit of 160 million yuan, establishing a profit turning point. In 2025, the company’s ARPU is expected to double year-on-year to 5.59 million yuan, with performance growth synchronized with Token volume expansion.

On March 12, CITIC Securities released a research report covering Xunce for the first time, comparing it to the “China version of Palantir.” According to Frost & Sullivan, the scale of China’s real-time data infrastructure and analysis market will grow from 18.7 billion yuan in 2024 to 50.5 billion yuan in 2029, with a compound annual growth rate of 22%.