Financial Report Analysis: Revenue Doubles, Profitability Inflection Point Emerges
SHENZHEN, CHINA, June 09, 2026 (GLOBE NEWSWIRE) — On December 30, 2025, Xunce Technology (03317.HK) officially debuted on the Main Board of the Hong Kong Stock Exchange, becoming the “first Large Model Data Agent stock” in the Hong Kong market. On March 27, 2026, Xunce released its first annual financial report since listing, delivering results that far exceeded market expectations.
By the end of 2025, the company achieved annual operating revenue of RMB 1.285 billion, representing a year-on-year increase of 103.28%, successfully surpassing the RMB 1 billion revenue milestone and demonstrating strong growth momentum. According to the prospectus, the company’s revenue in 2022 was RMB 290 million, achieving nearly fivefold growth in just three years. As a company with AI Data Agent as its core business, Xunce has enhanced its millisecond-level real-time data processing capabilities, building a comprehensive technical system covering data acquisition, cleansing, standardization, real-time computation, and large model optimization, providing data infrastructure and analytics solutions to clients across various industries. Supported by this business model, Xunce has steadily expanded its customer base, enabling seamless deployment in clients’ private clouds and on-premises systems, thus realizing the practical implementation of its data services.
From a net profit perspective, Xunce Technology has reached a critical profitability inflection point. In 2025, the company recorded a net loss of RMB 130 million, but the adjusted net loss was only RMB 54.85 million, a significant narrowing of 33.41% compared to RMB 82.37 million in 2024. More importantly, from a semi-annual perspective, the company’s adjusted net loss in the first half of the year was RMB 105 million, while it achieved an adjusted net profit of RMB 50 million in the second half, successfully marking a performance turning point and achieving positive semi-annual profitability for the first time. In the long run, this indicates that Xunce Technology’s commercialization model has started to prove itself, with profitability entering a phase of continuous improvement.
In terms of R&D investment, Xunce Technology has maintained a high level of technical input. In 2025, the company’s R&D expenses reached RMB 620 million, a substantial figure. Although high R&D investment temporarily drags down profit levels, it has built a robust technological moat for the company. Xunce’s self-developed real-time data infrastructure platform can complete the entire chain of data collection, cleansing, management, analysis, and governance within milliseconds to seconds. This millisecond-level real-time processing capability gives it a significant leading edge in the industry.
Business Status Interpretation: From “Financial Deep Cultivation” to “Industry-wide Expansion”
Xunce’s business can be segmented in various ways. By industry application, Xunce started in the asset management sector, which has the strictest requirements for data real-time performance, and established a stronghold in this field, ranking high in market value. According to the company’s prospectus and financial reports, the revenue share from the asset management industry has dropped significantly from 74.4% in 2022 to 20.4% (RMB 262 million) in 2025, while the share from diversified industries such as fintech, urban management, manufacturing management, and telecommunications has jumped from 25.6% to 79.6% (RMB 1.023 billion). This structural shift shows that the company’s efforts to reduce the impact of single-industry cycles are paying off, and its growth ceiling has been significantly raised.
By payment model, Xunce adopts both subscription-based and transaction-based revenue models. In 2025, transaction-based professional technical products accounted for 91.34% of total company revenue, up about 10.7 percentage points year-on-year. As customer demand for modular solutions increases, we expect this revenue segment to continue to rise. At the same time, the company’s development trajectory closely aligns with that of U.S. data intelligence giant Palantir, with both companies starting in high real-time data requirement sectors and leveraging technical expertise accumulated in specialized scenarios to expand across industries, forming differentiated competitive advantages.
On the technical architecture front, in addition to the data processing capabilities under the AI Data Agent model mentioned above, Xunce enables existing software to rapidly acquire specialized AI capabilities through its MCP-SaaS (Model Context Protocol-Software as a Service) platform, providing high-quality proprietary data support for AI applications through efficient interaction. Overall, the company is building a complete ecosystem of “computing power + algorithms + data,” actively establishing deep strategic partnerships with leading domestic and international vendors to lay the foundation for future technology iteration and business expansion.
Finally, in terms of customers, Mainland China remains Xunce’s primary market, achieving revenue of RMB 1.28 billion in this region in 2025, a year-on-year increase of 115%. In terms of both customer numbers and conversion efficiency, Xunce’s customer count reached 230 in 2025 (compared to 232 in 2024). While the number of customers remained basically stable, ARPU (Average Revenue Per User) jumped from RMB 2.72 million in 2024 to RMB 5.59 million in 2025, a year-on-year increase of 105.5%. Customer value has been deeply tapped, and commercialization capabilities continue to strengthen. This doubling of growth essentially reflects the industry trend of accelerated token usage and consumption as large models are rapidly deployed.
Business Development Forecast: Token Demand Drives Value Revaluation, Commercial Inflection Point Anticipated
Looking ahead, we believe Xunce Technology’s growth momentum mainly comes from three aspects:
1. Deepening Industry Penetration: In the financial sector, higher regulatory requirements place greater demands on real-time risk control management for asset management institutions. As a leader in this field, Xunce Technology is expected to continue benefiting from the industry’s digital transformation wave, providing services to the financial sector and other highly regulated industries.
2. Accelerated Cross-Industry Expansion: With the deep integration of 5G, IoT, and AI technologies, demand for large model Data Agents in industries such as telecommunications, energy, and urban operations will grow rapidly. Leveraging its proven technical capabilities in the financial sector, Xunce Technology is expected to achieve rapid replication and large-scale expansion in these emerging markets.
3. AI-Driven Value Enhancement: As large model technology matures and application scenarios expand, Xunce Technology’s AI Data Agent products will create greater value for enterprises. Upgrading its role from “data infrastructure provider” to “intelligent decision-making enabler” is expected to drive increases in average contract value and customer stickiness. The arrival of the “token era” opens up new possibilities for Xunce Technology’s business model, with token-based payment models likely to become an important growth driver for the company in the future.
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