Company and Industry Summary Company Overview - The company focuses on AI, Data, and Agent as core components, providing end-to-end data services and is responsible for delivery results. Initially concentrated on the Southeast Asian financial market, it has expanded into 7-8 industries including retail, urban operations, and healthcare. Clients include private equity funds, public funds, and large enterprises like China Mobile [2][3] Core Business Model - The revenue model primarily consists of annual fees charged per module, supplemented by a transaction model. The company has high customer stickiness due to continuous delivery and support. In the first half of 2025, revenue was approximately 200 million yuan, although this figure is affected by client acceptance delays [2][6][7] Competitive Advantages - The company does not directly own client data, allowing clients to choose their front-end tools and models. Its strength lies in transforming heterogeneous and dirty data into high-quality usable data and providing adaptation and tuning capabilities between data and large models, creating deep binding relationships, especially in high-demand industries like finance [2][8] Industry Expansion Strategy - The company adopts a top-down expansion strategy, entering 1-2 new industries each year, starting with leading clients for customized delivery and gradually increasing standardization. Industries that are expected to take 3-5 years or 5-7 years to converge will be postponed. In 2026, the focus will be on investing in a robot training data platform and commercial aerospace [2][10] Project Delivery and Client Engagement - Typical projects cover the entire process from data acquisition, cleaning, standardization, to modeling, transforming large amounts of heterogeneous and dirty data into high-quality data. Delivery methods depend on client needs and can support remote delivery if data formats are adequate [4][11] Research and Development - Approximately 67% of the workforce is dedicated to R&D, with around 320 personnel. The company’s tools and engineering capabilities are reusable across industries, but entering new industries requires learning specific industry data and bringing in expert personnel [12] Pricing and Revenue Growth - The current pricing model is primarily based on annual fees per module, with exploration into backend revenue sharing based on value creation. Future considerations may include pricing based on traffic or tokens. The goal is to gradually align gross margins across industries towards the financial sector's level of around 80% [13] Client Concentration and Risk - The current client concentration is not significantly high, with revenue derived from both financial and diversified industry clients. As the amount from diversified clients increases, overall revenue is expected to rise [9] Market Trends and Client Acquisition - The company relies on client referrals for customer acquisition, with low sales personnel costs. There is a notable increase in interest from state-owned enterprises in AI, shifting from hardware-focused investments to recognizing the value of data [19] Financial Performance and Future Outlook - The company anticipates considerable growth in 2025, with expectations to achieve breakeven and generate profit in 2026. Current trends and forecasts indicate a normal and relatively optimistic performance [20]

Summary of XunCe Technology Conference Call Company Overview - **Company Name**: XunCe Technology - **Industry**: Data Infrastructure and AI Decision-Making - **Positioning**: XunCe serves as a full-link data infrastructure provider connecting raw data with AI decision-making, initially focusing on asset management and later expanding to large models and Data Agent platforms, similar to Palantir and Fourth Paradigm [2][4] Key Points Business Model and Product Offering - XunCe's products include PaaS-level real-time data infrastructure and SaaS-level applications, initially focused on asset management, now expanding into non-asset management financial services, telecommunications, urban management, and manufacturing [2][6] - The proportion of asset management business is expected to decrease from 74% in 2023 to 47% in the first half of 2025, indicating diversification [2][6] Financial Performance - Projected revenue for 2024 is 630 million, with a gross margin of 76.7%, although the company remains in a loss position, which has narrowed [2][7] - The business model operates on a dual approach of subscription and project delivery, with a current high reliance on project delivery [2][7] - Revenue growth over the past three years has been 38%, reflecting ongoing diversification and a shift towards subscription models [7] Market Position and Competition - XunCe holds an 11.6% market share in the asset management data real-time analysis market, ranking first and covering the top ten asset management companies in China with over 250 clients [3][8] - The overall real-time data market is still fragmented, with XunCe holding a 3.4% market share, ranking fourth [8] - Key competitors include Alibaba Cloud, Huawei Cloud, Tencent Cloud, and Hengsheng Electronics, with XunCe differentiating itself through private deployment and independent third-party agents [8] Industry Dynamics - The asset management data industry is projected to grow from 300 million in 2020 to 2.1 billion in 2024, with a compound annual growth rate (CAGR) of 62% [9] - The overall real-time data analysis market is expected to grow from 450 billion in 2024 to over 900 billion by 2029, with an annual growth rate exceeding 20% [9] Strategic Partnerships and Shareholder Support - Tencent is the largest institutional shareholder with a 7.55% stake, providing technical and scenario support [3][7] - Goldman Sachs supports the IPO process and facilitates connections with global asset management clients [7] Future Outlook and Valuation - Revenue expectations for 2026 are projected to exceed 2 billion, with a valuation method suggesting a potential market cap of around 30 billion [10] - The current market cap is approximately 26 billion, with expectations that entering the Hong Kong Stock Connect will improve liquidity and market perception [10] Investment Logic - XunCe is positioned as a leading company in the AI Agent space, with strong customer barriers and a clear strategic advantage, making it a compelling investment opportunity as data value continues to be reassessed [11] Additional Insights - The company has faced challenges with its IPO process, including two failed submissions due to unfavorable market conditions and regulatory issues, but successfully passed the third submission by enhancing data compliance and governance arguments [2][5][6] - The management team is well-structured, with clear roles among the founders, contributing to strategic decision-making and market expansion [8]

Group 1 - AI-related stocks experienced significant gains in the morning session, with Kingsoft Cloud (03896) rising by 9.35% to HKD 7.25 [1] - Xunke (03317) saw an increase of 8.88%, trading at HKD 89.50 [1] - Huoliang Technology (01860) rose by 5.58%, reaching HKD 12.30 [1] - Kingdee International (00268) increased by 4.66%, priced at HKD 10.34 [1]

Group 1 - AI-related stocks have seen significant gains, with Kingsoft Cloud (03896) up 9.05% to HKD 7.23, XunCe (03317) up 8.82% to HKD 89.45, Huily Technology (01860) up 6.27% to HKD 12.38, and Kingdee International (00268) up 4.76% to HKD 10.35 [1] - DeepSeek is reportedly testing the V4 Lite model, codenamed "Sealion-lite," which supports a context window of 1 million tokens and native multimodal reasoning [1] - Nomura's research indicates that the technological breakthroughs of DS-V4 will effectively break the "chip wall" and "memory wall," enabling the dual development of domestic computing hardware and AI applications, thus advancing the maturity of China's open-source large model ecosystem [1] - Industrial Securities believes that V4 is expected to be released in February, with significant potential in its application ecosystem [1] Group 2 - OpenRouter, the world's largest AI model API aggregation platform, reported that from September 9 to 15, Chinese models achieved a call volume of 41.2 trillion tokens, surpassing the 29.4 trillion tokens of U.S. models for the first time, with four domestic large models ranking among the top five globally [1]

Group 1 - AI-related stocks have seen significant gains, with Kingsoft Cloud (03896) up 9.05% to HKD 7.23, XunCe (03317) up 8.82% to HKD 89.45, Huily Technology (01860) up 6.27% to HKD 12.38, and Kingdee International (00268) up 4.76% to HKD 10.35 [1] - DeepSeek is reportedly testing the V4Lite model, codenamed "Sealion-lite," which features a context window of 1 million tokens and supports native multimodal reasoning [1] - Nomura's research indicates that the technological breakthroughs of DS-V4 will effectively break the "chip wall" and "memory wall," enabling the dual development of domestic computing hardware and AI applications, thus advancing the maturity of China's open-source large model ecosystem [1] - Industrial Securities believes that V4 is expected to be released in February, with significant potential in its application ecosystem [1] Group 2 - OpenRouter, the world's largest AI model API aggregation platform, reported that from September 9 to 15, Chinese models achieved a call volume of 41.2 trillion tokens, surpassing the 29.4 trillion tokens of U.S. models for the first time, with four domestic large models ranking among the top five globally [1]

杨林 国泰海通计算机分析师: 各位线上的机构朋友，大家晚上好。我是国泰海通看计算机的杨林那么非常感谢大家在这 个开工第一天，晚上 8 点接入我们今天的电话会。那么我们今天电话会主要内容，是汇报 一下这个讯测我的一些情况，因为我们这个也，之前也发了一份报告，应该是万得上唯一 一份这个线上的深度。很荣幸，就是我们挖掘到这家公司，因为从底部开始推荐，因为当 时市场也没有什么人关注，到现在加上春节不到一个，春节假期不到一个月时间，大概涨 幅应该有 80%。 然后我们认为公司还是很优质的，在这个实时数据处理这行业，从资本市场这个，也开始 是服务一些资管机构，到运营商，到能源，就他的下游行业，是在不断的丰富的。同时自 己的产品矩阵，也在不断的这个加大，就是大家能看到，基本上是从一，从数据的前期， 这个收集，这个治理呀，到后面的这个应用所以我们的标题也，这个也起得很直接，就是 打造成中国版的这个 Palantir 全生命周期的一些实时数据的这个服务。那么当下这个位置， 其实港股还是波动很大的，港股其实这几天分化很严重。 那我们觉得，确实还是有一定空间的，一个是马上，大家也应该也能看到，现在就有些新 闻，就是马上快入通了。那 ...

Group 1 - The core viewpoint of the report is that XunCe Technology (03317) is entering a rapid development opportunity period, with a buy rating and a target price of HKD 136 [1] - The company is a leading provider of real-time data infrastructure and analytical solutions in China, focusing on delivering real-time IT solutions that encompass data infrastructure and analysis for enterprises across various industries [1] - XunCe's core product is a unified real-time data platform that can collect, clean, manage, analyze, and govern heterogeneous data from multiple sources within milliseconds to seconds, ensuring immediate usability for decision-making or further action [1] Group 2 - The company is poised for rapid growth, benefiting from the "Digital China" era, starting in the asset management industry, which has the highest data complexity and strictest accuracy and timeliness requirements [2] - In 2024, the asset management industry is expected to account for 11.2% of China's real-time data infrastructure and analysis market, with XunCe holding the number one position in this segment with a market share of 11.6% [2] - The overall market for real-time data infrastructure and analysis in China is projected to grow at an average annual rate of 22.0% from 2024 to 2029, while the asset management sector is expected to grow at an impressive 40.7% annually, significantly outpacing the overall average [2] Group 3 - In January 2026, XunCe Technology reached a strategic cooperation framework agreement with Jinyong Investment, focusing on real-time data infrastructure, wealth management technology product innovation, fintech project investment, and business services [3] - Jinyong Investment, as a multi-strategy and multi-asset investment platform, will continuously increase its stake in XunCe from December 2025 through initial public offerings and subsequent market transactions [3] - This series of capital actions and the strategic agreement reflect Jinyong Investment's strong recognition of XunCe's technological strength and market prospects in the real-time data infrastructure field, marking a substantial move from capital connection to industrial collaboration [3]

Core Viewpoint - The report from Yingli Securities initiates coverage on Xunce Technology (03317) with a "Buy" rating and a target price of HKD 136, highlighting the company as a leading provider of real-time data infrastructure and analytical solutions in China [1] Group 1: Company Overview - Xunce Technology specializes in providing real-time information technology solutions that encompass data infrastructure and data analysis for enterprises across various industries [1] - The company's core product is a unified real-time data platform that can collect, clean, manage, analyze, and govern heterogeneous data from multiple sources within milliseconds to seconds, ensuring immediate usability for decision-making [1] - The company has built a data analysis application layer on this infrastructure, leveraging real-time data to generate insights, make predictions, and support business decisions, effectively transforming data into value [1] Group 2: Market Opportunity - The company is poised for rapid growth, capitalizing on the "Digital China" trend, starting from the asset management industry, which has the highest data complexity and strictest accuracy and timeliness requirements [1] - In 2024, the asset management sector is expected to account for 11.2% of China's real-time data infrastructure and analysis market, with Xunce Technology holding the top position in this segment with a market share of 11.6% [1] - The overall market for real-time data infrastructure and analysis in China is projected to grow at an average annual rate of 22.0% from 2024 to 2029, while the asset management sector is expected to grow at an impressive 40.7%, significantly outpacing the overall average [1] Group 3: Strategic Collaboration - In January 2026, Xunce Technology entered into a strategic cooperation framework agreement with Jinyong Investment, focusing on real-time data infrastructure, wealth management technology product innovation, financial technology project investment, and business services [2] - Jinyong Investment has been continuously increasing its stake in Xunce Technology since December 2025, reflecting strong recognition of the company's technological capabilities and market prospects in the real-time data infrastructure field [2] - This series of capital actions and the strategic agreement signify a substantial move from capital connection to industrial collaboration between the two entities [2]

Group 1 - The core viewpoint of the article highlights the significant rise in the stock price of Xunce (03317), which increased nearly 20% and reached a market capitalization of over 30 billion HKD [1] - As of the report, Xunce's stock price was up 11.97%, trading at 89.35 HKD with a transaction volume of 82.22 million HKD [1] - The company has been included in the Hang Seng Composite Index, with the adjustment set to take effect on March 9, which is expected to enhance its visibility and trading volume in the market [1] Group 2 - Xunce is recognized as a leading AI real-time data infrastructure provider in China, offering solutions for real-time data processing and analysis [1] - According to Frost & Sullivan data, Xunce ranks at the top of the real-time data infrastructure and analytics market in China for 2024, holding a 11.6% market share in the asset management sector, which is the highest in the industry [1] - The company has achieved full coverage of the top ten asset management institutions in China, establishing a strong industry barrier [1]

Core Viewpoint - XunCe (03317) has seen a significant stock price increase, reflecting its inclusion in the Hang Seng Composite Index and the growing recognition of its data flow capabilities in the asset management industry and beyond [1] Group 1: Stock Performance - XunCe's stock rose over 16% in early trading, reaching a high of 93 HKD, and is currently up 12.28% at 89.6 HKD with a trading volume of 37.61 million HKD [1] - The company is set to be included in the Hang Seng Composite Index, with adjustments effective after market close on March 6 and officially in effect on March 9 [1] Group 2: Industry Insights - Cathay Securities recently published a report highlighting XunCe's core capability in "data flow," positioning it as a "Chinese version of Palantir" as it expands beyond the asset management sector [1] - A recent article noted that Google will increase its peering data transmission service costs in North America, Europe, and Asia starting May 2026, indicating a strategic shift in the value of data flow over hardware capabilities [1] - The rapid inclusion of XunCe in the Hang Seng Index within just 45 days underscores its uniqueness and growth certainty, signaling a market re-evaluation of the AI industry's value focus from computational speed to the stability, accuracy, and speed of data flow [1]