Runjian Co., Ltd. (002929.SZ) disclosed on October 19 that its wholly owned subsidiary Wuxiang Yungu Co., Ltd. had signed a "Cross-Border AI Token Sales Service Contract" with a company identified only as Company X. The contract is worth $200 million, roughly 1.338 billion yuan, and runs for one year.

What makes the order unusual is its structure. According to National Business Daily, citing the company's investor relations records, the contract sells AI token inference services rather than leasing computing power. Customers call large models remotely through an open API and pay based on the number of tokens actually consumed, an arrangement the company describes as "domestic tokens, overseas calls, on-demand use, pay-per-volume." The computing resources sit inside China, at the Wuxiang Yungu token factory in Nanning, Guangxi. The hardware stays put; the service crosses the border.

The company also layered several caveats into the filing, including one key line: the contract is not expected to have a material impact on its overall operating results for 2026.

One Contract, Two Narratives

Line up the numbers in the filing and the order's real weight has to be worked out piece by piece.

The contract is worth $200 million over one year, settled on actual token consumption. That makes $200 million a ceiling rather than a booked figure, with revenue recognition hinging on how much the customer actually calls. The filing says as much: "Although the contract stipulates a minimum purchase volume, performance may be affected by the external environment, policy, service quality, force majeure and other factors, and there is a risk that the contract may be partially or wholly unfulfilled."

On the other side of the ratio: the filing reports first-half 2026 revenue of 3.756 billion yuan, down 22.83% year on year, and net profit attributable to shareholders of 26.79 million yuan, down 31.72%. Against a core business generating close to 3.8 billion yuan in revenue and under 27 million yuan in net profit, a $200 million contract equals more than a third of first-half revenue. In absolute terms, that is not small.

The company's own framing points elsewhere. AI, computing power and token businesses still account for a small share of total revenue, the filing says: computing power network business brought in 7.83% of total revenue in 2025, rising to 13.82% in the first half of 2026. That implies roughly 520 million yuan from the computing power network business in the first half, with the contribution from token exports not broken out separately.

So there is "significant commercialization progress" in the investor relations records cited by National Business Daily, and "no material impact on overall operating results for 2026" in the filing. Both lines come from the company, and they measure against different yardsticks: one is about the business model working, the other about this year's books.

Token Exports: A New Shape for the Computing Power Trade

An article on the Guangxi regional government's website places the order within a broader regional strategy. It describes the deal as signed between Runjian's Wuxiang Yungu token factory and a technology company, and as the signature large-scale order so far in Guangxi's AI services trade with ASEAN. The computing resources are deployed at the Wuxiang Yungu token factory in Nanning, customers initiate large-model inference calls remotely through an open API and settle on tokens actually consumed, and the contract runs for one year.

The article spells out the physical conditions behind the model: building on Nanning's international communications gateway, 15 cross-border optical cables are already in place, with latency of roughly 20 to 30 milliseconds to major ASEAN nodes including Singapore, Malaysia, Thailand and Vietnam. That is what determines whether cross-border model calls can be delivered in real time.

Supply-side figures come from the same government article. As one of China's first commercially operating token factories, Wuxiang Yungu has built a full-stack token service system spanning energy supply, computing infrastructure, network transmission, intelligent scheduling and model optimization. Current throughput is around 200 billion tokens per hour, with a medium-term target of 2 trillion. The business is organized around three lines: MaaS joint ventures, token exports, and data processing work brought in from ASEAN.

What these three share is a single principle: the computing power does not cross the border, the service does. Unlike compute leasing priced by machine-hour or card-hour, the token model charges by usage, which shifts the customer's purchasing decision from "how many cards to buy" to "how much intelligence to use," with price scaling linearly against volume. It points to the same destination as MiniMax's move three days ago to cut API input pricing to 1 yuan per million tokens.