Huatai Securities said that looking at overseas CSP vendors, according to data from the Google I/O conference in May '25, Google's average monthly token call volume increased 50 times from 9.7 trillion yuan in April '24 to 480 trillion yuan in April '25. According to Microsoft's FY25Q3 conference call data, the Azure AI infrastructure processed more than 100 trillion tokens in the first quarter of '25, an increase of 5 times over the same period last year. Of these, the number of monthly token calls reached 50 trillion in March. Looking at major domestic internet companies, the average number of Byte Volcano Engine Token calls per day in May '25 was 16.4 trillion, 137 times that of May '24. We believe that the number of token calls from major domestic and foreign manufacturers has clearly accelerated, and demand for inference computing power is growing rapidly.

Huatai Securities said that looking at overseas CSP vendors, according to data from the Google I/O conference in May '25, Google's average monthly token call volume increased 50 times from 9.7 trillion yuan in April '24 to 480 trillion yuan in April '25. According to Microsoft's FY25Q3 conference call data, the Azure AI infrastructure processed more than 100 trillion tokens in the first quarter of '25, an increase of 5 times over the same period last year. Of these, the number of monthly token calls reached 50 trillion in March. Looking at major domestic internet companies, the average number of Byte Volcano Engine Token calls per day in May '25 was 16.4 trillion, 137 times that of May '24. We believe that the number of token calls from major domestic and foreign manufacturers has clearly accelerated, and demand for inference computing power is growing rapidly.