Song Xinzhu, an analyst at Northeast Securities, pointed out in her analysis of the Token economy industry chain that the mismatch between the rapid increase in large model hashrate and the slow monetization is reshaping the profit distribution pattern of the global AI industry chain. Currently, profits are entering financial statements in the order of upstream, midstream, and downstream: the upstream hashrate infrastructure is the first to realize scarcity dividends, the midstream model layer is deeply mired in deflation caused by the commoditization of same-generation capabilities, and the downstream application layer is benefiting from the hashrate price reduction. Although the daily Token call volume in the Chinese market has surged by more than a thousand times, the annual revenue of public cloud MaaS in 2025 will only remain at the 3 billion yuan level. In the ultimate flow of premium, the incremental value of AI in the United States is being deposited in a high-priced software subscription system, while the low-priced Token dividends in the Chinese market are directly overflowing to the application layer.