Pinggao Co., Ltd. (688227) Strategic Investment in AI Chip Enterprise Triggers Limit-Up: In-Depth Analysis of Domestic Computing Power Layout

Pinggao Co., Ltd. (688227) is a STAR Market-listed enterprise whose main business is cloud computing and industry informatization [4]. On November 21, 2025, the company announced a 400 million yuan capital increase in Shenzhen Jiangyuan Technology, obtaining 15.4182% equity to become the second largest shareholder. At the same time, the actual controller of Jiangyuan Technology obtained 12% equity of Pinggao through agreement transfer, forming a deep strategic binding [1][5]. This investment coincides with the opportunity period for domestic AI chip substitution, and Nvidia’s market share reduction in China is accelerating the independent and controllable process [9]. The company’s revenue in the first three quarters of 2025 was 223 million yuan, a year-on-year increase of 12.77%, and the Q3 single-quarter revenue was 57.6628 million yuan, a year-on-year surge of 32.42% [0], indicating enhanced performance growth momentum.

1. Cross-shareholding Synergy Effect
   : The two parties have achieved deep binding through mutual equity holdings, which helps integrate computing power resources and industry scenarios, accelerating the implementation of domestic AI chips [5][6].
2. Policy and Market Resonance
   : The country strongly supports the independent and controllable AI computing power [8], and this investment accurately aligns with the domestic substitution strategy, receiving positive market response [7].
3. Timing is Critical
   : The investment timing coincides with Nvidia’s business adjustment in China, the release of domestic computing power demand, and the strategic layout value is prominent [9].

• Under the domestic computing power boom, Jiangyuan Technology’s D1 chip has been taped out, D10 computing power card is in mass application, and T800 chip is expected to be mass-produced in 2026 [0], which is expected to share the industry growth dividend.
• Policies continue to optimize, and the field of independent and controllable AI receives key support [8], so the company’s layout is expected to benefit.

• Jiangyuan Technology has only been established for three years, with zero performance for two consecutive years [3], so the investment return is uncertain.
• The technology industry is highly volatile, and AI chip research and development has a long cycle and high investment, which may face technical iteration risks [0].

Pinggao Co., Ltd. has deeply laid out the domestic computing power industry chain through strategic investment in AI chip enterprises, resonating with industry policies and market demand, and driving the stock price to limit-up. This cross-shareholding model lays the foundation for the collaborative development of both parties, but attention should be paid to the operational stability of the target enterprise and industry technical risks. The company’s performance growth is good, but if the investment target fails to meet expectations, it may affect future returns.