Analysis of Pingoal Co., Ltd. (688227) Strong Limit-Up: Strategic Binding with Jiangyuan Technology and Opportunities in Domestic Computing Power Track

Pingoal Co., Ltd. (688227) recently experienced a strong limit-up, with key driving factors including deep strategic cooperation with Jiangyuan Technology and performance growth. The company achieved cross-holding through a 400 million yuan capital increase + 500 million yuan equity transfer: Pingoal obtained 15.4182% equity of Jiangyuan Technology, and the actual controller of Jiangyuan Technology became the second largest shareholder of Pingoal [1][3][4]. This cooperation aims to jointly develop the ‘Pinyuan AI All-in-One Machine’ and build a unified computing architecture base library for domestic computing power chips [1][5].

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 single-quarter revenue in the third quarter was 57.6628 million yuan, with a year-on-year growth rate of 32.42%, showing strong growth momentum [1][5].

The cloud computing and software service sector where Pingoal is located benefits from domestic computing power policy support, the development of the Xinchuang industry, and AI technology breakthroughs [1][6]. However, the recent A-share market has been volatile, with the broader market falling 2% and losing the 3900-point mark, and the technology stock sector facing short-term fluctuation risks [6][7].

This cooperation combines Pingoal’s BingoCloudOS cloud platform advantages with Jiangyuan Technology’s AI chip R&D capabilities (completed D1 chip tape-out, mass application of D10 computing power cards, and launch of D20 new products), which will enhance the company’s competitiveness in the domestic computing power track [2][5].

• Domestic Computing Power Track Dividend
  : Benefiting from domestic substitution policies, AI computing power demand continues to grow, and the company’s computing power ecosystem layout is expected to seize market opportunities [1][6].
• Synergy Effect
  : Cooperation with Jiangyuan Technology will accelerate the development of AI all-in-one machines and computing power base libraries [3][4].

• Market Fluctuation Risk
  : The recent A-share market volatility, with the broader market falling by 2%, the technology stock sector may face short-term adjustment pressure [6][7].
• Cooperation Integration Risk
  : The synergy effect of technical integration and market promotion between the two parties needs time to be verified.

Pingoal Co., Ltd. strengthens its computing power layout through strategic binding with Jiangyuan Technology, and its performance growth is good, but it is necessary to pay attention to market fluctuations and cooperation integration risks.