Pinkao Co., Ltd. (688227) Surges to Limit Up on Strategic Investment in AI Chip: Analysis of Domestic Computing Power Layout and Market Reaction

Pinkao Co., Ltd. (688227) hit the 20cm daily limit at the opening on November 21, 2025, with its share price reaching 49.02 yuan and market value rising to 5.542 billion yuan [3][4]. The direct reason for the limit-up is the company’s announcement of a planned 400 million yuan capital increase in Jiangyuan Technology, an AI chip enterprise, with a pre-investment valuation of 2.414 billion yuan, forming a cross-shareholding structure between the two parties [1][2]. The company’s main business is cloud computing and industry informatization services; this investment marks its official entry into the domestic computing power track [0].

In the first three quarters of 2025, Pinkao Co., Ltd. achieved operating revenue of 223 million yuan, a year-on-year increase of 12.77%, with Q3 alone growing by 32.42%, indicating an accelerating performance trend [0]. At the policy level, the demand for domestic AI chip substitution is heating up, and the reduction of NVIDIA’s market share in China has brought historic opportunities for domestic enterprises [6]. The company has deeply cooperated with Jiangyuan Technology to build the PinYuan AI All-in-One Machine, achieving deep integration of software and hardware [2][6].

1. Cross-shareholding Model
   : The cross-shareholding between Pinkao Co., Ltd. and Jiangyuan Technology helps complement resources; Pinkao’s cloud computing capabilities combined with Jiangyuan’s AI chip technology form a synergistic effect [2].
2. Accelerating Performance
   : The Q3 single-quarter revenue growth rate (32.42%) is significantly higher than the average growth rate of the first three quarters (12.77%), reflecting enhanced growth momentum in core businesses [0].
3. Policy Dividends
   : Policies supporting domestic AI chip substitution continue to be released, providing a favorable environment for the company to enter this track [6].

: AI chip R&D has a long cycle and high uncertainty in investment returns; the target company Jiangyuan Technology has only been established for three years, and its technical maturity remains to be verified [1]; large-scale investment may cause short-term pressure on the company’s cash flow [0].
: The window for domestic substitution is expanding, and NVIDIA’s share reduction provides market space for domestic enterprises [6]; the synergy of AI + cloud computing is expected to open up long-term growth space [0].

Pinkao Co., Ltd. entered the domestic AI chip track through strategic investment in Jiangyuan Technology, benefiting from policy incentives and performance growth, with a positive market response. The cross-shareholding model, software-hardware integrated products, and policy dividends are the core driving factors. Investors should pay attention to the progress of AI chip R&D and performance realization, but need to be aware of investment risks and cash flow pressure [0][1][6].