Pingoal Co., Ltd. (688227) Limit-Up Analysis: Driven by Multiple Positive Factors and Market Interpretation

Pingoal Co., Ltd. (688227) is a software enterprise focusing on cloud computing and industry informatization services, which was listed on the STAR Market of the Shanghai Stock Exchange in December 2021 [1]. The company has built an IPDS full-stack cloud product system for government and enterprises, serving the digital transformation of multiple industries such as government, public security, and enterprises [3].

On November 21, 2025, Pingoal Co., Ltd. hit a 20% limit-up, with the stock price reaching 49.02 yuan [2]. The main driving factors for the limit-up include: the proposed capital increase in Jiangyuan-related businesses involving AI all-in-one machines, cloud computing, and military industry [0]; these businesses are in line with the 2025 market hot trends, and the expansion of military industry brings new growth expectations [0]; the company’s equity changes show an increase in institutional attention [0].

The superposition of multiple hot concepts is the core logic of this limit-up: AI all-in-one machines and cloud computing are currently high-attention tracks in the market [0], and the expansion of military industry business opens up new growth space [0]. The increase in institutional attention further strengthens market confidence [0].

In terms of opportunities, the company’s business layout is in line with industry trends; if the capital increase and business expansion go smoothly, it is expected to continue to benefit from the wave of digital transformation [3]. In terms of risks, potential factors such as the capital increase progress falling short of expectations and market hot spot switching need to be watched [0].

Pingoal Co., Ltd.'s this limit-up reflects the market’s recognition of its business expansion and hot concepts. As a STAR Market cloud computing enterprise, the company needs to continuously track its business implementation and industry policy changes in the future [1][3].