688227 Pinggao Co., Ltd. Trading Halt Analysis: Domestic Computing Power Cooperation Driver and Market Impact

Pinggao Co., Ltd. (688227), a provider of cloud computing and industry informatization services on the Science and Technology Innovation Board [2], achieved a 20% trading halt on November 21, 2025, with its share price reaching RMB 49.02 [3]. The core driving factor is the in-depth strategic cooperation with Jiangyuan Technology: the two parties reached a RMB 900 million cooperation agreement, including a RMB 400 million capital increase and a RMB 500 million equity transfer. Pinggao Co., Ltd. is expected to hold 15.4182% equity in Jiangyuan Technology [1]. Jiangyuan Technology focuses on domestic AI chip research and development and has launched products such as D10/D20 computing power cards [4]. The jointly released “Pingyuan AI All-in-One Machine” covers edge-to-cloud scenarios and has achieved large-scale implementation in the intelligent transportation field (contraband detection rate ≥95%) [1]. This cooperation has built a complete closed loop of “domestic chips + independent software + scenario implementation” [1], which aligns with the current market popularity of the domestic computing power sector [5].

1. Significant Industrial Synergy Value
   : The cooperation integrates Pinggao Co., Ltd.'s cloud computing software capabilities and Jiangyuan Technology’s AI chip technology, forming a differentiated competitive advantage [0];
2. Scenario Implementation Validates Commercial Potential
   : The high detection rate in intelligent transportation scenarios proves the product’s practicality and is expected to accelerate penetration in government, public security and other fields [1];
3. Policy and Market Resonance
   : The Ministry of Industry and Information Technology proposes to build 200 high-standard digital parks by 2027 [5], providing broad market space for domestic computing power and informatization services.

• Opportunities
  : Growing demand for domestic computing power substitution and increased policy support [5]; the scenario-based advantages of cooperative products are expected to drive performance growth [0];
• Risks
  : Fierce competition in the AI chip field and rapid technological iteration [0]; uncertainty in integration effects after cooperation [0]; conceptual speculation may lead to short-term stock price fluctuations [0].

Pinggao Co., Ltd.'s trading halt is mainly due to the strategic cooperation with Jiangyuan Technology and the heating up of the domestic computing power sector. By binding core chip suppliers, the company has strengthened the competitiveness of its full-stack cloud product system. Investors need to pay attention to the progress of cooperation implementation, product market expansion and industry policy changes to comprehensively evaluate its long-term value [0].