Bingo Software (SH:688227) Zheng Quan Shi Bao Wang·2025-11-20 14:31Core Insights - Pingao Co., Ltd. plans to invest 400 million yuan in Jiangyuan Technology Co., Ltd. through capital increase, acquiring a 15.4182% stake post-investment, based on a pre-investment valuation of 24.19 billion yuan [1][2] - Jiangyuan Technology's shareholders will acquire a total of 12% stake in Pingao Co., Ltd. through share transfer, establishing a strategic partnership between the two companies [1][2] Investment and Strategic Partnership - The investment marks a significant milestone for Pingao Co., Ltd. in the domestic computing power sector, enhancing its strategic collaboration with Jiangyuan Technology [1][3] - The partnership is characterized by mutual empowerment, with Jiangyuan Technology's shareholders recognizing Pingao's growth potential and acquiring shares in Pingao [2][3] Product Development and Technological Advancements - The collaboration has already led to the launch of the "Pingyuan AI Integrated Machine" series, which utilizes Jiangyuan's D10 chip, providing comprehensive coverage from edge to cloud [3][4] - Jiangyuan Technology has successfully produced its first-generation D1 chip and the D10 computing power card, which is now widely applied [4][5] Market Context and Future Outlook - The partnership addresses the urgent need for domestic chip production amid limited external supply of high-end GPUs and surging domestic demand for computing power [6] - The upcoming launch of Jiangyuan's second-generation T800 chip, expected to match or exceed NVIDIA's H100 performance, signifies a major step in the domestic AI chip self-sufficiency process [5][6] - The collaboration is seen as a key breakthrough in the transition of domestic AI chips from "usable" to "highly usable/scalable," reflecting the maturity of the domestic AI chip industry chain [6]