Ring-flash-2.0 is a high-performance thinking model deeply optimized based on the Ling-flash-2.0-base. It uses a mixture-of-experts (MoE) architecture with a total of 100 billion parameters, but only activates 6.1 billion parameters per inference. The model employs the original Icepop algorithm to solve the instability issues of large MoE models during reinforcement learning (RL) training, enabling its complex reasoning capabilities to continuously improve over long training cycles. Ring-flash-2.0 has achieved significant breakthroughs on multiple high-difficulty benchmarks, including mathematics competitions, code generation, and logical reasoning. Its performance not only surpasses top dense models under 40 billion parameters but also rivals larger open-source MoE models and closed-source high-performance thinking models. Although the model focuses on complex reasoning, it also performs exceptionally well on creative writing tasks. Furthermore, thanks to its efficient architecture, Ring-flash-2.0 delivers high performance with low-latency inference, significantly reducing deployment costs in high-concurrency scenarios.