一把套现27亿元！5倍大牛股多位股东折价卖票：股价150多元，只卖105元！股价应声大跌

Core Viewpoint - The article discusses the recent share transfer pricing of VeriSilicon Limited and other shareholders of Chip Origin Co., Ltd. (688521.SH), highlighting the significant price difference between the transfer price and the market price, as well as the company's business structure and financial performance. Group 1: Share Transfer Details - Chip Origin Co., Ltd. has set a preliminary share transfer price of 105.21 CNY per share, which is approximately 66.63% of the closing price of 157.90 CNY on August 25 [1] - The total number of shares to be transferred accounts for 5.00% of the company's total share capital, with 37 institutional investors participating in the transfer [1] - The total transaction value is expected to exceed 2.7 billion CNY based on the transfer price [1] Group 2: Stock Performance - Over the past year, from September 24 to August 25, Chip Origin's stock price has increased by over 500% [1] - Following the announcement, the stock price experienced a significant drop of 9.87% in the morning session on August 26 [4] Group 3: Business Structure and Revenue - Chip Origin's revenue structure is characterized by a high proportion of one-time licensing fees compared to ongoing royalties, which is atypical for semiconductor IP companies [4][6] - In the first half of 2025, the company's intellectual property licensing fees amounted to 281 million CNY, a year-on-year increase of 8.20%, while royalty fees slightly decreased by 0.03% [6] - The licensing fees accounted for 84.64% of the IP business revenue, indicating a reliance on one-time fees [6] Group 4: Profit Margins and Market Position - The gross margin for Chip Origin's one-stop custom chip services is relatively low at 18.17%, compared to industry leaders like Broadcom and Marvell, which have gross margins around 60% to 75% [14][16] - The company is recognized as a leader in AI ASIC chip design and has provided services to major international clients, with nearly 200 million AI chips shipped globally [15] - The low gross margin in custom chip services is attributed to the diverse customer base and product structure, which may improve as domestic manufacturers expand into AI ASIC markets [17]