套现27亿！大牛股多位股东折价卖票：股价150多元，只卖105元

Core Viewpoint - The article discusses the recent share transfer pricing and performance of VeriSilicon Limited, highlighting a significant drop in share price and the company's revenue structure, which is heavily reliant on one-time licensing fees rather than ongoing royalties. Group 1: Share Transfer and Pricing - VeriSilicon Limited has set a 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, the stock price of VeriSilicon Limited has increased by over 500% [1] - Following the announcement, the stock price experienced a significant drop of 9.87% in the morning session [2] Group 3: Revenue Structure - The company's revenue is primarily derived from one-time licensing fees, which accounted for 84.64% of its IP business in the first half of 2025, while royalty fees made up 15.36% [4] - The knowledge property licensing fees for the first half of 2025 were 281 million CNY, reflecting a year-on-year increase of 8.20% [4] - In contrast, the royalty fees showed a slight decline of 0.03%, totaling 50.74 million CNY [4] Group 4: Business Model and Market Position - VeriSilicon Limited is recognized as a leader in AI ASIC chip design, providing customized solutions for various applications, including smart devices and automotive technology [11][12] - The company has shipped nearly 200 million AI chips globally, indicating a strong market presence in embedded AI/NPU sectors [12] - However, the gross margin for its one-stop custom services is relatively low at 18.17%, compared to industry leaders like Broadcom and Marvell, which have gross margins around 60% to 75% [13][14]