VeriSilicon(SH:688521) Chang Jiang Shang Bao·2025-12-03 08:15Core Viewpoint - The major shareholders of Chip Origin Co., Ltd. (688521.SH) plan to reduce their holdings, which may impact the company's stock performance in the near term [1][2]. Shareholder Reduction Plans - The shareholders, collectively known as "Xingcheng Investment Parties," hold a total of 7.55% of the company's shares and plan to reduce their holdings by up to 5.2586 million shares, representing a maximum reduction of 1% [1]. - The "Guokai Fund" holds 0.4% of the shares and plans to reduce its holdings by up to 788,600 shares, representing a maximum reduction of 0.15% [1]. - In total, the shareholders plan to reduce up to 6.0472 million shares, which is a maximum reduction of 1.15% [1]. Stock Performance - As of December 1, the stock price of Chip Origin was 153.35 yuan per share, and the maximum cash that could be raised from the share reduction is estimated to be 9.27 billion yuan [1]. - The stock price has increased significantly, rising from 52.43 yuan per share at the beginning of 2025 to 153.35 yuan per share, marking a 192.49% increase [2]. Financial Performance - For the first three quarters of 2025, Chip Origin reported a revenue of 2.255 billion yuan, a year-on-year increase of 36.64% [2]. - The company continued to experience losses, with a net profit loss of 347 million yuan, although this represented a year-on-year reduction in losses of 12.42% [2]. Order Backlog and Growth Potential - In Q3 2025, the company achieved a record high revenue of 1.281 billion yuan, with a quarter-on-quarter increase of 119.26% and a year-on-year increase of 78.38% [3]. - The order backlog has remained high for eight consecutive quarters, reaching 3.286 billion yuan by the end of Q3 2025, with 83.52% of the orders coming from system manufacturers, large internet companies, cloud service providers, and automotive companies [3]. - Nearly 90% of the order backlog is from one-stop chip customization services, with an expected conversion rate of about 80% within a year, providing strong support for future revenue growth [3].