鞍石生物冲刺科创板！营收暴增难掩连年巨亏

Core Viewpoint - Beijing Anshi Biotechnology Co., Ltd. has received acceptance for its IPO application on the Sci-Tech Innovation Board, aiming to raise 2.45 billion yuan [1][2]. Company Overview - The company focuses on innovative anti-tumor drugs to address significant unmet clinical needs and is transitioning into a comprehensive innovative pharmaceutical enterprise [2][3]. - Anshi Biotechnology is currently unprofitable and is listed under the non-profitable standard [2]. Financial Performance - As of the signing date of the prospectus, the company has only one main product, Wanbi Rui (Bertinib), approved for sale in China, which is still in the early commercialization stage [3]. - The company reported a cumulative unabsorbed loss of 782 million yuan as of the end of the reporting period [4]. - Revenue has shown rapid growth, increasing from 12.96 million yuan in 2023 to 71.66 million yuan in 2024, with Q1 2025 revenue at 64.04 million yuan, nearly five times the 2023 total [4]. Research and Development - R&D expenses have been increasing annually, with figures of 145 million yuan, 184 million yuan, 327 million yuan, and 76.65 million yuan over the reporting period [7]. - The R&D expense ratio is significantly higher than the industry average, indicating substantial investment in drug development [7]. Cash Flow and Financial Health - The company has consistently reported negative cash flow from operating activities, relying heavily on external financing [8]. - As of March 2025, the company had a cash balance of 529 million yuan, with 1.95 billion yuan of the IPO proceeds earmarked for new drug development [8]. Goodwill and Risks - The company has a goodwill amounting to 927 million yuan, which constitutes a significant portion of its non-current assets, raising concerns about potential impairment risks [8][9]. - The actual controller, Shi He Peng, holds 23.81% of the voting rights and is subject to a share repurchase obligation if the IPO is not completed within 36 months [9].