商誉高企、尚未盈利，创新药企鞍石生物冲刺科创板

Core Viewpoint - Beijing Anshi Biotechnology Co., Ltd. has successfully submitted its IPO application to the Sci-Tech Innovation Board, aiming to raise 2.45 billion yuan for new drug development and operational funding [1][10] Company Overview - Anshi Biotechnology is an innovative biopharmaceutical company focused on addressing significant unmet clinical needs in oncology, with its main product, Wanbi Rui (Bertinib), already commercialized [6] - The company has a drug pipeline that includes Bertinib, which has been approved for multiple indications, and other candidates in various stages of clinical research [6][8] Financial Performance - Anshi Biotechnology has not yet achieved profitability, with reported revenues of approximately 0, 12.96 million yuan, 71.66 million yuan, and 64.04 million yuan for the years 2022 to 2025 Q1, respectively [8] - The company has incurred significant net losses, amounting to approximately -163.68 million yuan, -282.72 million yuan, -478.71 million yuan, and -91.65 million yuan for the same periods [8] Goodwill and Acquisitions - The company reported a substantial goodwill of 927 million yuan, which constitutes 56.64% of its total assets, primarily due to the acquisition of Beijing Purunao [1][9] - The acquisition of Beijing Purunao, which is responsible for the development of Bertinib, has raised concerns regarding potential goodwill impairment if the subsidiary's performance deteriorates [9] IPO Details - The IPO application was accepted on September 26, 2023, under the fifth set of listing standards of the Sci-Tech Innovation Board, indicating ongoing support for innovative pharmaceutical companies in the capital market [6][7] - The funds raised from the IPO will be allocated to new drug research and operational funding, with 1.95 billion yuan and 500 million yuan designated for each purpose, respectively [10]