鞍石生物科创板“赶考记”：单药扛营收、商誉压顶，IPO能否解资金困局

Core Viewpoint - Ansh Biotech is facing significant financial challenges despite rapid revenue growth from its core product, Beruatinib, which has been listed and included in the medical insurance catalog. The company is heavily reliant on external financing to sustain operations due to ongoing losses and cash flow pressures [1][12]. Financial Performance - Ansh Biotech's revenue has shown a sharp increase, from 12.96 million yuan in 2023 to 71.66 million yuan in 2024, and 64.04 million yuan in the first quarter of 2025. However, the company has reported continuous net losses, with figures of -1.64 billion yuan, -2.83 billion yuan, -4.79 billion yuan, and -916.53 million yuan for the respective periods [2][3]. - Cumulative losses reached 7.82 billion yuan by the end of the first quarter of 2025, indicating a severe financial strain [2][4]. Cost Structure - The company has been experiencing high costs in both research and sales. R&D expenses increased from 145 million yuan in 2022 to 326 million yuan in 2024, with a significant portion of costs attributed to clinical trial services and employee salaries [6][10]. - Sales expenses surged from 3.61 million yuan in 2022 to 102 million yuan in 2024, reflecting aggressive marketing strategies [6][10]. Cash Flow and Financing - Operating cash flow has consistently been negative, with figures of -166 million yuan, -294 million yuan, -356 million yuan, and -74 million yuan over the reporting periods, indicating reliance on external financing [10][12]. - As of March 2025, the company had cash reserves of 529 million yuan, which may only sustain operations for one to two years at the current loss rate [10]. Inventory and Sales Efficiency - The company faces challenges in sales efficiency, with a sales expense of 102 million yuan in 2024, significantly exceeding the revenue of 71.66 million yuan for that year. The accounts receivable turnover rate was only 3.94 times, below the industry average of 7.02 times [11][12]. - High inventory levels have been noted, with inventory amounting to 74.65 million yuan by the end of 2024, representing 4.3% of total assets, compared to just 0.3% in 2022 [13][14]. Market Strategy and Risks - The company's strategy of "price for volume" has led to a significant price reduction of over 60% for Beruatinib, which has resulted in increased sales volume but has also compressed profit margins, with gross margins declining from 84.93% to 80.28% [13][14]. - Ansh Biotech is also facing competition from multiple approved MET-TKI drugs in the market, which could further impact its market share and revenue potential [15]. Goodwill and Financial Health - The company has a substantial goodwill of 927 million yuan, which constitutes 56.64% of total assets. This raises concerns about potential impairment risks that could adversely affect financial performance [15].