鞍石生物闯关科创板：大额商誉悬顶核心产品市场竞争激烈 IPO前夕投资机构折价转让股权

Core Viewpoint - Beijing Anshi Biotechnology Co., Ltd. (Anshi Bio) has entered the inquiry stage for its Sci-Tech Innovation Board IPO application, focusing on "First In Class" and "Best In Class" innovative anti-tumor drug development, particularly in lung cancer and glioma treatment [1][8] Financial Performance - In 2022, Anshi Bio did not generate any main business revenue. The core product, the MET inhibitor Beretinin (brand name: Wanbirui®), received conditional approval for sale in November 2023, with projected sales revenues of 12.96 million yuan, 71.66 million yuan, and 64.04 million yuan for 2023, 2024, and Q1 2025 respectively [2][9] - The net losses for the same periods were -164 million yuan, -283 million yuan, -479 million yuan, and -91.65 million yuan, accumulating to a total unabsorbed loss of 782 million yuan. Even with revenue generation in 2023 and 2024, the loss growth rates were 72.56% and 69.26% respectively, indicating a faster cash burn rate than revenue generation [2][9] Cash Flow and Capital Structure - The net cash flow from operating activities deteriorated significantly, with figures of -166 million yuan, -294 million yuan, -356 million yuan, and -74.26 million yuan over the reporting period. As of March 2025, the company had cash reserves of 529 million yuan, which could sustain operations for approximately 1.5 years at the current cash burn rate [3][10] - The company has a substantial goodwill of 927 million yuan, which constitutes 56.64% of total assets and 93.19% of non-current assets. This goodwill arose from the acquisition of the Beretinin development entity, raising concerns about future profitability amid intense market competition [3][10] Product and Market Competition - Beretinin is the first MET-TKI approved for both non-small cell lung cancer (NSCLC) and glioma indications, with significant sales growth of over 300% in Q1 2025. However, the price dropped from 17,200 yuan to 6,700 yuan post-medical insurance inclusion, leading to a decline in gross margin from 84.93% in 2023 to 80.28% in Q1 2025 [4][11] - The domestic MET-TKI market is highly competitive, with four other approved products targeting the same NSCLC indication, increasing market promotion costs and challenges for Anshi Bio [4][12] Shareholding Structure and Governance - The company's shareholding structure is fragmented, with the actual controller holding only 23.81% of voting rights, raising concerns about governance stability. Bain Capital, the largest single shareholder, holds 17.04%, while other institutional investors hold a similar proportion, potentially complicating strategic decision-making [6][14] - Prior to the IPO, the company underwent multiple financing rounds, raising over 2 billion yuan, but a recent discounted share transfer indicated a decline in valuation from 52.5 billion yuan to approximately 45.67 billion yuan, reflecting pessimism about future growth potential [6][13]