52亿，北京明星企业要IPO了

Core Viewpoint - Beijing Anshi Biotechnology Co., Ltd. is pursuing an IPO on the Sci-Tech Innovation Board, utilizing the fifth set of listing standards that focus on innovation attributes and market potential rather than current profitability [5][6]. Group 1: Company Overview - Anshi Biotechnology aims to commercialize its innovative cancer drug, Beruatinib, which is currently its only marketed product and a key asset for the company [9][10]. - The company has achieved significant revenue growth, with Q1 2025 revenue reaching approximately 64.04 million yuan, nearly five times the total revenue of 2023 [19]. Group 2: IPO and Fundraising - Anshi Biotechnology plans to raise 2.45 billion yuan through its IPO, with 1.95 billion yuan allocated for new drug research and 500 million yuan for working capital [7][21]. - The company has completed three rounds of fundraising totaling over 2.55 billion yuan, with significant participation from top venture capital firms [24][25][26]. Group 3: Product and Market Potential - Beruatinib has received conditional approval for multiple indications, including non-small cell lung cancer and glioma, and has been included in the national medical insurance directory, leading to a significant increase in sales [10][20]. - The market for MET-TKI drugs in China is projected to grow rapidly, from approximately 600 million yuan in 2024 to 27.2 billion yuan by 2035, providing a substantial growth opportunity for Anshi Biotechnology [20]. Group 4: Financial Performance and Risks - Despite revenue growth, Anshi Biotechnology has not yet achieved profitability, with cumulative losses reaching 782 million yuan by Q1 2025 [19]. - The company faces risks associated with high goodwill from acquisitions, which could impact financial performance if the core product does not meet market expectations [12][18].