Core Viewpoint - Anshi Biotechnology Co., Ltd. has applied for a listing on the Shanghai Stock Exchange's Sci-Tech Innovation Board, with a fundraising target of 2.45 billion yuan, and is currently in the "inquiry" stage of the review process [1] Company Overview - Anshi Biotechnology is an innovative biopharmaceutical company focused on addressing significant unmet clinical needs in oncology, aiming to provide high-quality innovative anti-tumor drugs through efficient self-research [1] - The company has established a competitive and commercially viable multi-level pipeline of innovative drugs targeting key tumor driver gene pathways such as MET, EGFR, ROS1, NTRK, HER2, and RAS [1] Product Pipeline - The main products include Wanbiri® (Bertinib) and Andai Aitini, which have shown superior treatment effects and safety advantages in clinical trials compared to existing therapies [2] - The company has developed several innovative drug molecules with significant clinical value, including: - A next-generation MET-TKI (ANS01) targeting the treatment gap for MET-TKI resistant patients - An innovative ROS1/NTRK-TKI (ANS03) aimed at overcoming common drug resistance mutations - A next-generation EGFR-TKI (ANS02) designed to tackle various primary and secondary resistance mutations - A highly selective HER2-TKI (ANS05) intended to address HER2 abnormalities [2] Financial Performance - The company reported net profits of approximately -164 million yuan, -283 million yuan, -479 million yuan, and -91.65 million yuan for the years 2022, 2023, 2024, and the first quarter of 2025, respectively [2] - Total assets as of December 31 for the years 2022, 2023, 2024, and projected for March 31, 2025, were 9.86 billion yuan, 21.07 billion yuan, 17.35 billion yuan, and 16.37 billion yuan, respectively [3] - The company's asset-liability ratio has shown a significant decrease from 22.97% in 2023 to 7.44% in the first quarter of 2025 [3] - Research and development expenses accounted for 119.68%, 455.18%, and 1418.89% of operating revenue for the years 2022, 2023, and 2024, respectively [3]