炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 近日，北京鞍石生物科技股份有限公司（下称"鞍石生物"）的科创板IPO申请进入已问询状态。资料显 示，鞍石生物专注于"First In Class"及"Best In Class"抗肿瘤创新药物研发，重点布局肺癌、脑胶质瘤治 疗领域。 数据显示，公司核心产品MET抑制剂伯瑞替尼（商品名：万比锐®）自上市并纳入国家医保目录后，销 售收入显著增长。然而，在高增长背后，亏损持续扩大、现金流承压、市场竞争趋于红海、公司治理与 资本层面隐忧频现等问题仍悬而未决，公司未来发展仍面临诸多挑战。 大额商誉悬顶 核心产品市场竞争激烈 从财务数据看，2022年，鞍石生物尚未形成主营业务收入。2023年，公司主要产品伯瑞替尼于11月在国 内获得附条件批准上市，2023年、2024年及2025年一季度实现药品销售收入分别为1295.80万元、 7165.62万元及6404.25万元。 同期公司净利润分别为-1.64亿元、-2.83亿元、-4.79亿元和-9165.29万元，累计未弥补亏损达7.82亿元。 即使在产品开始创收的2023年和2024年，亏损额同比增幅 ...

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].

Core Insights - The article highlights the emergence of the Zhongguancun (Daxing) Biomedical Materials Industrial Park as a key innovation hub driven by the integration of medical and engineering fields [1][8] - The park aims to attract leading biopharmaceutical companies and talent, fostering a new chapter in the convergence of healthcare and cutting-edge technology [1] Location and Infrastructure - The park is strategically located in the core area of the Zhongguancun Daxing Biopharmaceutical Industry Base, surrounded by various industrial clusters, enhancing its industrial synergy [3] - It boasts a well-connected transportation network, being only 1.5 kilometers from the North Cang Village exit of the Sixth Ring Road and 4 kilometers from the Biomedical Base Station on Beijing Metro Line 4, facilitating easy access to Beijing and surrounding regions [3] - The total construction area is 107,000 square meters, featuring seven interconnected buildings designed to support seamless collaboration among enterprises [3] Specialized Services - The park has established specialized service platforms to address the pain points and needs of enterprises, including a medical device prototype service platform that integrates various stages of product development [7] - The Daxing District Drug and Medical Device Innovation Service Station serves as a crucial link between government and enterprises, focusing on accelerating the market entry of innovative drugs and medical devices [7] Policy Support and Future Prospects - The park has already attracted key projects such as Beijing Anshi Biotechnology Co., Ltd., which focuses on innovative drug development for cancer treatment, and Beijing Plinmed Medical Engineering Cross Laboratory, aimed at establishing a world-class research platform [8] - As a significant part of Beijing's future industrial layout, the park is building an innovative integration system centered on "medical-engineering integration + achievement transformation," expected to drive the development of the biopharmaceutical industry in the Daxing area [8]

Group 1: Major Achievements in Science and Technology - China has made significant advancements in space science, including the detection of gamma-ray bursts from 25.6 billion light-years away and the first measurement of black hole X-ray binary spin and orbital inclination [3][5] - Tsinghua University has developed a brain-like complementary visual perception chip, "Tianmou Chip," which reduces bandwidth by 90% and achieves 10,000 frames per second with high precision and dynamic range [3][5] - Peking University has introduced a new paradigm for crystal preparation, enhancing the purity of materials like graphite and molybdenum disulfide by 10 to 100 times [3][5] - Huayi Quantum has created the world's first commercial prototype of a quantum computing system with over 100 ion qubits, significantly enhancing quantum computing capabilities [3][5] Group 2: Economic Applications - Blue Arrow Aerospace has successfully developed the Zhuque-2 improved liquid oxygen-methane rocket, becoming the first and only liquid oxygen-methane rocket to achieve three consecutive successful launches [5][6] - Beijing University of Posts and Telecommunications has established the world's first space-ground computing test platform, enhancing AI collaboration in satellite operations [6][7] - A collaborative effort has resulted in the development of a 6G prototype system capable of 6.6 Gbps transmission speed and sub-meter level perception accuracy [7][8] - Beiqi Foton has launched a zero-carbon liquid hydrogen heavy truck with a range exceeding 1,000 km, integrating 23 innovative technologies [8][9] Group 3: National Strategic Needs - Tsinghua University has developed a mobile hybrid processing robot that significantly improves processing precision and efficiency for large complex components used in major national projects [10][11] - State Grid Corporation has created a flexible DC converter for offshore wind power, increasing power density by 37% and reducing overall project costs by 15% [11][12] - China National Offshore Oil Corporation has successfully conducted the world's first joint extraction of natural gas hydrates and shallow gas, achieving a daily gas production rate exceeding 100,000 cubic meters [12][13] - A new large-scale high-temperature superconducting coating device has been developed, supporting the domestic production of superconducting electronic devices [13][14] Group 4: Health and Well-being - The "Beijing Brain No. 1" intelligent brain-machine interface system has been developed, achieving over 98% effective channel count for patients with motor function disorders [15][16] - A new covalent technology for radioactive drugs has been developed, increasing tumor delivery efficiency by over 10 times while minimizing side effects [16][17] - A domestic first integrated surgical robot for brain and spine procedures has been created, achieving a positioning accuracy of ≤0.5 mm [17][18] - The first targeted drug for brain glioma, "Bertinib," has been developed, significantly extending patient survival and reducing disease progression risk [18][19] - The ARC biological coupling technology has been introduced, enhancing nitrogen-fixing efficiency and crop yield while controlling mycotoxin production [19][20]