Guoyi Medical Technology, the First IPO of China's Medical SPD Sector, Files for Hong Kong Main Board Listing: ~30% Market Share, 368% Surge in Net Profit, iFlytek Venture Capital Bets on the Hundred-Billion-Yuan Digital Supply Chain Track

The latest documents from the HKEX Disclosure Repository show that a Chinese digital medical supply chain enterprise with over threefold year-on-year growth in net profit has officially launched its sprint to the capital market.

On January 21, 2026, the HKEX Disclosure Repository announced that Anhui Zhongji Guoyi Medical Technology Co., Ltd. had formally submitted an application for a Main Board listing. Hailed as "the first stock of China's medical SPD sector", the enterprise is knocking on the door of the capital market with a nearly 30% market share and a 368% surge in net profit in 2024.

Prospectus Core Interpretation: Leader of China's Third-Party SPD Market

Guoyi Medical Technology positions itself in the prospectus as the leader of China's third-party SPD solution market. According to a Frost & Sullivan report, the company is China's largest third-party SPD solution provider by revenue in 2024, with a market share of 29.2%.

It is also China's first third-party SPD solution provider. SPD, short for Supply, Processing and Distribution, is an innovative supply chain model designed to optimize hospitals' supply and management of medical supplies.

Hospitals' medical supply chains have long relied heavily on manual operations and decentralized management, with paper-based records, limited information sharing, and a lack of real-time visibility into inventory and procurement.

Guoyi Medical Technology's solutions are tailor-made to address these pain points, covering the entire process of procurement, warehousing, distribution and usage management of medical supplies.

Core Business Model: Integrated SPD Solutions + New Layout of IDS Intelligent Distribution

Guoyi Medical Technology's SPD solutions consist of three core components: SPD software systems, intelligent hardware and professional services. This combined model aims to help hospitals reduce operational costs and improve supply management efficiency.

The company generates revenue from SPD solutions mainly through service fees, which are calculated as a percentage of the gross merchandise value (GMV) of medical supplies transacted via its SPD solutions.

In addition to its core SPD business, Guoyi Medical Technology has developed an in-hospital IDS solution centered on AMR (Autonomous Mobile Robots). IDS, or Intelligent Distribution System, is an advanced information-driven transportation and logistics system based on technologies such as IoT (Internet of Things) and AI (Artificial Intelligence), as well as advanced hardware including AMRs.

Launched in 2024, this new business covers the logistics and transportation of various supplies in complex hospital environments, including medical consumables, pharmaceuticals, sterilized medical devices, high-risk specimens and medical waste, spanning key operational scenarios such as operating rooms, pharmacies and laboratories.

As of January 15, 2026, the company's product portfolio includes seven AMR models, each developed to address specific clinical and operational needs in hospital settings.

Market Layout: Deployed in 116 Hospitals Across 13 Provinces, In-Depth Penetration in the Yangtze River Delta

As of September 30, 2025, Guoyi Medical Technology's SPD solutions have been deployed in 116 hospitals across 13 Chinese provinces.

Among these are 3 out of the 8 A++ grade hospitals that have adopted SPD solutions (per Frost & Sullivan data), and 91 tertiary hospitals (including 61 top-tier tertiary hospitals).

The company has achieved significant market penetration in economically developed regions of China with concentrated medical resources. As of the same date, its SPD solutions have been rolled out in 82 hospitals in the Yangtze River Delta Region.

This region-focused strategy has allowed Guoyi Medical Technology to build a solid business foundation in areas with abundant medical resources and strong payment capacity, providing a replicable successful model for its future national expansion.

Impressive Financial Performance: Dual Growth in Revenue and Profit, Over 360% Surge in Net Profit

Financial data disclosed in Guoyi Medical Technology's prospectus points to a strong growth momentum. The company's revenue rose from RMB 248 million in 2023 to RMB 378 million in 2024, representing a notable increase.

Its revenue also grew from RMB 251 million in the first nine months of 2024 to RMB 306 million in the same period of 2025.

Profit growth was even more remarkable. The company's net profit stood at approximately RMB 12.306 million in 2023 and soared to RMB 57.585 million in 2024, a 368% surge. For the nine months ended September 30, 2025, the company's total net profit and comprehensive income reached approximately RMB 43.199 million.

In terms of profitability, the company maintained a high gross profit margin: 37.1% in 2023, rising to 41.8% in 2024 and standing at 38.8% in the first nine months of 2025.

Equity Structure and Corporate Governance: Founder Controlled, Backed by iFlytek Venture Capital and Other Institutions

According to the prospectus, founder Ding Zhenhu directly holds 1.94% of the company's equity and controls additional shares through Hefei Lingdaoyi and other entities.

Overall, immediately prior to the listing, Ding Zhenhu is entitled to exercise or control the exercise of a total of 31.74% of the company's equity.

Guoyi Medical Technology's shareholder lineup includes iFlytek Venture Capital, Hefei State-owned Assets Supervision and Administration Commission, Zhongyuan Qianhai Capital, Xinli Capital, October Capital and others. iFlytek Venture Capital participated in the company's Series B financing, reflecting tech capital's optimism about the medical digitalization track.

The company's board of directors currently comprises nine directors, including four executive directors, two non-executive directors and three independent non-executive directors. This structure complies with modern corporate governance standards and provides institutional safeguards for the standardized operation of the enterprise.

Industry Market Prospect: Rapid Scale Growth, Prominent Potential in Segmented Sectors

China's SPD solution market is in a period of rapid development. In terms of GMV, the overall market size has grown from RMB 1.84 billion in 2019 to RMB 18.15 billion in 2024, with a Compound Annual Growth Rate (CAGR) of 58.1%.

It is projected that China's entire SPD solution market will grow to RMB 105.74 billion by 2029, with a CAGR of 42.3% from 2024 to 2029.

In specific segmented sectors, medical consumables and pharmaceuticals are the main application directions of SPD solutions. The GMV of medical consumables transacted via SPD solutions in China increased from RMB 1.59 billion in 2019 to RMB 15.13 billion in 2024.

The pharmaceutical sector saw even faster growth, rising from RMB 0.25 billion to RMB 3.02 billion over the same period. It is estimated that the GMV of pharmaceutical SPD transactions will reach RMB 33.26 billion by 2029, maintaining a high CAGR of 61.6%.

IPO Fundraising Plan: Focus on Core Directions Such as Market Expansion and R&D

Guoyi Medical Technology has clearly outlined the main intended uses of the proceeds from its Hong Kong IPO in the prospectus. The company plans to use the funds to further expand market coverage and increase its market share.

R&D investment is also a key priority, with the company intending to boost investment in technological innovation and research and development. As a technology-driven enterprise, sustained R&D investment is crucial for maintaining competitive advantages.

The company will also expand its intelligent distribution system solution business and explore new related business opportunities, such as AMR leasing.

In addition, Guoyi Medical Technology plans to build additional intelligent regional cloud warehouses in the Yangtze River Delta and Pearl River Delta regions to improve logistics infrastructure. The company also stated that it will seek strategic investment and acquisition opportunities when the time is right, and allocate part of the funds to working capital and other general corporate purposes.

As of September 30, 2025, Guoyi Medical Technology's production base is located in Lu'an City, Anhui Province, with a total construction area of approximately 3,023 square meters. The base is equipped with independent assembly lines for different categories of hardware, providing support for the company's intelligent hardware production.

With the acceleration of the digital and intelligent transformation of hospitals, medical supply chain management has become an important part of medical reform. Guoyi Medical Technology's Hong Kong IPO not only opens up new financing channels for its own development but also provides an observable sample for the entire medical digital supply chain track.

Going forward, as the fundraising plan is implemented and market expansion progresses, whether this pioneer in the medical SPD sector can maintain its leading position is worthy of sustained market attention.

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