---
title: "Third-party SPD leader Guoyi Technology: Strong fundamentals, early investors have doubled their profits"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/274069876.md"
description: "Guoyi Technology submitted a listing application to the Hong Kong Stock Exchange, becoming a leader in China's third-party SPD solution market. According to Frost & Sullivan, Guoyi Technology is expected to hold a 29.2% market share in 2024, with strong revenue performance, projected revenue of 378 million yuan in 2024, a year-on-year increase of 52.4%. Despite profit fluctuations, net profit is expected to reach 50 million yuan in 2024, an increase of 994%. The company was established in 2016 and primarily generates revenue through SPD and in-hospital IDS solutions"
datetime: "2026-01-29T01:14:45.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/274069876.md)
  - [en](https://longbridge.com/en/news/274069876.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/274069876.md)
---

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# Third-party SPD leader Guoyi Technology: Strong fundamentals, early investors have doubled their profits

In 2025, the number of births in China reached a historical low, while the aging population continues to rise. According to the 2024 statistical population data, the proportion of the population aged 60 and above has reached 22%, and the seriously aging population is driving the expansion of the healthcare market. According to Frost & Sullivan, total healthcare expenditure in China is expected to reach CNY 9.76 trillion in 2024, maintaining a stable mid-to-high single-digit growth.

However, the traditional medical supply chain model in hospitals suffers from severely low operational efficiency and information silos, making it a long way to achieve the goal of "Healthy China 2030." The SPD solution, with its innovative supply chain model, can effectively optimize supply chain issues. As the leader in China's third-party SPD solution market, Guoyi Technology has submitted a prospectus to the Hong Kong Stock Exchange.

According to Zhitong Finance APP, Guoyi Technology recently submitted a listing application to the main board of the Hong Kong Stock Exchange, with Haitong International Capital Limited as its sole sponsor. The company primarily generates revenue through SPD solutions and in-hospital IDS solution businesses. According to Frost & Sullivan, based on 2024 revenue, the company holds a stable market share of 29.2% as the largest third-party SPD solution provider in China.

The company's performance in the past two years has been impressive, with revenues of CNY 378 million and CNY 306 million for the first nine months of 2024 and 2025, respectively, representing year-on-year growth of 52.4% and 21.9%. Profitability has fluctuated, with net profits attributable to shareholders of CNY 50 million and CNY 32 million, showing year-on-year growth of 994% and a decline of 16.7%, respectively, and net profit margins of 13.23% and 10.46%. As of November 2025, the company has cash and cash equivalents of CNY 184 million.

So, does Guoyi Technology have highlights, and is this listing worth paying attention to?

Performance is impressive, but liquidity is tightening.

According to Zhitong Finance APP, Guoyi Technology was established in 2016 and initially launched a pilot SPD solution project with the First Affiliated Hospital of the University of Science and Technology of China (also known as Anhui Provincial Hospital). The market gradually penetrated into several tertiary hospitals in Shandong and Zhejiang, and with years of customer accumulation, the company began to develop in-hospital IDS solution business in 2024. Currently, the company's revenue comes from SPD solutions and in-hospital IDS solutions.

The SPD solution is the core source of revenue, while the IDS solution was tested in 2024 but did not achieve ideal commercialization results. In the first three quarters of 2024 and 2025, the revenue from the SPD solution business was CNY 371 million and CNY 301 million, respectively, accounting for 98.2% and 98.5% of total revenue.

Image source: Company hearing materials

Guoyi Technology provides integrated services for SPD solutions, including SPD software systems, smart hardware, and on-site professional services. Revenue mainly comes from service fees, calculated as a percentage of the total transaction value of medical supplies traded through the SPD solution, with service fee rates ranging from 1% to 3% In the first three quarters of 2024 and 2025, the company's transaction volume reached 26.27 billion yuan and 22.455 billion yuan, respectively, maintaining double-digit growth, while the service fees were 1.26% and 1.28%, remaining relatively stable.

It is worth noting that the target customers for SPD solutions are hospitals. In the first three quarters of 2025, the company covered 116 hospitals, an increase of 10 compared to the end of 2024, including primary, secondary, and tertiary hospitals, with 91 tertiary hospitals, accounting for as much as 78.4%. The company's customer concentration is not high, with the top five customers contributing 25% of revenue in the first three quarters of 2025, and the largest customer contributing only 5.7%.

In addition, Guoyi Technology's in-hospital IDS solution business generated revenue in 2024, mainly for the design, development, and production of Automated Mobile Robots (AMR) for the automatic transportation of hospital supplies and supporting software. The company's AMR can automatically recharge, forming an efficient all-day intelligent logistics network for the entire hospital. The release of this business's results will still take time, mainly adopting an R&D outsourcing model, entrusting third-party R&D partners to develop autonomous mobile robots in the in-hospital IDS solutions, which has uncontrollable factors and relatively low investment, with only 1.2 million yuan invested in the first three quarters of 2025.

In terms of profitability, the gross margin has fluctuated, with an overall upward trend. From 2023 to the first three quarters of 2025, the company's gross margins were 37.1%, 41.8%, and 38.8%, respectively, with the SPD solutions contributing nearly 100% of the gross profit, and the gross margins for this business during the period were 37.1%, 41.5%, and 38.7%. In terms of expenses, various expense ratios were optimized in the first three quarters of 2025, with the core management expense ratio decreasing by 2.59 percentage points to 10.34%.

Under the combined influence of improved gross margins and optimized expense ratios, Guoyi Technology maintained its profitability, with adjusted net profits of 12 million yuan, 58 million yuan, and 43 million yuan from 2023 to the first three quarters of 2025. However, the company's accounts receivable ratio is very high, with accounts receivable of 220 million yuan as of September 2025, accounting for 72% of revenue, and there is a significant amount of interest-bearing debt, with 144 million yuan in the short term and 222 million yuan in the long term, totaling 366 million yuan, accounting for 37.74% of total assets, and also 2.8 times cash equivalents, indicating tight working capital.

The industry has growth prospects, and early investors have profited significantly.

From an industry perspective, according to Frost & Sullivan, the market size for SPD solutions in China is expected to be 181.5 billion yuan in 2024, with a compound annual growth rate of 58.1% over the past five years, and it is projected to reach 1,057.4 billion yuan by 2029, with a compound growth rate of 42.3%. However, the market size for third-party SPD solutions is relatively small, expected to be 1.1 billion yuan in 2024, and to reach 9.6 billion yuan by 2029, with a compound growth rate of 53.3%, accounting for less than 1% of the overall market The Chinese third-party SPD solution market is highly concentrated. According to revenue in 2024, the top five participants collectively account for approximately 51.7% of the market share, with Guoyi Technology ranking first with about 29.2% market share, 21.2 percentage points higher than the second place. At the same time, the company is also the first third-party SPD solution provider in China. With years of market accumulation, the company has gained significant influence in the industry.

From the demand side, SPD solutions mainly optimize the supply chain model of hospitals. The demand side mainly includes hospitals, medical supplies suppliers, and patients, with hospitals being the core demand group. According to Frost & Sullivan, as of 2023, there are 13,252 first, 11,946 second, and 3,855 third-level hospitals nationwide. The penetration rate of SPD solutions in third-level hospitals is approximately 36.1% in 2024, and it is expected to reach 90% by 2029.

The penetration rate of third-party SPD solutions is low, but with the development of AI technology, there are competitive advantages for third parties, presenting significant market opportunities. As an industry leader, Guoyi Technology serves 1, 24, and 91 first, second, and third-level hospitals respectively as of September 2025, indicating a vast market expansion potential and the possibility of benefiting from high industry growth.

The company has also attracted interest from various capital sources. From 2018 to 2025, the company raised funds from angel round to C2 round, introducing diverse capital such as Binhu National University Science and Technology Park, Xinli Capital, Qianhai Investment Entity, and Anhui Railway Fund. However, with multiple rounds of financing, the company's valuation has continuously increased, with the latest round (C2) post-investment valuation at 1.914 billion yuan. Primary market investors have made substantial profits, with the angel round valuation increasing by 33.8 times, A round by 7.7 times, and B round by 2.19 times. However, the valuation for the C1 round entry at the end of 2024 only increased by 2.3%.

Overall, Guoyi Technology's listing has certain highlights. On one hand, revenue continues to grow, the company's SPD solution business has strong industry competitiveness, the number of clients is increasing, and the industry has high growth prospects with low penetration rates for third-party SPD solutions, leading to high expectations for improvement. On the other hand, the company has strong profitability, with an upward trend in gross margin, and as revenue scales up, there is still room for overall profit improvement.

However, Guoyi Technology also faces risk points, such as a small industry scale, relatively single business, high accounts receivable ratio, and high interest-bearing debt ratio. Although the company has the halo of being a leader in this Hong Kong listing, after multiple rounds of financing, early investors have made substantial profits, and financial investors have exit demands, which may not be well received by the market.

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