来源：市场资讯 （来源：弗若斯特沙利文） 2025年1月21日，国医科技首次向港交所递交招股书，拟在香港主板上市，独家保荐人为海通国际。 公司是中国第三方SPD解决方案市场的领导者，2024年收入3.78亿元，净利润0.58亿元；2025年前9个月 收入3.06亿元，同比增长21.59%，净利润0.43亿元，同比增长7.66%。 公司是中国第三方SPD解决方案市场的领导者。根据弗若斯特沙利文（Frost & Sullivan）报告，按2024 年收入计，公司是中国最大的第三方SPD解决方案提供商，市场份额为29.2%。根据同一报告，公司亦 是中国首家第三方SPD解决方案提供商。 公司的SPD解决方案包含三大核心组成部分，即SPD软件系统、智能硬件及专业服务。目前，公司的 SPD解决方案涵盖医疗物资的采购、仓储、配送及使用管理，并助力医院降低运营成本、提升供应管理 效率。 截至2025年9月30日，公司的SPD解决方案部署于中国13个省份的116家医院，包括已采用SPD解决方案 的8家A++医院中的3家，以及91家三级医院（其中61家为三级医院）。公司已在中国医疗资源集中的经 济发达区域（如长三角地区）实现了显 ...

2025年中国出生人口数创下历史新低，而老龄化人口却在持续提升，按2024的统计人口数据，60岁以上的人口占比已达22%，严重老龄化 人口正在推动医疗保健市场规模的扩大，根据弗若斯特沙利文的资料，2024年中国医疗保健总支出高达9.76万亿元，保持着稳定的中高单 位数增长。 而医院的传统医疗供应链模式存在运营效率严重低下以及信息孤岛等问题，实现"健康中国2030年"目标任重道远。SPD解决方案以一种创 新的供应链模式，可以很好的优化供应链问题。作为中国第三方SPD解决方案市场的领导者，国医科技已向港交所递交招股书。 了解到，近日国医科技向港交所主板提交上市申请，海通国际资本有限公司为其独家保荐人。该公司主要通过SPD解决方案及院内IDS解 决方案业务产生收入，根据弗若斯特沙利文，按2024年收入计，该公司以29.2%的市场份额稳居中国最大的第三方SPD解决方案提供商。 该公司近两年业绩表现可观，2024年至2025年前九月，收入分别为3.78亿元及3.06亿元，同比分别增长52.4%及21.9%，盈利有所波动，股 东净利润分别为0.5亿元及0.32亿元，同比分别增长994%及-16.7%，净利率分别为13.2 ...

Core Viewpoint - The company, Guoyi Technology, is preparing for an IPO on the Hong Kong Stock Exchange, focusing on its SPD (Supply Chain Process Design) solutions, which are crucial for optimizing hospital supply chains in a rapidly aging population and expanding healthcare market in China [1][10]. Company Overview - Guoyi Technology was established in 2016 and has developed SPD solutions in collaboration with major hospitals, expanding its market presence to various provinces [2][10]. - The company holds a 29.2% market share in China's third-party SPD solutions, making it the largest provider in this sector [1][7]. Financial Performance - Revenue for the first nine months of 2024 and 2025 was reported at 3.78 billion RMB and 3.06 billion RMB, reflecting year-on-year growth of 52.4% and 21.9% respectively [2]. - The net profit for the same periods was 0.5 billion RMB and 0.32 billion RMB, with significant fluctuations, showing a 994% increase in 2024 followed by a 16.7% decrease in 2025 [2]. - The company reported a cash and cash equivalents balance of 1.84 billion RMB as of November 2025 [2]. Revenue Sources - The primary revenue source is the SPD solutions, which accounted for 98.2% and 98.5% of total revenue in 2024 and 2025 respectively [2][3]. - The IDS (In-Hospital Intelligent Delivery System) solutions were introduced in 2024 but have not yet achieved significant commercial success [2][5]. Market Potential - The SPD solutions market in China is projected to grow from 181.5 billion RMB in 2024 to 1,057.4 billion RMB by 2029, with a compound annual growth rate (CAGR) of 42.3% [7]. - The penetration rate of SPD solutions in tertiary hospitals is expected to rise from 36.1% in 2024 to 90% by 2029, indicating substantial growth opportunities [9]. Client Base - As of the first three quarters of 2025, Guoyi Technology served 116 hospitals, with 91 being tertiary hospitals, representing 78.4% of its client base [4][9]. - The company has a low client concentration, with the top five clients contributing only 25% of total revenue [4]. Profitability and Costs - The gross margin has shown an upward trend, with figures of 37.1%, 41.8%, and 38.8% from 2023 to the first three quarters of 2025 [5][6]. - The company has optimized its expense ratios, with a notable decrease in management expense ratio by 2.59 percentage points to 10.34% in 2025 [5][6]. Investment Landscape - Guoyi Technology has attracted significant investment, with its valuation increasing substantially across multiple funding rounds, indicating strong investor confidence [10]. - The company’s latest post-investment valuation reached 1.914 billion RMB, reflecting a 33.8 times increase since the angel round [10].

Group 1 - Company Guoyi Technology has submitted a listing application to the Hong Kong Stock Exchange, with Haitong International as the sole sponsor [1] - According to a Frost & Sullivan report, Guoyi Technology is the largest third-party SPD solution provider in China, holding a market share of 29.2% based on projected 2024 revenue [1] - The SPD (Supply, Processing, and Distribution) solution aims to optimize hospitals' procurement, handling, circulation, and distribution management of medical supplies, addressing issues in traditional supply chain models [1] Group 2 - Guoyi Technology's SPD solution consists of three core components: SPD software system, intelligent hardware, and professional services, which help hospitals reduce operational costs and improve supply management efficiency [1] - As of September 30, 2025, Guoyi Technology's SPD solutions have been deployed in 116 hospitals across 13 provinces in China, including 3 out of 8 A++ hospitals and 61 out of 91 tertiary hospitals [1] - The company launched an in-hospital IDS (Intelligent Distribution System) solution in 2024, centered around AMR (Autonomous Mobile Robots), utilizing IoT and AI technologies for logistics in critical hospital areas [2] Group 3 - The total transaction value of the SPD solution market in China grew from 18.4 billion yuan in 2019 to 181.5 billion yuan in 2024, with projections to reach 1,057.4 billion yuan by 2029 [2] - The third-party SPD solution market, in terms of revenue, increased from 0.1 billion yuan in 2019 to 1.1 billion yuan in 2024, and is expected to grow to 9.6 billion yuan by 2029 [2] - As of January 15, 2026, Guoyi Technology's product portfolio includes seven AMR models tailored to specific clinical and operational needs within hospital environments [2]

据港交所官网，1月21日，安徽中技国医医疗科技股份有限公司（简称"国医科技"）提交上市申请，海 通国际为其独家保荐人。 资料显示，国医科技成立于2016年，是第三方SPD解决方案提供商。截至2025年9月30日，其SPD解决 方案已在国内13个省份的116家医院部署并运营。 据国医科技介绍，SPD指供应、加工及分配，是一种创新型供应链模式，旨在优化医院医疗物资的供应 和管理。根据弗若斯特沙利文报告，按2024年收入计，国医科技是中国最大的第三方SPD解决方案提供 商，市场份额为29.2%。 另需注意的是，国医科技贸易应收款项及应收票据持续攀升，报告期各期末分别约为1.14亿元、1.88亿 元、2.19亿元。报告期各期，公司贸易应收款项及应收票据周转天数分别为137天、145天及180天。 | | 截至12月31日 | | 截至9月30日 | | --- | --- | --- | --- | | | 2023年 | 2024年 | 2025年 | | | 人民幣千元 | 人民幣千元 | 人民幣千元 | | | | | (未經審計) | | 贸易應收款項 | 124,361 | 203,008 | 234.41 ...

Group 1 - The core viewpoint of the article is that Guoyi Technology has submitted an application for listing on the Hong Kong Stock Exchange, with Haitong International as the sole sponsor [1] - According to a Frost & Sullivan report, Guoyi Technology is the largest third-party SPD solution provider in China, with a market share of 29.2% based on projected 2024 revenue [1] - The SPD (Supply, Processing, and Distribution) solution aims to optimize hospitals' procurement, handling, circulation, and distribution management of medical supplies, addressing issues in traditional supply chain models [1] Group 2 - Guoyi Technology's SPD solution consists of three core components: SPD software system, intelligent hardware, and professional services, which help hospitals reduce operational costs and improve supply management efficiency [1] - As of September 30, 2025, Guoyi Technology's SPD solutions have been deployed in 116 hospitals across 13 provinces in China, including 3 out of 8 A++ hospitals and 61 out of 91 tertiary hospitals [1] - The company launched an in-hospital IDS (Intelligent Distribution System) solution in 2024, centered around AMR (Autonomous Mobile Robots), utilizing IoT and AI technologies for logistics in critical hospital areas [2] Group 3 - The total transaction value of the SPD solution market in China grew from 18.4 billion yuan in 2019 to 181.5 billion yuan in 2024, and is expected to reach 1,057.4 billion yuan by 2029 [2] - The third-party SPD solution market, in terms of revenue, increased from 0.1 billion yuan in 2019 to 1.1 billion yuan in 2024, with projections of reaching 9.6 billion yuan by 2029 [2] - Guoyi Technology's product portfolio includes seven models of AMRs, developed for specific clinical and operational needs within hospital environments as of January 15, 2026 [2]

据港交所1月21日披露，安徽中技国医医疗科技股份有限公司(简称"国医科技")向港交所主板提交上市申请，海通国际资本有限公司为其独家保荐人。据招 股书，国医科技是中国第三方SPD解决方案市场的领导者。根据弗若斯特沙利文报告，按2024年收入计，国医科技是中国最大的第三方SPD解决方案提供 商，市场份额为29.2%。根据同一报告，该公司亦是中国首家第三方SPD解决方案提供商。 公司简介 招股书提到，SPD指供应、加工及分配，是一种创新型供应链模式，旨在优化医院对医疗物资的供应和管理。该模式因其灵活性和适应性而受到认可，通常 涵盖(i)医院医疗物资采购及其供货商的管理，(ii)医院中心库内医疗物资的处理及流转管理，及(iii)医用物资向医院内部各使用科室的配送及发放管理。医院 传统的医疗物资供应链模式严重依赖人工操作和分散管理，采用纸质记录，信息共享有限，且缺乏对存货与采购的实时可视化。 国医科技的SPD解决方案包含三大核心组成部分，即SPD软件系统、智能硬件及专业服务。目前，该公司的SPD解决方案涵盖医疗物资的采购、仓储、配送 及使用管理，并助力医院降低运营成本、提升供应管理效率。 截至2025年9月30日，国医 ...

智通财经APP获悉，据港交所1月21日披露，安徽中技国医医疗科技股份有限公司(简称"国医科技")向港交所主板提交上市申请，海通国际资本有限公司为其 独家保荐人。据招股书，国医科技是中国第三方SPD解决方案市场的领导者。根据弗若斯特沙利文报告，按2024年收入计，国医科技是中国最大的第三方 SPD解决方案提供商，市场份额为29.2%。根据同一报告，该公司亦是中国首家第三方SPD解决方案提供商。 公司简介 招股书提到，SPD指供应、加工及分配，是一种创新型供应链模式，旨在优化医院对医疗物资的供应和管理。该模式因其灵活性和适应性而受到认可，通常 涵盖(i)医院医疗物资采购及其供货商的管理，(ii)医院中心库内医疗物资的处理及流转管理，及(iii)医用物资向医院内部各使用科室的配送及发放管理。医院 传统的医疗物资供应链模式严重依赖人工操作和分散管理，采用纸质记录，信息共享有限，且缺乏对存货与采购的实时可视化。 国医科技的SPD解决方案包含三大核心组成部分，即SPD软件系统、智能硬件及专业服务。目前，该公司的SPD解决方案涵盖医疗物资的采购、仓储、配送 及使用管理，并助力医院降低运营成本、提升供应管理效率。 截至202 ...

香港聯合交易所有限公司及證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示概不就因本申請版本的全部或任何部分內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 Anhui Zhongji Guoyi Medical Technology Co., Ltd. 安徽中技國醫醫療科技股份有限公司 （「本公司」） （於中華人民共和國成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」） 的要求而刊發，僅用作提供資料予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件， 即代表 閣下知悉、接納並向本公司、其獨家保薦人、整體協調人、顧問及包銷團成員表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據本公司向香港公司註冊 處處長登記的文件作出投資決定，文件將於發售期內向公眾人士派發。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的；投資者不應根據 本文件中的資料作出任何投資決定； (b) 在聯交所網 ...

Core Viewpoint - The recent surge in the stock price of Haiwang Bio is attributed to positive market sentiment following the collaboration between three pharmaceutical companies, enhancing confidence in China's innovative drug capabilities [1][8]. Company Evolution - Haiwang Bio has transformed from a regional distributor to a comprehensive biopharmaceutical platform, reflecting the industry's shift from "generic following" to "innovation leading" [3]. - Established in 1992, Haiwang Bio's growth mirrors the consolidation of China's pharmaceutical distribution sector, achieving over 10 billion yuan in revenue by 2015 [3][4]. Business Operations - The company focuses on pharmaceutical and medical device distribution, boasting a logistics network covering over 20 provinces, with significant market share in Shandong and Henan [4]. - Haiwang Bio operates 22 provincial logistics centers and 110 warehouses, with a total storage area exceeding 390,000 square meters, serving nearly 170,000 clients [4][5]. Research and Development - The company has established several innovation platforms and employs a research team of 228, focusing on major diseases and new drug development [5]. - Haiwang Bio has been recognized as a high-tech enterprise and ranks among the top in China's pharmaceutical distribution sector [5][6]. Financial Performance - Despite industry challenges, Haiwang Bio reported a revenue of 30.317 billion yuan in 2024, with a significant reduction in net losses compared to the previous year [7][8]. - The company anticipates a positive long-term growth trajectory as it completes goodwill impairment and optimizes its operations [7]. Industry Opportunities - The Chinese pharmaceutical industry is undergoing a quality upgrade, with policies favoring larger players, positioning Haiwang Bio to expand its market share [8]. - The company is transitioning to provide customized supply chain solutions, enhancing service offerings and operational efficiency [8][9]. Future Growth Potential - Haiwang Bio's NEP018 drug, targeting gastrointestinal tumors, has received clinical trial approval, potentially opening new revenue streams [9]. - The company is well-positioned to leverage its extensive logistics network and innovative service models to capitalize on industry consolidation and growth opportunities [8][9].