FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 京东工业股份有限公司 呈交日期： 2026年3月18日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 第 1 頁 共 6 頁 v 1.3.0 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 07618 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 | 佔有關事件前的現有已發 | 庫存股份變動 | 每股發 ...

上 市 公 司 交通运输 2026 年 03 月 12 日 京东工业 (07618) —— FY2025 业绩略超预期，KA 客户增长驱动，毛利率 向上提升 报告原因：有业绩公布需要点评 投资要点： huangsha@swsresearch.com 财务数据及盈利预测 | | 2024 | 2025 | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 20,398 | 23,952 | 29,206 | 35,221 | 42,391 | | 同比增长率（%） | 17.66 | 17.42 | 21.94 | 20.59 | 20.36 | | 归属普通股东净利润 | 1,073 | 1,131 | 1,638 | 2,210 | 2,786 | | 同比增长率（%） | 18.90 | 5.34 | 44.89 | 34.91 | 26.03 | | 每股收益（元/股） | 0.44 | 0.42 | 0.61 | 0.82 | 1.04 | | ROE（%） | 156.39 | 20.64 | 11.86 | ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 18.78 [6][15] Core Insights - The company reported a total revenue of RMB 13.7 billion for 2H25, representing a year-on-year increase of 16.3%, which exceeded Bloomberg's expectation of RMB 13.5 billion. The adjusted net profit was RMB 610 million, up 7.0% year-on-year, also surpassing expectations [1][2] - The company has been included in the Hong Kong Stock Connect list, effective from March 9, which is expected to enhance shareholder structure and improve liquidity [1] - The company is focusing on expanding its core user base and market share through technology-driven efficiency improvements and group synergies, particularly in the areas of enterprise digital procurement and cost reduction [1] Revenue and Profitability - In 2H25, the company's GMV reached RMB 18.9 billion, a 16% increase year-on-year, with key enterprise customer GMV growing by 24% to RMB 9.7 billion [2][12] - The gross margin for 2H25 improved to 16.5%, an increase of 0.7 percentage points year-on-year, primarily due to upstream channel enhancements and increased sales of warehouse goods [2] - The total operating expense ratio for 2H25 was 13.4%, up 2.0 percentage points year-on-year, driven by increased fulfillment costs and investments in BOM and overseas business expansion [2] Customer Base and Supply Chain - The company served 13,300 key enterprise customers in 2025, a 26% increase from the previous year, with a retention rate of 116.6% [3] - The number of manufacturers, distributors, and agents connected by the company reached 205,000 in 2025, up from 158,000 in the previous year [3] Technological Advancements - The company launched the industry's first AI-native product and material governance center, significantly reducing the time required for material governance tasks [4] - The company is developing its own brand to ensure quality and streamline supply for non-standard and dispersed products [4] Financial Forecasts - The adjusted net profit forecasts for 2026 and 2027 have been slightly increased to RMB 1.59 billion and RMB 2.17 billion, respectively, due to better-than-expected revenue growth and expense management [5][12] - The report anticipates a revenue CAGR of 20.0% from 2025 to 2027, compared to 9.9% for comparable companies, indicating a strong growth outlook for the company [15][17]

Financial Performance - For the fiscal year ending December 31, 2025, revenue reached RMB 23,951.8 million, representing a year-over-year increase of 17.4% from RMB 20,397.7 million in 2024[4] - Gross profit for the same period was RMB 4,167.6 million, up 25.8% compared to RMB 3,313.4 million in 2024[4] - The annual profit surged to RMB 2,313.7 million, marking a significant increase of 203.8% from RMB 761.6 million in the previous year[4] - The net profit margin improved to 9.7%, an increase of 6.0 percentage points from 3.7% in 2024[4] - Non-IFRS operating profit for the year was RMB 1,012.2 million, reflecting a slight increase of 1.8% from RMB 994.4 million in 2024[4] - Non-IFRS profit for the year was RMB 1,130.7 million, up 5.3% from RMB 1,073.4 million in the previous year[4] - The adjusted non-IFRS profit for 2025 was RMB 1,130.7 million, compared to RMB 1,073.4 million in 2024, reflecting a year-over-year increase of approximately 5.3%[40] - The company reported a net profit of RMB 2,313.7 million for the year ended December 31, 2025, compared to RMB 761.6 million in 2024, marking a significant increase of 203.5%[59] - Basic earnings per share for 2025 was RMB 1.12, compared to RMB 0.37 in 2024[58] Revenue Growth - In 2025, the company's total revenue reached approximately 24 billion yuan, representing a year-on-year growth of 17.4%[13] - Revenue increased from RMB 20.4 billion in 2024 to RMB 24.0 billion in 2025, representing a growth of 17.4% driven by continuous growth in transaction volume[26] - The transaction volume for key enterprise customers grew by 26.5% year-on-year, serving around 13,300 key enterprise customers, an increase of 26.0%[14] - The retention rate of transaction volume for key enterprise customers reached 116.6%, significantly improving year-on-year[15] - Transaction volume rose from approximately RMB 28.8 billion in 2024 to RMB 33.5 billion in 2025, an increase of 16.5% attributed to successful customer acquisition and expansion of existing customer share[26] Operational Efficiency - The company has optimized its warehousing and order management capabilities, resulting in industry-leading inventory turnover efficiency[6] - The company aims to enhance industrial supply chain capabilities by focusing on "supply assurance, cost reduction, efficiency improvement, and compliance" through its integrated supply chain solutions[13] - The company is committed to supporting the real economy by improving operational efficiency and overall competitiveness through digital and intelligent supply chain solutions[12] - The company launched an online and offline integrated service model in 2025, enhancing service response efficiency for small and micro customers[19] - The company is leveraging AI algorithms for automatic alerts on price anomalies and concentrated complaints, improving quality risk inspection efficiency[20] - The company is focused on enhancing supply chain stability and response speed for key products through big data and AI technologies[21] Strategic Initiatives - The company launched the first industrial large model centered on supply chain, named JoyIndustrial, aimed at enhancing the digital transformation of industrial supply chains[9] - As of December 31, 2025, the initiative "Smart Empowerment for Thousands of Industries, Trillion Cost Reduction" has connected over 5,000 core enterprises[7] - The company has achieved comprehensive coverage of general MRO, professional MRO, and production materials (BOM) products, facilitating supply chain transformation for clients[7] - The company established strategic partnerships with approximately 205,000 manufacturers, distributors, and agents by the end of 2025[20] - The company provided around 97.7 million stock-keeping units (SKUs) as of December 31, 2025[20] Cost Management - Operating costs rose from RMB 17.1 billion in 2024 to RMB 19.8 billion in 2025, a growth of 15.8%, slightly lower than revenue growth[28] - Fulfillment expenses increased by 56.7% from RMB 1.13 billion in 2024 to RMB 1.77 billion in 2025, driven by investments in logistics and warehousing[30] - Sales and marketing expenses grew by 20.0% from RMB 844.5 million in 2024 to RMB 1.01 billion in 2025, reflecting increased personnel costs and support services[31] - General and administrative expenses increased by 38.7% from RMB 193.7 million in 2024 to RMB 268.7 million in 2025, primarily due to increased listing costs[33] - Research and development expenses remained stable at RMB 289.3 million in 2024 and RMB 307.0 million in 2025, with a slight decrease in percentage of revenue from 1.4% to 1.3%[32] Cash Flow and Financing - The net cash generated from operating activities in 2025 was RMB 2,089.4 million, up from RMB 1,296.4 million in 2024, representing a growth of about 61.1%[44] - As of December 31, 2025, the company's total cash resources amounted to RMB 14.5 billion[41] - The net cash used in investing activities for 2025 was RMB 6,330.6 million, primarily due to the purchase of time deposits totaling RMB 16,156.2 million[45] - The net cash generated from financing activities in 2025 was RMB 2,132.3 million, mainly from net proceeds of RMB 2,652.2 million from a global offering[47] - The company had no outstanding borrowings as of December 31, 2025, indicating a capital debt ratio of zero[48] - The company had a total equity of RMB 11,209.3 million as of December 31, 2025, compared to RMB 486.99 million in 2024[63] Corporate Governance and Compliance - The company successfully listed on the Hong Kong Stock Exchange on December 11, 2025[65] - The company is committed to maintaining high standards of corporate governance and has adhered to all applicable codes since its listing on December 11, 2025[73] - The audit committee has reviewed the consolidated financial statements for the year ended December 31, 2025, ensuring compliance with accounting policies and internal controls[76] - The company has no plans to declare a final dividend for the year ended December 31, 2025, consistent with the previous year[79] Miscellaneous - The company recorded a fair value change of convertible preferred shares of RMB 1.4 billion in 2025, following its successful listing on the Hong Kong Stock Exchange[35] - The company reported a foreign exchange loss from transactions denominated in currencies other than its functional currency, but it was not significant[54] - The overall net proceeds from the exercise of the over-allotment option amounted to approximately RMB 49 million after deducting underwriting fees and estimated expenses[82] - The total net proceeds received by the company from the global offering is approximately RMB 2,604 million[82] - The annual performance announcement and annual report will be published on the Hong Kong Stock Exchange website and the company's website[83]

公司名稱: 京东工业股份有限公司 呈交日期: 2026年3月5日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 | 1. 股份分類 | 普通股 | 股份類別 | | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 07618 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 100,000,000,000 | USD | | 0.0000005 | USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | 0 | | 本月底結存 | | | 100,000,000,000 | USD | | 0.0000005 | USD | | 50,000 | ...

Investment Rating - The report initiates coverage on JD Industrial with a "Buy" rating and sets a target price of HKD 18.47, corresponding to a 2026 adjusted net profit PE of 28x [1][6]. Core Insights - JD Industrial is positioned as the largest industrial supply chain technology and service provider in China by GMV in 2024, leveraging its "Taipu" digital industrial supply chain solution to establish a comprehensive end-to-end digital infrastructure [1][24]. - The industrial supply chain market in China is vast, projected to reach CNY 11.4 trillion in 2024, but it remains highly fragmented and reliant on traditional offline systems, presenting opportunities for digital transformation [2][19]. - The company aims to enhance its core user base and market share through technological efficiency and group synergies, while also exploring BOM, international business, and proprietary brands for long-term revenue and profit expansion [1][3]. Summary by Sections Market Overview - The Chinese industrial supply chain market is characterized by a large scale but a highly fragmented structure, with a significant reliance on traditional procurement systems leading to high costs and inefficiencies [18][19]. - The penetration rate of industrial supply chain technology and services in China is low at 6.2%, compared to 15% in the US, indicating substantial growth potential [2][19]. Competitive Advantage - JD Industrial possesses a strong end-to-end digital supply chain capability centered around the "Taipu" platform, which enhances procurement efficiency and management transparency [3][20]. - The company has established a robust first-mover advantage in the domestic market, supported by a wide SKU coverage and a growing base of key customers [3][20]. Growth Strategy - The company is actively pursuing an international expansion strategy, supporting key clients in entering Southeast Asian markets and exploring localized supply chain construction [21][22]. - JD Industrial's revenue is expected to grow significantly, with a projected CAGR of 19.7% compared to 9.7% for comparable companies, driven by its strong supply chain capabilities [5][24]. Financial Projections - The adjusted net profit for JD Industrial is forecasted to reach CNY 10.7 billion, CNY 15.9 billion, and CNY 21.6 billion for 2025-2027, reflecting growth rates of 0%, 48%, and 36% respectively [5][10]. - The company is expected to maintain a higher gross margin and effectively control operating expenses, contributing to improved profitability [5][10].

Core Viewpoint - JD Industrial (07618.HK) will hold a board meeting on March 5, 2026, to approve the annual performance for the year ending December 31, 2025, and to consider the proposal for a final dividend, if any [1] Group 1 - The board meeting is scheduled for March 5, 2026 [1] - The meeting will focus on approving the annual performance of the company and its subsidiaries for the fiscal year ending December 31, 2025 [1] - The board will also consider the proposal for a final dividend [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，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公告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。 JINGDONG Industrials, Inc. 承董事會命 京東工業股份有限公司 宋春正先生 執行董事 香港，2026年2月20日 京東工业股份有限公司 （於開曼群島註冊成立的有限公司） （股份代號: 7618） 董事會會議日期 撥入號碼： | 中國大陸 | 400 | 810 | 810 8228（普通話） / 400 | 8128（英文） | | --- | --- | --- | --- | --- | | 中國香港 | +852 | 3005 | 1355（普通話） / +852 | 3005 1313（英文） | | 美國 | +1 | 646 | 2543594 | | | 新加坡 | +65 | 6818 | 5374 | | | 其他地區 | +86 | 10 | 58084199（普通話） / +86 | 10 58084166（英文） | 普通話頻道參會者密碼：279833 英文 ...

Core Viewpoint - The Hang Seng Index Company announced the inclusion of JD Industrial (07618) in the Hang Seng Composite Index, effective March 9, 2026, following a quarterly review on December 31, 2025 [1] Company Summary - JD Industrial is a leading provider of industrial supply chain technology and services in China, having listed on the Hong Kong Stock Exchange on December 11, 2025 [1] - The company focuses on the digital transformation of industrial supply chains, helping clients achieve supply assurance, cost reduction, efficiency improvement, and compliance [1] - Since 2017, JD Industrial has specialized in MRO (Maintenance, Repair, and Operations) procurement services and has become the largest player in China's MRO procurement service market, with a transaction volume in 2024 nearly three times that of the second-largest competitor [1] Industry Summary - According to ZhiShi Consulting, JD Industrial is also the largest service provider in the Chinese industrial supply chain technology and services market, holding a market share of 4.1% based on transaction volume in 2024 [1]

Core Viewpoint - The Hang Seng Index Company announced the inclusion of JD Industrial (07618) in the Hang Seng Composite Index, effective March 9, 2026, following a quarterly review [1] Company Summary - JD Industrial is a leading provider of industrial supply chain technology and services in China, having listed on the Hong Kong Stock Exchange on December 11, 2025 [1] - The company focuses on transformative digitalization of industrial supply chains, helping clients achieve supply assurance, cost reduction, efficiency improvement, and compliance [1] - Since 2017, JD Industrial has specialized in MRO (Maintenance, Repair, and Operations) procurement services and has become the largest player in China's MRO procurement service market, with a transaction volume in 2024 nearly three times that of the second-largest competitor [1] Industry Summary - According to ZhiShi Consulting, JD Industrial is also the largest service provider in the Chinese industrial supply chain technology and services market, holding a market share of 4.1% based on transaction volume in 2024 [1]