证券研究报告 京东工业 (7618 HK) 专注于供应链数字化领域的创新者 2026 年 2 月 25 日│中国香港 首次覆盖京东工业，给予"买入"评级，目标价 18.47 港元，对应 2026 年 目标调整后净利润 PE 28x。2024 年以 GMV 计，公司为中国最大的工业供 应链技术与服务提供商。以"太璞"数字化工业供应链整体解决方案为基， 公司已建立覆盖全流程端到端供应链数字基础设施。我们看好公司在工业采 购数字化和线上化率提升的行业大背景下，利用自身技术驱动的效率提升能 力和集团协同效应，持续深化核心用户规模和份额增长，并通过切入 BOM、 国际业务和自有品牌等举措，实现中长期收入规模和利润率双重扩张。 工业供应链数字化和透明化或为大势所趋 中国工业供应链市场规模庞大，2024 年达 11.4 万亿，但结构高度分散且长 期依赖线下多层级的传统体系，存在成本高、效率低、透明度不足的痛点。 供给侧，随着基础升级和技术的逐步成熟，工业供应链正加速向数字化和一 体化方向演进。政策上，阳光采购、合规监管与财税规范化要求进一步强化 了企业对可追溯、可管理供应链解决方案的需求。市场空间上，工业供应链 技术与服务 ...

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 ...

京东工业2025年12月11日在港交所挂牌上市，该公司是中国领先的工业供应链技术与服务提供商。通过 践行变革性的工业供应链数智化转型，帮助客户实现保供、降本、增效及合规。该公司于2017年开始布 局专注于MRO采购服务的供应链技术与服务业务。经过多年发展，已成为中国MRO采购服务市场的最 大参与者，根据灼识咨询的资料显示，按2024 年的交易额计，该公司排名第一，规模为第二名的近三 倍。根据同一资料显示，随着该公司向更广阔的工业供应链市场扩展，按2024年的交易额计，该公司亦 为中国工业供应链技术与服务市场最大的服务提供商，市场份额达到4.1%。 2月13日，恒生指数公司宣布截至2025年12月31日之恒生指数系列季度检讨结果，其中京东工业(07618) 获纳入恒生综合指数。变动将于2026年3月6日(星期五)收市后实施并于2026年3月9日(星期一)起生效， 届时沪深交易所会相应调整港股通可投资标的范围。据中金研报，京东工业有可能被调入港股通，因其 满足了包括市值、流动性和上市时间等在内的一系列标准。 ...

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]

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1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 京东工业股份有限公司 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 | 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 | 本月底法定/註冊股本總額： USD ...

Core Insights - The oil and petrochemical industry in China is transitioning to a new phase focused on high-quality development, shifting from "incremental growth" to optimizing existing resources and enhancing efficiency [1] - By 2025, China's crude oil production is expected to reach 215 million tons, marking a historical high, while natural gas production has seen continuous growth of over 10 billion cubic meters for nine consecutive years [1] - The "14th Five-Year Plan" is identified as a critical period for the petrochemical industry to transform from large-scale to strong-scale, driven by innovation and green low-carbon initiatives [1] Industry Challenges - The procurement system in the oil and petrochemical sector faces complex challenges, including global energy shifts, increased supply chain risks, and the need to balance energy security, cost control, and compliance with stringent environmental standards [1] - The industry requires a comprehensive digital supply chain service model that encompasses all aspects of procurement, from sourcing to operations, to achieve sustainable development [2] Solutions Offered - JD Industrial has released a "Scenario Procurement Solution Manual" tailored for the oil and petrochemical industry, leveraging its super supply chain to facilitate digital upgrades and efficient supply-demand collaboration [1][2] - The solutions include the Taipu SRM full-link digital solution, Taipu long-tail material management solution, and Taipu compliance procurement solution, designed to meet diverse supply chain management needs [2] Implementation and Impact - The solutions integrate digital and intelligent technologies into business processes, covering key operational scenarios such as exploration, transportation, refining, and sales [3] - For instance, in the refining and chemical sector, JD Industrial provides essential materials like explosion-proof lighting and protective gear to ensure safe and stable operations [3] AI and Data Utilization - JD Industrial's AI model for the oil and petrochemical supply chain considers unique industry characteristics, such as high reliance on bulk materials and significant price volatility, to enhance decision-making and cash flow management [5] - The model has demonstrated effectiveness in reducing procurement costs and risks, achieving over 20% reduction in spare parts funding occupation and over 30% SKU optimization [5] Case Studies - A leading company in the industry faced supply chain uncertainties and required a robust supply assurance solution, which JD Industrial addressed through a comprehensive approach combining technology, supply chain, and services [6] - The tailored solution included collaborative delivery management to meet specific customer needs, showcasing the importance of detailed insights into vertical industries and scenarios for successful digital transformation [6]

Core Insights - JD Industrial held its 2026 Supplier Communication Conference with the theme "Join Forces for Growth," announcing three major business strategies and a new supplier empowerment system aimed at creating a super supply chain for industrial products in China, targeting a "trillion yuan cost reduction" goal for the industry [1][7] Group 1: Business Strategy and Market Position - JD Industrial serves over 11,100 core industrial enterprises and millions of SMEs, maintaining a leading market share in the MRO (Maintenance, Repair, and Operations) sector, with a focus on enhancing service capabilities and expanding service scenarios [3][4] - The company aims to leverage AI technology and strengthen product capabilities to create "super products" and drive industry growth [3][4] Group 2: BOM Business and International Expansion - The BOM (Bill of Materials) business is identified as a second growth curve, with a new strategy focusing on comprehensive customer coverage and lifecycle support, utilizing AI and fulfillment capabilities to attract quality suppliers [4] - JD Industrial's international business is emerging as a new growth engine, replicating its domestic supply chain model overseas to ensure efficient supply and support for partners entering global markets [4] Group 3: Supplier Empowerment and Growth Initiatives - JD Industrial has upgraded its KA supplier operation system to provide tailored growth paths for suppliers, investing resources in marketing, fulfillment, and service guarantees to support their development [5][6] - The "Hundred Sails and Thousand Boats" plan was launched to drive large-scale growth by collaborating with major brands and integrating resources to serve key customers, aiming to significantly increase commercial cargo business scale [6] Group 4: Future Outlook and Industry Trends - Looking ahead to 2026, the company emphasizes digitalization and intelligence as core engines for enhancing the industrial supply chain, with a commitment to open its smart supply chain capabilities to partners [7] - The transition of China's manufacturing from a "global manufacturing center" to a "global innovation center" is highlighted, presenting vast development opportunities for JD Industrial and its partners [7]

Core Insights - The collaboration between JD Industrial and Dajue New Materials focuses on producing environmentally friendly packaging materials, specifically PCR (Post-Consumer Recycled) products, which significantly reduce carbon emissions compared to traditional materials [1][3][7] Group 1: Environmental Impact - JD Industrial's exclusive production line has produced approximately 2,500 tons of PCR products, resulting in a reduction of 1,780 tons of CO₂ equivalent emissions, equivalent to the annual absorption of 178,000 trees [1] - The global plastic consumption is projected to exceed 500 million tons by 2024, with around 399 million tons becoming plastic waste, highlighting the urgent need for sustainable packaging solutions [3] Group 2: Market Trends - The Chinese green packaging market is expected to reach approximately 850 billion yuan by 2025, with a market penetration rate of about 25%, and is projected to grow by 19.5% in 2026 [4] - As green packaging transitions from an optional choice to a necessity, it will drive carbon neutrality across the entire industry chain [4] Group 3: Business Strategy - JD Industrial serves over 11,000 key enterprise clients and millions of SMEs, including around 60% of China's Fortune 500 companies, and is expanding its presence in international markets such as Brazil, Thailand, and Europe [5] - The partnership with Dajue New Materials exemplifies a closed-loop model that ensures high-quality recycled materials while meeting stringent performance standards [7][8] Group 4: Technological Innovation - Dajue New Materials utilizes advanced carbon footprint measurement tools, such as the GaBi software, to quantify environmental benefits, ensuring transparency and accountability in their green supply chain [7] - JD Industrial's digital supply chain solutions enhance operational efficiency for manufacturing partners, enabling precise demand forecasting and production planning [8][9] Group 5: Future Aspirations - Both companies aim to leverage their collaboration to innovate in the application of green materials across various industries, contributing to a resource-saving and low-carbon circular economy [9]

Group 1 - The 2026 JD Industrial Partner Conference was held in Shanghai, focusing on "Sunshine Procurement - Moving Forward Together," gathering hundreds of suppliers from the East China Yangtze River Delta region [1] - JD Industrial aims to advance the integration of digital and physical supply chains in 2026, leveraging "technology empowerment + resource integration + service upgrades" to enhance merchant relationships and build an efficient collaborative industrial ecosystem [1] - JD Industrial has upgraded its merchant empowerment plan to address partners' concerns about market expansion and profit assurance, utilizing regional personnel collaboration, project expansion, and market joint efforts to deepen customer cooperation [1] Group 2 - The industrial procurement sector is undergoing a critical transition from traditional offline models to digital transformation, driven by national initiatives for new industrialization and intelligent supply chain construction [2] - Many traditional industrial brands face challenges such as high customer acquisition costs, low conversion rates, information asymmetry, compliance risks, and cash collection pressures, necessitating a comprehensive industrial supply chain technology and service platform [2] - JD Industrial, as a subsidiary of JD Group, is building a super commodity supply chain covering MRO, BOM categories, and spare parts, providing various service formats to create value and new growth opportunities for industrial brands [2]