Core Viewpoint - JD Industrial's IPO on the Hong Kong Stock Exchange marks a significant shift in the industrial supply chain sector from traditional inefficiencies to digital intelligence, highlighting market recognition of the value in industrial digital transformation [1] Industry Outlook: Trillion-Level Market Digitalization Dividend - China has the world's largest industrial system, with a supply chain market valued at approximately 11.4 trillion RMB, yet it suffers from inefficiencies and chaos stemming from traditional models [3] - The supply side is characterized by millions of dispersed manufacturers and distributors, leading to redundant channels and distorted information, while the demand side faces challenges in managing non-standardized products and complex supplier qualifications [3] - The digital penetration rate in China's industrial supply chain is currently low at 6.2%, compared to 15% in the U.S., indicating significant growth potential [4] Core Moat: Unique Model and Barriers Built on "Digital-Physical Integration" - JD Industrial's "Taipu" solution integrates data intelligence with physical products, creating an end-to-end system that standardizes product information and connects supply and demand efficiently [9] - The company has established a supply network of over 158,000 manufacturers and distributors, linking them with more than 11,000 key enterprise clients [9] - The business model has shown strong performance, with revenue growth from 14.135 billion RMB in 2022 to 20.4 billion RMB in 2024, and a net profit of 760 million RMB expected in 2024 [10] Growth Path: Multi-Dimensional Expansion Driving Ceiling Elevation - JD Industrial is expanding horizontally by entering specialized MRO fields and vertically by providing value-added services such as procurement strategy consulting and lifecycle management [15][16] - The company is also geographically expanding into Southeast Asia, South America, and the Middle East to support clients' overseas operations [17] - The industry is transitioning from high dispersion to gradual concentration, with JD Industrial positioned favorably to capture market share due to its established scale, brand reputation, and technological capabilities [18] Conclusion - JD Industrial has effectively addressed a trillion-scale market's need for efficiency through its "Digital-Physical Integration" model, with a clear and diverse growth path ahead [20]

格隆汇12月11日丨京东集团-SW(09618.HK)公告，董事会欣然宣布，于全球发售完成后，京东工业股份 有限公司("京东工业")于2025年12月11日在香港联交所主板上市，及京东工业股份于2025年12月11日上 午九时正在香港联交所主板开始买卖。 ...

中经记者 李静 北京报道 当一家国内新能源汽车企业决定在巴西建厂时，调研结果令人震惊：当地工业品采购价格竟高达中国市 场的数倍。由于对本地供应链不熟悉，企业一度陷入"保供"困境，生产进度严重受阻。 关键时刻，京东工业国际团队介入，为其量身定制了"两盘货"策略：一部分品类从中国合规直发，以最 优成本保障供应；另一部分则因政策限制，在本地寻源采购。这一方案不仅化解了断供风险，还显著降 低了整体采购成本。 这正是京东工业通过"数实融合"重塑工业供应链的典型缩影。 在京东集团的业务矩阵中，京东工业始终保持着低调姿态。不同于大众熟知的消费电商、医药健康等业 务，这家深耕工业领域的京东业务板块因远离普通消费者视野，其真实业务场景常被外界误解。近期， 京东工业负责人接受《中国经营报》记者采访，系统回应了业务定位、数智化建设、国际化布局等核心 问题，揭开了这家万亿级工业供应链服务商的神秘面纱。 从交易平台到供应链基础设施的蜕变 京东最初进入工业品领域时，选择的路径是将其在消费品电商中积累的卖货能力复制到工业场景。简单 来说，就像京东商城把柴米油盐卖给消费者，京东工业则是把劳保用品、生产工具、维修耗材等卖给工 业企业。 然而， ...

当日最高价和最低价分别为14.15港元和12.66港元，最终收盘价与上市价持平，为14.1港元。全日成交 3958.54万股，涉及资金5.43亿港元。 来源：观点地产网 观点网讯：12月11日，京东工业在香港交易所首日挂牌上市，开盘价为13港元，较上市价14.1港元低 7.8%。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 ...

Core Viewpoint - JD Industrial Co., Ltd. has successfully listed on the Hong Kong Stock Exchange, marking the sixth company listed by Liu Qiangdong, with a public offering price set at HKD 14.1 per share and net proceeds from the global offering estimated at approximately HKD 2.827 billion [1][3]. Financial Performance - The majority of the company's revenue is derived from product sales, with additional income from services such as transaction platform, advertising, and technology services [3]. - Adjusted net profits for JD Industrial are projected to be CNY 710 million, CNY 820 million, CNY 910 million, and CNY 500 million for the years 2022, 2023, 2024, and the first half of 2025, respectively [3]. Use of Proceeds - The funds raised from the IPO are expected to be primarily used to enhance industrial supply chain capabilities, expand cross-regional business, and for potential strategic investments or acquisitions, aimed at improving supply chain efficiency and reducing operational costs for clients [3]. Customer and Supplier Dependency - The top five customers contributed to 8.1%, 10.5%, 12.1%, and 13.3% of total revenue in 2022, 2023, 2024, and the first half of 2025, respectively [3]. - The top five suppliers accounted for 12.5%, 10.7%, 10.2%, and 11.5% of total procurement in the same periods [4]. Relationship with JD Group - JD Industrial's operations are closely integrated with JD Group, which provides extensive services, technology, traffic support, loyalty program sharing, logistics arrangements, and payment processing services to promote the company's products and services [5]. - There is a noted dependency on JD Group, with potential differences in development prospects or conflicts of interest between the two entities [5].

Group 1 - JD Industrial officially listed on the Hong Kong Stock Exchange on December 11, becoming the sixth company under Liu Qiangdong to enter the capital market [1] - The stock opened at 13.0 HKD per share, down 7.8% from the issue price of 14.1 HKD, but closed at the issue price, with a total market capitalization of 37.89 billion HKD [1] - JD Industrial is the largest participant in China's MRO procurement service market, with a projected transaction volume in 2024 nearly three times that of the second-largest competitor [1] Group 2 - The MRO (maintenance, repair, and operation) market in China has rapidly developed since its introduction in the late 1990s, gaining significant attention from major enterprises [2] - The listing of JD Industrial completes JD's B2B business portfolio, contributing to a record number of new listings in Hong Kong, with 100 new stocks raising approximately 2700.86 billion HKD this year [2] - The fundraising amount for new listings in Hong Kong has surpassed 200 billion HKD for the first time in four years, marking the second-highest level in nearly five years [2]

Core Viewpoint - JD Industrial Co., Ltd. has successfully listed on the Hong Kong Stock Exchange, with its shares closing at HKD 14.10, reflecting no change in price on the first day of trading [1]. Summary by Relevant Sections Share Issuance and Capital Raised - The total number of shares offered globally by JD Industrial is 211,208,800, with 21,121,000 shares available for public sale in Hong Kong and 190,087,800 shares for international sale [2][3]. - The final offering price was set at HKD 14.10, resulting in total proceeds of HKD 2,978 million. After deducting estimated listing expenses of HKD 151 million, the net proceeds amount to HKD 2,827 million [2][3]. Use of Proceeds - Approximately 35% of the net proceeds is expected to enhance industrial supply chain capabilities over the next 48 to 60 months. - About 25% of the net proceeds will be allocated for geographical business expansion within the same timeframe. - Approximately 30% is earmarked for potential strategic investments or acquisitions. - The remaining 10% will be used for general corporate purposes and working capital needs [9]. Key Investors - Notable cornerstone investors include M&G, CPE Investment, Morningstar Investment Management, Ivy League, and others, collectively subscribing to a significant portion of the shares [6][8].

Core Insights - JD Industrial has successfully transitioned from an e-commerce giant to a key player in the industrial supply chain, demonstrating resilience and innovation in a traditionally complex sector [2][4][27] - The company aims to leverage its digital capabilities to drive down costs in the Chinese manufacturing sector, targeting a potential reduction of 6.77 trillion yuan in supply chain costs through digital transformation [28][30] Financial Performance - JD Industrial reported a net profit of 4.8 million yuan in 2023, which is projected to increase to 760 million yuan in 2024, and reached 450 million yuan in the first half of 2025 [3] - As of August 2025, the company's total revenue for the year has grown by 18.9% year-on-year, indicating a strong growth trajectory [3] Business Model and Strategy - JD Industrial is not merely a sales platform but positions itself as a "value seller," focusing on co-building solutions with clients to enhance efficiency in procurement processes [14][15] - The company has developed a comprehensive operating system named "Tai Pu," which integrates consulting, system construction, and data governance to streamline supply chain operations [7][8][9] Market Position and Unique Value Proposition - JD Industrial is characterized as a unique "industrial digitalization new species" in China, with a complex and extensive client and supplier network that creates significant barriers to entry for competitors [4][21] - The company is expanding its services from MRO (Maintenance, Repair, and Operations) to BOM (Bill of Materials), which represents a larger share of procurement spending and offers substantial growth potential [15][16] Technological Integration and Innovation - JD Industrial utilizes AI technology to standardize industrial product parameters, addressing issues of data inconsistency and enhancing procurement efficiency [11][12] - The company is also exploring the "robotics aftermarket," aiming to provide maintenance and parts supply solutions for a growing market of industrial robots [20] Support for SMEs and International Expansion - JD Industrial is committed to empowering small and medium-sized enterprises (SMEs) by providing access to advanced supply chain solutions that were previously only available to larger firms [22][25] - The company is adopting a "follow-the-factory" approach for international expansion, helping Chinese manufacturers establish reliable local supply chains in overseas markets [26]

Core Viewpoint - JD Industrial is positioned to leverage the growing industrial supply chain market in China, with a projected revenue compound annual growth rate (CAGR) of 20.1% from 2022 to 2024, and a significant turnaround from a net loss of 1.3 billion yuan in 2022 to a profit of 760 million yuan in 2024 [15][6]. Industry Overview - China is the world's largest industrial manufacturing country, with an industrial added value expected to reach 40.5 trillion yuan in 2024, accounting for approximately 30% of the global total [4]. - The MRO (Maintenance, Repair, and Operations) market is a significant segment, with demand estimated at 4%-7% of industrial output value, and the market size expected to exceed 3 trillion yuan by 2025 [4][5]. Company Strategy - JD Industrial has introduced a "digital-physical integration" model to address long-standing industry pain points, utilizing its smart supply chain solutions to enhance efficiency and reduce costs [6][12]. - The company aims to capture a leading position in the domestic industrial supply chain market, with a projected revenue of 20.4 billion yuan in 2024 and a market share of 4.1%, nearly three times that of its closest competitor [16][15]. Market Dynamics - The domestic MRO market is characterized by fragmentation, with over 120,000 traditional distributors, 85% of which are small and medium-sized enterprises, leading to inefficiencies and high costs [12][9]. - JD Industrial's solutions have demonstrated significant cost reductions for clients, such as a 40% decrease in inventory costs for a steel company and a 15% reduction in procurement costs for a nuclear power plant [13][14]. Future Outlook - The global MRO market is projected to reach approximately $747.6 billion, with significant opportunities for growth as the domestic market matures [21]. - JD Industrial is also focusing on international expansion, establishing partnerships in countries like Brazil and Indonesia, and leveraging AI technologies to enhance supply chain operations [20][19].

Core Viewpoint - JD Industrials has successfully listed on the Hong Kong Stock Exchange, becoming a leading provider of industrial supply chain technology and services in China, and the sixth listed company under JD Group [2]. Group 1: Company Overview - JD Industrials was established in 2017 as an internal incubated division and has grown to become the largest MRO (Maintenance, Repair, and Operations) procurement service provider in China [2][11]. - The company achieved an adjusted net profit of 900 million in 2024, with optimistic projections for 2025 [2]. Group 2: MRO Market Insights - The domestic MRO market is projected to reach a scale of 3.7 trillion in 2024, accounting for 2.7% of China's GDP [5]. - Historically, the MRO market has been characterized by fragmentation, with factories relying on local hardware stores for supplies, leading to inefficiencies and uncertainties in production [5][10]. Group 3: Innovations by JD Industrials - JD Industrials has created an extensive MRO product library with over 81.1 million SKUs, addressing the need for a comprehensive online procurement platform [11]. - The company leverages a direct sourcing model, ensuring product quality by procuring directly from manufacturers [15]. - Pricing transparency has been enhanced, reducing uncertainties and potential exploitation in traditional supply chains [15][16]. Group 4: Future Outlook - The MRO sector is expected to expand globally as Chinese manufacturing capabilities improve and companies venture overseas [17]. - JD Industrials has introduced SaaS products to connect supply chain participants, aiming for synchronization and automation across the supply chain [19]. - The integration of AI into supply chain management is anticipated to drive further efficiency and growth, with online MRO growth rates of 20%-30% expected to accelerate with AI applications [19].