Core Viewpoint - JD Industrial officially listed on the Hong Kong Stock Exchange on December 11, becoming the sixth listed company in the JD Group, focusing on the industrial e-commerce sector and providing a one-stop procurement service for industrial products [1][4]. Financial Performance - The company has shown significant growth, turning a loss of 1.3 billion yuan in 2022 into a profit of 4.8 million yuan in 2023, with projected net profits of 760 million yuan in 2024 and 450 million yuan in the first half of 2025 [5]. - Revenue has steadily increased from 14.1 billion yuan in 2022 to 20.3 billion yuan in 2024, with a year-on-year growth of 18.9% as of August 31, 2025 [5]. Industry Context - The growth of JD Industrial aligns with the rapid development of the industrial e-commerce sector, which is expected to grow at a rate of 28.7% in 2025, significantly outpacing consumer e-commerce growth of 15.2% [2][5]. - The MRO e-commerce market has reached a scale of 8.2 trillion yuan, with industrial component e-commerce transactions exceeding 12 trillion yuan, indicating substantial industry potential [2][5]. Operational Challenges - The company faces increased inventory turnover pressure, with turnover days rising from a stable range of 17.9 to 14.8 days (2022-2024) to 23.1 days in the first half of 2025, suggesting potential inventory buildup and demand forecasting issues [6]. - Revenue dependency on major clients has increased, with 61.57% of revenue coming from key clients in the first half of 2025, while client retention rates have declined from 139.3% in 2021 to 105.7% in 2023, indicating vulnerability to client changes [6]. Service Revenue and Business Model - Service revenue has stagnated around 1.2 billion yuan for three consecutive years, with 670 million yuan in the first half of 2025, lacking effective breakthroughs [7]. - The company’s services are primarily in basic stages such as commissions and advertising, lacking high-value services like customized solutions and predictive maintenance, which are essential for competitiveness in the evolving market [7]. Market Outlook - Despite short-term challenges and potential for share price decline, the industrial e-commerce sector remains vibrant, supported by digital transformation and increasing online procurement penetration [7]. - The company’s strong sales foundation and capital raised from the IPO provide a basis for long-term growth potential [7].

Core Viewpoint - JD Industrial, a subsidiary of JD Group, has successfully listed on the Hong Kong Stock Exchange, marking the sixth company under Liu Qiangdong's leadership to go public. The company focuses on industrial supply chain technology and services, aiming to enhance its capabilities and expand its business through the funds raised from the IPO [1][6]. Group 1: IPO Details - JD Industrial issued approximately 211 million shares at a price of HKD 14.10 per share, raising around HKD 2.979 billion. The funds will be allocated to enhance industrial supply chain capabilities, regional business expansion, and potential strategic investments or acquisitions [1][6]. - On its listing day, JD Industrial's stock opened at HKD 13.00, experiencing a decline of 7.80%, but later recovered to HKD 13.75, reducing the drop to 2.48% by 11 AM [1]. Group 2: Market Position and Strategy - JD Industrial is not merely an industrial goods marketplace; it aims to establish a pricing mechanism for industrial products, which are characterized by a vast number of SKUs and complex compliance requirements. The company has become the largest player in China's MRO procurement service market, with a market share of 4.1% and a transaction volume nearly three times that of its closest competitor [2][3]. - As of June 30, JD Industrial offers approximately 81.1 million SKUs across 80 product categories, supported by a network of around 158,000 manufacturers, distributors, and agents [2]. Group 3: Technological Innovations - JD Industrial has introduced the JoyIndustrial AI model, which leverages extensive data from over 81.1 million SKUs and thousands of enterprise transactions. This model significantly enhances efficiency in material governance tasks, reducing the time required from months to hours [4]. - The company is also expanding its services internationally, establishing local teams and warehouses in countries such as Thailand, Indonesia, and Hungary, covering key sectors like automotive manufacturing and metallurgy [4]. Group 4: Financial Performance - JD Industrial's revenue has shown consistent growth, with figures of RMB 14.14 billion in 2022, RMB 17.34 billion in 2023, and projected RMB 20.40 billion in 2024. The company is expected to turn a profit of RMB 0.76 billion in 2024, following a loss of RMB 1.27 billion in 2022 [5][6]. - The company plans to allocate approximately 35% of the IPO proceeds to enhance supply chain capabilities, 25% for regional expansion, 30% for strategic investments, and 10% for general corporate purposes [6].

12月11日，京东工业股份有限公司正式于香港联交所主板上市，股票代码为7618。据港交所公告，京东 工业公开发售价定为每股14.1港元，若不行使超额配股权，全球发售募集资金净额约28.27亿港元。募集 资金预计重点用于增强工业供应链能力、跨地域业务拓展、潜在战略投资或收购等领域。 ...

Core Insights - JD Industrial has successfully transitioned from a unicorn to a publicly listed company, marking a significant milestone in its development and establishing a benchmark for capitalizing on industrial digital transformation under the "new quality productivity" policy direction [1] - The company aims to enhance operational efficiency in the industrial sector through technology, addressing pain points in traditional supply chains [1][2] - JD Industrial's listing reflects market recognition of its industry position and the potential of the industrial digitalization sector [2] Business Overview - JD Industrial has built a service network covering 80 product categories and over 81.1 million SKUs, serving more than 11,000 core industrial enterprises and millions of SMEs, including around 60% of China's top 500 companies [2][3] - The company’s revenue growth is driven by its "Taipu" integrated supply chain solution, which has shown significant performance improvements across various industries [3][6] Financial Performance - From 2023 to 2024, JD Industrial's net profit is projected to increase from 4.799 million to 762 million, with a 54.96% year-on-year growth expected in the first half of 2025 [3] - Revenue from general MRO products is expected to rise from 9.4 billion to 11.1 billion, while professional MRO and BOM product revenues are also anticipated to grow significantly [6] Market Position - JD Industrial holds a 4.1% market share in the industrial supply chain technology and services market, leading the industry but facing competition from specialized platforms and comprehensive e-commerce players [4] - The industrial supply chain market is highly fragmented, with the top 10 companies accounting for only 1.5% of the market [4] Strategic Initiatives - The company has launched the JoyIndustrial industrial supply chain model and initiated the "Intelligent Empowerment of Thousands of Industries, Trillion Cost Reduction" campaign, targeting a significant reduction in supply chain costs [7][8] - JD Industrial's dual-driven strategy combines industrial models with supply chain applications to enhance operational efficiency and address long-standing challenges in the sector [8] Global Expansion - JD Industrial is exploring international markets, particularly in Southeast Asia, and has established a presence in countries like Brazil, Thailand, and Malaysia [9][10] - The company aims to build a resilient global supply chain network, focusing on localizing capabilities while ensuring effective collaboration across its operations [10]

Core Viewpoint - JD Industrial Co., Ltd. officially listed on the Hong Kong Stock Exchange, raising approximately HKD 2.827 billion with an offering price of HKD 14.1 per share, marking a new development phase for the company [1] Group 1: Company Overview - JD Industrial was established in 2017, focusing on providing intelligent supply chain technology and service solutions for industrial enterprises [1] - The company aims to enhance supply chain efficiency and reduce operational costs through its philosophy of "letting data flow more and goods run less" [1] Group 2: Financial Performance - Total revenue from ongoing operations is projected to grow from RMB 14.1 billion in 2022 to RMB 20.4 billion in 2024, with a compound annual growth rate (CAGR) of 20.1% [1] - Adjusted net profit is expected to increase from RMB 710 million in 2022 to RMB 910 million in 2024, with a CAGR of 12.8% [1] - For the first half of 2025, the adjusted net profit reached RMB 500 million [1] Group 3: Market Presence - As of June 30, 2025, JD Industrial serves over 10,000 key enterprises and millions of SMEs, including around 60% of China's Fortune 500 companies and over 40% of global Fortune 500 companies operating in China [2] - The company collaborates with over 158,000 manufacturers, distributors, and agents, offering 80 categories and approximately 81.1 million SKUs of industrial products [2] Group 4: Strategic Initiatives - JD Industrial launched the "Smart Empowerment for Thousands of Industries to Reduce Costs" initiative, targeting cost reduction in the industrial sector, with specific plans for automotive manufacturing and energy battery industries [2] - The company aims to help China's industrial sector achieve a cost reduction of RMB 1 trillion over the next five years [2]

Core Viewpoint - JD Industrial Co., Ltd. officially listed on the Hong Kong Stock Exchange, raising approximately HKD 2.827 billion with an offering price of HKD 14.1 per share, marking a new development phase for the company [1][3]. Financial Performance - JD Industrial's total revenue is projected to grow from CNY 14.1 billion in 2022 to CNY 20.4 billion in 2024, with a compound annual growth rate (CAGR) of 20.1% [3]. - Adjusted net profits are expected to increase from CNY 710 million in 2022 to CNY 910 million in 2024, achieving a CAGR of 12.8% [3]. Market Position and Strategy - The company has become a leading provider of industrial supply chain technology and solutions in China, serving over 10,000 key enterprise clients and millions of SMEs, including around 60% of China's Fortune 500 companies [4]. - JD Industrial focuses on three main areas: MRO (Maintenance, Repair, and Operations), BOM (Bill of Materials), and spare parts, offering approximately 8.11 million SKUs across 80 categories [4]. Industry Initiatives - The company launched the "Smart Empowerment for Thousands of Industries, Trillion Cost Reduction" initiative, aiming to help the Chinese industrial sector achieve significant cost reductions over the next five years [4]. - JD Industrial developed the JoyIndustrial supply chain model to address high costs and low efficiency in the industrial sector, utilizing deep industry insights for optimized decision-making [4]. International Expansion - JD Industrial provides tailored overseas supply chain management services for over 100 Chinese enterprises, covering countries such as Vietnam, Indonesia, Hungary, Thailand, and Brazil [5]. - The company aims to enhance supply chain efficiency and collaboration across various sectors, including automotive manufacturing and electronics [5].

"京东系"在港股市场已经拥有京东集团（09618.HK）、京东健康（06618.HK）、京东物流（02618.HK）三家上市企业。 而在12月11日，京东工业（07618.HK）也登陆了港股市场，"京东系"的资本版图获得了进一步扩张。 从首日表现来看，京东工业开盘即遭遇大幅低开，随后出现强势上攻，不过截至发稿时间，其股价仍跌逾2%，股价现为13.80港元/股，仍低于14.10港元/股 的发行价，处于破发状态。 京东工业隶属于电商巨头京东集团旗下，是一家工业供应链技术与服务提供商，致力于通过工业供应链的数字化与智能化，帮助客户实现保供、降本、增效 及合规目标。 京东工业通过"太璞"这一"数"（数智）、"实"（商品）结合的全链路数智化工业供应链解决方案，提供广泛的工业品供应和数智化供应链服务，以满足客户 的多样化需求。"太璞"建立在公司端到端的供应链数智化基础设施之上，涵盖商品、采购、履约及运营。京东工业主要通过向客户销售工业品及提供相关服 务获得收入。 根据灼识咨询的资料显示，京东工业于2024年在中国的工业供应链技术与服务市场拥有最广泛的客户覆盖。截至2025年6月30日前的十二个月内，京东工业 服务约1.1 ...

Core Viewpoint - JD Industrial officially listed on the Hong Kong Stock Exchange with a public offering price of HKD 14.1 per share, raising approximately HKD 2.827 billion for enhancing supply chain capabilities and strategic investments [1][3]. Financial Performance - Total revenue for JD Industrial is projected to grow from CNY 14.1 billion in 2022 to CNY 20.4 billion in 2024, with a compound annual growth rate (CAGR) of 20.1% [1][3]. - Adjusted net profit is expected to increase from CNY 710 million in 2022 to CNY 910 million in 2024, with a CAGR of 12.8% [1][3]. Client Base and Market Reach - JD Industrial serves over 10,000 key enterprise clients and millions of SMEs, including around 60% of China's Fortune 500 companies and over 40% of global Fortune 500 companies operating in China [2][4]. - The company focuses on MRO, BOM, and spare parts, collaborating with over 158,000 manufacturers, distributors, and agents, offering 80 categories and approximately 81.1 million SKUs of industrial products [2][4]. Strategic Initiatives - JD Industrial launched the "Smart Empowerment for Industries, Trillion Cost Reduction" initiative, aiming to help the Chinese industrial sector achieve significant cost reductions over the next five years [2][4]. - The company developed the JoyIndustrial supply chain model to address high costs and low efficiency in the industrial sector, utilizing intelligent decision-making and process optimization [5]. International Expansion - JD Industrial provides overseas services for over 100 Chinese enterprises, covering countries such as Vietnam, Indonesia, Hungary, Thailand, and Brazil, enhancing procurement efficiency and collaboration across supply chains [5].

Core Viewpoint - JD Industrial Technology (京东工业) has been listed on the Hong Kong Stock Exchange, marking it as the sixth company under Liu Qiangdong's leadership to enter the capital market, with an opening price of HKD 12.73, reflecting a 9.72% drop and a total market capitalization of approximately HKD 34.08 billion [1]. Company Overview - JD Industrial is a provider of industrial supply chain technology and services, focusing on digital transformation to help clients ensure supply, reduce costs, enhance efficiency, and maintain compliance [1]. - The company is projected to become the largest service provider in China's industrial supply chain technology and services market, with a market share of 4.1% based on transaction volume in 2024 [1]. Financial Performance - Revenue for JD Industrial is expected to grow from CNY 141.35 billion in 2022 to CNY 203.98 billion in 2024, with net profits transitioning from a loss of CNY 12.69 billion in 2022 to a profit of CNY 7.62 billion in 2024 [2]. - For the first eight months ending August 31, 2025, the company recorded total revenue of CNY 141 billion, representing an 18.9% increase compared to the same period in 2024 [3]. Shareholding Structure - Prior to the IPO, JD.com, through its subsidiaries, held approximately 78.84% of JD Industrial's issued share capital [4][6]. - Following the global offering and adjustments, JD.com is expected to control about 72.34% of the issued share capital of JD Industrial [6]. - Liu Qiangdong has been granted a 3.68% equity stake in recognition of his contributions to the company [5]. Governance and Control - Liu Qiangdong controls approximately 72.4% of JD.com’s total voting rights, which includes shares held by various entities associated with him [7]. - The company will continue to operate as a subsidiary of JD.com post-listing, with a governance structure that includes JD.com and its associated entities as the controlling shareholders [8].

每经AI快讯，12月11日，京东工业港股上市首日低开7.8%。 ...