Core Viewpoint - JD Industrial, a subsidiary of JD Group focused on industrial supply chain technology and services, officially listed on the Hong Kong Stock Exchange on December 11, raising approximately HKD 2.827 billion through its IPO, with a share price set at HKD 14.1. The funds will be used to enhance supply chain capabilities and support strategic investments and acquisitions [1]. 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, reflecting a compound annual growth rate (CAGR) of 20.1%. Adjusted net profits are expected to increase from CNY 710 million in 2022 to CNY 910 million in 2024, with a CAGR of 12.8% [1]. - As of August 31, 2025, total revenue reached CNY 14.1 billion, marking an 18.9% year-on-year increase [1]. Business Model and Services - JD Industrial provides a digital supply chain infrastructure that integrates various industrial sectors, utilizing AI-driven demand forecasting and IoT technology to enhance efficiency and reduce costs. For instance, a steel company reduced inventory costs by 40% and procurement costs by 15% through JD Industrial's solutions [4][6]. - The company serves over 11,100 core industrial enterprises, including 60% of China's top 500 companies and 40% of the global Fortune 500, maintaining a leading market share in the MRO procurement sector [8]. Technological Innovation - JD Industrial launched the JoyIndustrial model, the first industrial supply chain model in the industry, leveraging over 81.1 million SKU data and experience from over 40 sub-industries to improve supply-demand matching and product governance [10]. - The model significantly enhances operational efficiency, reducing the time for complex governance tasks from months to hours and cutting down the time for identifying business opportunities from 5 hours to 15 minutes [10]. Global Expansion and Support - JD Industrial is actively expanding its global footprint, particularly in Southeast Asia and Europe, by modularizing its supply chain capabilities and integrating local resources. The company has established local teams and warehouse networks in several countries to support Chinese enterprises' overseas operations [15][16]. - The company offers tailored supply chain solutions for different stages of overseas expansion, including a SaaS marketplace for general procurement and a one-stop solution for cross-border goods, ensuring rapid delivery and operational support [16].

Core Viewpoint - JD Industrial's IPO marks a significant milestone for the company, transitioning from a unicorn to a publicly listed entity, and establishing itself as the sixth member of JD Group's commercial portfolio [1][2]. Business Overview - JD Industrial originated from JD Group's enterprise business and became an independent unit in 2017, addressing inefficiencies in traditional industrial supply chains [3]. - The company aims to enhance operational efficiency in the industrial sector through technology, aligning with the "New Quality Productivity" policy [2][3]. Market Position and Growth - JD Industrial has built a service network covering 80 product categories and over 81.1 million SKUs, serving more than 11,100 core industrial enterprises and millions of SMEs, including 60% of China's top 500 companies [7]. - The company reported significant profit growth, with net profit projected to rise from 4.799 million yuan in 2023 to 762 million yuan in 2024, and a 54.96% year-on-year increase in the first half of 2025 [9]. Strategic Initiatives - The "Tai Pu" integrated supply chain solution is central to JD Industrial's growth, linking supply and demand through four digital modules [9]. - JD Industrial's collaboration with leading automotive companies has demonstrated the effectiveness of the "Tai Pu" solution, significantly reducing procurement times and costs [9]. Competitive Landscape - JD Industrial holds a 4.1% market share in the industrial supply chain technology and services sector, leading the industry but facing competition from specialized platforms and comprehensive e-commerce players [12]. - The company is transitioning from a supporting role in the supply chain to a central role in industrial production by integrating MRO and BOM services [13]. Future Outlook - JD Industrial is focusing on global expansion, with plans to enter Southeast Asian markets and establish a presence in Brazil, Thailand, and other regions [21][22]. - The company aims to enhance its supply chain capabilities and operational efficiency through intelligent collaboration across multiple locations, positioning itself for a new phase of globalization [23].

Core Viewpoint - JD Industrial officially listed on the Hong Kong Stock Exchange on December 11, becoming the sixth company under Liu Qiangdong to go public, but the stock opened below the issue price, reflecting a weak market sentiment for new listings [1][2]. Group 1: IPO Performance - JD Industrial's IPO involved a global offering of approximately 211 million shares, with 10% allocated for public sale in Hong Kong and 90% for international placement, raising about HKD 2.978 billion after deducting listing expenses [1][2]. - The Hong Kong public offering received 72,234 valid applications, resulting in a subscription rate of 60.52 times, while the international placement had a subscription rate of 7.88 times [2]. - Despite the strong demand, JD Industrial's stock opened at HKD 13.0, down 7.8% from the issue price of HKD 14.1, and only slightly recovered to HKD 14.09 by midday [1][2]. Group 2: Financial Performance - JD Industrial has shown steady revenue growth, with total revenue projected to increase from RMB 14.1 billion in 2022 to RMB 20.4 billion in 2024, representing a compound annual growth rate (CAGR) of 20.1% [2]. - Adjusted net profit is expected to rise from RMB 710 million in 2022 to RMB 910 million in 2024 [2]. Group 3: Market Context - The recent performance of the Hong Kong IPO market has been weak, with 26 out of 100 new stocks experiencing a first-day drop, and a 45% breakage rate among the 20 new listings since November [2]. - Other companies in the JD ecosystem have also faced stock price declines, with JD Group down 15.59% and JD Logistics down 6.17% year-to-date [3].

Group 1 - JD Industrial (07618.HK) experienced a rise after an early drop of over 8% [1] - The stock showed volatility in the morning session, indicating market fluctuations [1] - The overall market sentiment may have influenced the stock's performance [1]

每经AI快讯，12月11日，京东工业转涨，早盘一度跌超8%。 （文章来源：每日经济新闻） ...

京东工业午后转涨，触及14.15港元，早盘一度跌超8%。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 京东工业午后转涨，触及14.15港元，早盘一度跌超8%。 公开发售阶段京东工业获60.52倍认购，公开发售的发售股份最终数目为2112.10万股股份，占发售股份 总数的约10%。合共接获约72234份有效申请，受理申请数目39172份，申购一手获配发股份占所申请股 份总数的概约百分比为35%。 此外，国际配售阶段京东工业获7.88倍认购，国际发售股份最终数目为1900.88万股股份，相当于发售股 份总数的90%。 招股书显示，京东工业的持续经营业务总收入由2022年的141亿元、2023年的173亿元增至2024年的204 亿元，复合年增长率达到20.1%；2025年截至8月31日总营收达141亿元，同比增长18.9%；2022年、 2023 年和2024年分别实现经调整净利润7.1亿、8.2亿和9.1亿元，复合年增长率12.8%，2025年上半年实 现经调整净利润5.0亿元。 公开发售阶段京东工业获60.52倍认购，公开发售的发售股份最终数目为2112.10万股股份，占发售股份 总数的 ...

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]