Core Viewpoint - JD Industrial plans to globally offer 211 million shares with a price range of HKD 12.7 to HKD 15.5 per share, aiming to enhance its industrial supply chain capabilities and expand its market presence [1][3]. Company Overview - JD Industrial is a leading provider of industrial supply chain technology and services in China, offering a comprehensive digitalized supply chain solution called "Taipu" that integrates both digital and physical aspects [1][2]. - The company has established a vast industrial product supply network with approximately 81.1 million SKUs across 80 product categories, sourced from around 158,000 manufacturers, distributors, and agents [2]. Market Position and Growth - According to market data, JD Industrial holds a 4.1% market share in China's industrial supply chain technology and services market, projected to grow from approximately CNY 14.1 billion in 2022 to CNY 20.4 billion in 2024, reflecting a compound annual growth rate (CAGR) of 20.1% [1][2]. - The digital penetration rate in China's industrial supply chain market is expected to rise from 6.2% in 2024 to 8.2% by 2029, driving the market size from CNY 7 trillion to CNY 11 trillion, with a CAGR of 9.8% [2]. Operational Strategy - JD Industrial employs a light-asset operational model by integrating procurement needs with inventory and production capacities of distributors and manufacturers, enabling direct shipping from suppliers to customers [3]. - The company plans to allocate approximately 35% of the raised funds to enhance its industrial supply chain capabilities, 25% for regional business expansion, 30% for potential strategic investments or acquisitions, and 10% for general corporate purposes and working capital [3]. Ecosystem Development - JD Group has systematically built an ecosystem around the core business of "supply chain," covering various sectors such as consumption, health, logistics, and industry, which enhances its competitive edge against industry fluctuations [3].

Core Insights - JD Industrial (07618.HK) has officially launched its global public offering, aiming to list on the Hong Kong Stock Exchange, with the subscription period running from December 3 to December 8, 2025, and expected trading to commence on December 11, 2025 [1] Group 1: Financial Performance - JD Industrial has shown continuous revenue growth since 2020, with total revenues increasing from 6.8 billion RMB in 2020 to an estimated 20.4 billion RMB in 2024 [3] - The company transitioned from a net loss of 1.269 billion RMB in 2022 to a net profit of 4.8 million RMB in 2023, further increasing to 762 million RMB in 2024, and achieving a net profit of 451 million RMB in the first half of 2025, representing a year-on-year growth of 55.2% [3] Group 2: Strategic Positioning - JD Industrial is a key component of JD Group's "Digital and Intelligent Social Supply Chain" strategy, leveraging the group's logistics, technology, and financial resources to build a nationwide fulfillment network and intelligent procurement solutions [4] - The company has served approximately 11,100 key enterprise clients as of the first half of 2025, with many clients being introduced through other JD Group business touchpoints, enhancing customer stickiness [4] Group 3: Market Opportunity - The Chinese MRO (Maintenance, Repair, and Operations) procurement market is substantial, exceeding 1.8 trillion RMB in 2024, yet the online penetration rate remains below 15%, indicating significant growth potential [5] - JD Industrial holds the largest market share in this sector, with its transaction volume in 2024 being approximately three times that of the second-largest competitor [5] - The demand for supply chain resilience and procurement compliance is expected to rise, driven by policies promoting "new industrialization" and "smart manufacturing," which may accelerate the platformization and standardization of MRO procurement [6] Group 4: IPO Details - JD Industrial plans to issue 211 million shares globally, with 10% allocated for public offering in Hong Kong and 90% for international offering, along with a 15% over-allotment option [1] - The expected net proceeds from the IPO, based on a midpoint price of 14.10 HKD per share, are approximately 2.827 billion HKD, with funds primarily allocated for enhancing supply chain capabilities (35%), regional business expansion (25%), potential strategic investments or acquisitions (30%), and working capital (10%) [1]

Core Viewpoint - JD Industrial is planning a global offering of 211 million shares, with a price range of HKD 12.7 to 15.5 per share, aiming to enhance its industrial supply chain capabilities and expand its market presence [2][10]. Company Overview - JD Industrial is a leading provider of industrial supply chain technology and services in China, focusing on digital transformation to help clients achieve supply assurance, cost reduction, efficiency improvement, and compliance [3][4]. - The company has developed a comprehensive digital supply chain solution called "Taipu," which integrates industrial products and supply chain services to meet diverse customer needs [3][6]. Market Position - JD Industrial is the largest participant in China's MRO procurement services market, with a market share nearly three times that of its closest competitor, according to data from Zhaoshang Consulting [3][4]. - The company holds a 4.1% market share in the broader industrial supply chain technology and services market in China, making it the largest service provider in this sector [4]. Financial Performance - The company's revenue is projected to grow from approximately RMB 141 billion in 2022 to RMB 204 billion in 2024, reflecting a compound annual growth rate (CAGR) of 20.1% [4][10]. - JD Industrial recorded a net profit of RMB 7.6 billion in 2024, up from a net loss of RMB 1.3 billion in 2022, indicating a significant improvement in profitability [10]. Investment and Use of Proceeds - The company plans to allocate approximately 35% of the funds raised from the global offering to enhance its industrial supply chain capabilities, 25% for regional business expansion, 30% for potential strategic investments or acquisitions, and 10% for general corporate purposes and working capital needs [11].

来源：瑞恩资本RyanbenCapital | ABCI | BOC CMBC | FUTU Securities | HSBC | ICBCI Orient Securities | | --- | --- | --- | --- | --- | | | International Capital | International | | (Hong Kong) | 分拆自京东(09618.HK)、中国最大MRO采购服务提供商京东工业(07618.HK)，于今日(12月3日)起至下 周一(12月8日)招股，预计2025年12月11日在港交所挂牌上市，美银、瑞银、海通国际、高盛联席保 荐。 | 京东工业(07618.HK)香港上市招股资料 | | | --- | --- | | 招股日期 | 2025年12月3日~2025年12月8日 | | 发行股数 | 2.112088亿股 | | 招股机制 | 机制B,公开发售初始分配比例10%,不设回拨机制 | | 招股份 | 12.70港元~15.50港元 | | 嘉资金额 | 26.82亿~32.74亿港元 | | 每手股数 | 200股,入场费3,131.26港元 ...

Core Viewpoint - JD Industrial is set to go public on December 11, 2023, with an offering price between HKD 12.7 and HKD 15.5 per share, marking the sixth listed company under Liu Qiangdong's portfolio [1][5]. Summary by Sections IPO Details - JD Industrial plans to issue 211 million shares, with 10% allocated for public investors and 90% for institutional investors, with a potential for an additional 15% if demand exceeds expectations [1][3]. - The subscription period runs from December 3 to December 8, with a minimum investment of approximately HKD 3,131.26 for one lot of 200 shares [3]. Company Overview - JD Industrial focuses on supply chain solutions for factories, emphasizing "digital transformation" and is a leader in the domestic market, with projected 2024 transaction volume nearly three times that of its closest competitor [3][5]. - The company serves over 10,000 major clients, including state-owned enterprises and large manufacturers, through its "Taipu" platform, which enables full-process digitization [3][5]. Business Performance - JD Industrial has shown significant financial improvement, turning a loss of HKD 1.3 billion in 2022 into a profit of HKD 479.9 million in 2023, with projections of HKD 762 million in net profit for 2024 and HKD 451 million for the first half of 2025, reflecting over 50% year-on-year growth [5][8]. - The company's profitability is attributed to optimized business structure, with a strong service segment boasting a gross margin exceeding 90% and support from large state-owned clients [7][8]. Market Position and Challenges - The IPO represents a strategic expansion for JD, moving from consumer internet to industrial internet, enhancing its business depth [5][10]. - JD Industrial faced challenges in its IPO journey, having submitted four applications before approval, primarily due to earlier limitations in service offerings and market volatility affecting investor confidence [7][8].

Core Viewpoint - JD Industrial has officially launched its global public offering, marking a significant step towards its listing in Hong Kong, with a total of 211 million shares being offered [1] Group 1: IPO Details - The global offering consists of 10% for public sale in Hong Kong and 90% for international sale, with a 15% over-allotment option [1] - The price range for each share is set between HKD 12.7 and HKD 15.5, with an entry fee of approximately HKD 3,131.26 for a minimum purchase of 200 shares [1] - The subscription period will last until December 8, and the shares are expected to be listed on the Hong Kong Stock Exchange on December 11 [1] Group 2: Fund Utilization - The net proceeds from the offering, estimated at approximately HKD 28.27 billion based on a midpoint price of HKD 14.10 per share, will be allocated as follows: 35% to enhance industrial supply chain capabilities, 25% for regional business expansion, 30% for potential strategic investments or acquisitions, and 10% for working capital [1] Group 3: Financial Performance - JD Industrial has shown consistent revenue growth over the past five years, with total revenues projected to reach HKD 204 billion by 2024 [2] - The company has also reported adjusted net profits that have been positive in recent years, indicating a recovery from previous losses [2]

按香港公开发售部分2112.1万股计算，可提供约10.56万手认购额度，与近期其他新股如宝济药业 （02659.HK）约3.79万手、乐摩科技（02539.HK）及金岩高岭新材（02693.HK）仅数千手的可认购规 模相比，京东工业可为散户投资者提供更充足的申购机会，中签率预计相对较高。 财华社讯，12月3日，京东工业（07618.HK）正式启动香港全球招股。本次计划全球发售2.11亿股，其 中国际发售部分为1.9亿股，香港公开发售部分为2112.1万股。 招股价区间为每股12.7港元至15.5港元。若以中间价14.10港元定价，且超额配股权未行使，在扣除相关 开支后，公司预计募集资金净额约为28.27亿港元。募集资金拟主要用于以下方面：约35%用于进一步 增强工业供应链能力；约25%用于跨区域业务扩张；约30%用于潜在的战略投资或收购。 香港公开发售时间为12月3日至12月8日，最终发售价及股份分配结果预计于12月10日公布。公司股份计 划于12月11日在香港联交所主板开始买卖，股份代号为7618，每手200股，入场费约3131.26港元。 对于京东工业的基本面解读及业务线分析，可查阅财华社过往报道《【IP ...

Group 1 - JD Industrial (07618.HK) plans to globally offer 211 million shares, with 21.12 million shares for Hong Kong and 190 million shares for international sale, plus an overallotment option of 31.68 million shares [1] - The subscription period is from December 3 to December 8, with a maximum offer price of HKD 15.50 per share and an entry fee of approximately HKD 3,131.26 [1] - The total expected fundraising amount is HKD 2.978 billion, with a net amount of HKD 2.827 billion, aimed at enhancing supply chain capabilities, potential strategic investments or acquisitions, regional business expansion, and general corporate purposes [1] Group 2 - The company is a leading provider of industrial supply chain technology and services in China, focusing on digital transformation to help clients ensure supply, reduce costs, increase efficiency, and maintain compliance [2] - The net profits for the company for the fiscal years 2023, 2024, and the first half of 2025 are projected to be CNY 4.799 million, CNY 762 million, and CNY 451 million, reflecting year-on-year changes of 100.36%, 15,770.14%, and 54.96% respectively [2]

Group 1 - The company plans to globally offer 211 million shares, with 21.12 million shares available in Hong Kong and 190 million shares for international sale, along with an overallotment option of 31.68 million shares [1] - The subscription period is set from December 3 to December 8, with a maximum offer price of HKD 15.50 per share and an entry fee of approximately HKD 3,131.26 for 200 shares [1] - The total expected fundraising amount is HKD 2.978 billion, with a net amount of HKD 2.827 billion, aimed at enhancing industrial supply chain capabilities, potential strategic investments or acquisitions, regional business expansion, and general corporate purposes [1] Group 2 - The company is a leading provider of industrial supply chain technology and services in China, focusing on digital transformation to help clients ensure supply, reduce costs, increase efficiency, and maintain compliance [2] - The net profit for the company for the fiscal years ending June 30, 2023, 2024, and the first half of 2025 is projected to be CNY 4.799 million, CNY 762 million, and CNY 451 million, reflecting year-on-year changes of 100.36%, 15,770.14%, and 54.96% respectively [2]

Core Insights - JD Industrial is set to go public, aiming to reshape the MRO procurement market with a digital platform, achieving a transaction volume of 26.1 billion yuan in 2023 and turning a profit [1][3][4] - The IPO will issue 211 million shares, priced between 12.7 to 15.5 HKD, with trading expected to start on December 11 [1][4] - JD Industrial has achieved a compound annual growth rate of 22.5% in transaction volume from 17.4 billion yuan in 2021 to 26.1 billion yuan in 2023, significantly outpacing its competitors [3][4] Business Model - JD Industrial has established a three-tiered business model: the base layer consists of self-operated platforms, the middle layer connects upstream and downstream supply chains, and the top layer features an AI-driven decision-making system [4] - The company reported a net profit of 4.799 million yuan in 2023, indicating the viability of its business model [4] - The IPO is expected to raise over 3.2 billion HKD, which will be used to upgrade supply chain infrastructure, expand customer base, and enhance technological capabilities [4] Market Position - JD Industrial holds a dominant position in the Chinese MRO procurement market, with its transaction volume being twice that of its nearest competitor [3][4] - The company is leveraging its experience in the consumer market to replicate success in the B2B sector, focusing on digital transformation of the industrial supply chain [3][5] - The listing of JD Industrial signifies a critical phase in JD's B2B strategy, marking a shift towards industrial internet services [4][5]