Core Viewpoint - JD Industrial's listing on the Hong Kong Stock Exchange marks a significant milestone in its strategic expansion within the industrial supply chain sector, representing the sixth company under the JD umbrella to go public and indicating a new phase in the digital transformation of China's industrial supply chain [2][14]. Fundraising and Market Response - JD Industrial set its final issuance price at HKD 14.1, raising a total of HKD 2.978 billion from the global offering of 211 million shares, with a net amount of HKD 2.827 billion after deducting listing expenses [4]. - Seven cornerstone investors, including M&G and CPE Investment, collectively subscribed for USD 170 million, reflecting strong market confidence in JD Industrial [4][12]. Business Model and Industry Positioning - JD Industrial serves over 11,100 large industrial enterprises and millions of SMEs, covering approximately 60% of China's top 500 companies and 40% of the Fortune Global 500 companies operating in China [7]. - The company aims to address long-standing supply chain issues in the industrial sector through its "digital-physical integration" service model, which offers innovative solutions to enhance efficiency and reduce costs [7][24]. Technological Advancements - JD Industrial has developed the JoyIndustrial model, leveraging over 81.1 million industrial SKU data and training across more than 40 sub-industries to facilitate intelligent decision-making in supply chains [9]. - The company has demonstrated significant operational efficiencies, such as reducing procurement cycles from over 10 days to 3-5 days for certain clients, and achieving a 40% reduction in inventory costs through AI-driven demand forecasting [10][21]. Competitive Landscape - Compared to local competitors like Zhenkunhang and Xiyu E-commerce, JD Industrial has established a differentiated competitive advantage by integrating technology and fulfillment capabilities, which are essential for meeting the customized needs of large enterprises [11][12]. - The listing is expected to accelerate the transition of the industry from a focus on product trading to technology services, potentially leading to the exit of smaller distribution service providers [12]. Strategic Importance for JD Group - JD Industrial's IPO is a critical step in enhancing JD Group's supply chain strategy and strengthening its B2B competitive edge, complementing its existing consumer supply chain operations [14][15]. - The company is positioned to expand into the BOM (Bill of Materials) sector, which is crucial for industrial production, thereby increasing its market presence and revenue potential [19][21]. Future Growth Directions - JD Industrial's growth strategy includes category expansion, global outreach, technological deepening, and empowering industrial clusters, with a particular focus on transitioning from MRO (Maintenance, Repair, and Operations) to BOM services [19][21]. - The company is also actively supporting Chinese manufacturers in their international ventures by providing comprehensive supply chain solutions tailored to different stages of overseas operations [21][22].

Core Viewpoint - The establishment of the "Modern Rider Academy" in Guangzhou aims to create an integrated growth ecosystem for new employment forms, particularly targeting the over 100,000 full-time riders of JD in Guangdong over the next three years [2] Group 1: Industry Context - The delivery and e-commerce industry has generated numerous low-barrier, relatively well-paying job opportunities, but issues such as insufficient job security, low job satisfaction, and limited career advancement for riders have been prominent [2] - A field study conducted by a researcher from the Chinese Academy of Social Sciences revealed that many riders view their jobs as temporary, indicating a state of uncertainty in their employment [2] Group 2: Milestones in Rider Employment - Two significant milestones have been achieved to improve the situation for riders: the provision of social insurance to enhance job certainty and the implementation of vocational skills training to extend their career lifespan [2] - Various local initiatives have emerged to provide diverse forms of vocational skills training for riders, including online and offline educational opportunities [3] Group 3: Features of the Modern Rider Academy - The "Modern Rider Academy" distinguishes itself from existing training systems by adopting a model of industry-education integration, offering high-level vocational education and a comprehensive curriculum [3] - The academy will provide support for riders in policy interpretation, exam preparation, and resource access, facilitating their advancement through the vocational education system [3] Group 4: Regional Significance - The establishment of the academy in Guangdong is a result of the province's relatively mature industry and vocational education landscape, with nearly 10 million new economy workers, including delivery riders and drivers [4] - Guangdong has the highest number of vocational undergraduate institutions in China, which can meet the skill enhancement needs of a large number of new economy workers [4] - The collaboration between the Guangdong Provincial Education Department and JD Group marks the beginning of a broader initiative to develop various educational and training centers to support laborers in achieving dignified work and comprehensive development [4]

Core Viewpoint - The establishment of the "Modern Rider Academy" in Guangdong marks a significant milestone in the transformation of the rider profession, elevating it from a perception of mere physical labor to a respected and skilled role within the e-commerce industry [2][4]. Group 1: Academy Establishment and Goals - The first "Modern Rider Academy" was inaugurated on December 11 at Guangzhou Vocational and Technical University, focusing on the career development of riders and couriers, aiming to create a dual pathway for "education + skills" enhancement [2]. - The academy plans to provide skill training for over 100,000 full-time riders and frontline workers in Guangdong over the next three years [2]. Group 2: Skills and Career Development - The academy aims to redefine the skill set of riders, moving beyond basic navigation and riding skills to include modern logistics competencies such as smart scheduling, drone delivery, and warehouse management [2][3]. - It offers a clear career progression path from operational roles to management and technical positions, establishing a sustainable career development trajectory for riders [3]. Group 3: Societal and Corporate Implications - The establishment of the academy reflects a shift in the relationship between platforms and riders, moving from a simplistic "algorithm and execution" contract to a more collaborative "talent cohabitation" approach [3]. - A high-quality, stable, and recognized workforce of riders will be crucial for enhancing service quality, customer experience, and operational efficiency in the e-commerce sector [3]. Group 4: Broader Educational Initiatives - The Guangdong Provincial Education Department and JD Group's strategic collaboration includes plans to establish seven JD Industry Colleges, explore ten JD Super Campus Comprehensive Operation Centers, and build multiple industry technology innovation centers and joint laboratories [3]. - These initiatives aim to ensure the credibility, systematic approach, and sustainability of school-enterprise cooperation, creating a replicable model for future educational partnerships [3].

除药品保障外，京东买药秒送还通过强化运力与延伸服务，为用户提供"速度"与"温度"并重的健康守 护。在配送端，加大一线运力储备，进一步满足用户急需用药需求，最快9分钟送药上门。在服务体验 端，将去年广受好评的"随单送温水"暖心举措全面升级，即日起至2026年3月期间，北京、天津、上 海、杭州、成都、武汉等7个城市的用户，通过京东买药秒送自营门店下单均可随单获赠一瓶温水，在 流感高发时节，获得切实的温暖守护。 面对本轮流感高发的挑战，京东买药秒送通过组建行业联盟、升级配送与服务体验，构建了"药品保 障、稳定价格、快速送达、人文关怀"的综合响应体系。京东买药秒送将持续联动产业链上下游合作伙 伴，致力于守护更多民众平稳度过流感季。 本报讯 （记者袁传玺）近期，中国疾控中心监测显示，目前全国共有17个省份流感处于高流行水平。 门急诊流感样病例检测阳性率已达51%，专家预计全国流感将在12月中旬达到高峰。面对当前流感高发 态势及快速增长的健康需求，保障相关药品稳定供应与可及性成为首要问题。 针对这一情况，京东买药秒送迅速响应，联合华润三九（000999）、东阳光（600673）药业、葵花药业 （002737）等25家国内 ...

Core Viewpoint - The home decoration industry is experiencing a shift from traditional price wars to capital-driven acquisitions, fundamentally altering the competitive landscape. Companies like Beike, JD.com, and Yingfeng are leveraging their capital to acquire established players, posing a greater threat to traditional businesses than mere price competition [1][22][50]. Group 1: Beike's Strategy - In 2021, Beike acquired Saintu for 8 billion yuan, marking the largest merger in the home decoration industry that year, which was initially seen as a business expansion but revealed Beike's deeper ambitions [2][29]. - Saintu, founded in 2002, had revenues exceeding 4 billion yuan in 2020 and provided Beike with a mature supply chain and delivery capabilities, which were essential for Beike's growth [4][31]. - By mid-2025, Beike's home decoration business transformed from a marginal player to a significant profit generator, with total revenue from 2022 to 2024 reaching 30.747 billion yuan, and a net income of 10.9 billion yuan in 2023 [6][34]. Group 2: JD.com's Expansion - JD.com has been strategically entering the home decoration market since 2011, launching its home decoration channel and expanding its offline presence to over 300 stores by 2025 [11][38]. - In June 2025, JD.com acquired a stake in Sichuan Living Home, enhancing its offline delivery capabilities and integrating its online and offline services [13][41]. - JD.com has launched its self-operated home decoration brand stores and plans to create a comprehensive experience space that combines home decoration, home goods, and home appliances [15][43]. Group 3: Yingfeng's Moves - Yingfeng Group, under the leadership of He Jianfeng, has been quietly building a "big home" industry platform by acquiring leading home furnishing companies, including a 29.42% stake in Gujia Home for 8.88 billion yuan [16][44]. - Yingfeng's strategy includes integrating Gujia and Sophia to create a comprehensive ecosystem that combines soft furnishings and customized furniture with home appliances [21][49]. - Despite Sophia's declining revenue, Yingfeng sees potential in its brand value and the customized home furnishing sector, supported by Midea's supply chain and digital capabilities [22][49]. Group 4: Impact of Capital Acquisitions - Capital acquisitions are seen as more destructive than price wars because they fundamentally change the competitive dynamics of the industry, allowing companies to bypass traditional customer acquisition challenges [22][50]. - The shift from price competition to capital-driven acquisitions is leading to a concentration of resources among a few major players, diminishing the survival space for smaller companies [25][53]. - The entry of cross-industry players like Beike, JD.com, and Yingfeng signifies a transition from product and price competition to a deeper contest of capital and ecosystem integration [25][53].

Core Insights - The "Double Twelve" shopping festival has lost its previous momentum, with a noticeable decline in consumer engagement and marketing efforts from platforms like Taobao [1][14] - The shift in consumer behavior towards more rational spending and skepticism about promotional pricing has contributed to the festival's reduced appeal [3][21] Group 1: Consumer Behavior - Consumers are expressing frustration over rising prices during the "Double Twelve" event, with many feeling overwhelmed by complex promotional rules [3][16] - The Z generation shows a lack of enthusiasm for traditional shopping festivals, focusing more on quality and actual needs rather than discounts [8][21] Group 2: Industry Trends - Industry experts agree that the decline in "Double Twelve" participation is a result of promotional fatigue following "Double Eleven" and the proximity to other major shopping events like New Year and Spring Festival [8][21] - E-commerce platforms are transitioning from price-driven promotions to a focus on "scene-based services," emphasizing year-end clearance and lifestyle integration [9][22] Group 3: Competitive Landscape - The significance of "Double Twelve" as a standalone shopping event is diminishing, but it still holds value as a year-end marketing opportunity [13][26] - E-commerce competition is evolving, with a shift towards creating emotional value and enhancing the connection between consumers and products, rather than solely relying on price reductions [13][26]

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。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）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，並明確表示概不會就本公告全部或任何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。 根據不同投票權架構，我們的股本包括A類普通股及B類普通股。對於提呈我們股東大會的任何決議案，A類普通 股持有人每股可投1票，而B類普通股持有人則每股可投20票，惟法律或我們的組織章程大綱及細則另行規定者除 外。股東及有意投資者務請留意投資不同投票權架構公司的潛在風險。我們的美國存託股（每股美國存託股代表 兩股A類普通股）於美國納斯達克全球精選市場上市，股份代碼為JD。 本公告僅供參考用途，並不構成收購、購買或認購證券之邀請或要約，亦不邀請任何該等要約或邀請。尤其本公 告並不構成亦並非在香港、美國或其他地方進行證券銷售之要約或邀請或招攬購買或認購證券之要約。 1 京東工業股份有限公司 上市及 京東工業股份有限公司 股 份 開始買賣 董事會欣然宣佈，於全球發售完成後，京東工業股份有限公司（「京東工業」）於2025年 12月11日在香港聯交所主板上市，及京東工業股份於2025年12月11日上午九時 ...

Core Insights - JD Discount Supermarket is set to open its first store in Beijing at the Xishan Hui Shopping Center in Mentougou on December 17, marking the ninth store in its nationwide expansion after Hebei, Jiangsu, and Anhui [1][4] Group 1: Store Features and Offerings - The Mentougou store will continue the operational characteristics of JD Discount Supermarket, utilizing a "large store, multiple SKUs" model with deep localization of product offerings [3] - The store will feature local snacks such as red sugar baked goods, old Beijing-style fried dough, and donkey rolling, alongside popular items like signature soup dumplings and a new black pepper lemon-flavored roasted chicken [3] - JD Liquor will offer bulk pure grain liquor at a price of 6.9 yuan per jin, emphasizing affordability [3] Group 2: Promotional Strategies - During the opening period, several JD private label products will be available for 9.9 yuan, including sweet chestnut milk, wontons, and 15L bottled water, showcasing supply chain efficiency [3] - The store will launch nearly 30 high-cost performance dumpling products and set up a "Double 12 Dry Goods Festival" section featuring items like iron pot fried peanuts and pork with regional characteristics [3] - An innovative sales method of selling socks by weight at 26.9 yuan per jin (approximately 2 yuan per pair) will be tested, highlighting competitive pricing from direct sourcing [3] Group 3: Market Expansion and Impact - Since August, JD Discount Supermarket has opened eight stores in Hebei, Jiangsu, and Anhui, with a single day foot traffic exceeding 300,000 in Suqian, covering multiple regions in North and East China [4] - The entry into Beijing represents the first foray of this business model into a first-tier city, marking a significant step in deepening its presence in the North China market [4] - The successful "high cost performance + local characteristics" model is expected to inject new consumer vitality into the commercial landscape of the old city area in Mentougou [4]

Core Viewpoint - Lishin International announced a significant sale involving the disposal of equity in the SPL property entity, indicating a strategic shift in its asset management approach [1][2]. Group 1: Transaction Details - Lishin Development's wholly-owned subsidiary will sell all issued shares of Surearn Profits to Jasmine Investment Development IV Limited for a total consideration of HKD 34.98 billion, plus the net value of Surearn Profits' liquid assets at the time of completion [1]. - The SPL property, located in Hong Kong's commercial center, has a total construction area of approximately 229,200 square meters, including various office floors and parking spaces [1]. - The expected net cash flow from the transaction is approximately HKD 2.4 billion, which will be used for general working capital of Lishin Development Group [2]. Group 2: Financial Impact - Upon completion of the sale, Lishin Garment Group is expected to incur a loss of approximately HKD 269 million, while Lishin Development Group anticipates a loss of about HKD 261 million [2]. - The transaction is subject to conditions including shareholder approvals, with meetings scheduled for December 21 and December 31, 2025 [2]. Group 3: Market Context - The acquisition by Jasmine Investment Development IV Limited is linked to JD.com's investment strategy in Hong Kong, focusing on integrating retail, logistics, and technology development [2]. - The Hong Kong market has seen increased activity in large transactions, with notable deals such as Alibaba and Ant Group's purchase of One Causeway Bay for approximately HKD 7 billion, marking the largest office transaction in five years [3]. - The overall market for large transactions in Hong Kong is recovering, driven by demand from financial institutions, tech giants, and private investors, indicating a return of both self-use and investment demand [4].