京东工业再度冲刺港股IPO 业务营收复合年增长率20.1%

Core Viewpoint - JD Industrial has submitted its prospectus for an IPO, projecting a compound annual growth rate (CAGR) of 13.5% in transaction volume from approximately RMB 22.3 billion in 2022 to RMB 28.8 billion in 2024 [1] Financial Performance - Total revenue from continuing operations is expected to grow from RMB 14.1 billion in 2022 to RMB 17.3 billion in 2023, and further to RMB 20.4 billion in 2024, with a CAGR of 20.1% [2][5] - Product sales revenue is projected to increase from RMB 12.9 billion in 2022 to RMB 16.1 billion in 2023, and then to RMB 19.2 billion in 2024, achieving a CAGR of 21.7% [2][5] - Service revenue is expected to remain stable at approximately RMB 1.2 billion from 2022 to 2024 [1] Profitability - JD Industrial recorded a net loss of RMB 1.3 billion in 2022, followed by a net profit of RMB 48 million in 2023, and a projected net profit of RMB 760 million in 2024 [4] - Adjusted profit (non-IFRS measure) is expected to grow from RMB 760 million in 2022 to RMB 890 million in 2023, and further to RMB 1.1 billion in 2024, with a CAGR of 18.5% [4] Business Model - JD Industrial's business model focuses on building an end-to-end digital supply chain infrastructure, addressing common industry pain points through its "Taipu" solution, which integrates digital and physical supply chain elements [7] - The company operates on a light-asset model, providing comprehensive industrial product supply and services across various sectors, including manufacturing, energy, and transportation [7] Market Potential - The digital penetration rate of China's industrial supply chain market is projected to increase from 6.2% in 2024 to 8.2% by 2029, driving rapid growth in the industrial supply chain technology and service market from RMB 7 trillion in 2024 to RMB 11 trillion in 2029, with a CAGR of 9.8% [8] Shareholding Structure - JD Group holds approximately 77.32% of JD Industrial through its wholly-owned subsidiary, with other notable shareholders including Liu Qiangdong and several investment firms [8] IPO Context - This is JD Industrial's third application for an IPO following submissions in March 2023 and September 2024, potentially adding another publicly listed entity under JD Group [9]