刘强东的第六个IPO，上市倒计时

Core Viewpoint - JD Industrials, Inc. is set to become the sixth publicly listed company under Liu Qiangdong, with plans to issue up to 253 million shares on the Hong Kong Stock Exchange, following previous attempts that faced setbacks [1][2]. Company Overview - JD Industrials was established in July 2017 and focuses on industrial supply chain technology and services, initially entering the MRO procurement service sector [1][2]. - The company has expanded to provide a comprehensive industrial supply chain solution named "Taipu," which includes a wide range of industrial products and digital supply chain services [2]. Financial Performance - Revenue has shown steady growth from 141.35 billion in 2022 to 203.98 billion in 2024, with product revenue accounting for 94% of total revenue in 2024 [4][5]. - The company achieved a turnaround in profitability, moving from a net loss of 13.34 billion in 2022 to a net profit of 7.62 billion in 2024 [5]. Funding and Valuation - JD Industrials completed a Series A funding round in 2020, raising 230 million USD, and a Series B round in 2023, which increased its valuation to approximately 6.7 billion USD (477 billion RMB) [3][5]. - The company's major shareholders include JD Group, Liu Qiangdong, and various investment firms such as Sequoia China and Middle East Capital [3]. Market Challenges - Revenue growth rates are declining, with increases of 36.63% in 2022, 22.65% in 2023, and 17.66% in 2024, indicating a potential slowdown in business momentum [5][6]. - The gross margin has decreased from 18.6% in 2021 to 16.2% in 2024, reflecting pressure on profitability [6]. - JD Industrials remains significantly dependent on JD Group, with a substantial portion of its revenue derived from the parent company's platform [6].