第四次递交招股书，京东工业再次冲击IPO

Core Viewpoint - JD Industrial is making a strong push for an IPO, having submitted its prospectus for the fourth time, indicating its determination to go public despite facing multiple challenges [1][3]. Financial Performance - JD Industrial's total revenue for 2022, 2023, 2024, and the six months ending June 30, 2025, was 14.1 billion, 17.3 billion, 20.4 billion, and 10.3 billion respectively [4]. - The company turned a profit in 2023, with net profits of 4.8 million, 760 million, and 450 million for 2023, 2024, and the six months ending June 30, 2025, respectively, after a net loss of 1.3 billion in 2022 [4]. - Revenue from product sales increased from 12.9 billion in 2022 to 16.1 billion in 2023, and further to 19.2 billion in 2024, reflecting a compound annual growth rate of 21.7% [4]. Revenue Structure - The majority of JD Industrial's revenue comes from product sales, which accounted for 91.5% of total revenue in 2022, rising to 94% by 2024 [6]. - Service revenue remained stable at around 1.2 billion from 2022 to 2024, with service revenue for the six months ending June 30, 2025, reported at 670 million [4]. Industry Challenges - The competitive landscape is intensifying, with Tmall launching an "Industrial Brand Pavilion" and reporting significant growth in the enterprise service sector during the 618 shopping festival [5]. - JD Industrial faces challenges from a low gross margin on product sales, which was 11.0%, 10.0%, and 11.3% for 2022, 2023, and 2024, respectively, compared to service revenue gross margins of 92.9%, 97.0%, and 94.1% [6]. - Inventory turnover days have increased, with figures of 17.9 days, 13.8 days, 14.8 days, and 23.1 days for the years ending December 31, 2022, 2023, 2024, and the six months ending June 30, 2025, respectively [6]. Strategic Considerations - To gain better control over the supply chain, JD Industrial needs to promote a self-operated warehousing model, which may lead to increased inventory turnover days and potential issues with inventory buildup and demand forecasting [7]. - The company must navigate a highly fragmented and specialized customer demand in the industrial goods market, requiring robust supply chain responsiveness and service capabilities [7].