8个月营收141亿，刘强东或将迎第六家上市公司

Core Viewpoint - JD Industrial is making its fourth attempt to go public in Hong Kong, with joint sponsors including Bank of America Merrill Lynch, Goldman Sachs, Haitong International, and UBS [3] Group 1: Company Background - JD Industrial has previously submitted listing applications in March 2023, September 2024, and March 2025, all of which expired due to the validity period of the prospectus [4] - If successful, JD Industrial will become the sixth company under JD Group to be listed, following JD Group, JD Logistics, JD Health, Dada Group, and Debon Logistics [4] - The company originated from JD Group's industrial business, officially entering its core business category in October 2018 [4] Group 2: Financing and Valuation - JD Industrial completed its A-round financing in August 2020, led by GGV Capital, with participation from Sequoia Capital and CPE Yuanfeng Capital [5] - In March 2023, the company completed its B-round financing, raising $300 million at a valuation of $6.7 billion, three times its valuation from three years prior [6] Group 3: Client Base and Services - As of June 30, 2025, JD Industrial served approximately 11,100 key enterprise clients, including about 60% of China's Fortune 500 companies and over 40% of global Fortune 500 companies operating in China [7] - The company collaborates with around 30,000 manufacturers, distributors, and agents, offering over 40 million SKUs across various categories [7] Group 4: Financial Performance - JD Industrial's revenue has shown steady growth, with total revenue from continuing operations increasing from 14.1 billion RMB in 2022 to 17.3 billion RMB in 2023, and projected to reach 20.4 billion RMB in 2024, reflecting a compound annual growth rate of 20.1% [8] - The company turned a profit in 2023 with a net profit of 4.8 million RMB, up from a net loss of 1.3 billion RMB in 2022, and further increased its net profit to 760 million RMB in 2024 [8] Group 5: Industry Insights - According to a report by Zhaoshang Consulting, the digital penetration rate of China's industrial supply chain market was only 6.2% in 2024, expected to rise to 8.2% by 2029, indicating significant growth potential in the market [9] - JD Industrial is positioned to lead the digital transformation of the industrial supply chain, addressing systemic issues in supply chain operations [9]