3 6 Ke·2025-11-24 01:00Core Viewpoint - JD Industrial is preparing for an IPO on the Hong Kong Stock Exchange, which will add another publicly listed company under JD Group, led by Liu Qiangdong [1][2]. Financial Performance - JD Industrial reported total revenue of 14.1 billion RMB for the eight months ending August 31, 2025, representing an 18.9% increase compared to the same period in 2024 [1]. - The revenue for 2022, 2023, and 2024 was 14.1 billion RMB, 17.3 billion RMB, and 20.4 billion RMB, respectively, with corresponding gross profits of 2.54 billion RMB, 2.8 billion RMB, and 3.3 billion RMB [4][6]. - For the first half of 2025, JD Industrial's revenue was 10.25 billion RMB, up from 8.62 billion RMB in the previous year, with a gross profit of 1.9 billion RMB and a gross margin of 18.6% [5][6]. Business Model and Strategy - JD Industrial focuses on providing industrial supply chain technology and services, emphasizing the construction of digital infrastructure rather than merely selling products [2][4]. - The company has maintained a stable gross margin, with figures of 18%, 16.1%, and 16.2% for the years 2022, 2023, and 2024, respectively [4]. Profitability Metrics - Continuous operating profits for 2022, 2023, and 2024 were -1.38 billion RMB, 4.8 million RMB, and 761.6 million RMB, with operating profit margins of -9.8%, 0%, and 3.7% [5][6]. - For the first half of 2025, continuous operating profit was 512 million RMB, a 35.4% increase from 378 million RMB in the same period of 2024 [6][8]. Cash Flow and Assets - As of June 30, 2025, JD Industrial held cash and cash equivalents of 4.56 billion RMB [9]. - The total current assets amounted to 13.17 billion RMB, while total current liabilities were 13.26 billion RMB, indicating a net asset position of approximately 10 billion RMB [10]. Shareholder Structure - JD Group holds approximately 77.32% of JD Industrial's issued share capital, with Liu Qiangdong holding an additional 3.68% through Max I&P Limited [14][15]. - Other significant shareholders include GGV Capital and Sequoia China, among others [12][17]. Recent Developments - JD Industrial has previously acquired a controlling stake in Liexin Technology but later terminated this control due to unmet performance expectations [11]. - The company has engaged in multiple rounds of financing, including a recent $300 million Series B preferred stock transaction [14].