Core Viewpoint - JD Industrial has successfully transitioned from a loss of 1.269 billion yuan in 2022 to a net profit of 762 million yuan in 2024, showcasing a remarkable turnaround and strong growth potential in the industrial e-commerce sector [3][4]. Group 1: IPO and Market Reception - JD Industrial's IPO on the Hong Kong Stock Exchange raised approximately 2.827 billion HKD, with a public offering price set at 14.1 HKD per share [2]. - The offering received 72,234 valid applications, indicating a subscription rate of about 60.25 times the available shares, while international placements were oversubscribed by approximately 7.88 times [2]. Group 2: Financial Performance - The company achieved a net profit of 762 million yuan in 2024, a staggering increase of nearly 158 times compared to the previous year [3]. - In the first half of 2025, JD Industrial continued its strong performance with a net profit of 500 million yuan [4]. - The revenue compound annual growth rate (CAGR) over the past three years reached 20%, highlighting the company's ability to grow while achieving profitability [5]. Group 3: Business Model and Innovation - JD Industrial differentiates itself by utilizing a digital supply chain system called "Taipu," which emphasizes data flow over physical inventory movement, reducing costs and improving efficiency [7][8]. - The company has established a standardized product library, "Mercator," to streamline the procurement process and enhance operational efficiency [10]. - JD Industrial's "Taipu" system connects over 158,000 suppliers, transforming fragmented inventory into a cohesive network, thereby improving supply chain collaboration [11]. Group 4: Industry Impact and Future Prospects - JD Industrial aims to serve as a vital link in China's manufacturing supply chain, helping local industries connect with broader markets and optimize production based on real-time demand data [17]. - The company is also focused on supporting Chinese enterprises in establishing efficient supply chains overseas, exemplified by its "accompanying overseas" service [18]. - JD Industrial has ventured into AI with the launch of its industrial supply chain model "JoyIndustrial," aiming to revolutionize efficiency in the industrial sector [19][20].
京东工业上市背后：用最“实”的模式，啃最“重”的骨头