刚刚，京东又一平台上市了

Core Viewpoint - JD Industrial has successfully listed on the Hong Kong main board, with an initial share price of HKD 14.1, but has seen a decline of 7.8% to HKD 13, resulting in a market capitalization of HKD 34.938 billion [2][3]. Company Overview - JD Industrial, established in October 2018 as a subsidiary of JD Group, focuses on industrial supply chain technology and services, primarily in MRO (Maintenance, Repair, and Operations) procurement [5][4]. - The company has transitioned from a loss of RMB 1.3 billion in 2022 to a profit of RMB 480 million in 2023, with projected net profits of RMB 7.6 billion in 2024 [13][4]. Financial Performance - Revenue figures for JD Industrial from 2022 to 2024 are RMB 141 billion, RMB 173 billion, and RMB 204 billion respectively, with a revenue growth rate of 18.91% in the first half of 2025 [11][12]. - The gross profit margin has remained relatively stable but low, at 18.0%, 16.1%, and 16.2% over the reporting periods, primarily due to over 90% of revenue coming from product sales with low margins [15][16]. Market Position and Competition - JD Industrial holds a 4.1% market share in the MRO procurement service sector, making it the largest provider in China, but faces intense competition from companies like Zhenkunhang and US-based GSI [7][19]. - The MRO procurement service market in China is projected to grow from RMB 2.7 trillion in 2019 to RMB 3.7 trillion by 2024, indicating significant growth potential for JD Industrial [19]. Strategic Plans - Post-IPO, JD Industrial plans to allocate 25% of the raised funds for international expansion, aligning with JD Group's global ambitions [4][21]. - The company aims to leverage its existing logistics and supply chain capabilities to enhance its service offerings in international markets, particularly as it follows Chinese manufacturing clients abroad [21]. Ownership Structure - JD Group holds approximately 78.84% of JD Industrial, with founder Liu Qiangdong controlling about 83% of the voting rights, ensuring strategic alignment between the two entities [7][18].