京东工业上市首日险守发行价，次日成交额骤降

Core Viewpoint - JD Industrial's market debut was met with a disappointing initial response, with a 7.8% drop on the first trading day, reflecting investor skepticism about its valuation and growth potential [2][4][11]. Group 1: Company Overview - JD Industrial is a supply chain technology and service provider under JD Group, focusing on digital and intelligent solutions to transform traditional industrial procurement and management [5]. - It is the sixth listed company in the JD ecosystem, following JD Group, JD Health, JD Logistics, Dada Group, and Debon Holdings [5]. - The company claims to hold the title of the leading player in China's MRO (Maintenance, Repair, and Operations) procurement service market [4]. Group 2: Financial Performance - JD Industrial's revenue is projected to grow from 14.135 billion yuan in 2022 to 20.398 billion yuan in 2024, with a compound annual growth rate (CAGR) of 20.1% [6]. - For the first eight months of 2025, total revenue reached 14.1 billion yuan, reflecting an 18.9% year-on-year growth [6]. - The company transitioned from a net loss of 1.334 billion yuan in 2022 to a net profit of 4.8 million yuan in 2023, with a forecasted profit of 762 million yuan in 2024 [7]. Group 3: Market Sentiment and Challenges - Initial trading showed strong selling pressure, but the stock managed to close at its issue price of 14.10 HKD, avoiding a debut drop [6]. - Despite a rising gross margin from 16.1% in 2023 to 18.6% in the first half of 2025, JD Industrial's profitability remains lower compared to global leaders in the MRO sector [8]. - Investor concerns are heightened by a Morgan Stanley report indicating a slowdown in JD Group's core growth engines, raising questions about the sustainability of JD Industrial's growth and support from its parent company [12][14].