JD(HK:09618) Sou Hu Cai Jing·2026-01-27 12:50Core Viewpoint - JD Smart Development Co., Ltd. has submitted its prospectus for an IPO, marking it as the seventh company under JD Group to seek public listing, following JD Group, Dada Group, JD Health, JD Logistics, Debang Co., and JD Industry [1][9]. Company Overview - JD Smart Development is a platform enterprise focused on the development, operation, and asset management of modern supply chain infrastructure, aiming to provide integrated supply chain solutions through high-standard logistics parks, industrial parks, and data centers [3]. - The company has established a three-dimensional business model that emphasizes heavy asset development, light asset operation efficiency, and capital cycle empowerment [3]. Business Structure - The company has three main pillars driving its operations: - Infrastructure solutions, which are the main revenue source, contributed 2.564 billion RMB in the first nine months of 2025, accounting for 85.4% of total revenue [5]. - Asset value enhancement focuses on optimizing existing assets, achieving a cumulative asset appreciation of 1.3 billion RMB from 2020 to 2024, with an average return rate of 40% [6]. - Fund and partnership investment platform management promotes a light asset transformation, with a projected management fee income of 197 million RMB in 2024, reflecting a compound growth rate of 30% [6]. Financial Performance - In 2023, the company reported total revenue of 2.9 billion RMB, expected to grow to 3.4 billion RMB in 2024, with a 21.2% increase in revenue for the first nine months of 2025 compared to the same period in 2024 [12]. - The company experienced a net loss of 1.829 billion RMB in 2023, which is projected to decrease to 1.2 billion RMB in 2024, and further to 159 million RMB in the first nine months of 2025 [14]. - Adjusted net profit is expected to grow significantly, with a 77% increase in the first nine months of 2025 compared to the same period in 2024 [12]. Market Context - The IPO submission aligns with the trends in intelligent manufacturing and supply chain infrastructure upgrades, driven by policies like "Made in China 2025" and the "14th Five-Year Plan" [17]. - The demand for high-standard, intelligent infrastructure is increasing globally, providing a broad market space for companies like JD Smart Development [19]. Competitive Landscape - The domestic supply chain infrastructure industry is becoming increasingly competitive, with major players like ProLogis and Wanwei Logistics intensifying their market presence [15]. - JD Smart Development aims to differentiate itself by leveraging JD Group's core supply chain capabilities and focusing on emerging sectors like new energy vehicles and cross-border e-commerce [21].