YOUNG财经 漾财经·2025-10-13 10:52Core Viewpoint - JD Industrial's IPO journey is characterized as a "protracted battle," with the company aiming to become a key player in the "JD ecosystem" following its listing [3][18]. Company Background - JD Industrial originated from JD Group's enterprise business department established in 2013, initially focusing on office procurement and industrial products [4]. - The company transitioned to an independent business unit in 2017, officially operating its industrial supply chain technology and services [5]. Capital Expansion - JD Industrial has seen significant capital backing, raising approximately $230 million in A-round financing in 2020 and $105 million in A-1 round financing in 2021 [5]. - In March 2023, the company secured $300 million in B-round financing, achieving a valuation of approximately $6.7 billion [5]. Shareholding Structure - As of the IPO, JD Group holds 78.84% of JD Industrial, with Liu Qiangdong owning 3.68% and other investors like Mubadala and Sequoia China holding smaller stakes [6][7]. Performance Growth - JD Industrial's transaction scale increased from 22.3 billion RMB in 2022 to 28.8 billion RMB in 2024, with revenue growing from 14.1 billion RMB to 20.4 billion RMB during the same period, reflecting a compound annual growth rate of 20.1% [9]. - The company serves approximately 11,100 key enterprise customers and offers around 81.1 million SKUs sourced from about 158,000 suppliers [9]. Profitability Challenges - Despite significant revenue growth, JD Industrial reported a net loss of 1.3 billion RMB in 2022, with a slight profit of 4.8 million RMB in 2023 and projected net profit of 760 million RMB in 2024 [10]. - The gross margin has shown a declining trend, with 2022 at 18.0%, 2023 at 16.1%, and 2024 at 16.2%, significantly lower than global peers [10]. Revenue Composition - The majority of JD Industrial's revenue comes from product sales, particularly MRO products, while service revenue accounts for less than 10% of total income [13]. - The company aims to improve the gross margin from key enterprise customers, which currently has lower margins compared to service revenue [14]. Market Position and Competition - JD Industrial is positioned as a leader in the domestic MRO market, with a market share nearly three times that of its closest competitor [9]. - The company faces competition from both traditional MRO players and new entrants from the office supplies sector, as well as online platforms like Tmall [16]. Dependency on Parent Company - A significant portion of JD Industrial's revenue, approximately 36.1% in the first half of 2025, is derived from JD Group, indicating a strong dependency that poses potential risks [17]. Strategic Vision - The IPO is part of Liu Qiangdong's strategy to create a robust JD ecosystem by allowing mature businesses to operate independently and replicate JD's success model [17][18]. - JD Industrial must balance growth and profitability, transitioning from a scale-oriented approach to a profit-oriented strategy [18].