刘强东，或将迎来第六家上市公司

Core Viewpoint - JD Industrial has successfully passed the hearing for its IPO on the Hong Kong Stock Exchange, marking its fourth attempt to go public [3][5]. Group 1: Company Background - JD Industrial is a subsidiary of JD Group, which has been incubating its industrial business since 2018, officially entering its core business area [6]. - The company completed its A-round financing in August 2020, led by GGV Capital, followed by investments from Sequoia Capital and CPE Yuanfeng Capital [6]. - In March 2023, JD Industrial completed its B-round financing, raising a total of $300 million, with a valuation of $6.7 billion, tripling its valuation from three years prior [8]. Group 2: Financial Performance - JD Industrial's revenue has shown stable growth, with total revenue from continuing operations increasing from 14.1 billion yuan in 2022 to 17.3 billion yuan in 2023, and projected to reach 20.4 billion yuan in 2024, reflecting a compound annual growth rate of 20.1% [10]. - The company has turned a profit, recording a net loss of 1.3 billion yuan in 2022, but achieving a net profit of 4.8 million yuan in 2023, which further increased to 760 million yuan in 2024 [11]. - As of August 2025, JD Industrial's total revenue for the year reached 14.1 billion yuan, an 18.9% increase compared to the same period in 2024 [11]. Group 3: Market Position and Opportunities - JD Industrial serves a wide range of clients, including approximately 11,100 key enterprise customers, with about 60% being Fortune 500 companies in China and over 40% being global Fortune 500 companies operating in China [10]. - The digital penetration rate of China's industrial supply chain market was only 6.2% in 2024, expected to rise to 8.2% by 2029, indicating significant growth potential for digital transformation in the industry [11].