8个月营收141亿，刘强东或将迎第六家上市公司

Core Viewpoint - JD Industrial Co., Ltd. has successfully passed the hearing for its listing on the Hong Kong Stock Exchange, marking a significant step for the company in its capital market journey [2][3]. Company Development - JD Industrial has previously submitted listing applications three times in 2023 and 2024, which expired due to the validity period of the prospectus [5]. - If the listing is successful, JD Industrial will become the sixth company under JD Group to enter the capital market, following JD Group, JD Logistics, JD Health, Dada Group, and Debon Logistics [6]. - The company originated from JD Group's industrial business incubation and officially became a core business category in October 2018 [7]. Financing and Growth - In August 2020, JD Industrial completed its Series A financing led by GGV Capital, with participation from Sequoia Capital and CPE Yuanfeng Capital, and acquired Suzhou Gongpin Hui [8]. - The company began offering industrial technology solutions in October 2020 [9]. - In January 2021, JD Industrial completed its A-1 round of financing, and in March 2023, it raised $300 million in Series B financing, achieving a valuation of $6.7 billion, three times that of three years prior [10]. Client Base and Revenue - As of June 30, 2025, JD Industrial served approximately 11,100 key enterprise clients, including about 60% of China's Fortune 500 companies and over 40% of global Fortune 500 companies operating in China [11]. - The company collaborates with around 30,000 manufacturers, distributors, and agents, offering over 40 million SKUs across various categories [11]. - Revenue from continuing operations grew from 14.1 billion RMB in 2022 to 17.3 billion RMB in 2023, with a projected increase to 20.4 billion RMB in 2024, reflecting a compound annual growth rate of 20.1% [11]. Profitability - JD Industrial has turned a profit, achieving a net profit of 4.8 million RMB in 2023 after a net loss of 1.3 billion RMB in 2022, with net profit further increasing to 760 million RMB in 2024 [12]. - For the first half of 2024, the company reported a net profit of 290 million RMB, which is expected to grow to 450 million RMB in the same period of 2025 [12]. Market Potential - The digital penetration rate of China's industrial supply chain market was only 6.2% in 2024, projected to reach 8.2% by 2029, indicating significant growth potential for industrial supply chain technology and services [12].