京东工业股份有限公司港交所已通过聆讯。 文 ｜ 孔海丽 张嘉钰 编辑 ｜ 曾静娇 来源｜ 21世纪经济报道（ID：jjbd21） 封面来源 ｜ 视觉中国 11月23日，港交所官网显示，京东工业股份有限公司（简称"京东工业"）港交所已通过聆讯。 这是京东工业第四次冲击港股上市。 本次联席保荐人为美银美林、高盛、海通国际和UBS。 此前，京东工业曾于2023年3月、2024年9月、2025年3月三次递表，均因招股书有效期届满而失效。 若此次上市成功，京东工业将成为继京东集团、京东物流、京东健康、达达集团、德邦物流之后 ， 京东集团旗下第六家登陆资本市场的企业。 追溯可以发现，京东工业的前身是京东集团孵化布局的工业业务，2018年10月，成为JD.com的一级品类，在首页有了入口，正式进入核心主营业务范畴。 2020年8月，京东工业完成了A轮融资，由GGV纪源资本领投，红杉资本及CPE源峰资本跟投。同月，收购了苏州工品汇。 利润表现方面，京东工业已实现扭亏为盈。2022年，录得净亏损13亿元；2023年成功实现盈利，净利润为480万元；2024年盈利能力进一步提升，净利润增 至7.6亿元。在短期业绩中，截至2024 ...

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].

作者：沈 阳 编辑：周雪松 制图：乔寒云 11月23日，京东工业通过港交所聆讯。目前，京东集团旗下已经有京东集团、京东物流、京东健康、德邦物流、达达集团五家上市公司，如果京东工业能 成功在港股上市，将会成为京东集团旗下第六家上市公司。 来源：市场资讯 （来源：中时财经） 知名经济学者、工信部信息通信经济专家委员会委员盘和林在接受中国经济时报·中时财经采访时谈道："港股能否成功上市，关键看投资人是否认可企业 的估值定价，而估值定价能否投融之间达成一致，又要看企业从事的业务是否具备较大的空间。" 招股书显示，京东工业是工业供应链技术与服务提供商。通过践行变革性的工业供应链数智化转型，帮助客户实现保供、降本、增效及合规。通过"太 璞"这一"数"（数智）、"实"（商品）结合的全链路数智化工业供应链解决方案，提供广泛的工业品供应和数智化供应链服务，以满足客户的多样化需 求。 京东工业主要通过向客户销售工业品及提供相关服务获得收入。2022年、2023年及2024年的营收分别为141.35亿元、173.36亿元、203.98亿元。2022年至 2024年的营收同比增长分别为36.6%、22.4%、17.7%，增速逐渐放缓 ...

智通财经APP获悉，据港交所11月23日披露，京东工业股份有限公司(简称：京东工业)通过港交所主板上市聆讯，美银证券、高盛、海 通国际及瑞银为联席保荐人。 招股书显示，京东工业是中国领先的工业供应链技术与服务提供商。通过践行变革性的工业供应链数智化转型，帮助客户实现保供、降 本、增效及合规。公司通过"太璞"这一"数"(数智)、"实"(商品)结合的全链路数智化工业供应链解决方案，提供广泛的工业品供应和数智 化供应链服务，以满足客户的多样化需求。"太璞"建立在公司端到端的供应链数智化基础设施之上，涵盖商品、采购、履约及运营。公 司主要通过向客户销售工业品及提供相关服务获得收入。规模的持续增长充分证明了公司业务模式的高效性。自2022年至2024年，公司 的持续经营业务收入由约141亿元人民币增至204亿元人民币，复合年增长率为20.1%。 京东工业于2017年开始布局专注于MRO采购服务的供应链技术与服务业务。经过多年发展，公司已成为中国MRO采购服务市场的最大 参与者，根据灼识谘询的资料显示，按2024年的交易额计，公司排名第一，规模为第二名的近三倍。根据同一资料显示，随着公司向更 广阔的工业供应链市场扩展，按 ...

| 编纂]的[编纂]數目 : | | [编纂]股股份(視乎[编纂]行使與否而定) | | --- | --- | --- | | [编纂]數目 | : | [编纂]股股份(可于[编纂]) | | [编纂]數目 | .. | [編纂]股股份(可予[編纂]及 | | 視乎[编纂]行使與否而定) | | | | 最高[编纂] | : | 每股[编纂] | | 面值 | : | 每股股份0.0000005美元 | | [編纂] : [編纂] | | | | 除庶保薩人 · [编纂] | | | 据港交所11月23日披露，京东工业股份有限公司(简称：京东工业)通过港交所主板上市聆讯，美银证券、高盛、海通国际及瑞银为联席 保荐人。 京东工业于2017年开始布局专注于MRO采购服务的供应链技术与服务业务。经过多年发展，公司已成为中国MRO采购服务市场的最大 参与者，根据灼识谘询的资料显示，按2024年的交易额计，公司排名第一，规模为第二名的近三倍。根据同一资料显示，随着公司向更 广阔的工业供应链市场扩展，按2024年的交易额计，公司亦为中国工业供应链技术与服务市场最大的服务提供商，市场份额达到4.1%。 根据灼识谘询的资料 ...

近日，京东工业股份有限公司（简称"京东工业"）递交聆讯后资料集，或很快在香港联合交易所有限公 司（简称"港交所"）上市。本次上市的联席保荐人为BofA Securities、华泰国际、Goldman Sachs及 Haitong International，财务顾问为CITIC Securities及UBS。 根据招股书披露，本次港股上市募集资金将用于以下用途： 公司介绍 来源：新浪港股-好仓工作室 点击查看公告原文>> 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 1. 进一步增强工业供应链能力； 2. 推进跨地域的业务扩张； 3. 进行潜在战略投资或收购； 4. 满足一般公司用途及营运资金需求。 京东工业是中国领先的工业供应链技术与服务提供 ...

11月23日，港交所官网显示，京东工业股份有限公司（简称"京东工业"）港交所已通过聆讯。 记者丨 孔海丽 编辑丨骆一帆 此前，京东工业曾于2023年3月、2024年9月、2025年3月三次递表，均因招股书有效期届满而 失效。 若此次上市成功，京东工业将成为继京东集团、京东物流、京东健康、达达集团、德邦物流之 后， 京东集团旗下第六家登陆资本市场的企业 。 这是京东工业第四次冲击港股上市。 本次联席保荐人为美银美林、高盛、海通国际和UBS。 追溯可以发现，京东工业的前身是京东集团孵化布局的工业业务，2018年10月，成为JD.com 的一级品类，在首页有了入口，正式进入核心主营业务范畴。 2020年8月，京东工业完成了A轮融资，由GGV纪源资本领投，红杉资本及CPE源峰资本跟 投。同月，收购了苏州工品汇。 2020年10月，京东工业开始提供工业科技解决方案。 2021年1月，完成A-1轮融资。 2023年3月，完成B轮融资，总额3亿美元，对应估值67亿美元，是三年前的三倍。此轮融资由 阿布扎比主权基金Mubadala和阿布扎比投资基金42XFund共同领投，大型资管集团M&G、全 球私募巨头EQT旗下的亚洲平台 ...

11月23日，港交所官网显示，京东工业股份有限公司（简称"京东工业"）港交所已通过聆讯。 这是京东工业第四次冲击港股上市。本次联席保荐人为美银美林、高盛、海通国际和UBS。 此前，京东工业曾于2023年3月、2024年9月、2025年3月三次递表，均因招股书有效期届满而失效。 若此次上市成功，京东工业将成为继京东集团、京东物流、京东健康、达达集团、德邦物流之后，京东集团旗下第六 家登陆资本市场的企业。 2020年8月，京东工业完成了A轮融资，由GGV纪源资本领投，红杉资本及CPE源峰资本跟投。同月，收购了苏州工品 汇。 2020年10月，京东工业开始提供工业科技解决方案。 2021年1月，完成A-1轮融资。 2023年3月，完成B轮融资，总额3亿美元，对应估值67亿美元，是三年前的三倍。此轮融资由阿布扎比主权基金 Mubadala和阿布扎比投资基金42XFund共同领投，大型资管集团M&G、全球私募巨头EQT旗下的亚洲平台BPEA EQT （原霸菱亚洲投资）以及老股东红杉中国跟投。 B轮融资完成后，京东工业首次向港交所递交了上市申请。 从服务范围来看，京东工业客户覆盖广泛，截至2025年6月30日前十二个月， ...

Core 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].

Core Viewpoint - JD Industrial has officially submitted its listing application, potentially becoming the sixth company under JD Group to enter the capital market, following JD Group, JD Logistics, JD Health, Dada Group, and Debon Logistics [1] Group 1: Company Background and Development - JD Industrial originated from JD Group's industrial business incubation and became a primary category under JD.com in October 2018 [1] - The company began offering industrial technology solutions in October 2020 [2] - JD Industrial completed its A-round financing in August 2020, led by GGV Capital, with participation from Sequoia Capital and CPE Yuanfeng Capital, and acquired Suzhou Gongpin Hui in the same month [1][3] Group 2: Financing and Valuation - JD Industrial completed its A-1 round financing in January 2021 [3] - In March 2023, the company completed its B-round financing totaling $300 million, achieving a valuation of $6.7 billion, which is three times its valuation three years prior [3] - The B-round financing was led by Abu Dhabi sovereign fund Mubadala and Abu Dhabi Investment Fund 42XFund, with participation from M&G and EQT's BPEA EQT, along with existing investor Sequoia China [3] Group 3: Business Performance and Client Base - 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 [4] - The company collaborates with around 30,000 manufacturers, distributors, and agents, offering over 40 million SKUs across various categories [4] - JD Industrial's 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% [4] Group 4: Profitability and Market Position - JD Industrial turned a profit in 2023, reporting a net profit of 4.8 million RMB, after a net loss of 1.3 billion RMB in 2022, with net profit expected to rise to 760 million RMB in 2024 [5] - For the six months ending June 30, 2024, the company reported a net profit of 290 million RMB, which is projected to grow to 450 million RMB in the same period of 2025 [5] - The digital penetration rate of China's industrial supply chain market was only 6.2% in 2024, expected to reach 8.2% by 2029, indicating significant growth potential for JD Industrial in leading the digital transformation of the industrial supply chain [5] Group 5: Innovation and Technology - Recently, JD Industrial launched the first industrial supply chain large model, JoyIndustrial [6]