Core Insights - JD Industrial has reached a significant historical milestone in its eight-year journey and is poised to tackle the next phase of growth [4] - The Chinese industrial supply chain is characterized by high costs and inefficiencies, with a pressing need for digital transformation [2][3] - JD Industrial aims to leverage its expertise in supply chain technology to address the challenges faced by the industrial sector [5][12] Industry Overview - China's industrial supply chain market is projected to reach 11.4 trillion yuan in 2024, making it the largest globally, yet it suffers from fragmentation and inefficiency [2] - The digital penetration rate in procurement among Chinese enterprises is only about 6.2% as of 2024 [2] - A successful digital transformation can reduce supply chain costs by an average of 5.9%, potentially unlocking 6.8 trillion yuan in profit space for Chinese industrial firms [2] Company Development - JD Industrial was established as an independent business unit in 2017 and has recently gone public, achieving a market capitalization of approximately 378.9 billion HKD (about 343.5 billion RMB) [4] - The company has served over 11,100 core industrial enterprises, including 60% of China's top 500 companies, and has seen its revenue grow from 14.135 billion RMB in 2022 to an expected 20.4 billion RMB in 2024, reflecting a compound annual growth rate of 20.1% [5] - JD Industrial has become the largest provider of industrial supply chain technology and services in China, with a market share of 4.1% [5] Strategic Focus - JD Industrial's mission is to enhance operational efficiency in the industrial sector through technology, focusing on the digital transformation of supply chains [5][12] - The company has introduced a unique product offering in MRO (Maintenance, Repair, and Operations) to address the high-frequency, low-value procurement needs of large enterprises [7] - JD Industrial has developed the Mercator standard product library to standardize industrial product parameters, addressing the "Babel Tower" problem of inconsistent coding and data formats across suppliers [10] Innovations and Solutions - The company has created a comprehensive supply network that connects manufacturers, distributors, and agents, enabling efficient sourcing across China [10] - JD Industrial's intelligent delivery network, including dedicated delivery centers, enhances the efficiency of logistics for industrial clients [11] - The company has launched the JoyIndustrial model and the "Intelligent Empowerment of Thousands of Industries, Trillion Cost Reduction" initiative to support the digital transformation of the industrial sector [13] Market Potential - The Chinese industrial supply chain technology and service market is expected to reach 1.1 trillion RMB by 2029, with a compound annual growth rate of 9.8% [14] - JD Industrial aims to provide a full suite of supply chain technology services, including strategic consulting, technology delivery, and operational support [14] Challenges Ahead - JD Industrial faces the challenge of increasing its service revenue, particularly in technical services, as over 90% of its revenue currently comes from product sales [22][23] - The company aims to transition from MRO to BOM (Bill of Materials) procurement, which presents a more complex and competitive landscape [24][25] - JD Industrial must demonstrate its independent capabilities and value proposition in the market, leveraging its parent company's resources while establishing its own identity [25]

Core Viewpoint - JD Industrial, a segment of JD Group focused on industrial supply chain technology and services, plans to go public on the Hong Kong Stock Exchange in December, marking a significant step in its strategic layout for industrial digitalization and a milestone in China's industrial supply chain transformation [1] Group 1: Business Overview - JD Industrial has been an independent business unit since 2017, aiming to achieve extreme operational efficiency in the industrial world through technology, leveraging JD Group's supply chain capabilities from the consumer sector [2] - The company has developed the leading smart supply chain solution "TaPu," which connects supply and demand effectively, providing comprehensive data support and decision-making advice to enterprises [2] Group 2: Service Network and Offerings - JD Industrial's service network spans key industries such as automotive manufacturing, energy batteries, steel metallurgy, high-end equipment, petrochemicals, and liquor brewing, serving over 11,100 core industrial enterprises and millions of SMEs, including around 60% of China's Fortune 500 companies [3] - The company offers a one-stop service that includes strategic consulting, full-chain technology and delivery, product supply chain, and operational value-added services, helping clients achieve breakthroughs in cost reduction, efficiency enhancement, supply assurance, and compliance [4] Group 3: Technological Innovations - JD Industrial has launched the first industrial supply chain large model, JoyIndustrial, trained on over 81.1 million industrial product SKUs and practical experience from more than 40 sub-industries, significantly improving efficiency in supply chain management [5] - The company is also involved in a nationwide initiative to reduce supply chain costs by 6.77 trillion yuan through innovation and digital transformation, with the total cost of China's industrial supply chain projected to be approximately 115.19 trillion yuan in 2024 [5] Group 4: Globalization Efforts - JD Industrial supports the globalization of "Made in China" by providing comprehensive services for emerging markets facing localization challenges, including strategic planning, global supply chain governance, and end-to-end fulfillment [8] - The company aims to build a mutually beneficial global industrial ecosystem by leveraging its digital platform to connect management methodologies accumulated over years in Chinese manufacturing [8] Group 5: Future Outlook - The upcoming IPO is expected to inject strong momentum into JD Industrial's mission of reconstructing supply chains and expanding globally, marking a significant leap from "Made in China" to "Chinese Smart Supply Chain" [10]

2025年12月11日的香港联交所交易大厅内，电子屏上跳动的数字与现场密集的快门声交织成一幅热闹的资本图景。 随着京东工业（股票代码：07618）正式挂牌上市，"京东系"的第六家上市公司登陆港股，这也是京东在工业供应链领域的重要布局。 现场公告屏实时显示，京东工业最终发行价锁定14.1港元，全球发售2.11亿股，募资总额达29.78亿港元。扣除1.51亿港元上市费用后，募资净额为28.27亿 港元；M&G、CPE Investment、晨曦投资管理、常春藤、刚睿、Schonfeld、Burkehill等7家基石投资者合计认购1.7亿美元，其中M&G一家就认购了8500万 美元，足见资本市场对其的认可。 | | | 將予認購的 | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | 發售股份 | | | | | | 基石投资者 | 認購金額 | 數目(p) | | | | | | | | | | 假設超額配股權 | | 假設超額配股權 | | | | | | 未獲行使 | | 獲悉數行使 | | | | | 估發售 | 估已發行 | 估發售 | 估 ...

Core Viewpoint - JD Industrial's IPO on the Hong Kong Stock Exchange marks a significant shift in the industrial supply chain sector from traditional inefficiencies to digital intelligence, highlighting market recognition of the value in industrial digital transformation [1] Industry Outlook: Trillion-Level Market Digitalization Dividend - China has the world's largest industrial system, with a supply chain market valued at approximately 11.4 trillion RMB, yet it suffers from inefficiencies and chaos stemming from traditional models [3] - The supply side is characterized by millions of dispersed manufacturers and distributors, leading to redundant channels and distorted information, while the demand side faces challenges in managing non-standardized products and complex supplier qualifications [3] - The digital penetration rate in China's industrial supply chain is currently low at 6.2%, compared to 15% in the U.S., indicating significant growth potential [4] Core Moat: Unique Model and Barriers Built on "Digital-Physical Integration" - JD Industrial's "Taipu" solution integrates data intelligence with physical products, creating an end-to-end system that standardizes product information and connects supply and demand efficiently [9] - The company has established a supply network of over 158,000 manufacturers and distributors, linking them with more than 11,000 key enterprise clients [9] - The business model has shown strong performance, with revenue growth from 14.135 billion RMB in 2022 to 20.4 billion RMB in 2024, and a net profit of 760 million RMB expected in 2024 [10] Growth Path: Multi-Dimensional Expansion Driving Ceiling Elevation - JD Industrial is expanding horizontally by entering specialized MRO fields and vertically by providing value-added services such as procurement strategy consulting and lifecycle management [15][16] - The company is also geographically expanding into Southeast Asia, South America, and the Middle East to support clients' overseas operations [17] - The industry is transitioning from high dispersion to gradual concentration, with JD Industrial positioned favorably to capture market share due to its established scale, brand reputation, and technological capabilities [18] Conclusion - JD Industrial has effectively addressed a trillion-scale market's need for efficiency through its "Digital-Physical Integration" model, with a clear and diverse growth path ahead [20]

Core Viewpoint - JD Industrial plans to globally issue 211 million shares with a price range of HKD 12.7 to HKD 15.5 per share, aiming to enhance its industrial supply chain capabilities and expand its market presence [1][4][5]. Company Overview - JD Industrial is a leading provider of industrial supply chain technology and services in China, offering a comprehensive digitalized supply chain solution called "Taipu" that integrates products and services [1][5]. - The company has established a robust end-to-end digital infrastructure for supply chain management, covering procurement, fulfillment, and operations [1][6]. Market Position - According to market data, JD Industrial holds a 4.1% market share in China's industrial supply chain technology and services market, making it the largest service provider in this sector as of 2024 [1][5]. - The company's revenue is projected to grow from approximately CNY 14.1 billion in 2022 to CNY 20.4 billion in 2024, reflecting a compound annual growth rate (CAGR) of 20.1% [1][5]. Product Offering - As of June 30, 2025, JD Industrial offers around 81.1 million SKUs across 80 product categories, sourced from approximately 158,000 manufacturers, distributors, and agents [2][5]. Industry Trends - The Chinese industrial supply chain market is characterized by high fragmentation and inefficiencies, with a digital penetration rate of only 6.2% in 2024, expected to rise to 8.2% by 2029 [2][6]. - The market size for industrial supply chain technology and services is anticipated to grow from CNY 7 trillion in 2024 to CNY 11 trillion in 2029, with a CAGR of 9.8% [2][6]. Operational Model - JD Industrial has adopted a light-asset operational model, leveraging digital connections between procurement needs and inventory from distributors and manufacturers, allowing for direct shipping from suppliers to customers [3][6]. Fund Utilization - The company plans to allocate approximately 35% of the raised funds to enhance industrial supply chain capabilities, 25% for regional business expansion, 30% for potential strategic investments or acquisitions, and 10% for general corporate purposes and working capital [3][7]. Ecosystem Development - JD Group has systematically built an ecosystem around its core supply chain business, integrating various platforms in consumption, health, logistics, and industrial sectors to enhance collaboration and competitiveness [3][7].

Core Viewpoint - JD Industrial plans to globally offer 211 million shares with a price range of HKD 12.7 to HKD 15.5 per share, aiming to enhance its industrial supply chain capabilities and expand its market presence [1][3]. Company Overview - JD Industrial is a leading provider of industrial supply chain technology and services in China, offering a comprehensive digitalized supply chain solution called "Taipu" that integrates both digital and physical aspects [1][2]. - The company has established a vast industrial product supply network with approximately 81.1 million SKUs across 80 product categories, sourced from around 158,000 manufacturers, distributors, and agents [2]. Market Position and Growth - According to market data, JD Industrial holds a 4.1% market share in China's industrial supply chain technology and services market, projected to grow from approximately CNY 14.1 billion in 2022 to CNY 20.4 billion in 2024, reflecting a compound annual growth rate (CAGR) of 20.1% [1][2]. - The digital penetration rate in China's industrial supply chain market is expected to rise from 6.2% in 2024 to 8.2% by 2029, driving the market size from CNY 7 trillion to CNY 11 trillion, with a CAGR of 9.8% [2]. Operational Strategy - JD Industrial employs a light-asset operational model by integrating procurement needs with inventory and production capacities of distributors and manufacturers, enabling direct shipping from suppliers to customers [3]. - The company plans to allocate approximately 35% of the raised funds to enhance its industrial supply chain capabilities, 25% for regional business expansion, 30% for potential strategic investments or acquisitions, and 10% for general corporate purposes and working capital [3]. Ecosystem Development - JD Group has systematically built an ecosystem around the core business of "supply chain," covering various sectors such as consumption, health, logistics, and industry, which enhances its competitive edge against industry fluctuations [3].

Group 1 - The company plans to globally offer 211 million shares, with 21.12 million shares available in Hong Kong and 190 million shares for international sale, along with an overallotment option of 31.68 million shares [1] - The subscription period is set from December 3 to December 8, with a maximum offer price of HKD 15.50 per share and an entry fee of approximately HKD 3,131.26 for 200 shares [1] - The total expected fundraising amount is HKD 2.978 billion, with a net amount of HKD 2.827 billion, aimed at enhancing industrial supply chain capabilities, potential strategic investments or acquisitions, regional business expansion, and general corporate purposes [1] Group 2 - The company is a leading provider of industrial supply chain technology and services in China, focusing on digital transformation to help clients ensure supply, reduce costs, increase efficiency, and maintain compliance [2] - The net profit for the company for the fiscal years ending June 30, 2023, 2024, and the first half of 2025 is projected to be CNY 4.799 million, CNY 762 million, and CNY 451 million, reflecting year-on-year changes of 100.36%, 15,770.14%, and 54.96% respectively [2]

Core Viewpoint - The company, JD Industrial, is set to launch an IPO from December 3 to December 8, 2025, aiming to raise approximately HKD 28.27 billion through the global offering, with a focus on enhancing its industrial supply chain capabilities and expanding its business geographically [1][3]. Group 1: Company Overview - JD Industrial is a leading provider of industrial supply chain technology and services in China, focusing on the digital transformation of industrial supply chains to help clients ensure supply, reduce costs, improve efficiency, and maintain compliance [1]. - The company has become the largest participant in China's MRO procurement services market, with a transaction volume in 2024 nearly three times that of the second-largest competitor [1]. Group 2: Financial Performance - The company's total revenue from continuing operations increased from RMB 14.1 billion in 2022 to RMB 17.3 billion in 2023, and is projected to reach RMB 20.4 billion in 2024, reflecting a compound annual growth rate (CAGR) of 20.1% from 2022 to 2024 [2]. - The company reported a net loss of RMB 1.3 billion in 2022, followed by a net profit of RMB 4.8 million in 2023, and a net profit of RMB 760 million in 2024 [2]. - For the six months ending June 30, 2024, and June 30, 2025, the company achieved net profits of RMB 290 million and RMB 450 million, respectively [2]. Group 3: Use of Proceeds - The company plans to allocate approximately 35% of the net proceeds from the global offering to enhance its industrial supply chain capabilities over the next 48 to 60 months [3]. - About 25% of the funds will be used for geographical business expansion, while 30% is earmarked for potential strategic investments or acquisitions, and 10% for general corporate purposes and working capital needs [3].

智通财经APP讯，京东工业(07618)于2025年12月3日至2025年12月8日招股，公司拟全球发售2.11亿股， 香港公开发售占10%，国际发售占90%，另有约15%超额配股权。每股发售价12.7港元-15.5港元，每手 200股，预期股份将于2025年12月11日(星期四)上午9时正开始在联交所交易。 该公司已与M&G、CPE Investment、晨曦投资管理、常春藤、刚睿、Schonfeld、Burkehill订立基石投资 协议，据此，基石投资者已同意在若干条件的规限下认购或促使其指定实体认购发售价总金额不超过约 1.7亿美元可购买的发售股份数目。 假设发售价为每股发售股份14.10港元且超额配股权未获行使，该公司预计将收到的全球发售募集资金 净额约为28.27亿港元。该公司拟将全球发售募集资金按下述金额用于下述用途：约35%预计在未来48 至60个月用于进一步增强工业供应链能力;约25%预计在未来48至60个月用于跨地域的业务扩张;约30% 预计将用于潜在战略投资或收购;约10%预计将用于一般公司用途及营运资金需要。 该公司于往绩记录期间收入增长显著。其收入主要来自于商品销售及提供服务。该公司的 ...

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].