港口期现聚新力，赋能统一大市场 建设全国统一大市场，是畅通国内大循环、构建新发展格局的战略举措，核心在于打破地域壁垒、优化 资源配置、增强产业链供应链韧性，形成供需互促、产销并进、畅通高效的经济循环体系。期现市场作 为连接金融与实体经济的关键纽带，凭借价格发现、风险管理、资源整合的核心功能，成为服务全国统 一大市场建设的重要新兴力量。 近年来，山东省港口集团旗下的山东港口投资控股有限公司（简称投控集团）主动对标国家战略部署， 以期现融合创新为抓手，深耕产业服务、完善市场功能、强化协同赋能，在畅通商品流通、稳定市场预 期、赋能实体经济高质量发展的实践中，书写了服务全国统一大市场建设的生动答卷。 山东省港口集团深度融入全国统一大市场建设，在全国率先实现期现货全牌照布局，形成"清算所+期 货公司+风险管理子公司+交割中心+现货交易中心"全链条期现货市场体系发展格局。投控集团依托山 东省港口集团的资源禀赋和期现货全牌照优势，以期现联动为突破点，搭建覆盖生产、贸易、消费全链 条的期现服务网络，将期货市场的价格发现功能与现货市场的流通优势深度融合，为全国统一大市场的 商品流通体系建设贡献力量。 针对液化石油气（LPG）客 ...

来源：环球网 【环球网科技报道 记者 王楠】12月26日，在以"环球相约 智启新程"为主题的第六届环球趋势大会现 场，出海已成为工业领域热议的核心议题。当前，部分领先中资企业的海外收入占比已达30%-40%，且 保持稳健增长态势，全球化布局成为企业拓展增长空间的关键选择。京东工业越南总经理黄恺在会上表 示："在全球市场的复杂环境中，供应链的稳定与可靠远比单纯追求扩张速度更为重要。京东工业的核 心目标，是为出海工业企业构建覆盖全周期、适配多场景的可信赖全球化服务体系，让企业出海之路走 得更稳、更远。" 随着制造业等领域中资企业加速"走出去"，跨境供应链的服务需求日益迫切。黄恺指出，企业出海面临 的挑战远不止表面的语言差异，尤其是在新兴市场，非英语官方语言环境虽带来沟通不便，但更核心的 难题集中在深层运营层面。"商品标准化的复杂程度、不同国家和地区的税制差异，以及供需两端的精 准匹配，这些才是制约企业海外业务推进的关键症结，也是我们重点突破的方向。" 面对这一需求，京东工业的全球化布局已初见成效。黄恺介绍，公司近期在巴西、印度尼西亚等海外关 键市场持续发力，与多家本地优质合作伙伴达成战略合作，从商品资源整合、本地 ...

Core Insights - JD Industrial officially listed on the Hong Kong Stock Exchange on December 11, 2023, under stock code 7618, marking a new development phase for the company [1] - The funds raised from the IPO will be primarily used to enhance industrial supply chain capabilities, expand cross-regional business, and pursue potential strategic investments or acquisitions [1] - JD Industrial aims to leverage its super supply chain to strengthen digital supply chain technology and service capabilities, creating greater value for partners and long-term returns for investors [1] Financial Performance - JD Industrial's total revenue is projected to grow from 14.1 billion yuan in 2022 to 17.3 billion yuan in 2023, and further to 20.4 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 20.1% [2] - Adjusted net profits for 2022, 2023, and 2024 are expected to be 710 million yuan, 820 million yuan, and 910 million yuan respectively, with a CAGR of 12.8% [2] - As of August 31, 2025, total revenue reached 14.1 billion yuan, representing an 18.9% year-on-year growth [2] Supply Chain Innovations - JD Industrial is developing a "super supply chain" that integrates supply chain infrastructure with digital technology to optimize costs and efficiency for industrial enterprises [4] - The company launched the "Smart Empowerment for Thousands of Industries, Trillion Cost Reduction" initiative, aiming to help the Chinese industrial sector achieve significant cost reductions over the next five years [4] - The "Ta Pu" integrated supply chain solution has been recognized in the automotive industry, significantly reducing procurement times and inventory costs for clients [5] Industry Applications - JD Industrial has provided tailored solutions for over 11,000 key enterprise clients and millions of SMEs, including around 60% of China's Fortune 500 companies [1] - The company has developed the first industrial supply chain large model, JoyIndustrial, to address high costs and low efficiency in the industrial sector [5] - JD Industrial offers support for over 100 Chinese companies in their overseas supply chain management, covering various regions and industries [7]

Core Viewpoint - JD Industrial's successful listing on the Hong Kong Stock Exchange marks a significant milestone in China's industrial digital transformation, raising approximately HKD 28.27 billion with a subscription rate of 60.25 times in Hong Kong and 7.88 times internationally [2][3]. Group 1: Industrial Supply Chain Development - The integration of consumer internet and industrial internet is recognized as a key industry consensus, with industrial internet requiring a deeper understanding of complex business processes and traditional work habits [3][4]. - JD Industrial has established a clear implementation path through horizontal integration, vertical deepening, and technology-driven approaches, successfully linking nearly 160,000 suppliers with diverse customer demands [6][7]. - The company has launched the "Taipu" integrated supply chain solution, which enhances operational efficiency and reduces costs through intelligent decision-making and process optimization [10][11]. Group 2: Financial Performance and Market Position - JD Industrial is projected to be the largest service provider in China's industrial supply chain technology and services market by 2024, with a market share of 4.1%, significantly ahead of its competitors [7][8]. - Revenue is expected to grow from approximately CNY 14.1 billion in 2022 to CNY 20.4 billion in 2024, with a compound annual growth rate of 20.1%, while net profit is forecasted to improve from a loss of CNY 1.27 billion to a profit of CNY 760 million [7][8]. Group 3: Future Growth Strategies - JD Industrial aims to leverage its listing to enhance industrial supply chain capabilities and expand geographically, with 35% of the funds raised allocated for supply chain enhancement and 25% for regional expansion [12][15]. - The company has set an ambitious target to reduce costs in the industrial supply chain by CNY 1 trillion over five years, capitalizing on the digital transformation of the industry [14][15]. - JD Industrial is also focusing on international expansion, providing comprehensive services to Chinese enterprises venturing abroad, addressing challenges in supply chain management [17][18].

Core Viewpoint - JD Industrial has successfully transitioned from a loss of 1.269 billion yuan in 2022 to a net profit of 762 million yuan in 2024, showcasing a remarkable turnaround and strong growth potential in the industrial e-commerce sector [3][4]. Group 1: IPO and Market Reception - JD Industrial's IPO on the Hong Kong Stock Exchange raised approximately 2.827 billion HKD, with a public offering price set at 14.1 HKD per share [2]. - The offering received 72,234 valid applications, indicating a subscription rate of about 60.25 times the available shares, while international placements were oversubscribed by approximately 7.88 times [2]. Group 2: Financial Performance - The company achieved a net profit of 762 million yuan in 2024, a staggering increase of nearly 158 times compared to the previous year [3]. - In the first half of 2025, JD Industrial continued its strong performance with a net profit of 500 million yuan [4]. - The revenue compound annual growth rate (CAGR) over the past three years reached 20%, highlighting the company's ability to grow while achieving profitability [5]. Group 3: Business Model and Innovation - JD Industrial differentiates itself by utilizing a digital supply chain system called "Taipu," which emphasizes data flow over physical inventory movement, reducing costs and improving efficiency [7][8]. - The company has established a standardized product library, "Mercator," to streamline the procurement process and enhance operational efficiency [10]. - JD Industrial's "Taipu" system connects over 158,000 suppliers, transforming fragmented inventory into a cohesive network, thereby improving supply chain collaboration [11]. Group 4: Industry Impact and Future Prospects - JD Industrial aims to serve as a vital link in China's manufacturing supply chain, helping local industries connect with broader markets and optimize production based on real-time demand data [17]. - The company is also focused on supporting Chinese enterprises in establishing efficient supply chains overseas, exemplified by its "accompanying overseas" service [18]. - JD Industrial has ventured into AI with the launch of its industrial supply chain model "JoyIndustrial," aiming to revolutionize efficiency in the industrial sector [19][20].

文/耿朴凡 刘强东掌舵下的"京东系"，迎来第六家上市公司。12月11日，京东工业在历经两年半、四次递表冲刺后，正式登陆港交所。京东工业此次IPO发行价为 14.1港元/股，盘中一度破发。截至收盘，京东工业维持了发行价，最新市值377.48亿港元。 来源：宿迁发布 京东工业登陆港交所 京东工业起源于京东集团2013年面向企业客户开展的企业业务，主要是为了满足企业客户综合一站式采购的需求，2017年成为京东集团的独立 业务单元，2018年10月以京东一级类目形式正式上线，2019年11月正式注册升级为子公司。 如今，京东工业已崛起为国内头部工业供应链技术与服务提供商。 招股书显示，靠着涵盖80个产品类别的超8100万个SKU（库存保有单位），京东工业在2022年至2024年实现营收141.35亿元、173.36亿元、204 亿元和103亿元， 三年间年复合增长率达20.13%。净利润方面，在2022年亏损约13亿元的情况下，2023年扭亏为盈，2024年净利润飙升至7.62 亿元。 今年上半年，京东工业实现营收103亿元，同比增长18.9%；实现净利润4.5亿元，同比增长55.2%。 业绩持续向好的京东工业，上市 ...

Core Viewpoint - JD Industrial is positioned to leverage the growing industrial supply chain market in China, with a projected revenue compound annual growth rate (CAGR) of 20.1% from 2022 to 2024, and a significant turnaround from a net loss of 1.3 billion yuan in 2022 to a profit of 760 million yuan in 2024 [15][6]. Industry Overview - China is the world's largest industrial manufacturing country, with an industrial added value expected to reach 40.5 trillion yuan in 2024, accounting for approximately 30% of the global total [4]. - The MRO (Maintenance, Repair, and Operations) market is a significant segment, with demand estimated at 4%-7% of industrial output value, and the market size expected to exceed 3 trillion yuan by 2025 [4][5]. Company Strategy - JD Industrial has introduced a "digital-physical integration" model to address long-standing industry pain points, utilizing its smart supply chain solutions to enhance efficiency and reduce costs [6][12]. - The company aims to capture a leading position in the domestic industrial supply chain market, with a projected revenue of 20.4 billion yuan in 2024 and a market share of 4.1%, nearly three times that of its closest competitor [16][15]. Market Dynamics - The domestic MRO market is characterized by fragmentation, with over 120,000 traditional distributors, 85% of which are small and medium-sized enterprises, leading to inefficiencies and high costs [12][9]. - JD Industrial's solutions have demonstrated significant cost reductions for clients, such as a 40% decrease in inventory costs for a steel company and a 15% reduction in procurement costs for a nuclear power plant [13][14]. Future Outlook - The global MRO market is projected to reach approximately $747.6 billion, with significant opportunities for growth as the domestic market matures [21]. - JD Industrial is also focusing on international expansion, establishing partnerships in countries like Brazil and Indonesia, and leveraging AI technologies to enhance supply chain operations [20][19].

| BofA Securities | UBS | Haitong International Goldman Sachs | | --- | --- | --- | | 聯席整體協調人、聯席全球協調人、 | | 財務顧問、聯席全球協調人、 | | 聯席張簿管理人及聯席牽頭經辦人 | | 聯席張簿管理人及聯席牽頭經辦人 | | Huatai International | | CITIC Securities | "京东系"版图再度扩张！京东工业12月11日正式于港交所主板上市，股票代码为7618。据港交所12月10日晚公告， 京东工业公开发售价定为每股14.1港元，若不行使超额配股权，全球发售募集资金净额约28.27亿港元。 上海证券报记者注意到，京东工业也是继京东集团港股二次上市，京东健康、京东物流赴港IPO之后，"京东系"的 第四家港股上市公司。 据了解，依托自身在供应链基础设施与数智技术的双重优势，京东工业携手合作伙伴发起了"智赋千行万亿降本"产 业行动，陆续发布汽车制造、能源电池等十大工业行业场景专属方案，并提出明确目标：未来五年内，助力中国工 业产业实现"降本万亿"的突破性成果。 以汽车制造业为例 ...

Core Viewpoint - JD Industrial aims to transform the industrial supply chain by providing a comprehensive digital supply chain solution, enhancing efficiency and collaboration for global industrial enterprises [1][5][14] Group 1: Global Supply Chain Strategy - JD Industrial is establishing a global supply chain network, focusing on Southeast Asia, to support Chinese enterprises in their international expansion [3][4] - The company emphasizes the importance of local adaptation and collaboration with local suppliers and logistics partners to enhance service capabilities [4][11] - JD Industrial's strategy includes a "light operation" approach, leveraging existing logistics infrastructure while integrating local supply chains [11][12] Group 2: Digital Transformation and Technology - The company utilizes its proprietary digital supply chain management system, "Tai Pu," to optimize procurement and operational efficiency [12][13] - JD Industrial has developed the Joy Industrial model, which leverages extensive data to improve supply chain processes and reduce costs for clients [12][13] - The "trillion-dollar cost reduction" initiative aims to lower the total cost of China's industrial supply chain through digital transformation [12][13] Group 3: Challenges and Opportunities - Chinese enterprises face significant challenges when expanding overseas, including supply chain visibility and local market adaptation [7][8] - JD Industrial identifies Southeast Asia as a promising market due to its geographical advantages and supportive government policies for industrialization [6][10] - The company acknowledges the complexities of different market regulations and cultural practices, which necessitate a tailored approach to business development [4][6]

Core Insights - The 2025 World Intelligent Manufacturing Conference showcased JD Industrial's deep insights and comprehensive layout in the robotics manufacturing industry, emphasizing its role in providing digital supply chain services across various stages of production [1] - JD Industrial signed strategic cooperation agreements with multiple companies to enhance the supply of quality core components for robotics manufacturing, highlighting its expertise in both industry and digitalization [1][3] Industry Overview - The Chinese robotics market is experiencing explosive growth, with projections indicating a market size exceeding 340 billion yuan by 2025 and reaching 780 billion yuan by 2030, reflecting a compound annual growth rate of 18.4% [2] - In key sectors like automotive manufacturing, the robot penetration rate is expected to reach 78% by 2025, resulting in annual cost savings of approximately 42 billion yuan [2] Supply Chain Solutions - JD Industrial offers a comprehensive supply chain solution addressing the complexities of component management and delivery challenges in the rapidly growing robotics sector [3] - The company’s integrated supply chain solutions aim to resolve issues related to supplier management and procurement variability, thereby enhancing operational efficiency [3] Specific Applications - In the R&D phase, JD Industrial supports companies by providing services such as technical selection assistance, rapid prototyping, and BOM standard library integration, ensuring comprehensive support for testing and production processes [4] - For mass production, JD Industrial offers one-stop JDM services, including OEM outsourcing and supply chain management, to meet the diverse needs of the robotics manufacturing industry [4] Collaborative Innovations - JD Industrial and Desay Battery are collaborating to develop a standardized battery platform to address the fragmented battery solutions in the service robotics market, aiming to enhance performance and reliability [4]