记者丨孔海丽 编辑丨巫燕玲 11月23日，港交所官网披露京东工业通过聆讯。距离京东工业正式上市的日子更近了，外界目光开始好奇工 业供应链这一隐秘而庞大的赛道。 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。 京东工业有其特殊性，它身上既带着互联网电商公司的基因，又要在万亿工业场景里足够下沉，给出真实有效 的解决方案。 观察这家即将登陆资本市场的工业供应链技术与服务提供商，其刚刚收官的"双十一"提供了一个切入口。根据 京东五金城发布的2025年"双十一"战报，其自营入仓品成交额同比增长100%，用户数增长近50%。 显然，对于工业品而言，单纯的"电商化"如果不能解决信任问题，就只是将线下的混乱搬到了线上。 京东工业联合多家行业协会共同发起了"中国工业品不虚标"行动，其核心逻辑在于，要让供应链提速，首先要 让供应链"透明"。 中国电器工业协会电线电缆分会副秘书长刘斌表示，治理的关键在于"源头追溯+标准化+信用自律"。 数据背后，是一个极度分散、长期被低效和信息不对称困扰的万亿级市场，正在经历数字化转型的阵痛与新 生。 "柠檬市场"困境 ...

21世纪经济报道记者孔海丽 北京报道 11月23日，港交所官网披露京东工业通过聆讯。距离京东工业正式上市的日子更近了，外界目光开始好 奇工业供应链这一隐秘而庞大的赛道。 京东工业有其特殊性，它身上既带着互联网电商公司的基因，又要在万亿工业场景里足够下沉，给出真 实有效的解决方案。 观察这家即将登陆资本市场的工业供应链技术与服务提供商，其刚刚收官的"双十一"提供了一个切入 口。根据京东五金城发布的2025年"双十一"战报，其自营入仓品成交额同比增长100%，用户数增长近 50%。 数据背后，是一个极度分散、长期被低效和信息不对称困扰的万亿级市场，正在经历数字化转型的阵痛 与新生。 "柠檬市场"困境与破局 工业品作为工业生产的基础要素，其品质与流通效率直接决定着制造业的成本竞争力。 长期以来，我国万亿级工业品市场呈现出 "散、乱、杂" 的格局，供需两端高度分散，分销层级冗余， 非标准化商品占比高。 工业产业"河"里流淌的不仅是分销层级冗余造成的低效，还有因标准缺失、产品参数模糊造成的浑浊。 在工业品市场，部分产品存在产品实际参数、性能、材质、规格等与标识、宣传或承诺严重不符的乱 象，可以统称为"工业品虚标"，是工 ...

近年来，全球汽车产业链持续承压，产业结构高度复杂、供应链全球化布局带来前所未有的挑战。 据启信慧眼数据显示，中国汽车产业链覆盖45个关键环节，涉及31万余家上游企业、8000余家中游企业 及127万余家下游企业，任一环节的失效都可能引发系统性连锁风险。 随着汽车动力来源、生产运行方式、消费使用模式全面变革，新能源汽车产业生态正由零部件、整车研 发生产及营销服务企业之间的"链式关系"，逐步演变成汽车、能源、交通等多领域多主体参与的"网状 生态"。伴随着汽车行业转型，也暴露出一些行业痛点，诸如国内新能源汽车行业存在核心技术创新能 力不强、产业生态尚不健全、市场竞争日益加剧等问题。 对此，在今年9月由工业和信息化部印发的《场景化、图谱化推进重点行业数字化转型的参考指引 （2025版）》的通知中，特别发布了新能源汽车行业数字化转型场景图。通过"一图四清单"推进新能源 汽车行业数字化转型，帮助相关企业明确转型重点、找准转型路径、降低转型投入，分步实现数字化、 网络化、智能化转型。 "一图四清单"中特别指出，在数字化协同研发环节，产业链上下游协同研发缺少互惠的场景，核心研发 设计数据标准化、透明化程度不高。而在数字化供应 ...

Core Insights - JD.com is not just an e-commerce platform but also offers a comprehensive "Tai Pu" digital and physical integrated supply chain solution based on its super supply chain [1] - The collaboration between JD.com and traditional manufacturing companies is driving digital transformation, leading to significant cost reductions and efficiency improvements [1][5] Group 1: Supply Chain Transformation - JD.com has restructured the non-production procurement process for XCMG, reducing the procurement cycle from 11 days to under 2 days and decreasing costs by over 10% [1][5] - New界 Pump Industry has improved its sales and inventory turnover rate by 30% through collaboration with JD.com, achieving nearly 100% growth in transaction volume during the 11.11 event [2][4] Group 2: Industrial Digitalization - JD.com is leveraging its super supply chain to support the digital transformation of the industrial sector, aiming to create a "data highway" for new industrialization [4][7] - The "Intelligent Empowerment of Thousands of Industries, Trillion Cost Reduction" initiative aims to provide tailored solutions for ten key industries, enhancing supply chain efficiency and compliance [4][6] Group 3: Technological Integration - JD.com has developed the JoyIndustrial supply chain model, addressing high costs and low efficiency in the industrial sector through intelligent decision-making and process optimization [6] - The company emphasizes the importance of integrating technological innovation with industrial innovation to create greater value [5][6] Group 4: Market Expansion and Efficiency - JD.com’s self-operated supply chain and logistics network enhance procurement efficiency and meet diverse customer needs, positioning JD.com as a preferred platform for industrial product procurement [7] - The company is committed to promoting the standardization of industrial products and supporting sustainable development within the industry [6][7]

Core Insights - The construction of JD.com's intelligent industrial park in Shunyi, Beijing, has made significant progress, with the main structure fully completed and expected to be operational by July next year [1] Group 1: Project Overview - The project is divided into southern and northern zones, featuring three intelligent warehouses and supporting buildings, covering a total area of 114,000 square meters [1] - It aims to serve as a demonstration park for supply chain-oriented e-commerce and smart logistics, integrating advanced technologies such as 5G and Beidou navigation [1] Group 2: Economic Impact - The park is expected to drive the collaborative development of transportation, commerce, and other industries, contributing new momentum to the economic and social development of Shunyi District [1] Group 3: Supporting Infrastructure - The construction of surrounding facilities is progressing, with the Yinjiafu 110 kV substation expected to be operational by the end of the year, providing stable power supply for the park [1] - A micro green space project has been completed and will be open to employees and local residents [1] - The water supply plant project is accelerating its preliminary procedures to ensure water resource security for the park's operations [1]

Core Insights - The JD Smart Industrial Park project in Shunyi, Beijing has made significant progress, with the main structure completed and expected to be operational by July next year [1][3]. Group 1: Project Overview - The project is divided into northern and southern zones, featuring three smart warehouses and supporting buildings, covering a total area of 114,000 square meters [3]. - It aims to serve as a demonstration park for supply chain-oriented e-commerce and smart logistics, integrating advanced technologies such as 5G and Beidou navigation [3]. Group 2: Economic Impact - The park will introduce a JD settlement center and a comprehensive emergency consumption circulation center, which is expected to boost the transportation and commerce sectors, contributing to the economic development of Shunyi District [3][5]. - The local government is committed to supporting the project, which is anticipated to inject new momentum into the regional smart logistics industry and enhance economic vitality [5]. Group 3: Infrastructure Development - Surrounding infrastructure is also being developed, including a 110 kV substation expected to be operational by the end of the year, ensuring stable power supply for the park [5]. - Additional projects such as a water supply facility are underway to secure water resources for the park's operations [5].

Core Insights - JD Group and CATL have signed a strategic cooperation agreement to promote green low-carbon and digital transformation in the supply chain [1] - The collaboration aims to leverage JD's strengths in digital supply chain and omnichannel services alongside CATL's expertise in battery technology and green energy solutions [1][4] - The partnership will focus on sustainable development and cost efficiency in supply chain operations, enhancing procurement capabilities and expanding cooperation in overseas markets [1][5] Group 1: Strategic Cooperation - JD Industrial and CATL have been closely collaborating since 2022, evolving their cooperation model and expanding the scale of their partnership [3] - The collaboration has shifted from MRO procurement to BOM auxiliary materials, achieving significant cost reductions for CATL while ensuring stable supply [3] - Both companies are driving supply chain efficiency through technological innovation, implementing an "AR+AI" remote quality management system to enhance quality control processes [3][4] Group 2: Industry Positioning - CATL is recognized as a leading global player in the new energy sector, focusing on replacing fossil fuels and innovating in materials and manufacturing processes [4] - JD Industrial is a top provider of industrial supply chain technology and solutions in China, with a strong presence in the MRO market [4] - The new energy battery industry is characterized by global resource control, centralized manufacturing, and diversified applications, with Chinese companies holding advantages in the midstream sector [4] Group 3: Cost Reduction Initiatives - JD Industrial has launched the "Smart Empowerment of Thousands of Industries, Trillion Cost Reduction" initiative, targeting the energy battery sector with tailored solutions [5] - The solutions focus on real-time response, precise collaboration, and dynamic optimization to achieve optimal cost and efficiency [5] - JD Industrial provides comprehensive compliance assurance from suppliers to fulfillment, enhancing procurement management efficiency and reducing supply chain risks for energy battery companies [5][6]

Group 1 - JD Group has signed strategic cooperation agreements with CATL and Changan Automobile to promote green low-carbon and digital transformation in the supply chain [2] - The collaboration with CATL focuses on leveraging JD's strengths in digital supply chain and omnichannel services, aiming for sustainable development and cost efficiency in supply chain operations [2] - JD and CATL will work together on expanding the new energy vehicle charging ecosystem and building a battery aftermarket channel network, utilizing JD's nationwide service network [2] Group 2 - The partnership with Changan Automobile builds on a solid foundation of collaboration in user marketing, after-sales service, and inventory management, aiming to enhance cost efficiency [3] - During the 2024 JD 11.11 event, JD and Changan will jointly launch new vehicles to provide consumers with cost-effective automotive experiences [3] - The collaboration includes the completion of the Changan Automobile Smart Interaction Center project, enhancing customer service systems and extending cooperation into AI fields [3] Group 3 - The comprehensive strategic partnership will enable JD and Changan to deepen cooperation across various domains, including marketing for passenger cars, motorcycles, and vehicle ecosystem products [4] - Both companies will explore the development of smart logistics vehicles and collaborate on designing and producing new energy autonomous vehicles [4] - The partnership aims to create a modular automotive supply chain logistics solution, enhancing Changan's digital transformation in marketing management and offline service network [4]

Core Insights - CATL and JD Group signed a strategic cooperation agreement to enhance their collaboration in the battery consumption market and promote green logistics and supply chain digitalization [1][2] Group 1: Strategic Cooperation - The partnership aims to accelerate the electrification of urban logistics vehicles and promote innovative battery swapping products for heavy trucks [1] - Both companies will work together to establish a comprehensive domestic and international warehousing and distribution system for efficient, safe, and zero-carbon transportation of power batteries and other products [1] Group 2: Supply Chain Digitalization - The collaboration focuses on building a digital supply chain system for consumer goods and industrial products, enhancing procurement capabilities through supply chain operation technologies and services [1] - The companies plan to jointly develop data centers and expand their overseas business in line with the digital supply chain initiatives [1] Group 3: Battery Consumption Market - The partnership will establish a direct sales channel for battery swapping services and promote the vehicle-battery separation model, expanding the sales of battery swapping vehicles [1] - Utilizing JD's nationwide service network, the collaboration will also enhance after-market services for batteries, providing professional-level support for users [2]

Core Viewpoint - JD Industrial Co., Ltd. has submitted its fourth IPO application in Hong Kong since March 2023, aiming to issue up to 253 million shares and raise approximately $500 million, with plans to complete the listing by October to November 2023 [1][2]. Company Overview - JD Industrial, originally part of JD Mall's industrial segment, operates as a provider of industrial supply chain technology and services, focusing on digital transformation to enhance supply security, reduce costs, and improve efficiency [2]. - The company was established as an independent unit in July 2017 and became a primary category of JD Mall in 2018, officially forming JD Industrial after internal restructuring in 2019 [2]. Financial Background - JD Industrial has raised a total of $635 million through multiple funding rounds from investors including GGV Capital, Sequoia China, and Mubadala, achieving a valuation of $6.7 billion after its Series B funding [2]. - The company reported a significant drop in share repurchase price, buying back Pre-A round preferred shares at $1.7354, which was 67% lower than the Series B price of $2.5877 [2]. IPO Progress - After multiple attempts to list, JD Industrial received approval from the China Securities Regulatory Commission for its overseas listing, indicating that previous regulatory hurdles have been cleared [4]. - As of the application date, JD Industrial's total share capital stands at 2.466 billion shares, with JD Group holding 78.84% of the shares through three companies [4]. Business Model and Revenue - JD Industrial primarily serves manufacturing, energy, and transportation sectors, offering MRO (Maintenance, Repair, and Operations) and BOM (Bill of Materials) trading platforms, with a product range that includes hardware, safety supplies, and electrical components [6]. - The company has developed a digital procurement system for key enterprise clients and operates online platforms for small and medium-sized enterprises, boasting over 111,000 key enterprise clients and 158,000 merchants on its platform [7]. Financial Performance - JD Industrial achieved profitability in 2023, recovering from a net loss of approximately 1.3 billion RMB in 2022 to a profit of 4.8 million RMB in 2023, with further growth expected in 2024 [8]. - Revenue projections show a compound annual growth rate of 20.1% from 2022 to 2024, with revenues of approximately 141 billion RMB, 173 billion RMB, and 204 billion RMB respectively, although year-on-year growth rates are slowing [6][8]. Strategic Initiatives - The company is focusing on enhancing its industrial supply chain capabilities and expanding its geographical reach through the funds raised from the IPO, alongside potential investments or acquisitions [11]. - JD Industrial's "Tai Pu" solution combines digital and product offerings to provide comprehensive supply chain solutions, which is seen as a critical strategy for future growth [10].