Core Insights - The 18th China Industrial Forum was held on December 16 in Beijing, focusing on the theme "Integration and Innovation, Strengthening Industry" [1][4] - JD.com's Industrial CTO, Gu Yingkun, emphasized the need for technology to achieve extreme operational efficiency in the industrial sector, aiming to provide a purchasing experience that is "fast, good, and cheap" similar to the consumer side [1][4] Industry Challenges - The industrial supply chain faces significant challenges, including a vast number of SKUs (over ten million types of industrial products like fasteners) and low standardization, making data processing and standardization a major hurdle [1][4] - Compared to the highly mature consumer supply chain, the industrial supply chain shows notable gaps in efficiency, cost, and experience [1][4] - Industrial applications require high precision and reliability, with low tolerance for errors, and issues such as AI "hallucinations" need to be addressed [1][4] Technological Solutions - JD.com aims to leverage its technological and capability accumulation from the consumer supply chain to tackle the disorder and inefficiency present in the industrial sector [1][4]

公开资料显示，随着京东工业登陆港交所，刘强东已完成6家公司上市。其余5家分别为京东集团、京东物流、京东健康、达达集团、德邦股份。 上市首日股价小幅低开 据港交所公告，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。 Wind数据显示，12月11日早盘，京东工业开盘价为13港元/股，相较公开发售价小幅低开。截至收盘，京东工业报14.1港元/股，与公开发售价持平。 12月11日，京东工业股份有限公司在香港联交所主板上市，股票代码为7618。 京东工业募集资金预计重点用于增强工业供应链能力、跨地域业务拓展、潜在战略投资或收购等领域，持续助力客户提升供应链效率、降低运营成本。 公司的客户包括工业供应链上的各类参与者。2022年、2023年、2024年以及2025年上半年，公司前五大客户产生的收入分别占总收入的8.1%、10.5%、 12.1%及13.3%。 公司的供应商主要包括工业品的制造商、分销商及代理商。2022年、2023年、2024年以及2025年上半年，前五大供应商的采购量分别占产品和服务总采购 量的12.5%、10.7%、10.2%及11.5%。 业务依 ...

【大河财立方 记者 陈薇】12月11日，京东集团旗下京东工业股份有限公司（以下简称"京东工业"）登陆港交所，这也是继京东集团、京 东物流、京东健康、达达集团、德邦股份后，刘强东收获的第6家上市公司。 2017年，京东工业开始独立运作，布局专注于MRO采购服务的供应链技术与服务业务。目前，其已成为中国MRO采购服务市场的最大 参与者。根据灼识咨询数据，按2024年交易额计，公司排名第一，规模为第二名的近三倍，同时也是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%。 按SKU数量计，京东工业在中国提供最广泛的工业品供应。截至今年6月底，其已提供约8110万个SKU，涵盖80个产品类别。截至今年6 月底前的12个月内，京东工业的商品供应源自由约15.80万家制造商、分销商及代理商组成的广泛的且覆盖全国的工业品供应网络。 其针对工业品采购给出的方案是，通过自营模式打通上游15万多家供应商，构建多级仓网，把MRO、部分BOM和备品备件统一纳入供 应体系，同时以"太璞"搭建数字智能化供应链方案。对于大型企业，"太璞"可以帮助企业进行系统性的供应链改造，对于中小企业，它 可以将企业需求拆解为标准化的S ...

新浪科技讯 12月11日上午消息，京东工业股份有限公司（简称"京东工业"）正式于香港联交所主板上 市，股票代码为7618。据港交所公告，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。 此次在香港上市，标志着京东工业进入新的发展阶段，募集资金预计重点用于增强工业供应链能力、跨 地域业务拓展、潜在战略投资或收购等领域，持续助力客户提升供应链效率、降低运营成本。 京东集团SEC委员、京东工业CEO宋春正表示，"我们将依托京东超级供应链，持续强化数智供应链技 术和服务能力，为产业、为上下游伙伴和客户创造更大价值，为投资者带来长期回报。" 责任编辑：杨赐 新浪科技讯 12月11日上午消息，京东工业股份有限公司（简称"京东工业"）正式于香港联交所主板上 市，股票代码为7618。据港交所公告，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。 此次在香港上市，标志着京东工业进入新的发展阶段，募集资金预计重点用于增强工业供应链能力、跨 地域业务拓展、潜在战略投资或收购等领域，持续助力客户提升供应链效率、降低运营成本。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：喜乐 12月3日，京东生态版图再迎扩容——旗下第六家拟上市公司京东工业正式启动全球发售。根据发行计划，公 司预计于12月9日确定最终发行价格，并于12月11日在港交所上市。本次发行价格区间为12.7-15.5港元/股，基 础发行股数约为2.1亿股，对应基础发行规模约为26.8-32.7亿港元；绿鞋后发行股数约为2.4亿股，对应绿鞋后 发行规模约为30.8-37.6亿港元。 作为国内工业供应链领域的头部企业，京东工业的上市之路并非一帆风顺。从首次递表到启动发售，历时近 三年的进程中，公司不仅面临估值较 B 轮融资折让近 20% 的现实，还存在基石阵容过度依赖老股东、缺乏高 质量长线资金加持的发行短板，业务层面更凸显出毛利率结构失衡与对京东集团关联依赖较强的核心问题。 多重挑战叠加下，其上市后的市场表现更成为资本市场关注的焦点。 历时近三年终启动 发行规模与估值较预期缩水 B轮投资者浮亏超40% 回溯京东工业的上市筹备历程，其最初的市场热度与如今的发行现状形成鲜明对比。2023年3月，公司首次向 港交所递 ...

Core Viewpoint - JD Industrial is set to become the fourth listed company under the JD ecosystem after passing the hearing for its IPO in Hong Kong, aiming to enhance its industrial supply chain capabilities and expand its business geographically [2][3]. Group 1: Company Overview - JD Industrial is a provider of industrial supply chain technology and services, ranking first in China's MRO procurement services market with a projected transaction volume of 28.8 billion RMB in 2024, nearly three times larger than the second competitor [4][7]. - JD Industrial holds 78.84% of its issued share capital through its wholly-owned subsidiary [3]. Group 2: Market Context - MRO (Maintenance, Repair, and Operations) materials are essential for production operations but have unpredictable demand, while BOM (Bill of Materials) materials are critical for production processes and have stable demand [5]. - The MRO procurement services market is characterized by a low concentration of suppliers, with JD Industrial capturing 0.8% of the market share, while its closest competitor is estimated to hold 0.3% [7]. Group 3: Competitive Advantages - JD Industrial's advantages include a vast SKU offering of approximately 81.1 million items across 80 product categories, significantly surpassing its competitor, ZKH, which offers over 19 million SKUs [9]. - The company has demonstrated superior financial performance, achieving a gross margin of 18.55% and a net profit margin of 4.83% in the first half of 2025, compared to ZKH's losses [9][10]. Group 4: Cash Flow and Operational Efficiency - JD Industrial benefits from a negative cash conversion cycle, with accounts receivable turnover days of only 2.0 days, allowing it to generate substantial cash flow [11][14]. - The company has a strong bargaining position with suppliers, having engaged with approximately 158,000 suppliers, with its top five suppliers accounting for less than 10% of total procurement [13]. Group 5: Challenges Ahead - Despite its strengths, JD Industrial faces challenges in independently acquiring customers and managing inventory effectively, as indicated by rising inventory turnover days [17]. - The BOM market presents significant competition, and JD Industrial has not disclosed its market share or progress in this area, raising questions about its ability to replicate its MRO success [17].

Group 1: Trade Tensions and Tariffs - In 2025, under President Trump's administration, trade tensions between the US and China escalated, with punitive tariffs imposed on a wide range of Chinese imports, initially set at 10% and later increased to 145% [1][4] - China retaliated with high tariffs on US agricultural products and aircraft, reaching 125%, marking the beginning of a prolonged trade war [1][4] - A temporary agreement was reached in May, reducing US tariffs from 145% to 30% and Chinese tariffs from 125% to 10%, although the long-term implications of the trade war remained uncertain [5][7] Group 2: Impact on Industries - The trade conflict severely disrupted global supply chains, with US companies facing significant operational pressures and consumers experiencing rising prices [4] - Boeing was notably affected, with several aircraft orders canceled by Chinese airlines, leading to a substantial revenue decline for the company [4] - The tightening of Chinese rare earth exports impacted US high-tech industries, particularly in chip manufacturing and electric vehicle production, causing delays [3][12] Group 3: Economic Consequences - By July, inflation in the US surged to 4.2%, exacerbating the economic strain on farmers in key swing states reliant on exports to China [5][14] - Despite the ongoing trade tensions, trade volume between the US and China remained substantial, with a reported trade volume of 17.37 trillion yuan in the first nine months of the year [7][13] - The interdependence of the US and Chinese economies was highlighted, with significant implications for US agriculture and debt holdings in US Treasury bonds by China [13][14] Group 4: China's Global Positioning - China's diplomatic strategies, such as the Belt and Road Initiative, have strengthened its global trade relationships, with partner countries accounting for over half of China's total foreign trade [10][12] - China's manufacturing sector remains robust, contributing nearly 30% to global manufacturing value added, while the US struggles with high production costs due to offshoring [12][14] - In technology, China leads in patent applications and is making significant advancements in areas like 5G and artificial intelligence, posing a challenge to US technological dominance [14][15]

Core Viewpoint - JD Industrial has submitted a listing application to the Hong Kong Stock Exchange, aiming to enhance its position in the MRO procurement services market and expand its industrial supply chain capabilities [1] Group 1: Company Overview - JD Industrial is the largest participant in China's MRO procurement services market, with a transaction volume projected to be nearly three times that of the second-largest competitor by 2024 [1] - The company is also the largest service provider in China's industrial supply chain technology and services market, holding a market share of 4.1% as of 2024 [1] Group 2: Client Base and Product Offering - As of June 30, 2025, the company serves approximately 11,100 key enterprise clients, including around 60% of China's Fortune 500 companies and over 40% of global Fortune 500 companies operating in China [2] - The company offers the widest range of industrial products in China, with approximately 81.1 million SKUs across 80 product categories as of June 30, 2025 [2] - The product supply network consists of about 158,000 manufacturers, distributors, and agents nationwide [2] Group 3: 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 of 20.1% [3] - The company recorded a net loss of RMB 1.3 billion in 2022, followed by a net profit of RMB 4.8 million in 2023, and a projected net profit of RMB 760 million in 2024 [3] - For the six months ending June 30, 2024, the company reported a net profit of RMB 290 million, and for the six months ending June 30, 2025, a net profit of RMB 450 million [3] Group 4: Business Operations and Revenue Sources - The company operates a non-public exclusive digital procurement system for key enterprise clients, with independent websites and mobile applications providing direct access to products and services [4] - Revenue not involving JD Group traffic was RMB 7.5 billion, RMB 9.8 billion, RMB 12.3 billion, and RMB 6.6 billion for the years ending December 31, 2022, 2023, 2024, and for the six months ending June 30, 2025, respectively, accounting for 52.9%, 56.6%, 60.3%, and 63.9% of total revenue [4] - Revenue from JD Group platforms was RMB 6.7 billion, RMB 7.5 billion, RMB 8.1 billion, and RMB 3.7 billion for the same periods, representing 47.1%, 43.4%, 39.7%, and 36.1% of total revenue [4] Group 5: Future Plans - The funds raised from the listing are intended for enhancing industrial supply chain capabilities, regional business expansion, potential strategic investments or acquisitions, and general corporate purposes and working capital needs over the next 48 to 60 months [4]