作者丨孔海丽 编辑丨朱益民 京东工业上市了。 这不光是中国互联网巨头讲出的足够坚韧、极具魅力的故事，更像是一份关于中国工业如何"万亿降本"的实验报告。 在过去很长一段时间里，互联网与工业像是两个平行世界。前者讲究流量、GMV、眼球经济，后者看重参数、良率、耐受度。当一家出身 于互联网电商的企业，试图在庞杂、繁重且看重"老师傅经验"的工业领域扎根，并且要重构供应链时，注定是伴随质疑的。 但京东工业拿到了赞成票。 2023年财报进入盈利周期，当年净利润为480万元；2024年净利润增至7.6亿元。2025年上半年净利润已达4.5亿元。截至2025年8月底， 京东工业年内总收入同比增长18.9%，增长势头稳健。 过程并不容易。 一家公司的上市，背后竟然是中国工业供应链数智化转型升级的样本，市场或许还将从这里看到中国制造升级的更多可能性。 而且， 京东工业很可能是一个完全不同的新物种，市场上还没有真正的对标对象， 它既不是美国的固安捷，也不是纯粹的SaaS软件商。 CIC灼识咨询董事总经理董晓雅告诉21世纪经济报道记者，京东工业应该是一种更具中国特色的"工业数字化新物种"，有着工业领域最广 泛、最复杂、因此也最具壁垒 ...

托比网消息，北京时间12月11日，京东工业股份有限公司于香港联交所主板正式上市，股票代码为$京东工业(HK|07618)$。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。 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。" 截止发稿，京东工业开盘14.10元，股价13.76元，最低12.66元。市值369.81亿港元。 在香港上市标志着京东工业进入新的发展阶段，募集资金将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。 公开资料显示，自2017年成立伊始，京东工业就一直专注于为工业企业提供专业可信赖的数智供应链技术与服务解决方案，通过"让数据多流动，让商品 少跑动"，帮助客户创造降本、增效、保供、合规的价值。招股书显示，京东工业的持续经营业务总收入由2022年的141亿元、2023年的173亿元增至2024 年的204亿元，复合年增长率达到20.1%；2 ...

陈鄂生视当下为新航海时代，工业企业的供需如何优化匹配， 供应链领域能否冲破数据孤岛，告别协同冲突等痛点，都成为 产业全球化发展的掣肘难题，而这却是京东工业远征的起点。 作者：钱方 封图：图片资料室 泰国首都曼谷往南10公里处的林查班港，是当地最大的集装箱港口，也是东南亚重要的物流枢 纽。陈鄂生与团队扎根于此设立了分公司，不远处还建起了一个1万平方米的大仓。 作为京东集团副总裁、京东工业国际业务的负责人，陈鄂生正在这里推动着一场关于工业供应链的 深刻变革。位于林查班港的办公室内，午后的阳光斜洒在桌上，窗外是这个国家正在加速搏动的工 业脉搏：在货轮来往与集装箱起落的繁忙景象中，不少中资企业在这里新建厂房，在机器的运转声 中，中国制造变为全球制造的故事正在发生。 陈鄂生视当下为新航海时代，工业企业的供需如何优化匹配，供应链领域能否冲破数据孤岛，告别 协同冲突等痛点，都成为产业全球化发展的掣肘难题，而这却是京东工业远征的起点。 作为京东集团旗下专注于工业供应链技术与服务业务的业务板块，京东工业试图为各行业工业企业 提供一套全链路的数智供应链解决方案。"让数据多流动，商品少跑动"是它对客户的服务理念和 目标承诺。采用数 ...

Company Overview - JD Industrial is a leading industrial supply chain service platform in China, focusing on supply chain digitization services through its "Taipu" platform, covering over 8.11 million SKUs across 80 categories[1] - As of June 2025, JD Industrial served 11,000 key enterprise clients, with a transaction scale of 14.6 billion RMB in the first half of 2025, representing a 17% year-on-year growth[1] Financial Performance - Total revenue for the first half of 2025 reached 10.25 billion RMB, a 19% increase year-on-year, with product sales contributing 9.6 billion RMB, accounting for 93% of total revenue[2] - Adjusted net profit for the same period was 495 million RMB, up 34% year-on-year, with a profit margin of 4.8%[2] Market Trends - The industrial supply chain technology and service market in China is projected to reach 800 billion RMB in 2025, growing at a CAGR of 8.3% from 2025 to 2029[3] - JD Industrial holds a 4.1% market share in the domestic supply chain technology and service market, leading the sector with a transaction scale of 28.8 billion RMB in 2024[3] Competitive Landscape - JD Industrial's market share is significantly higher than its closest competitors, with the second and third players holding 1.5% and 0.9% market shares, respectively[3] - The company benefits from a high customer retention rate and a transparent online trading platform, which enhances its competitive advantage[4] Risks and Challenges - The company's gross margin is lower than that of overseas peers, which may impact long-term net profit margins[5] - A significant portion of revenue (36% in 1H25) still comes from JD Group, indicating potential dependency risks[5] IPO Details - The IPO is scheduled from December 3 to December 8, 2025, with trading commencing on December 11, 2025[6] - The expected net proceeds from the offering are estimated at 2.827 billion HKD, with 35% allocated to enhancing supply chain solutions and 30% for potential strategic acquisitions[9] Valuation Insights - The expected IPO price range is 12.7 to 15.5 HKD, with a projected market capitalization of 34 to 41.5 billion HKD post-IPO[10] - The company's P/E ratio is estimated to be between 29.8x and 36.4x, which reflects a premium compared to domestic and overseas peers[10]

Core Viewpoint - JD Industrial is planning a global offering of 211 million shares, with a price range of HKD 12.7 to 15.5 per share, aiming to enhance its industrial supply chain capabilities and expand its market presence [2][10]. Company Overview - JD Industrial is a leading provider of industrial supply chain technology and services in China, focusing on digital transformation to help clients achieve supply assurance, cost reduction, efficiency improvement, and compliance [3][4]. - The company has developed a comprehensive digital supply chain solution called "Taipu," which integrates industrial products and supply chain services to meet diverse customer needs [3][6]. Market Position - JD Industrial is the largest participant in China's MRO procurement services market, with a market share nearly three times that of its closest competitor, according to data from Zhaoshang Consulting [3][4]. - The company holds a 4.1% market share in the broader industrial supply chain technology and services market in China, making it the largest service provider in this sector [4]. Financial Performance - The company's revenue is projected to grow from approximately RMB 141 billion in 2022 to RMB 204 billion in 2024, reflecting a compound annual growth rate (CAGR) of 20.1% [4][10]. - JD Industrial recorded a net profit of RMB 7.6 billion in 2024, up from a net loss of RMB 1.3 billion in 2022, indicating a significant improvement in profitability [10]. Investment and Use of Proceeds - The company plans to allocate approximately 35% of the funds raised from the global offering 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 needs [11].

Group 1 - JD Industrial has passed the hearing for its IPO on the Hong Kong Stock Exchange, with joint sponsors including Bank of America Merrill Lynch, Goldman Sachs, Haitong International, and UBS [1] - If successfully listed, JD Industrial will be the sixth publicly listed company under Liu Qiangdong [1] - JD Industrial is a leading provider of industrial supply chain technology and services in China, focusing on MRO procurement services since 2017 [3][5] Group 2 - JD Industrial is the largest participant in China's MRO procurement service market, with a projected transaction volume in 2024 nearly three times that of its closest competitor [3] - The company holds a market share of 4.1% in the industrial supply chain technology and services market in China, with revenue from continuing operations expected to grow from approximately RMB 14.1 billion in 2022 to RMB 20.4 billion in 2024, reflecting a compound annual growth rate (CAGR) of 20.1% [3][5] Group 3 - As of June 30, 2025, JD Industrial serves around 11,100 key enterprise clients, including approximately 60% of China's Fortune 500 companies and over 40% of the global Fortune 500 companies operating in China [5] - The company offers a wide range of industrial products, with approximately 81.1 million SKUs across 80 product categories, sourced from around 158,000 manufacturers, distributors, and agents [6] Group 4 - JD Industrial's revenue from continuing operations increased from RMB 8.6 billion for the six months ending June 30, 2024, to RMB 10.3 billion for the six months ending June 30, 2025 [6] - 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 [6] Group 5 - JD Industrial is expected to raise around $500 million in its upcoming IPO, contributing to the ongoing trend of increased IPO activity in Hong Kong [7] - Since July 1, 2023, Hong Kong has raised nearly $23 billion through stock issuances, marking the best quarterly performance in over four years [7] Group 6 - The growth of JD Industrial is supported by the robust development of China's secondary industry, which has seen its output value increase over 250 times in the past 47 years [11] - China's secondary industry output value is projected to grow from RMB 38.1 trillion in 2019 to RMB 49.2 trillion in 2024, with a CAGR of 5.3% [11] - China is expected to continue leading global growth in the secondary industry, with a more comprehensive and complex industrial ecosystem compared to the United States [11][13]

Core Viewpoint - JD Industrial is determined to pursue an IPO, having submitted its prospectus for the fourth time, indicating a strong commitment to listing despite facing multiple challenges [2][3][4]. Financial Performance - JD Industrial's total revenue for 2022, 2023, 2024, and the six months ending June 30, 2025, were 14.1 billion, 17.3 billion, 20.4 billion, and 10.3 billion respectively, showing an upward trend [5]. - The company turned a profit in 2023 with a net profit of 4.8 million, following a net loss of 1.3 billion in 2022. Projected net profits for 2024 and the six months ending June 30, 2025, are 760 million and 450 million respectively [5]. - Revenue from product sales increased from 12.9 billion in 2022 to 16.1 billion in 2023, and is expected to reach 19.2 billion in 2024, with a compound annual growth rate of 21.7% [5]. Market Context - The Chinese industrial supply chain and service market have significant growth potential, with a digital penetration rate of only about 11% in 2024 [6]. - The online penetration rate for domestic enterprise procurement is below 10%, indicating ample room for development [7]. Competitive Landscape - JD Industrial faces intensified competition, particularly from Tmall, which launched an "Industrial Brand Pavilion" and reported significant growth in the enterprise service sector during the 618 shopping festival [7]. - The revenue structure shows that product sales account for a growing percentage of total revenue, but the gross margin for product sales is lower than that for service revenue [8]. Operational Challenges - The gross margin for product revenue was 11.0%, 10.0%, and 11.3% for 2022, 2023, and 2024 respectively, while service revenue gross margins were significantly higher at 92.9%, 97.0%, and 94.1% [8]. - Inventory turnover days have increased, with figures of 17.9 days, 13.8 days, 14.8 days, and 23.1 days for the years ending December 31, 2022, 2023, 2024, and the six months ending June 30, 2025, respectively [9]. - The company must enhance its supply chain management and address potential issues related to inventory buildup and demand forecasting [9].

Group 1 - The China Securities Regulatory Commission has issued a notice regarding the overseas issuance and listing of JD Industrials, Inc., with plans to issue up to 253,309,800 ordinary shares on the Hong Kong Stock Exchange [1] - JD Industrials is a leading provider of industrial supply chain technology and services in China, offering a comprehensive digital industrial supply chain solution named "Taipu" to meet diverse customer needs [3] - The company has become the largest participant in China's MRO procurement service market, with a projected transaction volume ranking first in 2024, nearly three times larger than the second-largest competitor [3] Group 2 - JD Industrials is also the largest service provider in China's industrial supply chain technology and services market, with a market share of 4.1% based on projected transaction volume for 2024 [3] - The company's transaction volume is expected to grow from approximately RMB 22.3 billion in 2022 to RMB 28.8 billion in 2024, reflecting a compound annual growth rate of 13.5% [3]

Core Insights - JD Industrial and Nanjing Tianchuang Electronics have signed a cooperation agreement to enhance collaboration in the fields of robotics, core component online sales, MRO, and BOM supply chain optimization [1][2] - This partnership signifies JD Industrial's deepening expansion in the industrial robotics sector, leveraging the Taopu integrated supply chain solution to reduce costs and improve efficiency for robotics companies [1][3] Company Overview - JD Industrial is a leading provider of industrial supply chain technology and services in China, serving over 10,000 key enterprise clients, including around 50% of China's Fortune 500 companies [3] - Nanjing Tianchuang, established in 2011, offers a complete solution system for environmental awareness and equipment fault diagnosis, widely deployed in various industries such as power, oil and gas, and metallurgy [4] Market Context - In 2024, China's industrial robot market is projected to reach sales of 302,000 units, maintaining its position as the largest industrial robot market globally for 12 consecutive years [1] - China accounts for two-thirds of global robot patent applications and is the world's largest robot producer, with industrial robot production increasing from 33,000 units in 2015 to 556,000 units in 2024 [1] Digital Transformation Focus - The collaboration will focus on digital transformation, with JD Industrial leveraging its technological advantages in cloud computing, AI, IoT, blockchain, and big data to enhance Nanjing Tianchuang's operational processes [2] - JD Industrial aims to create a customized, aggregated digital procurement platform for Nanjing Tianchuang, facilitating intelligent transformation and cost reduction across the supply chain [2] Strategic Goals - The partnership aims to optimize the entire procurement supply chain for Nanjing Tianchuang, ensuring compliance, supply security, cost reduction, and efficiency improvement [2] - JD Industrial will utilize its extensive industrial customer base and Nanjing Tianchuang's leading position in the global inspection robot market to enhance online and offline sales of robotic products [2][4]