京东工业是工业供应链技术与服务提供商，主营业务为工业品电商，通过"太璞"全链路数智化工业供应链解决方案，提 供企业非生产性物料（MRO）及生产性资料（BOM)服务等工业品供应及数智化供应链服务。京东工业2017年开始布局 专注于MRO采购服务的供应链技术与服务业务。经过多年发展，已成为中国大陆地区MRO采购服务市场的最大参与 者，根据灼识咨询的资料显示，按2024年的交易额计，京东工业排名第一，规模为第二名的近三倍。 净利润方面，2022年公司净亏损13亿元；2023年扭亏为盈，净利润为480万元；2024年净利润进一步增至7.6亿元，同比 增长1586%；2025年上半年，公司实现净利润4.5亿元，同比增长55.2%。 本次联席保荐人为美银美林、高盛、海通国际和UBS。这是京东工业第四次冲击港股上市，今年9月28日向港交所递 表。此前，京东工业曾于2023年3月、2024年9月、2025年3月三次递表，均因招股书有效期届满而失效。 京东工业执行董事为宋春正，非执行董事分别为刘强东、徐炳东；独立非执行董事分别为孙含晖、汤欣、顾宝芳。 工商资料显示，京东工业控股股东为京东集团，通过其全资子公司JD Indust ...

Core Insights - Shandong Port Group launched five core digital supply chain products at the Shandong Port and Shipping Service Development Conference, aiming to enhance logistics efficiency and simplify trade processes through a comprehensive ecosystem connecting ports, trade, manufacturing, and finance [1] Group 1: "千纸鹤" (Pulp Crane) - Qingdao Port is the world's largest pulp import port, handling over 30% of China's imported pulp, with a 22.5% year-on-year increase in throughput in the first half of this year [2][3] - The "千纸鹤PulpCrane" platform offers a digital supply chain service for 45 upstream and downstream clients, integrating logistics information and business processes for real-time data sharing and online operations [2][3] - The platform enables full-process digital tracking of pulp logistics, reducing manual inefficiencies and providing value-added services like supply chain finance and carbon management [3] Group 2: "百链钢" (Steel Chain) - Shandong Port is transitioning from a single port operator to a comprehensive supply chain service provider, focusing on enhancing the efficiency of dry bulk cargo transport, particularly iron ore and coal [4][5] - The "百链钢" product digitizes the entire dry bulk supply chain, integrating various documentation processes online to improve operational efficiency and reduce reliance on paper [5][6] - The service includes a mineral online supermarket and a digital twin service, allowing real-time data access and visualization of logistics operations [6] Group 3: "物流塔" (Logistics Tower) - The "物流塔" service addresses common pain points in traditional logistics, such as slow information response and data silos, by providing a comprehensive smart control system for supply chain management [7][8] - It features a five-layer architecture for data integration, visualization, risk monitoring, intelligent analysis, and decision-making, ensuring end-to-end transparency and optimization [8][9] Group 4: "云集通" (Cloud Collection) - "云集通" integrates multiple transport modes to enhance operational efficiency and resource matching, addressing challenges in road transport standardization and financing [10][11] - The product offers specialized financial services to support logistics teams, facilitating quick credit loans based on operational data and providing risk coverage for cargo transport [11] Group 5: "理货通" (Cargo Inspection) - The "理货通" platform streamlines communication and data management in cargo inspection, allowing real-time updates and centralized data access to improve operational efficiency [12] - It enhances service efficiency by enabling online document processing and providing a unified system for all stakeholders involved in cargo operations [12] Group 6: AI and Innovation - The establishment of a national AI application pilot base in Qingdao aims to explore "AI + Port" practices, contributing to the development of a smart and collaborative port ecosystem [13]

Core Insights - Shandong Port Group launched five intelligent supply chain products aimed at enhancing logistics efficiency and simplifying trade processes through a comprehensive digital ecosystem [1] Group 1: Product Launch and Features - The five core products include "Pulp Crane," "Bailian Steel," "Logistics Tower," "Yunji Tong," and "Lihuo Tong," which collectively address industry pain points and aim to create a smart new channel for logistics and trade [1] - "Pulp Crane" focuses on the pulp supply chain, providing a digital platform for real-time information sharing and online business processing, significantly improving operational efficiency [2][3] - "Bailian Steel" targets dry bulk cargo supply chains, utilizing technology to enhance efficiency and service quality, transforming operations from experience-driven to data-driven [4][5] - "Logistics Tower" offers a 360-degree intelligent control system for supply chains, enabling automated processes, risk monitoring, and data-driven decision-making [6][7] - "Yunji Tong" is a standardized capacity trading product that integrates multiple transport modes, enhancing operational efficiency and providing financial services to support logistics operations [9][10] - "Lihuo Tong" digitizes the cargo inspection process, streamlining communication and data management among various stakeholders, thus improving overall service efficiency [11] Group 2: Market Impact and Strategic Goals - Shandong Port aims to transform from a single port operator to a comprehensive supply chain service provider, responding to the global supply chain restructuring [4] - The introduction of these digital products is expected to significantly enhance the port's operational capabilities, making it a leader in the pulp and dry bulk cargo sectors [2][4] - The company is committed to building a smart ecological system for port operations, leveraging artificial intelligence and innovative technologies to drive high-quality development [12]

Core Insights - Juewei Foods reported a net profit of 280 million yuan in the first three quarters of 2025, showcasing its strong and stable leadership in the industry, supported by an advanced supply chain system centered around cold chain logistics [1][2] Supply Chain and Logistics - Juewei has established a nationwide digital cold chain and logistics system, setting a new benchmark for the industry with its transparent and standardized management [1] - The supply chain system is built around a "24-hour freshness commitment," ensuring product quality from raw material processing to store shelving through a fully integrated digital system [1] - The supply chain processes over a million orders daily, maintaining a product defect rate of below 0.03%, demonstrating its operational excellence [1] Production Efficiency - The central factory has introduced multiple intelligent devices that significantly enhance efficiency and quality, including automated storage and customized intelligent equipment [2] - The automated marinating equipment increases labor efficiency by 300%, while continuous marinating devices maintain precise temperature control within ±1℃, overcoming traditional industry bottlenecks [2] - Juewei's electronic batch management system provides traceability for each product, allowing consumers to access complete production information through QR codes, thereby enhancing consumer trust [2] Competitive Advantage - In a market characterized by severe homogenization, Juewei's combination of "cold chain + factory + digitalization" creates a closed-loop capability that is difficult for competitors to replicate in the short term, establishing a unique brand moat [2] - The company is expected to further enhance the value of its supply system, expanding product categories through cold chain and factory developments, and promoting diversified growth in the marinated food sector [2]

Core Insights - The sixth takeaway from the 2025 Takeaway Industry Ecosystem Conference highlights the accelerating expansion of the "ten-thousand store chain" in China's catering industry, driven by increasing consumer demand for brand, standardization, and safety [1] - The current bottleneck for restaurant expansion is not market capacity but the supply chain support system, particularly in cold chain logistics, which becomes exponentially complex as the number of stores increases [1] Group 1: Industry Trends - The catering industry is experiencing a wave of chain restaurant growth, creating unprecedented market opportunities for brands with strong replication capabilities [1] - The complexity of supply chain systems increases significantly as restaurant brands expand, impacting profitability and survival [1] Group 2: Cold Chain Logistics - Cold chain logistics is evolving from a traditional function to a "profit engine" for restaurant brands, focusing on loss reduction, quality assurance, and enabling expansion [1] - The company utilizes precise temperature control and a visual management system to minimize loss rates in the supply chain [1] Group 3: Technological Integration - The future of supply chain competition is fundamentally a competition of data and algorithms, with the company's intelligent model integrating industry knowledge and AI technology for comprehensive supply chain management [2] - The intelligent system enhances operational efficiency and reliability while empowering restaurant clients to achieve more refined supply chain management through an open platform [2]

Core Insights - The strategic partnership between JD Industrial and Enfu (China) aims to enhance the supply chain efficiency in the fastener industry, leveraging JD's digital supply chain capabilities to reduce costs and improve procurement efficiency for industrial clients [1][4]. Company Overview - Enfu (China) is a joint venture between Japan's NOK Corporation and Germany's ContiTech, specializing in sealing technology with a century of expertise, offering a range of sealing solutions widely used in automotive and general industrial sectors [3]. - JD Industrial, a subsidiary of JD Group, provides industrial supply chain technology and services, serving approximately 11,000 large enterprises and millions of SMEs, focusing on digital transformation in the industrial manufacturing sector [3][5]. Industry Context - Fasteners are essential mechanical components used for securing equipment across various industries, including construction, machinery, and automotive, with increasing demand driven by the rapid development of Chinese manufacturing [3]. - The fastener procurement process has faced challenges such as complex supply chains and low service response efficiency, which the partnership aims to address through a more integrated supply chain model [4]. Strategic Collaboration - The collaboration will create a more efficient supply chain model, enhancing supply coordination and providing reliable digital procurement services for various customer segments, including large enterprises and individual consumers [4]. - Enfu will integrate JD's platform resources with its sealing technology expertise to expand its online business and improve customer service capabilities [4][5]. Product Offering - The newly launched Enfu JD self-operated flagship store features products such as oil seals and O-rings, with a focus on fast delivery through JD's logistics network, ensuring timely service and product authenticity [4]. Future Outlook - Enfu's commitment to customer-centricity and innovation will drive its digital sales and smart manufacturing integration, contributing to a sustainable industrial chain [5]. - JD Industrial's ongoing efforts in the fastener sector are expected to lead to significant growth in brand and product offerings, customer numbers, and transaction volumes by 2025, positioning it as a preferred platform for digital procurement in the industry [5].

Core Viewpoint - Xiamen Xiangyu has transformed from early exploration of "commodity trade linkage" to participating in "industrial chain operations," establishing itself as a leading enterprise in the domestic bulk commodity supply chain sector, showcasing a successful example of state-owned enterprise reform [2] Group 1: Strategic Development - The company aims to create industrial value through circulation in the restructured global supply chain, focusing on cooperation and value co-creation with various stakeholders [2][3] - Xiamen Xiangyu's internationalization strategy is summarized as "supply chain leading, logistics supporting, and investment driving," targeting complex supply chains and high logistics costs in resource-rich but infrastructure-poor regions [3][4] - The company emphasizes a "logistics first" approach to overcome global supply chain bottlenecks, viewing logistics as a strategic priority rather than a mere trade accessory [3] Group 2: Operational Performance - In the first half of 2025, Xiamen Xiangyu reported a net profit of 1.032 billion yuan, a year-on-year increase of 32.48%, with the second quarter showing a further increase of 40.83% [6][10] - The company has successfully integrated its operations in the agricultural and steel sectors, enhancing its collaborative effects [6] - Xiamen Xiangyu has developed a replicable international full industrial chain service model in the aluminum and new energy supply chain sectors, with significant growth in specific routes, such as over 15% and 50% for the China-Indonesia and China-Vietnam routes, respectively [3][6] Group 3: Innovation and Digitalization - The company has shifted from merely providing services to participating in operations, focusing on creating a full-chain value creation system [6][7] - Xiamen Xiangyu has implemented a digital supply chain service platform that has connected with over 10 financial institutions, helping clients secure approximately 9.8 billion yuan in financing [10] - The introduction of AI into business processes has significantly improved operational efficiency, with the development of an AI assistant for various functions [11] Group 4: Future Outlook - The company plans to prioritize Southeast Asia and Africa for future development, with a gradual expansion into Central Asia, South Asia, and the Americas [5] - Xiamen Xiangyu aims to become a global leader in supply chain services, focusing on ten key battles to enhance its operational structure and international expansion [9] - The company is committed to integrating into national and regional economic development, emphasizing high-quality supply chain services and green development paths [12]

Core Insights - JD's 11.11 event has seen a significant surge in consumer spending, with over 52,000 brands achieving a year-on-year sales increase of over 300% and more than 3,300 categories seeing sales growth exceeding 100% [1][9] - The event has introduced innovative business models and expanded offline presence, with various new formats like Seven Fresh Kitchen and JD Discount Supermarket contributing to increased foot traffic and order volumes [4][16] Sales Performance - Consumer electronics continue to lead growth, with AI-related products experiencing a nearly 200% year-on-year sales increase; over 2,000 home appliance brands also saw sales growth exceeding 100% [1][9] - Supermarket categories have doubled their sales, with over 15,000 brands achieving significant growth, particularly in health-focused products [11] - Apparel and beauty categories have shown remarkable performance, with over 200 categories growing by more than 300% and over 2,000 brands increasing sales by over 100% [12] Innovative Business Models - JD has launched over ten new business formats during the 11.11 event, including Seven Fresh Kitchen and JD Medical Beauty, which have seen substantial increases in customer engagement and sales [4][16] - The Seven Fresh Kitchen has driven a 12% increase in orders for nearby restaurants, showcasing the impact of innovative supply chain models on local businesses [17] AI Integration - AI technology has been integrated across all operational aspects of the 11.11 event, enhancing marketing, customer service, and live streaming capabilities [21][22] - The JoyAI model has been applied in over 1,800 scenarios, with a 3.2 times increase in usage compared to previous events, demonstrating the effectiveness of AI in driving sales [21] Supply Chain Efficiency - JD's robust supply chain has enabled higher efficiency and growth for brands and partners, contributing to the overall success of the 11.11 event [6][24] - The company has reported significant increases in B2B transactions, with active enterprise customers growing by 35% and procurement in various categories seeing substantial year-on-year increases [24][25] Global Expansion - JD's global sales have expanded, with significant growth in Southeast Asia and other regions, reflecting the company's commitment to providing quality products and services worldwide [4][14] - The global purchase program has seen over 2,600 imported brands achieving sales growth exceeding 100%, highlighting the effectiveness of JD's international strategy [14]

Core Insights - The express delivery industry in China is experiencing steady growth, with improvements in service quality and a comprehensive transportation network [3][4][5] Industry Growth - In September, the China Express Development Index reached 459.6, a year-on-year increase of 3.9%, with the scale index at 589.3, up 9.3% [3] - The express delivery business volume is expected to grow by approximately 12% year-on-year, while revenue is projected to increase by around 7% [3] Service Quality Improvement - The express service quality index for September was 690.8, reflecting a 0.4 percentage point increase year-on-year, with public satisfaction estimated at 85 points, up 1.2 points [4] - Companies are enhancing service levels through innovations such as drone delivery and AI technologies, creating a "smart logistics" ecosystem [4] Infrastructure Development - The express delivery capability index was 228.8 in September, marking a 1.9% year-on-year increase [5] - New logistics hubs and international freight routes are being established, including operations in Shanxi and Anhui, and new air cargo routes from Wuhan to Miami and Shenzhen to Singapore [5] Market Demand and Trends - The online retail sales of physical goods are expected to exceed 9 trillion yuan in the first three quarters, with monthly business volumes consistently surpassing 16 billion items since March [3] - The industry is effectively meeting diverse delivery needs, particularly during peak seasons such as holidays and back-to-school periods, contributing positively to economic recovery [5]

Core Insights - The express delivery industry in China is experiencing steady growth, with the express development index projected to reach 459.6 by September 2025, reflecting a year-on-year increase of 3.9% [1] Group 1: Market Performance - The development scale index stands at 589.3, showing a year-on-year increase of 9.3% [2] - The express business volume is expected to grow by approximately 12% year-on-year, while business revenue is projected to increase by around 7% [2] - The total express business volume for the first three quarters is estimated to reach about 1.45 trillion pieces, with revenue expected to exceed 1 trillion yuan [2] - The online retail sales of physical goods are anticipated to surpass 9 trillion yuan, indicating strong internal economic momentum [2] - The industry is effectively meeting seasonal consumer demands and enhancing rural consumption services, contributing to market expansion [2] Group 2: Service Quality - The service quality index is recorded at 690.8, with a slight year-on-year increase of 0.4 percentage points [3] - Public satisfaction with express services is expected to reach 85 points, an increase of 1.2 points year-on-year [3] - The on-time delivery rate in key regions is projected to be 86.4%, reflecting a year-on-year improvement of 3.3 percentage points [3] - The industry is leveraging unmanned technology for efficient delivery, including new drone routes and AI-driven supply chain solutions [3] Group 3: Development Capacity - The development capacity index is at 228.8, with a year-on-year increase of 1.9% [4] - The express delivery network is continuously improving, with new logistics hubs and upgraded equipment enhancing operational efficiency [4] - The industry is expanding its air transport network, adding new international cargo routes to enhance service capabilities [4] - Cross-border services are being upgraded to facilitate logistics between mainland China and Macau, improving overall logistics efficiency [4] Group 4: Future Trends - The development trend index is at 69.3, indicating ongoing market potential exploration and digital transformation within the industry [4] - The industry is expected to maintain a positive growth trajectory as it enters the peak season in the fourth quarter [4]