Core Viewpoint - JD Industrial has successfully passed the listing hearing and plans to go public on the Hong Kong Stock Exchange by December 2025, marking a significant milestone after multiple attempts over two and a half years [1][2]. Financial Performance - For the fiscal year ending August 31, 2025, JD Industrial reported total revenue of 14.1 billion yuan, an 18.9% year-on-year increase, and a net profit of 450 million yuan [1]. - The revenue trajectory shows a growth from 6.8 billion yuan in 2020 to 20.4 billion yuan in 2024, with net profits fluctuating initially but stabilizing at 760 million yuan in 2024 [3][5]. Listing Attempts - JD Industrial submitted its initial IPO application in March 2023 but faced setbacks, including a failed application and two subsequent updates that did not pass the hearing until November 2025 [2]. Revenue Composition - Revenue is divided into product and service income, with product income showing consistent growth from 6.2 billion yuan in 2020 to 19.2 billion yuan in 2024, while service income has stagnated around 1.2 billion yuan since 2022 [5][6]. - The decline in transaction platform revenue is attributed to key enterprise clients preferring direct procurement over platform orders [6]. Market Position and Strategy - JD Industrial is focusing on expanding its client base, particularly among large enterprises, with revenue from key clients increasing from 6.7 billion yuan in 2022 to 11.4 billion yuan in 2024 [7]. - The company aims to enhance its business scale, attract strategic capital, and improve brand recognition as part of its IPO strategy [7]. Leadership and Ownership - Liu Qiangdong, as a non-executive director, has not received any compensation from JD Industrial between 2022 and 2024, although he was granted significant stock options in previous years [8]. - JD Group, controlled by Liu Qiangdong, holds approximately 78.84% of JD Industrial's issued share capital [8].