Core Viewpoint - JD Industrials has successfully listed on the Hong Kong Stock Exchange, becoming a leading provider of industrial supply chain technology and services in China, and the sixth listed company under JD Group [2]. Group 1: Company Overview - JD Industrials was established in 2017 as an internal incubated division and has grown to become the largest MRO (Maintenance, Repair, and Operations) procurement service provider in China [2][11]. - The company achieved an adjusted net profit of 900 million in 2024, with optimistic projections for 2025 [2]. Group 2: MRO Market Insights - The domestic MRO market is projected to reach a scale of 3.7 trillion in 2024, accounting for 2.7% of China's GDP [5]. - Historically, the MRO market has been characterized by fragmentation, with factories relying on local hardware stores for supplies, leading to inefficiencies and uncertainties in production [5][10]. Group 3: Innovations by JD Industrials - JD Industrials has created an extensive MRO product library with over 81.1 million SKUs, addressing the need for a comprehensive online procurement platform [11]. - The company leverages a direct sourcing model, ensuring product quality by procuring directly from manufacturers [15]. - Pricing transparency has been enhanced, reducing uncertainties and potential exploitation in traditional supply chains [15][16]. Group 4: Future Outlook - The MRO sector is expected to expand globally as Chinese manufacturing capabilities improve and companies venture overseas [17]. - JD Industrials has introduced SaaS products to connect supply chain participants, aiming for synchronization and automation across the supply chain [19]. - The integration of AI into supply chain management is anticipated to drive further efficiency and growth, with online MRO growth rates of 20%-30% expected to accelerate with AI applications [19].