据介绍，依托以供应链设施为基础、深度融合数智技术的京东"超级供应链"，京东工业打造了太璞数实 一体化供应链解决方案，更适配目前中国大型工业企业升级转型的内在需求。依托自身在供应链基础设 施与数智技术的双重优势，京东工业陆续发布针对性的十大工业行业场景专属方案，聚焦汽车制造、钢 铁冶金、能源电池、畜牧养殖、白酒制造、光伏发电、物业管理、石油化工、轨道交通及机器人等行业 的大量细分场景。 智通财经APP获悉，京东工业(07618)涨超3%，截至发稿，涨4.58%，报37.02港元，成交额1.95亿港元。 消息面上，据人民网财经报道，近日，第四场京东品酒会在深圳举办。京东工业相关负责人表示，将通 过供应链数智化升级推动工业产业万亿降本，整合供应链，把利润反哺给用户和产业链上下游；推动工 业供应链大模型JoyIndustrial的技术创新和场景应用，用AI技术升级生产方式；通过工业供应链伴随式 出海服务，提高出海企业的供应链效率、降低采购成本。 ...

Core Viewpoint - JD Industrial is positioned as a leading digital industrial supply chain service provider in China, with significant growth potential driven by infrastructure development, industry standards establishment, and asset-light expansion strategies [1][2]. Group 1: Company Overview - JD Industrial has established itself as the largest participant in the domestic MRO procurement service market by 2024, serving 11,100 key enterprise clients and offering approximately 81.1 million SKUs across 80 product categories sourced from around 158,000 suppliers [2]. - The company generates most of its revenue from industrial product (MRO) sales, with projected revenue of 20.398 billion yuan and adjusted net profit of 909 million yuan for 2024, reflecting a CAGR of 25.4% and 21.9% from 2021 to 2024 [3]. Group 2: Market Potential - The Chinese industrial supply chain market is the largest globally, projected to reach 11.4 trillion yuan in 2024, with a digital penetration rate of only 6.2%, significantly lower than the 15% in the U.S. [3]. - The MRO procurement market in China is expected to reach 3.7 trillion yuan by 2024, with a CAGR of 6.1% from 2019 to 2024, while the digital MRO market is projected to grow to 400 billion yuan with a CAGR of 21.7% during the same period [3]. Group 3: Competitive Landscape - JD Industrial holds a market share of 4.1% in the domestic industrial supply chain technology and service market, with the second-largest player at only 1.5%, indicating a highly fragmented market with potential for consolidation through digitalization [4]. - In the MRO procurement market, JD Industrial's market share is 0.8%, with the second player at 0.3%, highlighting the low concentration in the industry [4]. Group 4: Operational Efficiency - The company operates with a high inventory turnover rate of 24 times in 2024, significantly outperforming comparable domestic and international firms, achieved through direct supplier shipments and reduced self-operated inventory [6]. - JD Industrial's focus on digital supply chain infrastructure has led to decreasing marginal costs and a downward trend in expense ratios, with projected per capita sales revenue contribution reaching 25 million yuan [6]. Group 5: Profit Forecast - The company is expected to achieve adjusted net profits of 1.096 billion yuan, 1.735 billion yuan, and 2.301 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 20.5%, 58.4%, and 32.6% [7]. - Based on a target PE of 24X and projected adjusted net profit of 1.735 billion yuan for 2026, the target market value is estimated at 41.2 billion yuan, indicating a 24% upside potential from current levels [7].

从《维护国家安全条例》两部附属法例刊宪生效，到携手广东、澳门成功举办十五运会和残特奥 会，再到成功举行香港特区第八届立法会选举……一年来，香港特区政府勇于担当、积极进取，坚定维 护国家主权、安全、发展利益，实现经济稳步增长，香港由治及兴迈出新步伐。 "2026年是国家'十五五'规划的开局之年，亦会是特区政府持续全力拼经济、谋发展、搞建设、惠 民生的一年，是主动对接国家'十五五'规划、实现进一步发展的一年。"香港特区行政长官李家超表 示，会继续带领团队，统筹发展和安全，深化改革，发挥香港"背靠祖国、联通世界"的独特优势，深化 国际交往合作，发展经济，改善民生，确保香港长期繁荣稳定。 全面复苏 经济展现韧性、成绩亮眼 12月11日，香港交易所金融大会堂内，随着内地工业供应链服务商京东工业股份有限公司负责人敲 响上市锣，港股市场迎来了今年第100只新股。 2025年，港股IPO（首次公开募股）市场增长强劲，领跑全球。国际知名会计师事务所毕马威在报 告中指出，预计2025年香港IPO市场集资规模达2721亿港元，位居全球第一。"全球主要IPO市场于2025 年呈上升趋势，其中香港的募资额为去年的3倍，成为推动全球IP ...

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]

Core Viewpoint - The significance of JD Industrial's IPO lies not only in it being the sixth listed company of JD Group but also in its innovative approach to the industrial sector, demonstrating that internet companies can effectively engage in industrial operations [1][2]. Group 1: Business Model and Financial Performance - JD Industrial has entered a profitable phase in 2023, projecting a profit of 760 million yuan for 2024, with 450 million yuan earned in the first half of the current year [1]. - The company offers a comprehensive supply chain solution called "Taipu," which standardizes and digitizes non-standard industrial products, addressing the issue of inconsistent data and supply chain inefficiencies [1][2]. Group 2: Technological Integration and Supply Chain Efficiency - JD Industrial utilizes AI to capture the expertise of experienced workers, enabling simple searches and smart recommendations that reduce procurement management costs [2]. - The company has streamlined the supply chain by building warehouses directly at manufacturing sites, predicting inventory needs, and thus lowering inventory costs [2]. Group 3: Market Reach and Strategic Positioning - JD Industrial serves over 11,000 key clients, including 60% of China's Fortune 500 companies, and aims to capture additional market share from these companies [2]. - The business model is expanding internationally, replicating its efficient supply chain capabilities from Indonesia to Brazil, while also exporting Chinese goods [2]. Group 4: Industry Insights - The market for cost reduction and efficiency improvement in China's industrial supply chain is estimated to be worth trillions, indicating significant potential for growth, albeit with challenges [2].

Core Insights - JD Industrial has reached a significant historical milestone in its eight-year journey and is poised to tackle the next phase of growth [4] - The Chinese industrial supply chain is characterized by high costs and inefficiencies, with a pressing need for digital transformation [2][3] - JD Industrial aims to leverage its expertise in supply chain technology to address the challenges faced by the industrial sector [5][12] Industry Overview - China's industrial supply chain market is projected to reach 11.4 trillion yuan in 2024, making it the largest globally, yet it suffers from fragmentation and inefficiency [2] - The digital penetration rate in procurement among Chinese enterprises is only about 6.2% as of 2024 [2] - A successful digital transformation can reduce supply chain costs by an average of 5.9%, potentially unlocking 6.8 trillion yuan in profit space for Chinese industrial firms [2] Company Development - JD Industrial was established as an independent business unit in 2017 and has recently gone public, achieving a market capitalization of approximately 378.9 billion HKD (about 343.5 billion RMB) [4] - The company has served over 11,100 core industrial enterprises, including 60% of China's top 500 companies, and has seen its revenue grow from 14.135 billion RMB in 2022 to an expected 20.4 billion RMB in 2024, reflecting a compound annual growth rate of 20.1% [5] - JD Industrial has become the largest provider of industrial supply chain technology and services in China, with a market share of 4.1% [5] Strategic Focus - JD Industrial's mission is to enhance operational efficiency in the industrial sector through technology, focusing on the digital transformation of supply chains [5][12] - The company has introduced a unique product offering in MRO (Maintenance, Repair, and Operations) to address the high-frequency, low-value procurement needs of large enterprises [7] - JD Industrial has developed the Mercator standard product library to standardize industrial product parameters, addressing the "Babel Tower" problem of inconsistent coding and data formats across suppliers [10] Innovations and Solutions - The company has created a comprehensive supply network that connects manufacturers, distributors, and agents, enabling efficient sourcing across China [10] - JD Industrial's intelligent delivery network, including dedicated delivery centers, enhances the efficiency of logistics for industrial clients [11] - The company has launched the JoyIndustrial model and the "Intelligent Empowerment of Thousands of Industries, Trillion Cost Reduction" initiative to support the digital transformation of the industrial sector [13] Market Potential - The Chinese industrial supply chain technology and service market is expected to reach 1.1 trillion RMB by 2029, with a compound annual growth rate of 9.8% [14] - JD Industrial aims to provide a full suite of supply chain technology services, including strategic consulting, technology delivery, and operational support [14] Challenges Ahead - JD Industrial faces the challenge of increasing its service revenue, particularly in technical services, as over 90% of its revenue currently comes from product sales [22][23] - The company aims to transition from MRO to BOM (Bill of Materials) procurement, which presents a more complex and competitive landscape [24][25] - JD Industrial must demonstrate its independent capabilities and value proposition in the market, leveraging its parent company's resources while establishing its own identity [25]

Core Insights - JD Industrial has successfully entered the industrial sector, achieving profitability in 2023 and projecting a profit of 760 million in 2024, with 450 million earned in the first half of this year [1] - The company is not merely a platform for selling hardware but offers a comprehensive supply chain solution called "Taipu," which standardizes and digitizes non-standard industrial products [2][4] - JD Industrial leverages AI to streamline procurement processes, reducing management costs and improving efficiency [3][4] Group 1 - JD Industrial has developed a standardized product library to address the issue of inconsistent data and supply chains in the industrial sector [2] - The company has implemented a fulfillment supply chain that reduces inventory costs by predicting stock needs and even placing warehouses on factory premises [4] - JD Industrial serves over 11,000 key clients, including 60% of China's Fortune 500 companies, and is expanding its supply chain capabilities internationally [4] Group 2 - The industrial supply chain market in China is valued at trillions, but profitability requires patience and a focus on cost reduction and efficiency [7] - JD Industrial's approach reflects a broader trend in the industrial sector, emphasizing the integration of digital and physical solutions to enhance operational efficiency [6] - The company's strategy is reminiscent of Liu Qiangdong's "Ten Sections of Sugarcane" theory, indicating a long-term vision for growth in the industrial domain [5]

Core Insights - JD Industrial, a subsidiary of JD Group, has officially listed on the Hong Kong Stock Exchange, becoming the sixth company in the JD ecosystem [1] - The company focuses on industrial supply chain technology and services, catering to over 11,000 core industrial enterprises and millions of SMEs across various sectors [1] Financial Performance - JD Industrial's total revenue is projected to grow from 14.1 billion yuan in 2022 to 20.4 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 20.1% [1] - Adjusted net profits are expected to rise from 710 million yuan in 2022 to 910 million yuan in 2024, with a CAGR of 12.8% [1] Market Context - The industrial supply chain market in China is projected to reach 11.4 trillion yuan in 2024, making it the largest market globally [2] - There is a notable gap in supply chain management efficiency between Chinese enterprises and those in developed countries, leading to higher costs and lower efficiency [2] Strategic Initiatives - JD Industrial aims to enhance operational efficiency in the industrial sector through technology, offering integrated supply chain solutions [2] - The company has successfully reduced procurement cycles from over 20 days to 3-5 days for clients, demonstrating significant cost savings [2] - JD Industrial plans to launch specialized solutions for ten industrial sectors, targeting a reduction of costs by one trillion yuan over the next five years [2]

Core Viewpoint - JD Industrial's IPO represents a significant step in the digital transformation of China's industrial supply chain, showcasing the potential for cost reduction in the trillion-yuan market [1][2][21]. Group 1: Financial Performance - JD Industrial achieved a net profit of 4.8 million yuan in 2023, which is projected to increase to 760 million yuan in 2024, and reached 450 million yuan in the first half of 2025 [1]. - As of August 2025, JD Industrial's total revenue for the year has grown by 18.9% year-on-year, indicating a robust growth momentum [1]. Group 2: Market Position and Strategy - JD Industrial is characterized as a unique "industrial digitalization new species" in China, with a complex customer and supply chain network that allows for cross-industry matching capabilities [2]. - The company aims to become the "digital foundation" for China's industrial supply chain, focusing on efficiency and cost reduction [2][21]. Group 3: Operational Challenges and Solutions - JD Industrial faced significant challenges when entering the industrial sector, including a lack of familiarity with the market and complex supply chain dynamics [4][5]. - The company developed a comprehensive "operating system" named "Tai Pu," which begins with consulting to help enterprises design supply chain strategies and improve operational efficiency [6][7]. Group 4: Technological Integration - The "Tai Pu" system includes a standardized product library called "Mercator," which utilizes AI to unify product parameters, addressing issues of mismatched material coding [7]. - By integrating data and systems, JD Industrial enhances the efficiency of the supply chain, as demonstrated by its collaboration with companies like Delixi Electric, which saw a 40% reduction in procurement communication costs [7]. Group 5: Future Expansion Plans - JD Industrial plans to extend its services from MRO (Maintenance, Repair, and Operations) to BOM (Bill of Materials), which represents a larger share of procurement in manufacturing [11][12]. - The company is exploring opportunities in the robotics sector by connecting fragmented supply chains and addressing industry pain points [12][13]. Group 6: International Strategy - JD Industrial's international strategy focuses on "accompanying overseas expansion," helping Chinese companies build local supply chains in markets like Indonesia and Thailand [18][19]. - The company aims to solve the common issue of weak supply chain infrastructure faced by Chinese enterprises abroad, positioning itself as a "guardian" in global supply chain restructuring [19]. Group 7: Long-term Vision - JD Industrial's approach is rooted in long-termism, emphasizing the importance of practical solutions over rapid growth, with a focus on reducing inefficiencies in the industrial supply chain [21][22]. - The company is seen as a potential leader in realizing the "Ten Sections of Sugarcane" theory proposed by Liu Qiangdong, due to the extensive value creation opportunities within the industrial supply chain [14].

Core Insights - JD Industrial's IPO marks a significant milestone in the modernization of China's industrial supply chain, symbolizing the maturity of a new industrial infrastructure through deep "digital-physical integration" [2][12] - The collaboration between JD Industrial and leading manufacturers like CATL and XCMG showcases the transformative impact of innovative supply chain solutions on operational efficiency and cost reduction [3][5] Group 1: Digital Transformation in Quality Control - JD Industrial's AR+AI remote quality inspection project with CATL revolutionizes traditional quality control by shifting from "post-inspection" to "pre-inspection," enhancing efficiency and reducing costs [3][5] - The integration of real-time monitoring and data recording in quality checks allows for comprehensive oversight, addressing critical pain points in manufacturing processes [3][5] Group 2: Supply Chain Modernization - JD Industrial's solutions have significantly reduced procurement cycles for companies like XCMG from over 20 days to 3-5 days, demonstrating the effectiveness of its digital supply chain strategies [5][6] - The implementation of demand forecasting algorithms has led to a 40% reduction in inventory costs and a 15% decrease in procurement costs for a major steel plant [5][6] Group 3: Strategic Value of Supply Chain Innovation - The modernization of supply chains is transforming them from cost centers into value engines, directly impacting corporate efficiency and competitiveness [6][12] - JD Industrial's approach to supply chain optimization is aligned with the broader trend of digital transformation in the manufacturing sector, addressing challenges such as supply chain collaboration and core technology development [15][16] Group 4: Broader Economic Impact - JD Industrial's initiatives are projected to lower China's industrial supply chain costs by approximately 6.8 trillion yuan, reflecting the macroeconomic significance of its innovations [16] - The company's efforts to empower small and medium enterprises through standardized tools and services are fostering collective digital transformation across various industrial clusters [17] Group 5: Global Expansion and Competitiveness - JD Industrial's "accompanying overseas" service model supports Chinese companies in establishing supply chains in foreign markets, enhancing their global competitiveness [18][19] - The ongoing digital transformation in China's manufacturing sector is entering a phase of systematic and large-scale application, positioning JD Industrial as a key player in this evolution [18][19]