京东工业股份有限公司（以下简称：京东工业）已于2025年9月28日第四次向港交所递表。招股书介绍，京东工业为国内领先的工业供应链技术与服务提 供商，2024年，公司收入和年度净利分别为203.98亿元和7.62亿元。按2024年交易额统计，公司市场份额为4.1%，排名第一。 招股书引用灼识咨询行业报告数据称，2022年至2024年，中国工业供应链技术与服务市场规模（按交易额计）分别为0.5万亿元、0.6万亿元和0.7万亿元。 由此可算出，行业市场规模的年化复合增长率约18%。 同期，京东工业交易额分别为223亿元、261亿元和288亿元，年化复合增长率为13.5%，不及行业增速。 京东工业是京东集团（09618.HK）下属子公司。在分拆上市案例中，独立性尤其值得关注。 京东工业已第四次向港交所递表。作为京东集团的子公司，京东工业对京东集团存在一定依赖，与集团下属其他公司联系方式混同，关联交易信披差异巨 大，独立性和信披质量都值得投资者关注。 来源：摄图网 约四成收入来自京东集团平台，工商联系方式混同 京东集团招股书显示，京东世纪为京东集团下属二级全资子公司，由JD. com International Lim ...

Core Viewpoint - JD Industrial's IPO journey is characterized as a "protracted battle," with the company aiming to become a key player in the "JD ecosystem" following its listing [3][18]. Company Background - JD Industrial originated from JD Group's enterprise business department established in 2013, initially focusing on office procurement and industrial products [4]. - The company transitioned to an independent business unit in 2017, officially operating its industrial supply chain technology and services [5]. Capital Expansion - JD Industrial has seen significant capital backing, raising approximately $230 million in A-round financing in 2020 and $105 million in A-1 round financing in 2021 [5]. - In March 2023, the company secured $300 million in B-round financing, achieving a valuation of approximately $6.7 billion [5]. Shareholding Structure - As of the IPO, JD Group holds 78.84% of JD Industrial, with Liu Qiangdong owning 3.68% and other investors like Mubadala and Sequoia China holding smaller stakes [6][7]. Performance Growth - JD Industrial's transaction scale increased from 22.3 billion RMB in 2022 to 28.8 billion RMB in 2024, with revenue growing from 14.1 billion RMB to 20.4 billion RMB during the same period, reflecting a compound annual growth rate of 20.1% [9]. - The company serves approximately 11,100 key enterprise customers and offers around 81.1 million SKUs sourced from about 158,000 suppliers [9]. Profitability Challenges - Despite significant revenue growth, JD Industrial reported a net loss of 1.3 billion RMB in 2022, with a slight profit of 4.8 million RMB in 2023 and projected net profit of 760 million RMB in 2024 [10]. - The gross margin has shown a declining trend, with 2022 at 18.0%, 2023 at 16.1%, and 2024 at 16.2%, significantly lower than global peers [10]. Revenue Composition - The majority of JD Industrial's revenue comes from product sales, particularly MRO products, while service revenue accounts for less than 10% of total income [13]. - The company aims to improve the gross margin from key enterprise customers, which currently has lower margins compared to service revenue [14]. Market Position and Competition - JD Industrial is positioned as a leader in the domestic MRO market, with a market share nearly three times that of its closest competitor [9]. - The company faces competition from both traditional MRO players and new entrants from the office supplies sector, as well as online platforms like Tmall [16]. Dependency on Parent Company - A significant portion of JD Industrial's revenue, approximately 36.1% in the first half of 2025, is derived from JD Group, indicating a strong dependency that poses potential risks [17]. Strategic Vision - The IPO is part of Liu Qiangdong's strategy to create a robust JD ecosystem by allowing mature businesses to operate independently and replicate JD's success model [17][18]. - JD Industrial must balance growth and profitability, transitioning from a scale-oriented approach to a profit-oriented strategy [18].

Core Viewpoint - JD Industrial is preparing for an IPO on the Hong Kong Stock Exchange after a series of updates to its prospectus, marking a significant step for the company as it aims to expand its presence in the market [1][2]. Financial Performance - JD Industrial reported revenues of RMB 141.35 billion, RMB 173.36 billion, and RMB 204 billion for the years 2022, 2023, and 2024 respectively, with corresponding gross profits of RMB 25.4 billion, RMB 28 billion, and RMB 33 billion [4][5]. - The gross profit margins for the same years were 18%, 16.1%, and 16.2% respectively [4]. - For the first half of 2025, JD Industrial achieved revenues of RMB 102.5 billion, an 18.9% increase from RMB 86.2 billion in the same period of the previous year [6][9]. Business Model and Strategy - JD Industrial focuses on providing industrial supply chain technology and services, emphasizing the construction of digital infrastructure rather than merely selling products [4][2]. - The company has maintained a steady service revenue of approximately RMB 12 billion over the years, while product sales have shown significant growth [4]. Ownership and Shareholder Structure - JD Group holds approximately 77.32% of JD Industrial's issued share capital, with founder Liu Qiangdong holding an additional 3.68% [14][15]. - The company has attracted significant investment from notable firms such as GGV Capital and Sequoia China, indicating strong market confidence [12][14]. Recent Developments - JD Industrial's IPO process has been revitalized after nearly two years of stagnation, with the latest prospectus update occurring in March 2025 [1][2]. - The company has also divested from its previous acquisition of Liexin Technology, which was deemed underperforming [11].

Core Viewpoint - JD Industrial is progressing towards its IPO in Hong Kong, potentially becoming the sixth publicly listed company under Liu Qiangdong's leadership, following JD Group, JD Logistics, JD Health, Dada Group, and Debon Holdings [3]. Company Overview - JD Industrial is an industrial supply chain technology and service provider, focusing on digital transformation to help clients ensure supply, reduce costs, enhance efficiency, and maintain compliance [4]. - The company offers a comprehensive digital supply chain solution called "Taipu," which integrates digital and physical aspects of the supply chain, covering procurement, fulfillment, and operations [4]. Market Position - JD Industrial has become the largest player in China's MRO procurement service market, with a market share of 4.1% and a transaction volume nearly three times that of its closest competitor [6]. - As of June 2023, JD Industrial served approximately 11,100 key enterprise clients, including around 60% of China's Fortune 500 companies and over 40% of global Fortune 500 companies operating in China [6]. Product Offering - By June 2023, JD Industrial provided approximately 81.1 million SKUs across 80 product categories, supported by a vast supply network of about 158,000 manufacturers, distributors, and agents [6]. Financial Performance - Revenue from ongoing operations for 2022, 2023, and the first half of 2024 was approximately CNY 14.14 billion, CNY 17.33 billion, and CNY 10.25 billion, respectively, with corresponding gross profits of CNY 2.54 billion, CNY 2.80 billion, and CNY 1.90 billion [7]. - The gross profit margins for these periods were 18.0%, 16.1%, and 18.6%, while net profits were CNY -1.38 billion, CNY 0.48 million, and CNY 0.45 billion, reflecting net profit margins of -9.8%, 0.0%, and 4.4% [7]. Future Plans - The IPO proceeds are intended to enhance JD Industrial's supply chain capabilities, expand its regional operations, and pursue potential strategic investments or acquisitions over the next 48 to 60 months [10].

Core Viewpoint - JD Industrial Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with Bank of America Securities, Goldman Sachs, Haitong International, and UBS acting as joint sponsors [1]. Company Overview - JD Industrial is a leading provider of industrial supply chain technology and services in China, focusing on digital transformation to help clients ensure supply, reduce costs, enhance efficiency, and maintain compliance [3]. - The company offers a comprehensive digital industrial supply chain solution called "Taipu," which integrates digital and physical goods to meet diverse customer needs [3]. Market Position - Since 2017, JD Industrial has focused on MRO (Maintenance, Repair, and Operations) procurement services and has become the largest player in China's MRO procurement market, with a transaction volume in 2024 nearly three times that of its closest competitor [4]. - The company is also the largest service provider in China's industrial supply chain technology and services market, holding a market share of 4.1% as of 2024 [4]. Financial Performance - Revenue is projected 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% [4]. - The company served around 11,100 key enterprise clients, including about 60% of China's Fortune 500 companies and over 40% of the global Fortune 500 companies operating in China as of June 30, 2025 [4]. Product Offering - As of June 30, 2025, JD Industrial provided approximately 81.1 million SKUs across 80 product categories, supported by a nationwide supply network of around 158,000 manufacturers, distributors, and agents [5]. Revenue and Profitability - For the six months ending June 30, 2023, 2024, and 2025, the company reported revenues of approximately RMB 17.3 billion, RMB 20.4 billion, and RMB 10.3 billion, respectively, with corresponding profits of RMB 4.8 million, RMB 762 million, and RMB 451 million [5][6].

Core Viewpoint - JD Industrial Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with Bank of America Securities, Goldman Sachs, Haitong International, and UBS acting as joint sponsors [1]. Company Overview - JD Industrial is a leading provider of industrial supply chain technology and services in China, focusing on digital transformation to enhance supply security, reduce costs, improve efficiency, and ensure compliance [3]. - The company offers a comprehensive digital industrial supply chain solution called "Taipu," which integrates digital and physical aspects to meet diverse customer needs [3]. Market Position - Since 2017, JD Industrial has focused on MRO (Maintenance, Repair, and Operations) procurement services and has become the largest player in China's MRO procurement market, with a transaction volume in 2024 nearly three times that of its closest competitor [4]. - The company is also the largest service provider in China's industrial supply chain technology and services market, holding a market share of 4.1% as of 2024 [4]. Financial Performance - Revenue is projected 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% [4]. - The company served around 11,100 key enterprise clients, including about 60% of China's Fortune 500 companies and over 40% of the global Fortune 500 companies operating in China as of June 30, 2025 [4]. Product Offering - JD Industrial provides the widest range of industrial products in China, with approximately 81.1 million SKUs across 80 product categories as of June 30, 2025 [5]. - The product supply network includes around 158,000 manufacturers, distributors, and agents nationwide [5]. Revenue and Profitability - For the six months ending June 30, 2023, 2024, and 2025, the company reported revenues of approximately RMB 173.36 billion, RMB 203.98 billion, and RMB 102.50 billion, respectively [5]. - The profit figures for the same periods were approximately RMB 4.8 million, RMB 76.2 million, and RMB 45.1 million [5].

Core Viewpoint - JD Industrial has submitted a listing application to the Hong Kong Stock Exchange, aiming to enhance its position in the MRO procurement services market and expand its industrial supply chain capabilities [1] Group 1: Company Overview - JD Industrial is the largest participant in China's MRO procurement services market, with a transaction volume projected to be nearly three times that of the second-largest competitor by 2024 [1] - The company is also the largest service provider in China's industrial supply chain technology and services market, holding a market share of 4.1% as of 2024 [1] Group 2: Client Base and Product Offering - As of June 30, 2025, the company serves approximately 11,100 key enterprise clients, including around 60% of China's Fortune 500 companies and over 40% of global Fortune 500 companies operating in China [2] - The company offers the widest range of industrial products in China, with approximately 81.1 million SKUs across 80 product categories as of June 30, 2025 [2] - The product supply network consists of about 158,000 manufacturers, distributors, and agents nationwide [2] Group 3: Financial Performance - The company's total revenue from continuing operations increased from RMB 14.1 billion in 2022 to RMB 17.3 billion in 2023, and is projected to reach RMB 20.4 billion in 2024, reflecting a compound annual growth rate of 20.1% [3] - 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 [3] - For the six months ending June 30, 2024, the company reported a net profit of RMB 290 million, and for the six months ending June 30, 2025, a net profit of RMB 450 million [3] Group 4: Business Operations and Revenue Sources - The company operates a non-public exclusive digital procurement system for key enterprise clients, with independent websites and mobile applications providing direct access to products and services [4] - Revenue not involving JD Group traffic was RMB 7.5 billion, RMB 9.8 billion, RMB 12.3 billion, and RMB 6.6 billion for the years ending December 31, 2022, 2023, 2024, and for the six months ending June 30, 2025, respectively, accounting for 52.9%, 56.6%, 60.3%, and 63.9% of total revenue [4] - Revenue from JD Group platforms was RMB 6.7 billion, RMB 7.5 billion, RMB 8.1 billion, and RMB 3.7 billion for the same periods, representing 47.1%, 43.4%, 39.7%, and 36.1% of total revenue [4] Group 5: Future Plans - The funds raised from the listing are intended for enhancing industrial supply chain capabilities, regional business expansion, potential strategic investments or acquisitions, and general corporate purposes and working capital needs over the next 48 to 60 months [4]

Core Viewpoint - JD Industrial has submitted an application for listing on the Hong Kong Stock Exchange, aiming to leverage its position in the industrial supply chain technology market in China, with significant client coverage and growth potential [1]. Group 1: Company Overview - JD Industrial is a core asset of JD.com, focusing on industrial supply chain technology after its spin-off [1]. - The company is expected to become the sixth listed entity under the JD Group, following JD.com, JD Logistics, JD Health, Dada Group, and Deppon Logistics [1]. - Major shareholders include JD Industrial Technology Limited, which is wholly owned by JD.com [2]. Group 2: Financial Performance - Revenue from continuing operations increased from RMB 14.1 billion in 2022 to RMB 17.3 billion in 2023, and is projected to reach RMB 20.4 billion in 2024, reflecting a compound annual growth rate (CAGR) of 20.1% [2]. - For the six months ending June 30, 2024, revenue is expected to rise by 18.9% from RMB 8.6 billion to RMB 10.3 billion for the same period in 2025 [2]. - The company recorded a net loss of RMB 1.3 billion in 2022, but turned a profit of RMB 480 million in 2023, and is projected to achieve net profits of RMB 760 million in 2024 and RMB 290 million in the first half of 2025 [3][5]. Group 3: Dependency and Profitability - Approximately 40% of JD Industrial's revenue is derived from JD Group, indicating a reliance on its parent company for business development [3]. - The gross profit margin has declined from 18% in 2022 to 16.2% in 2024, highlighting challenges in maintaining profitability [5]. - Cumulative losses were reported at RMB 2.4 billion, RMB 2.5 billion, RMB 1.8 billion, and RMB 1.3 billion for the years ending December 31, 2022, 2023, 2024, and the six months ending June 30, 2025, respectively [5].

Core Viewpoint - JD Industrial has filed for an IPO in Hong Kong, marking a significant step for the company as it aims to expand its presence in the market and add to the portfolio of publicly listed entities under JD Group [1][2]. Financial Performance - JD Industrial's revenue for 2022, 2023, and 2024 is projected to be RMB 141.35 billion, RMB 173.36 billion, and RMB 204 billion respectively, indicating a steady growth trajectory [4][5]. - Gross profit for the same years is expected to be RMB 25.4 billion, RMB 28 billion, and RMB 33 billion, with gross margins of 18%, 16.1%, and 16.2% respectively [4][5]. - The primary revenue sources are product sales and services, with product sales contributing RMB 129 billion, RMB 161 billion, and RMB 192 billion over the three years, while service revenue remains stable at approximately RMB 12 billion [4]. Profitability Metrics - The company reported a net loss from continuing operations of RMB 1.384 billion in 2022, a small profit of RMB 4.8 million in 2023, and a profit of RMB 761.6 million in 2024, with operating profit margins of -9.8%, 0%, and 3.7% respectively [6][7]. - Adjusted net profits for the same years are projected at RMB 759.1 million, RMB 894.4 million, and RMB 1.067 billion, with adjusted net profit margins of 5.4%, 5.2%, and 5.2% respectively [7][8]. Cash Flow and Liquidity - JD Industrial's net cash from operating activities for 2022, 2023, and 2024 is RMB 1.975 billion, RMB 1.379 billion, and RMB 1.296 billion respectively [8]. - The company held cash and cash equivalents of RMB 83.72 billion as of December 31, 2024, indicating a strong liquidity position [8]. Shareholding Structure - JD Group holds approximately 77.32% of JD Industrial's issued share capital, while founder Liu Qiangdong holds 3.68% through Max I&P Limited [13][14]. - Other notable shareholders include GGV and Sequoia China, which have invested in various funding rounds [11][16]. Corporate Governance - The executive team includes CEO Song Chunzheng and non-executive directors Liu Qiangdong and Xu Bingdong, with independent directors providing strategic oversight [9][10].

Group 1 - The core point of the article is that JD Industrial has received approval from the China Securities Regulatory Commission for its overseas issuance and listing, allowing it to issue up to 253.31 million shares on the Hong Kong Stock Exchange [1] - JD Industrial submitted its prospectus to the Hong Kong Stock Exchange three times, with the first submission on March 30, 2023, and the latest on March 30, 2025, taking approximately two years to obtain the approval [1] - JD Industrial is recognized as a leading provider of industrial supply chain technology and services in China, focusing on MRO procurement services, and has achieved significant market leadership [1] Group 2 - According to data from ZhiShi Consulting, JD Industrial ranked first in China's MRO procurement services market by transaction volume in 2024, with a scale nearly three times that of the second-largest competitor [1] - In 2024, JD Industrial became the largest service provider in China's industrial supply chain technology and services market, capturing a market share of 4.1% [1]