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]

Core Viewpoint - JD Industrial's successful listing on the Hong Kong Stock Exchange marks a significant milestone in China's industrial digital transformation, raising approximately HKD 28.27 billion with a subscription rate of 60.25 times in Hong Kong and 7.88 times internationally [2][3]. Group 1: Industrial Supply Chain Development - The integration of consumer internet and industrial internet is recognized as a key industry consensus, with industrial internet requiring a deeper understanding of complex business processes and traditional work habits [3][4]. - JD Industrial has established a clear implementation path through horizontal integration, vertical deepening, and technology-driven approaches, successfully linking nearly 160,000 suppliers with diverse customer demands [6][7]. - The company has launched the "Taipu" integrated supply chain solution, which enhances operational efficiency and reduces costs through intelligent decision-making and process optimization [10][11]. Group 2: Financial Performance and Market Position - JD Industrial is projected to be the largest service provider in China's industrial supply chain technology and services market by 2024, with a market share of 4.1%, significantly ahead of its competitors [7][8]. - Revenue is expected to grow from approximately CNY 14.1 billion in 2022 to CNY 20.4 billion in 2024, with a compound annual growth rate of 20.1%, while net profit is forecasted to improve from a loss of CNY 1.27 billion to a profit of CNY 760 million [7][8]. Group 3: Future Growth Strategies - JD Industrial aims to leverage its listing to enhance industrial supply chain capabilities and expand geographically, with 35% of the funds raised allocated for supply chain enhancement and 25% for regional expansion [12][15]. - The company has set an ambitious target to reduce costs in the industrial supply chain by CNY 1 trillion over five years, capitalizing on the digital transformation of the industry [14][15]. - JD Industrial is also focusing on international expansion, providing comprehensive services to Chinese enterprises venturing abroad, addressing challenges in supply chain management [17][18].

Core Insights - The article highlights the innovative procurement management model developed by XCMG Group in collaboration with JD Industrial, which reduces procurement cycles to 3-5 days, a significant improvement over traditional methods [2][11][24] - JD Industrial, a subsidiary of JD Group, has evolved from a product supplier to a supply chain solution provider, focusing on long-term partnerships and efficiency optimization for clients [2][17][25] Group 1: Procurement Management Innovations - JD Industrial's collaboration with XCMG has redefined the value of non-production procurement management through a data-driven approach [2][11] - The company has established a comprehensive supply chain system that connects 158,000 upstream suppliers and offers approximately 81.1 million SKUs across 80 product categories by June 2025 [21][24] - The "Mercator" industrial product standard library was launched to standardize and clean millions of SKUs, addressing the challenges of the MRO market [21][23] Group 2: MRO Market Challenges - MRO materials account for 5-10% of total procurement costs but represent a significant management challenge due to their diverse and fragmented nature [3][19] - The management costs of MRO materials can exceed 60-80%, indicating a substantial burden on industrial enterprises [20] - JD Industrial's solutions aim to streamline MRO procurement processes, enhancing operational efficiency and reducing costs for clients [19][24] Group 3: Digital Transformation and Smart Solutions - JD Industrial's "data-real integration" strategy, exemplified by the "Taipu" smart solution, focuses on comprehensive supply chain optimization for large industrial enterprises [23][10] - The implementation of digital infrastructure and training programs has significantly improved procurement efficiency for clients like XCMG [10][24] - The company has successfully reduced inventory costs by 40% and procurement costs by 15% for various clients, showcasing the effectiveness of its solutions [24][27] Group 4: Industry Positioning and Future Outlook - JD Industrial has positioned itself as a key player in the digital transformation of the industrial sector, leveraging over a decade of industry experience to build a robust supply chain capability [26][28] - The company serves over 11,100 key enterprise clients, including 60% of China's Fortune 500 companies, indicating its strong market presence [24][27] - Future developments in JD Industrial's "data-real integration" model will be closely monitored as the company continues to navigate the complexities of the industrial supply chain landscape [28]

Core Viewpoint - JD Industrial, a subsidiary of JD Group, has successfully gone public with a market capitalization of HKD 37 billion, marking the sixth listed company under Liu Qiangdong's leadership [1][11]. Company Overview - JD Industrial's journey began in 2017, focusing on the digitalization of industrial procurement amidst a booming consumer internet landscape. The company identified a trillion-yuan market opportunity in the industrial sector and started developing MRO (Maintenance, Repair, and Operations) procurement services [3][5]. - The company has established a unique "digital-physical integration" model, aiming to redefine the traditional industrial sector by merging product supply chains with digital supply chains [5][7]. Product and Service Offering - JD Industrial has leveraged JD Group's supply chain resources to cover approximately 158,000 manufacturers, distributors, and agents, offering around 81.1 million SKUs across 80 product categories, including equipment parts and chemical raw materials [5]. - The "Taipu" solution provides a comprehensive digital industrial supply chain service, focusing on four core capabilities: product digitization, procurement digitization, fulfillment digitization, and operational digitization [5][6]. Market Position and Growth Potential - The industrial supply chain market in China is projected to grow from RMB 8.3 trillion in 2019 to RMB 11.4 trillion by 2024, with a compound annual growth rate (CAGR) of 6.6% [8]. - JD Industrial's positioning as a service provider that understands both the industry and digitalization is crucial for achieving precise supply-demand matching and supporting a modern industrial system [8]. Competitive Advantages - JD Industrial holds a significant lead in the MRO procurement service market, with a scale nearly three times larger than its closest competitor. It is also the only profitable leading platform in the industrial supply chain technology and services sector in China [9]. - The company has developed a unique end-to-end digital capability covering demand generation, procurement matching, fulfillment delivery, and operational maintenance [9]. Strategic Implications of IPO - The successful IPO of JD Industrial expands Liu Qiangdong's capital landscape and validates the effectiveness of the "spin-off listing" strategy, which has allowed JD Group to release asset value into the capital market and optimize its balance sheet [11][12]. - This strategy enhances JD Industrial's independent operations and financing channels, consolidating its competitive advantage in the industrial supply chain [12]. Broader Strategic Context - JD Industrial's listing represents a critical step for JD Group in transitioning from consumer internet to industrial internet, integrating supply chain networks across various industries [12]. - The IPO completes a vital piece of the B2B puzzle for JD, enabling the company to maximize coverage of both B-end and C-end users [16].

此次在香港上市，标志着京东工业进入新的发展阶段，募集资金预计重点用于增强工业供应链能力、跨地域业 务拓展、潜在战略投资或收购等领域，持续助力客户提升供应链效率、降低运营成本。 京东工业表示，"我们将依托京东超级供应链，持续强化数智供应链技术和服务能力，为产业、为上下游伙伴 和客户创造更大价值，为投资者带来长期回报。" 北京时间12月11日，京东工业股份有限公司（简称"京东工业"）正式于香港联交所主板上市，股票代码为 7618。据港交所公告，京东工业公开发售价定为每股14.1港元，若不行使超额配股权，全球发售募集资金净额 约28.27亿港元。 根据招股书，京东工业的持续经营业务总收入主要为商品销售、服务收入。2022-2024年，商品销售收入分别 为129亿元、161亿元、192亿元，复合年增长率为21.7%；服务收入均稳定在约12亿元。公司的持续经营业务 总收入由2022年的141亿元增至2023年的173亿元，并进一步增至2024年的204亿元，复合年增长率达到 20.1%。根据最新的信息，京东工业披露其2025年截至8月31日总营收达141亿元，同比增长18.9%。盈利表现 方面，京东工业2025年上半年 ...

Core Viewpoint - JD Industrial, a segment of JD Group focused on industrial supply chain technology and services, plans to go public on the Hong Kong Stock Exchange in December, marking a significant step in its strategic layout for industrial digitalization and a milestone in China's industrial supply chain transformation [1] Group 1: Business Overview - JD Industrial has been an independent business unit since 2017, aiming to achieve extreme operational efficiency in the industrial world through technology, leveraging JD Group's supply chain capabilities from the consumer sector [2] - The company has developed the leading smart supply chain solution "TaPu," which connects supply and demand effectively, providing comprehensive data support and decision-making advice to enterprises [2] Group 2: Service Network and Offerings - JD Industrial's service network spans key industries such as automotive manufacturing, energy batteries, steel metallurgy, high-end equipment, petrochemicals, and liquor brewing, serving over 11,100 core industrial enterprises and millions of SMEs, including around 60% of China's Fortune 500 companies [3] - The company offers a one-stop service that includes strategic consulting, full-chain technology and delivery, product supply chain, and operational value-added services, helping clients achieve breakthroughs in cost reduction, efficiency enhancement, supply assurance, and compliance [4] Group 3: Technological Innovations - JD Industrial has launched the first industrial supply chain large model, JoyIndustrial, trained on over 81.1 million industrial product SKUs and practical experience from more than 40 sub-industries, significantly improving efficiency in supply chain management [5] - The company is also involved in a nationwide initiative to reduce supply chain costs by 6.77 trillion yuan through innovation and digital transformation, with the total cost of China's industrial supply chain projected to be approximately 115.19 trillion yuan in 2024 [5] Group 4: Globalization Efforts - JD Industrial supports the globalization of "Made in China" by providing comprehensive services for emerging markets facing localization challenges, including strategic planning, global supply chain governance, and end-to-end fulfillment [8] - The company aims to build a mutually beneficial global industrial ecosystem by leveraging its digital platform to connect management methodologies accumulated over years in Chinese manufacturing [8] Group 5: Future Outlook - The upcoming IPO is expected to inject strong momentum into JD Industrial's mission of reconstructing supply chains and expanding globally, marking a significant leap from "Made in China" to "Chinese Smart Supply Chain" [10]

2025年12月11日的香港联交所交易大厅内，电子屏上跳动的数字与现场密集的快门声交织成一幅热闹的资本图景。 随着京东工业（股票代码：07618）正式挂牌上市，"京东系"的第六家上市公司登陆港股，这也是京东在工业供应链领域的重要布局。 现场公告屏实时显示，京东工业最终发行价锁定14.1港元，全球发售2.11亿股，募资总额达29.78亿港元。扣除1.51亿港元上市费用后，募资净额为28.27亿 港元；M&G、CPE Investment、晨曦投资管理、常春藤、刚睿、Schonfeld、Burkehill等7家基石投资者合计认购1.7亿美元，其中M&G一家就认购了8500万 美元，足见资本市场对其的认可。 | | | 將予認購的 | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | 發售股份 | | | | | | 基石投资者 | 認購金額 | 數目(p) | | | | | | | | | | 假設超額配股權 | | 假設超額配股權 | | | | | | 未獲行使 | | 獲悉數行使 | | | | | 估發售 | 估已發行 | 估發售 | 估 ...

文/耿朴凡 刘强东掌舵下的"京东系"，迎来第六家上市公司。12月11日，京东工业在历经两年半、四次递表冲刺后，正式登陆港交所。京东工业此次IPO发行价为 14.1港元/股，盘中一度破发。截至收盘，京东工业维持了发行价，最新市值377.48亿港元。 来源：宿迁发布 京东工业登陆港交所 京东工业起源于京东集团2013年面向企业客户开展的企业业务，主要是为了满足企业客户综合一站式采购的需求，2017年成为京东集团的独立 业务单元，2018年10月以京东一级类目形式正式上线，2019年11月正式注册升级为子公司。 如今，京东工业已崛起为国内头部工业供应链技术与服务提供商。 招股书显示，靠着涵盖80个产品类别的超8100万个SKU（库存保有单位），京东工业在2022年至2024年实现营收141.35亿元、173.36亿元、204 亿元和103亿元， 三年间年复合增长率达20.13%。净利润方面，在2022年亏损约13亿元的情况下，2023年扭亏为盈，2024年净利润飙升至7.62 亿元。 今年上半年，京东工业实现营收103亿元，同比增长18.9%；实现净利润4.5亿元，同比增长55.2%。 业绩持续向好的京东工业，上市 ...

Core Viewpoint - JD Industrial's IPO on the Hong Kong Stock Exchange marks a significant shift in the industrial supply chain sector from traditional inefficiencies to digital intelligence, highlighting market recognition of the value in industrial digital transformation [1] Industry Outlook: Trillion-Level Market Digitalization Dividend - China has the world's largest industrial system, with a supply chain market valued at approximately 11.4 trillion RMB, yet it suffers from inefficiencies and chaos stemming from traditional models [3] - The supply side is characterized by millions of dispersed manufacturers and distributors, leading to redundant channels and distorted information, while the demand side faces challenges in managing non-standardized products and complex supplier qualifications [3] - The digital penetration rate in China's industrial supply chain is currently low at 6.2%, compared to 15% in the U.S., indicating significant growth potential [4] Core Moat: Unique Model and Barriers Built on "Digital-Physical Integration" - JD Industrial's "Taipu" solution integrates data intelligence with physical products, creating an end-to-end system that standardizes product information and connects supply and demand efficiently [9] - The company has established a supply network of over 158,000 manufacturers and distributors, linking them with more than 11,000 key enterprise clients [9] - The business model has shown strong performance, with revenue growth from 14.135 billion RMB in 2022 to 20.4 billion RMB in 2024, and a net profit of 760 million RMB expected in 2024 [10] Growth Path: Multi-Dimensional Expansion Driving Ceiling Elevation - JD Industrial is expanding horizontally by entering specialized MRO fields and vertically by providing value-added services such as procurement strategy consulting and lifecycle management [15][16] - The company is also geographically expanding into Southeast Asia, South America, and the Middle East to support clients' overseas operations [17] - The industry is transitioning from high dispersion to gradual concentration, with JD Industrial positioned favorably to capture market share due to its established scale, brand reputation, and technological capabilities [18] Conclusion - JD Industrial has effectively addressed a trillion-scale market's need for efficiency through its "Digital-Physical Integration" model, with a clear and diverse growth path ahead [20]

中经记者 李静 北京报道 当一家国内新能源汽车企业决定在巴西建厂时，调研结果令人震惊：当地工业品采购价格竟高达中国市 场的数倍。由于对本地供应链不熟悉，企业一度陷入"保供"困境，生产进度严重受阻。 关键时刻，京东工业国际团队介入，为其量身定制了"两盘货"策略：一部分品类从中国合规直发，以最 优成本保障供应；另一部分则因政策限制，在本地寻源采购。这一方案不仅化解了断供风险，还显著降 低了整体采购成本。 这正是京东工业通过"数实融合"重塑工业供应链的典型缩影。 在京东集团的业务矩阵中，京东工业始终保持着低调姿态。不同于大众熟知的消费电商、医药健康等业 务，这家深耕工业领域的京东业务板块因远离普通消费者视野，其真实业务场景常被外界误解。近期， 京东工业负责人接受《中国经营报》记者采访，系统回应了业务定位、数智化建设、国际化布局等核心 问题，揭开了这家万亿级工业供应链服务商的神秘面纱。 从交易平台到供应链基础设施的蜕变 京东最初进入工业品领域时，选择的路径是将其在消费品电商中积累的卖货能力复制到工业场景。简单 来说，就像京东商城把柴米油盐卖给消费者，京东工业则是把劳保用品、生产工具、维修耗材等卖给工 业企业。 然而， ...