京东工业股份有限公司（简称"京东工业"）已第四次向港交所递交招股书，继续冲击港股IPO。由美 林、高盛、海通国际、瑞银担任联席保荐人。 若此次上市成功，京东工业将成为继京东集团、京东健康、京东物流、达达集团、德邦股份之后，京东 系第六家上市公司。 中国工业供应链技术与服务市场最大的服务提供商 京东工业是京东集团旗下专注于工业供应链技术与服务业务的子集团，成立于2017年7月。 根据灼识咨询数据，按2024年交易额计，京东工业在中国MRO采购服务市场排名第一，规模约为第二 名的近三倍。 同时，它也是中国工业供应链技术与服务市场最大的服务提供商，市场份额达到4.1%。 财务数据显示，京东工业近年来业绩增长迅速。2022年至2024年，京东工业营收从141亿元增至204亿 元。 据多家外媒报道，京东工业（JD Industrial）已于2025年11月启动港股IPO预路演，计划最快12月正式上 市。 截至2024年底，京东工业已覆盖约12.17万家供应商，提供约5710万个SKU，涵盖77个产品类别，在中 国拥有最为广泛的工业品品类。 京东集团通过全资子公司持有京东工业约78.84%的股权，处于绝对控股地位。 京东 ...

京东持续加大技术投入。截至三季度末，京东体系累计研发投入近1600亿元。供应链基础设施资产规模 达1743亿元，物流网络与智能化设备加速落地。京东物流计划未来5年采购300万台机器人、100万台无 人车和10万架无人机，推动全链路升级。 AI与超级供应链的融合，是AI产业应用的具象化，也是京东的关键战略。京东零售、健康、物流、工 业四大场景的AI应用，正在逐步扩大。京东健康发布行业首款"AI医院1.0"，实现"医检诊药"闭环服 务；京东工业推出工业供应链大模型JoyIndustrial，覆盖汽车制造、能源电池等十大场景，助力产业降 本增效。 京东通过打通"生产-流通-消费"全环节，实现了业务的高效协同与用户规模突破。业内观点认为，随着 技术投入持续转化为产业解决方案，京东有望在零售、健康、物流等多元场景中进一步释放生态潜力。 三季度，京东核心零售业务呈现多引擎驱动。日用百货品类收入同比增长18.8%，增速达行业平均水平 的4倍；商超品类连续7个季度实现双位数增长；服装鞋帽品类增速约为行业的8倍。与此同时，服务收 入同比增长30.8%，创近两年新高，占整体收入比例提升至24.4%。截至三季度末，京东MALL全国 ...

Core Insights - JD.com is not just an e-commerce platform but also offers a comprehensive "Tai Pu" digital and physical integrated supply chain solution based on its super supply chain [1] - The collaboration between JD.com and traditional manufacturing companies is driving digital transformation, leading to significant cost reductions and efficiency improvements [1][5] Group 1: Supply Chain Transformation - JD.com has restructured the non-production procurement process for XCMG, reducing the procurement cycle from 11 days to under 2 days and decreasing costs by over 10% [1][5] - New界 Pump Industry has improved its sales and inventory turnover rate by 30% through collaboration with JD.com, achieving nearly 100% growth in transaction volume during the 11.11 event [2][4] Group 2: Industrial Digitalization - JD.com is leveraging its super supply chain to support the digital transformation of the industrial sector, aiming to create a "data highway" for new industrialization [4][7] - The "Intelligent Empowerment of Thousands of Industries, Trillion Cost Reduction" initiative aims to provide tailored solutions for ten key industries, enhancing supply chain efficiency and compliance [4][6] Group 3: Technological Integration - JD.com has developed the JoyIndustrial supply chain model, addressing high costs and low efficiency in the industrial sector through intelligent decision-making and process optimization [6] - The company emphasizes the importance of integrating technological innovation with industrial innovation to create greater value [5][6] Group 4: Market Expansion and Efficiency - JD.com’s self-operated supply chain and logistics network enhance procurement efficiency and meet diverse customer needs, positioning JD.com as a preferred platform for industrial product procurement [7] - The company is committed to promoting the standardization of industrial products and supporting sustainable development within the industry [6][7]

Core Insights - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China emphasized accelerating high-level technological self-reliance and building a modern industrial system centered on advanced manufacturing [1][2] - China's high-tech industry is transitioning from "following" to "running alongside" and even "leading" in certain areas, driven by technologies like AI, 5G, and cloud computing [1][2] Group 1: Industrial Development - The session highlighted the importance of strengthening the foundation of the real economy, focusing on intelligent, green, and integrated development [2] - China's semiconductor display industry has captured 70% of the global LCD market, showcasing significant progress in the sector [2] - The OLED technology is becoming the mainstream display technology, with Chinese companies like BOE and TCL investing heavily in production lines [2] Group 2: Technological Innovation - Companies like Visionox are focusing on transforming technological innovations into new productive forces, aiming to enhance China's position in the global high-end market [3] - The integration of digital supply chains is crucial for reducing costs and increasing efficiency in industries such as automotive [3][4] - JD Industrial has developed a supply chain model that significantly reduces procurement time and inventory costs for clients [4] Group 3: AI and Automation - The rise of AI large models is making artificial intelligence a focal point of global innovation, with increasing integration into B-end industries [5][6] - Intelligent agents are being widely applied across various sectors, including manufacturing, healthcare, and finance, enhancing operational efficiency [6] - The emphasis on technology innovation driving industrial innovation aims to ensure that technological advancements are effectively utilized in practical applications [6][7]

Group 1 - The core viewpoint of the article emphasizes the importance of accelerating high-level technological self-reliance and establishing a modern industrial system centered on advanced manufacturing in China [2][3]. - The recent developments in China's high-tech industry reflect a significant shift from "following" to "running alongside" and even "leading" in certain areas, driven by technologies such as artificial intelligence, 5G, and cloud computing [2][3]. - The semiconductor display industry has seen remarkable growth, with China now holding a 70% share of the global LCD market and making strides in the OLED sector, indicating a transition from scale competition to technology and value competition [3][4]. Group 2 - The construction of a modern industrial system aims to strengthen the foundation of the real economy, focusing on intelligent, green, and integrated development while maintaining a reasonable proportion of manufacturing [3]. - Companies like Visionox are accelerating the transformation of technological innovation into new productive forces, with plans to expand their OLED production capabilities and enhance their market position [4]. - The integration of digital supply chains is becoming a key driver for cost reduction and efficiency in the real economy, exemplified by JD Industrial's solutions that significantly reduce procurement times and inventory costs for clients [5]. Group 3 - The article highlights the role of AI and intelligent agents in bridging the gap between technology and industry, with applications expanding across various sectors including manufacturing, healthcare, and finance [6]. - The emphasis on technological innovation driving industrial innovation is crucial, as it aims to ensure that technological advancements are effectively implemented in practical applications [6]. - The importance of security in the innovation process is underscored, with industry leaders advocating for a shift from price competition to innovation competition, ensuring a secure environment for technological advancements [7].

Core Viewpoint - JD Group and Changan Automobile have signed a strategic cooperation agreement to establish a comprehensive partnership aimed at enhancing supply chain digitalization and efficiency in the automotive industry [1][3]. Group 1: Strategic Cooperation - The partnership will focus on supply chain digitalization, overseas supply chain collaboration, and the co-construction of AI capabilities [1]. - Both companies aim to improve procurement efficiency, reduce overall procurement costs, and enhance service quality for employees [1][3]. Group 2: Industry Context - Changan Automobile is a major automotive enterprise in China with a history of 163 years and 41 years of vehicle manufacturing experience, transitioning towards becoming a smart low-carbon mobility technology company [3]. - The automotive manufacturing industry is recognized as a complex industrial sector, with supply chain resilience and efficiency being critical for competitive advantage [3]. Group 3: Technological Solutions - JD Industrial has launched the "Smart Empowerment for Thousands of Industries, Trillion Cost Reduction" initiative, introducing ten industry-specific solutions, with the automotive manufacturing sector being the first to benefit [4]. - The "Tai Pu" integrated supply chain solution aims to link supply and demand accurately, reduce collaboration costs, and enhance overall productivity [4]. Group 4: Global Expansion - JD Industrial is expanding its digital supply chain globally, covering countries like Thailand, Vietnam, Hungary, and Brazil, facilitating Chinese automotive companies' overseas operations [5]. - The company has developed a digital procurement platform that supports multi-country transactions, ensuring transparency and efficiency [5]. Group 5: Innovation and Model Development - JD Industrial has created the JoyIndustrial supply chain model, leveraging extensive industrial SKU data to serve over 10,000 key industrial enterprises [6]. - The collaboration between JD Industrial and Changan Automobile is expected to leverage their respective strengths for greater value creation in the industry [6].

Core Viewpoint - JD Industrial has officially submitted its listing application, potentially becoming the sixth company under JD Group to enter the capital market, following JD Group, JD Logistics, JD Health, Dada Group, and Debon Logistics [1] Group 1: Company Background and Development - JD Industrial originated from JD Group's industrial business incubation and became a primary category under JD.com in October 2018 [1] - The company began offering industrial technology solutions in October 2020 [2] - JD Industrial completed its A-round financing in August 2020, led by GGV Capital, with participation from Sequoia Capital and CPE Yuanfeng Capital, and acquired Suzhou Gongpin Hui in the same month [1][3] Group 2: Financing and Valuation - JD Industrial completed its A-1 round financing in January 2021 [3] - In March 2023, the company completed its B-round financing totaling $300 million, achieving a valuation of $6.7 billion, which is three times its valuation three years prior [3] - The B-round financing was led by Abu Dhabi sovereign fund Mubadala and Abu Dhabi Investment Fund 42XFund, with participation from M&G and EQT's BPEA EQT, along with existing investor Sequoia China [3] Group 3: Business Performance and Client Base - As of June 30, 2025, JD Industrial served approximately 11,100 key enterprise clients, including about 60% of China's Fortune 500 companies and over 40% of global Fortune 500 companies operating in China [4] - The company collaborates with around 30,000 manufacturers, distributors, and agents, offering over 40 million SKUs across various categories [4] - JD Industrial's revenue from continuing operations grew from 14.1 billion RMB in 2022 to 17.3 billion RMB in 2023, with a projected increase to 20.4 billion RMB in 2024, reflecting a compound annual growth rate of 20.1% [4] Group 4: Profitability and Market Position - JD Industrial turned a profit in 2023, reporting a net profit of 4.8 million RMB, after a net loss of 1.3 billion RMB in 2022, with net profit expected to rise to 760 million RMB in 2024 [5] - For the six months ending June 30, 2024, the company reported a net profit of 290 million RMB, which is projected to grow to 450 million RMB in the same period of 2025 [5] - The digital penetration rate of China's industrial supply chain market was only 6.2% in 2024, expected to reach 8.2% by 2029, indicating significant growth potential for JD Industrial in leading the digital transformation of the industrial supply chain [5] Group 5: Innovation and Technology - Recently, JD Industrial launched the first industrial supply chain large model, JoyIndustrial [6]

Group 1 - The core viewpoint of the article is that JD Group's spun-off industrial supply chain technology and service provider, JD Industrial, plans to raise $500 million through an IPO in Hong Kong, expected to be completed in October or November [1] - JD Industrial's revenue is projected to grow from approximately 14.1 billion yuan to 20.4 billion yuan from 2022 to 2024, representing a compound annual growth rate (CAGR) of 20.1% [1] - For the first half of this year, JD Industrial reported revenue from continuing operations of 10.25 billion yuan, an increase of 18.91% year-on-year, and a profit of 451 million yuan, reflecting a year-on-year growth of 54.96% [1] Group 2 - The funds raised from the IPO are expected to be used to enhance industrial supply chain capabilities, support regional business expansion, facilitate potential strategic investments or acquisitions, and cover general corporate purposes and working capital needs [1]

Core Viewpoint - JD Industrial is preparing for an IPO on the Hong Kong Stock Exchange, having recently updated its prospectus and received IPO approval after a hiatus of nearly two and a half years [1][3]. Financial Performance - JD Industrial's revenue for 2022, 2023, and 2024 was RMB 141.35 billion, RMB 173.36 billion, and RMB 204 billion respectively, with gross profits of RMB 25.4 billion, RMB 28 billion, and RMB 33 billion, resulting in gross margins of 18%, 16.1%, and 16.2% [3][4]. - The main revenue sources are product sales and services, with product sales contributing RMB 129 billion, RMB 161 billion, and RMB 192 billion for the same years, while service revenue remained stable at around RMB 12 billion [3][4]. - For the first half of 2025, JD Industrial reported revenue of RMB 102.5 billion, an 18.9% increase from RMB 86.2 billion in the same period of the previous year, with a gross profit of RMB 19 billion and a gross margin of 18.6% [5][6]. Profitability Metrics - Continuous operating profits for 2022, 2023, and 2024 were -RMB 1.384 billion, RMB 4.8 million, and RMB 762 million, with operating profit margins of -9.8%, 0%, and 3.7% respectively [4][7]. - Adjusted net profits for the same years were RMB 715 million, RMB 818 million, and RMB 909 million, with adjusted net profit margins of 5.1%, 4.7%, and 4.5% [7][8]. Cash Flow and Assets - As of June 30, 2025, JD Industrial held cash and cash equivalents of RMB 4.56 billion, with net cash from operating activities of RMB 1.38 billion for 2023 [8][9]. - The total current assets as of December 31, 2024, were RMB 13.56 billion, while total current liabilities were RMB 14.16 billion, resulting in a net current liability of RMB 606.31 million [9]. Shareholding Structure - JD Group holds approximately 77.32% of JD Industrial's issued share capital, with founder Liu Qiangdong holding 3.68% through Max I&P Limited [13][16]. - Major investors include GGV Capital and Sequoia China, which participated in various funding rounds, including a recent $300 million Series B preferred stock transaction [12][13].

Core Viewpoint - The launch of the "Langhua" China-Europe Railway Express marks a significant milestone for the Guangdong-Hong Kong-Macao Greater Bay Area, enhancing logistics and trade connections with Europe and contributing to the Belt and Road Initiative [1][2][3] Group 1: Company Overview - Langhua Group initiated the first China-Europe Railway Express from Shenzhen in 2017, establishing a logistics artery that connects China with Belt and Road countries [1][3] - The company has developed a comprehensive service platform that integrates industrial finance, warehousing, logistics, and testing, serving over 30,000 manufacturing enterprises [2][9] Group 2: Operational Achievements - The "Langhua" train has significantly reduced transportation costs and time, offering a more efficient alternative to sea and air freight, with time savings of 2/3 compared to sea transport and cost savings of 50% compared to air transport [5][9] - The train has gained recognition and support from European countries, facilitating increased trade and cultural exchanges between the Greater Bay Area and Central and Eastern Europe [5][6] Group 3: Strategic Collaborations - The collaboration between state-owned enterprises and Langhua has created a model that combines state resources with private sector efficiency, enhancing the overall logistics framework [6][4] - The company has established partnerships with various stakeholders, including the China Railway Corporation and customs authorities, to streamline operations and address challenges such as cargo supervision and return freight shortages [4][6] Group 4: Future Plans and Innovations - Langhua is focused on expanding its production service platform, with plans to establish service industry parks in Huizhou and Foshan to support Guangdong's industrial enterprises in going global [10][11] - The company aims to leverage advancements in artificial intelligence and other emerging technologies to enhance manufacturing processes and service offerings, positioning itself as a leader in the production service sector [7][9] Group 5: Industry Impact - The development of production service industries is seen as crucial for the evolution of China's manufacturing sector, with Langhua's initiatives expected to drive economic growth in the Greater Bay Area [8][10] - The company emphasizes the importance of integrating various service elements to create a robust industrial ecosystem that supports manufacturing efficiency and competitiveness [9][10]