Core Insights - JD Industrial has successfully transitioned from an e-commerce giant to a key player in the industrial supply chain, demonstrating resilience and innovation in a traditionally complex sector [2][4][27] - The company aims to leverage its digital capabilities to drive down costs in the Chinese manufacturing sector, targeting a potential reduction of 6.77 trillion yuan in supply chain costs through digital transformation [28][30] Financial Performance - JD Industrial reported 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 [3] - As of August 2025, the company's total revenue for the year has grown by 18.9% year-on-year, indicating a strong growth trajectory [3] Business Model and Strategy - JD Industrial is not merely a sales platform but positions itself as a "value seller," focusing on co-building solutions with clients to enhance efficiency in procurement processes [14][15] - The company has developed a comprehensive operating system named "Tai Pu," which integrates consulting, system construction, and data governance to streamline supply chain operations [7][8][9] Market Position and Unique Value Proposition - JD Industrial is characterized as a unique "industrial digitalization new species" in China, with a complex and extensive client and supplier network that creates significant barriers to entry for competitors [4][21] - The company is expanding its services from MRO (Maintenance, Repair, and Operations) to BOM (Bill of Materials), which represents a larger share of procurement spending and offers substantial growth potential [15][16] Technological Integration and Innovation - JD Industrial utilizes AI technology to standardize industrial product parameters, addressing issues of data inconsistency and enhancing procurement efficiency [11][12] - The company is also exploring the "robotics aftermarket," aiming to provide maintenance and parts supply solutions for a growing market of industrial robots [20] Support for SMEs and International Expansion - JD Industrial is committed to empowering small and medium-sized enterprises (SMEs) by providing access to advanced supply chain solutions that were previously only available to larger firms [22][25] - The company is adopting a "follow-the-factory" approach for international expansion, helping Chinese manufacturers establish reliable local supply chains in overseas markets [26]

今天，京东工业在港交所上市，成为刘强东的第六家上市企业。 京东工业凭什么能上市？ 刘强东的资本版图，有多大？ 按2024年的交易额计，京东工业是中国工业供应链技术与服务市场最大的服务提供商。 如果说，我们常用的京东卖的日常用品，那么，京东工业卖的便是工业品。 说得再准确一些，主要是MRO，即非生产性物资。 举个例子。 在汽车制造领域，像车身钢材、发动机总成、玻璃、轮胎、座椅、油漆这些产品，要么直接组装成汽车，要么通过涂装、焊接等工艺成为车身的一部分。 这些产品，就是BOM生产性物资。 像扳手、电钻、角磨机、焊接枪头等工具，仅为生产"保驾护航"，使用后即消耗或报废，不会出现在最终产品中的产品，就是MRO。 MRO的供应商可能涉及数百家甚至上千家，供应商分散、资质参差不齐，采购效率低。 千万别小瞧MRO。 MRO产品种类 MRO是维护（Maintenance）、维修（Repair）和运营 (Operations) 的缩写，指的是那些非生产原料性质的必要工业用品。 与BOM相比，MRO有几个显著的特点： 一是品类"碎片化"，管理复杂度更高。 在汽车制造领域，BOM的SKU（最小存货单位）不过几千个，MRO的SKU可 ...

Core Viewpoint - JD Industrial is positioned to leverage the growing industrial supply chain market in China, with a projected revenue compound annual growth rate (CAGR) of 20.1% from 2022 to 2024, and a significant turnaround from a net loss of 1.3 billion yuan in 2022 to a profit of 760 million yuan in 2024 [15][6]. Industry Overview - China is the world's largest industrial manufacturing country, with an industrial added value expected to reach 40.5 trillion yuan in 2024, accounting for approximately 30% of the global total [4]. - The MRO (Maintenance, Repair, and Operations) market is a significant segment, with demand estimated at 4%-7% of industrial output value, and the market size expected to exceed 3 trillion yuan by 2025 [4][5]. Company Strategy - JD Industrial has introduced a "digital-physical integration" model to address long-standing industry pain points, utilizing its smart supply chain solutions to enhance efficiency and reduce costs [6][12]. - The company aims to capture a leading position in the domestic industrial supply chain market, with a projected revenue of 20.4 billion yuan in 2024 and a market share of 4.1%, nearly three times that of its closest competitor [16][15]. Market Dynamics - The domestic MRO market is characterized by fragmentation, with over 120,000 traditional distributors, 85% of which are small and medium-sized enterprises, leading to inefficiencies and high costs [12][9]. - JD Industrial's solutions have demonstrated significant cost reductions for clients, such as a 40% decrease in inventory costs for a steel company and a 15% reduction in procurement costs for a nuclear power plant [13][14]. Future Outlook - The global MRO market is projected to reach approximately $747.6 billion, with significant opportunities for growth as the domestic market matures [21]. - JD Industrial is also focusing on international expansion, establishing partnerships in countries like Brazil and Indonesia, and leveraging AI technologies to enhance supply chain operations [20][19].

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].

Core Viewpoint - JD Industrial's IPO marks a significant milestone for the company, transitioning from a unicorn to a publicly listed entity, and establishing itself as the sixth member of JD Group's commercial portfolio [1][2]. Business Overview - JD Industrial originated from JD Group's enterprise business and became an independent unit in 2017, addressing inefficiencies in traditional industrial supply chains [3]. - The company aims to enhance operational efficiency in the industrial sector through technology, aligning with the "New Quality Productivity" policy [2][3]. Market Position and Growth - JD Industrial has built a service network covering 80 product categories and over 81.1 million SKUs, serving more than 11,100 core industrial enterprises and millions of SMEs, including 60% of China's top 500 companies [7]. - The company reported significant profit growth, with net profit projected to rise from 4.799 million yuan in 2023 to 762 million yuan in 2024, and a 54.96% year-on-year increase in the first half of 2025 [9]. Strategic Initiatives - The "Tai Pu" integrated supply chain solution is central to JD Industrial's growth, linking supply and demand through four digital modules [9]. - JD Industrial's collaboration with leading automotive companies has demonstrated the effectiveness of the "Tai Pu" solution, significantly reducing procurement times and costs [9]. Competitive Landscape - JD Industrial holds a 4.1% market share in the industrial supply chain technology and services sector, leading the industry but facing competition from specialized platforms and comprehensive e-commerce players [12]. - The company is transitioning from a supporting role in the supply chain to a central role in industrial production by integrating MRO and BOM services [13]. Future Outlook - JD Industrial is focusing on global expansion, with plans to enter Southeast Asian markets and establish a presence in Brazil, Thailand, and other regions [21][22]. - The company aims to enhance its supply chain capabilities and operational efficiency through intelligent collaboration across multiple locations, positioning itself for a new phase of globalization [23].

| BofA Securities | UBS | Haitong International Goldman Sachs | | --- | --- | --- | | 聯席整體協調人、聯席全球協調人、 | | 財務顧問、聯席全球協調人、 | | 聯席張簿管理人及聯席牽頭經辦人 | | 聯席張簿管理人及聯席牽頭經辦人 | | Huatai International | | CITIC Securities | "京东系"版图再度扩张！京东工业12月11日正式于港交所主板上市，股票代码为7618。据港交所12月10日晚公告， 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。 上海证券报记者注意到，京东工业也是继京东集团港股二次上市，京东健康、京东物流赴港IPO之后，"京东系"的 第四家港股上市公司。 据了解，依托自身在供应链基础设施与数智技术的双重优势，京东工业携手合作伙伴发起了"智赋千行万亿降本"产 业行动，陆续发布汽车制造、能源电池等十大工业行业场景专属方案，并提出明确目标：未来五年内，助力中国工 业产业实现"降本万亿"的突破性成果。 以汽车制造业为例 ...

Core Viewpoint - The article highlights the transformation of China's manufacturing industry through digitalization and supply chain optimization, exemplified by JD Industrial's role in enhancing efficiency and reducing costs for manufacturing enterprises [4][6][20]. Group 1: Manufacturing Landscape - As of August 2024, the total number of manufacturing enterprises in China reached 6.03 million [1]. - These factories produce a wide range of products, from high-end manufacturing equipment to daily consumer goods, contributing significantly to global supply [2][3]. Group 2: Supply Chain Optimization - JD Industrial has streamlined the procurement process for companies like XCMG, reducing the number of suppliers from over 170 to 18 and cutting order fulfillment time from over 20 days to 3-5 days [4][12]. - The company has developed a comprehensive supply chain solution that integrates digital capabilities across the entire supply chain, serving over 11,000 core industrial enterprises and millions of SMEs [6][16]. Group 3: Standardization and Efficiency - JD Industrial has established a standardized product library to address the complexities of industrial procurement, which includes over 1 billion global screw SKUs [7][9]. - The implementation of the "Tai Pu" integrated supply chain solution has significantly improved procurement efficiency and operational management for various industries, including automotive and steel [10][14]. Group 4: Financial Performance - JD Industrial's revenue grew from 14.135 billion yuan in 2022 to 17.336 billion yuan in 2023, with projections to exceed 20.4 billion yuan in 2024, reflecting a compound annual growth rate of 20.13% [20]. - The company transitioned from a net loss in 2022 to profitability in 2023, with net profit soaring to 762 million yuan in 2024 [20]. Group 5: Market Potential - The total cost of China's industrial supply chain is estimated at 115.2 trillion yuan in 2024, with potential savings of 6.8 trillion yuan through supply chain innovation and digital transformation [21]. - JD Industrial's IPO marks a new beginning for its growth in the industrial sector, emphasizing the importance of digital and physical integration in supply chains [21].

Core Insights - JD Group is focusing on supply chain innovation, avoiding unrelated business ventures, as indicated by its founder Liu Qiangdong ahead of the 618 shopping festival [1] - JD Industrial has initiated a proprietary brand cooperation strategy with leading manufacturing companies, including Jiangjing Fire Technology Co., Ltd., to enhance its supply chain capabilities [1] Group 1: Partnership Development - Jiangjing Fire, a well-established manufacturer with 46 years of history, is one of the largest fire extinguisher producers in China, but has faced challenges in marketing and brand promotion [3] - The partnership between JD Industrial and Jiangjing Fire evolved from a self-operated store model to a proprietary production line model, enhancing collaboration and order stability [4][5] - JD Industrial's commitment to providing a two-year order forecast of 100 million yuan has enabled Jiangjing Fire to invest in upgrading its production lines to fully automated systems [5][7] Group 2: Production and Quality Enhancement - The collaboration has led to significant improvements in production efficiency, with daily output capacity for fire extinguisher tanks increasing from 10,000 to 20,000 units due to automation [7] - JD Industrial's data-driven approach allows for accurate production forecasting, transforming the traditional reactive manufacturing process into a more proactive one [7][8] - The partnership has also extended to product development, with Jiangjing Fire working on specialized fire extinguishers for electric vehicles, leveraging JD's market insights [8] Group 3: Brand Strategy and Market Positioning - The next phase of collaboration focuses on brand enhancement, with JD Industrial's proprietary brands "Hui Xiang" and "Fa Li Chuang" targeting different market segments [8][9] - JD Industrial emphasizes quality as a fundamental criterion for selecting partners, ensuring that their standards exceed national regulations [9][11] - The partnership is characterized by mutual growth, with JD Industrial enhancing its supply chain control and Jiangjing Fire improving its service capabilities through JD's distribution network [11][12] Group 4: Industry Evolution - The collaboration represents a shift from traditional platform-manufacturer dynamics to a more complementary and symbiotic relationship [12][13] - JD Industrial's strategy of deepening its engagement with upstream manufacturing is exemplified by its work with Jiangjing Fire, showcasing a new model of industrial collaboration [13][14]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：喜乐 12月3日，京东生态版图再迎扩容——旗下第六家拟上市公司京东工业正式启动全球发售。根据发行计划，公 司预计于12月9日确定最终发行价格，并于12月11日在港交所上市。本次发行价格区间为12.7-15.5港元/股，基 础发行股数约为2.1亿股，对应基础发行规模约为26.8-32.7亿港元；绿鞋后发行股数约为2.4亿股，对应绿鞋后 发行规模约为30.8-37.6亿港元。 作为国内工业供应链领域的头部企业，京东工业的上市之路并非一帆风顺。从首次递表到启动发售，历时近 三年的进程中，公司不仅面临估值较 B 轮融资折让近 20% 的现实，还存在基石阵容过度依赖老股东、缺乏高 质量长线资金加持的发行短板，业务层面更凸显出毛利率结构失衡与对京东集团关联依赖较强的核心问题。 多重挑战叠加下，其上市后的市场表现更成为资本市场关注的焦点。 历时近三年终启动 发行规模与估值较预期缩水 B轮投资者浮亏超40% 回溯京东工业的上市筹备历程，其最初的市场热度与如今的发行现状形成鲜明对比。2023年3月，公司首次向 港交所递 ...

Group 1: Core Business Strategy - JD Industrial plans to strengthen its product offerings and leverage data from leading manufacturers for training [1] - The international business is a significant growth avenue for JD Industrial, with Southeast Asia identified as the first target market for overseas expansion starting in 2024 [1] - JD Industrial has established a presence in markets such as Brazil, Thailand, Indonesia, Malaysia, Vietnam, and Saudi Arabia, and is also beginning to expand into Europe [1] Group 2: Challenges in International Expansion - The primary challenges for JD Industrial's internationalization include local tax and legal compliance, as well as building partnerships with local ecosystem players [2] - Recruiting suitable local talent is essential for understanding the nuances of the local market [2] - JD Industrial's international business is one of the least dependent on JD's existing resources, requiring tailored business models for each market based on local supply chains and regulations [2] Group 3: Development of Large Models - JD Industrial has made progress in developing large models, with the launch of JoyIndustrial, the first industrial model focused on supply chains, utilizing over 81.1 million SKU data points [2] - The core of the large model is centered around data and scenarios, aiming to identify valuable use cases and accumulate comprehensive data across the supply chain [2] - There is a strong demand from clients for large models, particularly in the product sector, indicating a focus on enhancing supply chain efficiency [3] Group 4: Operational Efficiency - JD Industrial's collaboration with clients, such as XCMG Group, has significantly reduced procurement cycles for non-production materials to within 3-5 days, demonstrating improved cost efficiency [3] - Previously, the procurement process for urgently needed tools could take up to 20 days, highlighting the efficiency gains achieved through digitalization [3]