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]

Group 1 - The China Securities Regulatory Commission has issued a notice regarding the overseas issuance and listing of JD Industrials, Inc., with plans to issue up to 253,309,800 ordinary shares on the Hong Kong Stock Exchange [1] - JD Industrials is a leading provider of industrial supply chain technology and services in China, offering a comprehensive digital industrial supply chain solution named "Taipu" to meet diverse customer needs [3] - The company has become the largest participant in China's MRO procurement service market, with a projected transaction volume ranking first in 2024, nearly three times larger than the second-largest competitor [3] Group 2 - JD Industrials is also the largest service provider in China's industrial supply chain technology and services market, with a market share of 4.1% based on projected transaction volume for 2024 [3] - The company's transaction volume is expected to grow from approximately RMB 22.3 billion in 2022 to RMB 28.8 billion in 2024, reflecting a compound annual growth rate of 13.5% [3]

瑞财经 吴文婷3月30日，京东工业股份有限公司（以下简称"京东工业"）更新招股书，继续推进港交所 主板IPO进程，美银、高盛和海通国际担任联席保荐人。 如果一切顺利，京东工业有望成为继京东集团、京东物流、京东健康、达达集团、德邦股份后，刘强东 收获的第6家上市公司。 京东工业是国内的工业供应链技术与服务提供商。通过践行变革性的工业供应链数智化转型，其帮助客 户实现保供、降本、增效及合规。 根据灼识谘询的资料显示，京东工业于2024年在中国的工业供应链技术与服务市场拥有最广泛的客户覆 盖。于2024年，其服务约10,600个重点企业客户。于2024年上半年，其重点企业客户包括约50%的中国 《财富》500强企业及逾40%的在华全球《财富》500强企业。 据招股书，2022年-2024年，京东工业实现营收分别为141.35亿元、173.36亿元、203.98亿元；年内利润 分别为-12.69亿元、479.9万元、7.62亿元。 | | | | 纸工 2月51日 出年度 | | | | | --- | --- | --- | --- | --- | --- | --- | | | 2022年 | | 2023 91 ...