Core Viewpoint - JD Industrial is preparing for its IPO, marking it as the sixth company under JD Group to enter the capital market, highlighting the potential of the industrial supply chain sector which is undergoing digital transformation [5][11]. Group 1: Market Overview - The industrial products market in China is valued at trillions and is characterized by fragmentation, inefficiency, and information asymmetry, which has led to issues such as "industrial product mislabeling" [7][8]. - JD Industrial's recent performance during the "Double Eleven" shopping festival indicates significant growth, with self-operated warehouse transaction volume doubling and user numbers increasing by nearly 50% [5][8]. Group 2: Solutions and Innovations - JD Industrial has initiated the "China Industrial Products No Mislabeling" campaign, focusing on supply chain transparency through source traceability, standardization, and self-discipline [8]. - The establishment of the "Mercator" standard product database aims to standardize product parameters, enhancing trust and efficiency in transactions [8][9]. - Collaborations with companies like Delixi Electric have resulted in substantial improvements, such as a 58% increase in enterprise customer numbers and a 172% rise in average transaction value during "Double Eleven" [8]. Group 3: Logistics and Efficiency - JD Industrial's "self-operated warehousing" model has led to significant improvements in logistics efficiency, with companies like New界 Pump Industry achieving a 30% increase in regional inventory turnover rates [11][12]. - The integration of physical and digital supply chain solutions is essential for traditional manufacturing's digital transformation, as demonstrated by the reduction in procurement cycles and cost savings for partners like XCMG [10][11]. Group 4: Market Opportunities for SMEs - JD Industrial's "one product, multiple channels" strategy provides small and medium-sized enterprises access to broader markets, addressing challenges faced by traditional industrial clusters [13]. - The success of JD Industrial during "Double Eleven" reflects a structural shift in the industrial internet, emphasizing the need for deep supply chain reforms rather than mere information matching [14].

图片来源网络 11月23日，港交所官网更新的文件显示，京东工业已经顺利通过上市聆讯，这意味着它距离港股挂牌就差最后一步了。根据最新消 息，这次 IPO 由美银美林、高盛、海通国际和瑞银四大巨头联手担任联席保荐人，计划12月正式挂牌，预计募集资金 5-6 亿美元。 这次京东工业的股东名单里有中东资本阿布扎比投资基金这些 "大佬"，上市后能进一步打通国际融资渠道，为刘强东的国际化战略 铺路。毕竟工业供应链是全球化业务，有了国际资本的支持，京东工业拓展海外市场会更顺风顺水。 图片来源网络 中国工业供应链市场规模已经达到 11.4 万亿元，但数字化渗透率才 6.2%，远低于消费领域，未来增长空间巨大。京东工业的上 市，相当于向市场证明了京东 ToB 战略的可行性，也能借助资本市场的资源，巩固自己在工业数字化赛道的龙头地位，毕竟现在竞 图片来源网络 争对手也不少，早上市就能早拿到资金优势。 京东工业成立于 2017 年，前身是京东的企业业务板块，主要做工业供应链技术与服务，简单说就是帮企业解决 MRO（维护、维 修、运营）采购和数字化供应链的问题。按 2024 年交易额算，规模快赶上第二名的三倍，还服务了 60% 的中 ...

Group 1 - JD Industrial has passed the hearing for its IPO on the Hong Kong Stock Exchange, with joint sponsors including Bank of America Merrill Lynch, Goldman Sachs, Haitong International, and UBS [1] - If successfully listed, JD Industrial will be the sixth publicly listed company under Liu Qiangdong [1] - JD Industrial is a leading provider of industrial supply chain technology and services in China, focusing on MRO procurement services since 2017 [3][5] Group 2 - JD Industrial is the largest participant in China's MRO procurement service market, with a projected transaction volume in 2024 nearly three times that of its closest competitor [3] - The company holds a market share of 4.1% in the industrial supply chain technology and services market in China, with revenue from continuing operations expected 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% [3][5] Group 3 - As of June 30, 2025, JD Industrial serves around 11,100 key enterprise clients, including approximately 60% of China's Fortune 500 companies and over 40% of the global Fortune 500 companies operating in China [5] - The company offers a wide range of industrial products, with approximately 81.1 million SKUs across 80 product categories, sourced from around 158,000 manufacturers, distributors, and agents [6] Group 4 - JD Industrial's revenue from continuing operations increased from RMB 8.6 billion for the six months ending June 30, 2024, to RMB 10.3 billion for the six months ending June 30, 2025 [6] - 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 [6] Group 5 - JD Industrial is expected to raise around $500 million in its upcoming IPO, contributing to the ongoing trend of increased IPO activity in Hong Kong [7] - Since July 1, 2023, Hong Kong has raised nearly $23 billion through stock issuances, marking the best quarterly performance in over four years [7] Group 6 - The growth of JD Industrial is supported by the robust development of China's secondary industry, which has seen its output value increase over 250 times in the past 47 years [11] - China's secondary industry output value is projected to grow from RMB 38.1 trillion in 2019 to RMB 49.2 trillion in 2024, with a CAGR of 5.3% [11] - China is expected to continue leading global growth in the secondary industry, with a more comprehensive and complex industrial ecosystem compared to the United States [11][13]

Core Viewpoint - JD Industrial is preparing for its IPO, highlighting the potential of the industrial supply chain sector, which is undergoing significant digital transformation and addressing long-standing inefficiencies [1] Group 1: Market Overview - The industrial products market in China is characterized by fragmentation, inefficiency, and a high proportion of non-standardized goods, which affects the cost competitiveness of the manufacturing sector [2] - Issues such as product mislabeling and lack of standardization contribute to the inefficiencies in the industrial products market [3] Group 2: Solutions and Initiatives - JD Industrial has launched the "China Industrial Products Non-Fake Labeling" initiative in collaboration with industry associations to enhance supply chain transparency and efficiency [4] - The establishment of the "Mercator" standard product database by JD Industrial aims to standardize product parameters using AI, facilitating better communication among buyers, suppliers, and platforms [5] Group 3: Case Studies and Impact - The partnership between JD Industrial and Delixi Electric resulted in a 58% increase in enterprise customer numbers and a 172% rise in average transaction value during the recent "Double Eleven" shopping festival [5] - JD Industrial's self-operated warehousing model has improved logistics efficiency, enabling next-day or same-day delivery for heavy products, thus increasing inventory turnover rates by 30% for companies like New界 Pump Industry [7][8] Group 4: Opportunities for SMEs - JD Industrial's "One Product, Multiple Channels" strategy provides small and medium-sized enterprises with access to broader markets, addressing their challenges in transitioning to domestic sales and international markets [9][10] - The success of JD Industrial's initiatives during the "Double Eleven" event indicates a structural shift in the industrial internet landscape, emphasizing the importance of supply chain digitalization for industrial transformation [11]

Core Viewpoint - JD Industrial Co., Ltd. is preparing for an upcoming listing on the Hong Kong Stock Exchange, with a focus on enhancing its industrial supply chain capabilities and expanding its business operations [1][2]. Company Overview - JD Industrial is a leading provider of industrial supply chain technology and services in China, aiming to facilitate supply assurance, cost reduction, efficiency improvement, and compliance through digital transformation [2]. - The company offers a comprehensive industrial supply and intelligent supply chain service through its "Taipu" solution, which integrates digital and physical aspects of the supply chain [2]. - JD Industrial has developed an end-to-end digital infrastructure that employs a light asset model to integrate supply-side resources with demand-side procurement needs, serving a diverse range of clients from large enterprises to SMEs [2]. Fundraising Purpose - The funds raised from the Hong Kong listing will be allocated to: 1. Further enhancing industrial supply chain capabilities [3] 2. Expanding business operations across different regions [3] 3. Pursuing potential strategic investments or acquisitions [3] 4. Meeting general corporate purposes and working capital needs [3]

Core Viewpoint - JD Industrial has successfully passed the hearing for its IPO on the Hong Kong Stock Exchange, marking its fourth attempt to go public [1][3]. Group 1: Company Background - JD Industrial is the sixth company under JD Group to seek a public listing, following JD Group, JD Logistics, JD Health, Dada Group, and Debon Logistics [3]. - The company was established as a key category under JD.com in October 2018, marking its entry into core business operations [3]. - JD Industrial has undergone several funding rounds, including a $300 million Series B round in March 2023, which valued the company at $6.7 billion, three times its valuation three years prior [3]. Group 2: Financial Performance - JD Industrial's revenue has shown stable growth, with total revenue increasing from 14.1 billion RMB in 2022 to 17.3 billion RMB in 2023, and projected to reach 20.4 billion RMB in 2024, reflecting a compound annual growth rate of 20.1% [5]. - The company has turned profitable, achieving a net profit of 4.8 million RMB in 2023 after a net loss of 1.3 billion RMB in 2022, with net profit further increasing to 760 million RMB in 2024 [5]. - As of August 2025, JD Industrial reported total revenue of 14.1 billion RMB, an 18.9% increase compared to the same period in 2024 [5]. Group 3: Market Position and Opportunities - JD Industrial 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 [4][5]. - The company collaborates with about 30,000 manufacturers, distributors, and agents, offering over 40 million SKUs across various industrial product categories [5]. - The digital penetration rate of China's industrial supply chain market is currently low at 6.2% but is expected to rise to 8.2% by 2029, indicating significant growth potential for JD Industrial in leading the digital transformation of the industrial supply chain [6].

Core Viewpoint - JD Industrial is making its fourth attempt to go public in Hong Kong, with joint sponsors including Bank of America Merrill Lynch, Goldman Sachs, Haitong International, and UBS [3] Group 1: Company Background - JD Industrial has previously submitted listing applications in March 2023, September 2024, and March 2025, all of which expired due to the validity period of the prospectus [4] - If successful, JD Industrial will become the sixth company under JD Group to be listed, following JD Group, JD Logistics, JD Health, Dada Group, and Debon Logistics [4] - The company originated from JD Group's industrial business, officially entering its core business category in October 2018 [4] Group 2: Financing and Valuation - JD Industrial completed its A-round financing in August 2020, led by GGV Capital, with participation from Sequoia Capital and CPE Yuanfeng Capital [5] - In March 2023, the company completed its B-round financing, raising $300 million at a valuation of $6.7 billion, three times its valuation from three years prior [6] Group 3: Client Base and Services - 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 [7] - The company collaborates with around 30,000 manufacturers, distributors, and agents, offering over 40 million SKUs across various categories [7] Group 4: Financial Performance - JD Industrial's revenue has shown steady growth, with total revenue from continuing operations increasing from 14.1 billion RMB in 2022 to 17.3 billion RMB in 2023, and projected to reach 20.4 billion RMB in 2024, reflecting a compound annual growth rate of 20.1% [8] - The company turned a profit in 2023 with a net profit of 4.8 million RMB, up from a net loss of 1.3 billion RMB in 2022, and further increased its net profit to 760 million RMB in 2024 [8] Group 5: Industry Insights - According to a report by Zhaoshang Consulting, the digital penetration rate of China's industrial supply chain market was only 6.2% in 2024, expected to rise to 8.2% by 2029, indicating significant growth potential in the market [9] - JD Industrial is positioned to lead the digital transformation of the industrial supply chain, addressing systemic issues in supply chain operations [9]

Core Viewpoint - JD Industrial has initiated its IPO roadshow in Hong Kong, aiming for a potential listing in December 2025, marking it as the sixth company under the JD Group to go public [1][3]. Company Overview - JD Industrial, a subsidiary of JD Group focused on industrial supply chain technology and services, was established in July 2017 [3]. - It ranks first in China's MRO procurement services market, with a transaction volume nearly three times that of the second-largest competitor [3]. - The company holds a market share of 4.1% in the industrial supply chain technology and services sector [3]. Financial Performance - JD Industrial's revenue has grown significantly from 14.1 billion yuan in 2022 to 20.4 billion yuan in 2024 [3]. - The company achieved profitability in 2023, with net profit rising from a loss of 1.3 billion yuan in 2022 to a profit of 760 million yuan in 2024 [3]. - For the first half of 2025, JD Industrial reported a net profit of 450 million yuan [3]. Market Potential - The Chinese industrial supply chain market is vast, with the MRO market expected to exceed 2.1 trillion yuan in 2024, maintaining an annual growth rate above 15% [4]. - The market is highly fragmented, with the top five companies holding less than 8% market share, indicating significant consolidation opportunities [4]. - The digital penetration rate in enterprise procurement is only about 11% in 2024, suggesting substantial growth potential through digital transformation [4]. Business Model and Offerings - JD Industrial offers a comprehensive digital supply chain solution called "Taipu," covering four key areas: products, procurement, fulfillment, and operations [5]. - As of the end of 2024, JD Industrial has partnered with approximately 121,700 suppliers, providing around 57.1 million SKUs across 77 product categories [5]. Ownership and Valuation - JD Group holds approximately 78.84% of JD Industrial, maintaining absolute control [5]. - The company has attracted notable investors, including Sequoia China and Abu Dhabi sovereign funds, with a pre-IPO valuation of about 6.7 billion USD [5]. Revenue Sources - In 2024, JD Industrial generated 8.1 billion yuan from JD Group's platform, accounting for 39.7% of total revenue, although this is a decrease from 47.1% in 2022 [6]. - The company faces challenges with slowing revenue growth and low gross margins, with gross margins of 18.0%, 16.1%, and 16.2% from 2022 to 2024 [6].

Core Insights - JD Group reported Q3 2025 revenue of 299.1 billion yuan, a year-on-year increase of 14.9%, exceeding market expectations, with a net profit of 5.3 billion yuan [2] - New business segments showed rapid growth, with active user count surpassing 700 million by October [3] Financial Performance - Q3 revenue growth driven by core retail business, with daily necessities category revenue up 18.8%, four times the industry average; supermarket category achieved double-digit growth for seven consecutive quarters; clothing and footwear category growth approximately eight times the industry average [2] - Service revenue grew by 30.8%, reaching a new high in two years, accounting for 24.4% of total revenue [2] Business Expansion - JD MALL has over 20 operational stores nationwide, and JD Electronics flagship stores exceed 100 [2] - JD's offline presence continues to expand, with over 4,000 3C digital stores and nearly 3,000 car maintenance stores [2] New Business Highlights - JD's food delivery service saw a year-on-year revenue increase of 214%, with significant growth in active users and order volume during the Double Eleven shopping festival [3] - The number of quality restaurants on the platform exceeded 2 million, with leading brands seeing a 13-fold increase in daily orders compared to the first month of launch [3] Technological Investment - As of Q3, JD's cumulative R&D investment reached nearly 160 billion yuan, with supply chain infrastructure assets totaling 174.3 billion yuan [4] - JD plans to procure 3 million robots, 1 million unmanned vehicles, and 100,000 drones over the next five years to enhance its logistics network [4] AI and Supply Chain Integration - The integration of AI with the super supply chain is a key strategy for JD, with applications expanding across retail, health, logistics, and industrial sectors [4] - JD Health launched the industry's first "AI Hospital 1.0," providing a closed-loop service for medical testing, diagnosis, and medication [4]

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]