我的好朋友：杠杆游戏！ 撰文|蜜妹 这是@闺蜜财经的第1736篇原创 图片来源|AI自动生成 港交所的锣声响起，刘强东的第六家上市公司"京东工业"站上资本舞台。但市场送上的不是掌声，而是开盘7.8%的深跌。 12月11日，京东工业屏幕上的数字从开盘跌破的13.00港元向上挣扎，最终艰难收平在发行价14.10港元，全天成交额5.43亿港元，换手率仅1.47%。 12月12日更微妙，京东工业开盘下探后继续收平，股价在14.10港元稳如老狗。但这一天成交额急剧缩水，跌至5949万港元。 在蜜妹印象里，这是京东工业的第四次上市冲刺，前三次的招股书都因有效期届满而失效。 如今它带着"中国MRO采购服务市场第一"的头衔登陆，但市场对这家公司的态度似乎有点尴尬。在蜜妹看来，这是一个典型的在定价策略上追求极致， 却不幸遭遇逆风的案例。 01 公开资料显示，京东工业是京东集团旗下面向工业领域的供应链技术与服务提供商，致力于通过数字化、智能化的解决方案重塑传统工业品采购与管理模 式。 凭借京东集团在供应链、物流和技术方面的深厚积累，京东工业在中国MRO（非生产原料性质的工业用品）市场占据领先地位。 此次上市使得京东工业成为继京东 ...

Core Viewpoint - JD Industrial, a subsidiary of JD Group, has successfully listed on the Hong Kong Stock Exchange, achieving a market capitalization of approximately HKD 38 billion, indicating initial market recognition of its business model in the industrial supply chain sector [2][3]. Summary by Sections Market Response - The public offering of JD Industrial was oversubscribed by 60.52 times, with international offerings oversubscribed by 7.88 times, attracting notable cornerstone investors [2]. Business Model - JD Industrial serves over 11,000 core industrial enterprises, with more than 60% being Fortune China 500 companies, and has achieved profitability [3][4]. - The company has developed a unique model that combines logistics and supply chain infrastructure with its proprietary "Taipu" system to enhance operational efficiency for clients [3][4]. Industry Context - The industrial supply chain sector is characterized by complexity and inefficiency, with significant pain points in procurement processes [3][4]. - JD Industrial aims to address these challenges by providing a comprehensive supply chain "operating system" that ensures timely and reliable delivery of materials [4][5]. Operational Strategy - The company has built a flexible fulfillment network tailored to industrial needs, including dedicated warehouses and mobile storage solutions [5][7]. - JD Industrial aggregates over 158,000 manufacturers and distributors, offering around 8.11 million SKUs across 80 product categories [7][8]. Service Model - The service model is structured in four steps: supply chain consulting, system integration, product fulfillment, and continuous optimization based on operational data [10]. - This approach transforms JD Industrial from a mere supplier to a strategic partner for its clients [10][11]. Growth Potential - The company is positioned to capitalize on the ongoing digital transformation of China's manufacturing sector, addressing both domestic efficiency needs and international expansion challenges [12][17]. - JD Industrial's "accompanying overseas expansion" service provides tailored supply chain solutions for Chinese companies entering foreign markets [17][19]. Financial Performance - JD Industrial achieved its first annual profit in 2023, with projected net profits of CNY 760 million in 2024, reflecting a year-on-year growth of nearly 158 times [21]. - The revenue model includes both product sales and high-margin service offerings, with service revenue margins exceeding 90% [21][22]. Customer Retention - The company boasts a customer retention rate exceeding 105% for key clients, indicating strong client loyalty and increasing procurement volumes [25]. - This high retention rate is attributed to the value clients derive from JD Industrial's comprehensive supply chain solutions [25]. Conclusion - JD Industrial's business model aligns with the broader trend of industrial upgrading in China, positioning it for sustained growth and profitability as it enhances operational efficiencies for its clients [26].

Core Viewpoint - JD Industrial is determined to pursue an IPO, having submitted its prospectus for the fourth time, indicating a strong commitment to listing despite facing multiple challenges [2][3][4]. Financial Performance - JD Industrial's total revenue for 2022, 2023, 2024, and the six months ending June 30, 2025, were 14.1 billion, 17.3 billion, 20.4 billion, and 10.3 billion respectively, showing an upward trend [5]. - The company turned a profit in 2023 with a net profit of 4.8 million, following a net loss of 1.3 billion in 2022. Projected net profits for 2024 and the six months ending June 30, 2025, are 760 million and 450 million respectively [5]. - Revenue from product sales increased from 12.9 billion in 2022 to 16.1 billion in 2023, and is expected to reach 19.2 billion in 2024, with a compound annual growth rate of 21.7% [5]. Market Context - The Chinese industrial supply chain and service market have significant growth potential, with a digital penetration rate of only about 11% in 2024 [6]. - The online penetration rate for domestic enterprise procurement is below 10%, indicating ample room for development [7]. Competitive Landscape - JD Industrial faces intensified competition, particularly from Tmall, which launched an "Industrial Brand Pavilion" and reported significant growth in the enterprise service sector during the 618 shopping festival [7]. - The revenue structure shows that product sales account for a growing percentage of total revenue, but the gross margin for product sales is lower than that for service revenue [8]. Operational Challenges - The gross margin for product revenue was 11.0%, 10.0%, and 11.3% for 2022, 2023, and 2024 respectively, while service revenue gross margins were significantly higher at 92.9%, 97.0%, and 94.1% [8]. - Inventory turnover days have increased, with figures of 17.9 days, 13.8 days, 14.8 days, and 23.1 days for the years ending December 31, 2022, 2023, 2024, and the six months ending June 30, 2025, respectively [9]. - The company must enhance its supply chain management and address potential issues related to inventory buildup and demand forecasting [9].