收入端显示，公司第三季度总GMV为26.2亿元人民币，同比下降2.3%，但降幅较前几个季度已明显收 窄。季度客户总数突破7万，创历史新高；日均订单额从7月的3700万元增至11月的5200万元，增长显 著。利润端显示，第三季度非GAAP运营亏损/净亏损分别为2200万元/1400万元，利润率环比和同比均 有改善。管理层透露公司已在9月实现单月盈亏平衡，并有望在第四季度实现单季盈利。海外业务预计 在2026年达到盈亏平衡。 分析师模型预测，公司第四季度GMV/收入将恢复同比增长（+4%/+5%），并实现800万元调整后净利 润。 华兴资本研报指出，震坤行第三季度业绩显示，尽管商品交易总额同比仍小幅下滑，但降幅收窄，且净 亏损大幅减少，经营状况持续改善。管理层预计第四季度将恢复同比增长并实现单季盈利。因此，分析 师维持"买入"评级，并将目标价小幅下调至4.00美元。 供应链深化与AI赋能。季度新增230万个SKU，总数超1900万；新增1200多家供应商（主要为OEM）。 自有品牌业务增长强劲，GMV同比增长16.7%，占总GMV的8.2%，长期目标为贡献30%的GMV。另 外，公司正式推出专为MRO行业研发的大 ...

自有品牌战略方面，公司坚定布局有较高毛利的自有品牌系列产品，25Q3自有品牌GMV同比增长 16.7%，占总GMV比重提升至 8.2%。公司整体客户数及SKU供给量同步高增，截止25Q3公司客户数为 7.08万家，同比增长48.0%；25Q3公司新增超230万个SKU，总可售SKU数量突破1900万。 报告指，震坤行发布2025年三季度业绩公告，营收23.28亿元，同比增长2.1%；Non-GAAP 调整后净亏 损0.14亿元，亏幅同比收窄78.7%。经历上半年调整后，公司业务在第三季度步入复苏阶段，GMV同比 降幅收窄，大型企业和中小企业客户的商品交易总额均实现增长。该行看好公司GMV重回增长轨道， 实现盈利质量进一步改善。 海外市场方面，公司在美国的分销渠道进一步拓展，除自有北美平台Northsky外，已成功入驻亚马逊等 第三方平台。该行看好公司发力自有品牌及出海战略带动毛利率持续提升，AI助推工业品电商主业提 质增效。 人工智能赋能业务方面，公司在物料标准化管理、产品推荐、销售转化、数据治理及流程自动化等多个 运营环节应用人工智能技术，核心应用"AI 推品大脑"自2024Q4上线后，截止2025Q3已累 ...

12月11日，港交所又迎来一个熟悉的"618"代码，7618.HK。 这是京东收获的第六个IPO，主角是京东工业。 但仅仅两年后的2024年，公司画出了一条堪称奇迹的微笑曲线——不仅成功扭亏为盈，还实现了7.62亿 元的净利润，同比暴增了近158倍。 据港交所公告，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。 值得一提的是，京东工业共收到72234份有效申请，相当于初步可供认购香港公开发售股份总数的约 60.25倍。同时，其国际配售也获得超额认购，约为初步可供认购发售股份数的7.88倍，投资机构与全球 投资人的青睐一目了然。 可能很多人要问，一个听起来离我们很遥远，卖螺丝、卖轴承的生意，凭什么能敲开港交所的大门，还 能获得资本的青睐？ 其实，答案早在多年前，京东选择一头扎进这个产业时，就已经埋下了。 01 两年扭亏，但对手还在烧钱 先给大家看一组反差极大的数据： 2022年，京东工业的账面上还写着12.69亿元的亏损，这是一个足以让任何创业公司胆寒的数字。 到了2025年上半年，这个强劲的势头还在继续，半年净利润已达5亿元。 这样的财务表现，放在整个工 ...

去年，京东集团实现营收11588.19亿元，同比增长6.84%，排在2025中国企业500强第10位、中国服务业 企业500强第6位、中国民营企业500强第1位、中国服务业民营企业500强第1位。 2025年12月11日，京东工业正式登陆香港资本市场，截至发稿时，总市值为377.48亿港元。值得一提的 是，这是继京东集团（2014年）、京东健康（2020年）、京东物流（2021年）、德邦股份（2022年收购 的上市公司）之后，刘强东控制的第五家上市公司，进一步扩大资本版图，形成"零售+物流+健康+工 业+科技"的多元化格局。根据《2025胡润百富榜》显示，刘强东、章泽天夫妇身家达到580亿元，同比 增长12%，排在榜单第97位。【注：今年6月17日，达达集团被京东私有化退市】 简单介绍一下，京东工业主营业务为工业品电商，为企业提供非生产性物料（MRO，即维护、维修和 运营采购，主要覆盖企业日常运营、设备维护及修理所需的非生产性物资采购）、生产性资料 （BOM，包括原材料、半成品等）服务等工业品供应以及数智化供应链服务。 其核心竞争力在于自主研发的"太璞"全链路数智化工业供应链解决方案，该方案建立在端到端的供应 ...

2025年12月11日，京东工业正式登陆香港资本市场，截至发稿时，总市值为377.48亿港元。值得一提的是，这是继京东集团（2014年）、京东健康（2020 年）、京东物流（2021年）、德邦股份（2022年收购的上市公司）之后，刘强东控制的第五家上市公司，进一步扩大资本版图，形成"零售+物流+健康+工 业+科技"的多元化格局。根据《2025胡润百富榜》显示，刘强东、章泽天夫妇身家达到580亿元，同比增长12%，排在榜单第97位。【注：今年6月17日，达 达集团被京东私有化退市】 去年，京东集团实现营收11588.19亿元，同比增长6.84%，排在2025中国企业500强第10位、中国服务业企业500强第6位、中国民营企业500强第1位、中国服 务业民营企业500强第1位。 简单介绍一下，京东工业主营业务为工业品电商，为企业提供非生产性物料（MRO，即维护、维修和运营采购，主要覆盖企业日常运营、设备维护及修理 所需的非生产性物资采购）、生产性资料（BOM，包括原材料、半成品等）服务等工业品供应以及数智化供应链服务。 其核心竞争力在于自主研发的"太璞"全链路数智化工业供应链解决方案，该方案建立在端到端的供应链数 ...

文/新浪财经香港站 赵岚 12 月 11 日，京东集团旗下京东工业股份有限公司（7618.HK）正式于港交所主板挂牌上市，成为京东 系版图中第六家上市公司。 作为中国领先的工业品采购服务平台，京东工业的核心业务聚焦工业品电商领域，如同面向消费者的综 合电商平台，为企业客户提供一站式工业用品采购服务，产品涵盖螺丝螺母、电阻电容等基础零部件及 各类工业设备。 从基本面来看，公司近年业绩实现跨越式增长，展现出强劲的发展韧性，2022 年录得 13 亿元亏损， 2023 年成功扭亏为盈实现净利润 480 万元，2024 年净利润大幅攀升至 7.6 亿元，2025 年上半年延续盈 利态势，实现净利润 4.5 亿元；营收规模更是连续三年稳步增长，从 2022 年的 141 亿元增至 2024 年的 203 亿元，复合增长态势显著，2025 年截至 8 月 31 日总营收达 141 亿元，同比增长 18.9%。 在工业品电商行业快速发展的背景下，京东工业的业绩增长与行业趋势高度契合。数据显示，2025 年 中国工业品电商增速达到 28.7%，远高于消费电商 15.2% 的增速，MRO 电商规模已达 8.2 万亿元，工 业零 ...

Core Viewpoint - JD Industrial has successfully passed the listing hearing and plans to go public on the Hong Kong Stock Exchange by December 2025, marking a significant milestone after multiple attempts over two and a half years [1][2]. Financial Performance - For the fiscal year ending August 31, 2025, JD Industrial reported total revenue of 14.1 billion yuan, an 18.9% year-on-year increase, and a net profit of 450 million yuan [1]. - The revenue trajectory shows a growth from 6.8 billion yuan in 2020 to 20.4 billion yuan in 2024, with net profits fluctuating initially but stabilizing at 760 million yuan in 2024 [3][5]. Listing Attempts - JD Industrial submitted its initial IPO application in March 2023 but faced setbacks, including a failed application and two subsequent updates that did not pass the hearing until November 2025 [2]. Revenue Composition - Revenue is divided into product and service income, with product income showing consistent growth from 6.2 billion yuan in 2020 to 19.2 billion yuan in 2024, while service income has stagnated around 1.2 billion yuan since 2022 [5][6]. - The decline in transaction platform revenue is attributed to key enterprise clients preferring direct procurement over platform orders [6]. Market Position and Strategy - JD Industrial is focusing on expanding its client base, particularly among large enterprises, with revenue from key clients increasing from 6.7 billion yuan in 2022 to 11.4 billion yuan in 2024 [7]. - The company aims to enhance its business scale, attract strategic capital, and improve brand recognition as part of its IPO strategy [7]. Leadership and Ownership - Liu Qiangdong, as a non-executive director, has not received any compensation from JD Industrial between 2022 and 2024, although he was granted significant stock options in previous years [8]. - JD Group, controlled by Liu Qiangdong, holds approximately 78.84% of JD Industrial's issued share capital [8].

Core Viewpoint - JD Industrial Co., Ltd. has successfully passed the hearing for its listing on the Hong Kong Stock Exchange, potentially becoming the sixth publicly listed company under Liu Qiangdong's leadership, following JD Group, JD Logistics, JD Health, Dada Group, and Debon Holdings [1]. Company Overview - JD Industrial is a provider of industrial supply chain technology and services, focusing on e-commerce for industrial products. Its main offerings include MRO (Maintenance, Repair, and Operations) and BOM (Bill of Materials) services through its "Taipu" digital supply chain solution [1]. - Since its establishment in 2017, JD Industrial has become the largest player in the MRO procurement service market in mainland China, with a projected transaction volume in 2024 nearly three times that of its closest competitor [1]. Shareholding Structure - The controlling shareholder of JD Industrial is JD Group, which holds approximately 79% of the shares through its subsidiaries. Liu Qiangdong, the actual controller, directly holds 3.68% of the shares, giving him control over about 83% of the voting rights [2]. Financial Performance - JD Industrial's total 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]. - The company reported a net loss of RMB 1.3 billion in 2022, but turned a profit in 2023 with a net income of RMB 4.8 million. The net profit is expected to rise significantly to RMB 760.6 million in 2024, marking a year-on-year growth of 1586% [3]. Revenue and Profit Breakdown - For the first half of 2024, JD Industrial's revenue is projected to increase by 18.9% to RMB 10.3 billion compared to RMB 8.6 billion in the first half of 2023 [2]. - The gross profit margin for the company has shown slight fluctuations, with a gross profit of RMB 2.8 billion in 2023, representing a margin of 16.1% [4].

Core Viewpoint - JD Industrial plans to go public on the Hong Kong Stock Exchange in December, aiming to raise between $500 million and $600 million, marking it as the sixth listed company under Liu Qiangdong's leadership [1] Group 1: IPO and Financial Performance - JD Industrial's IPO journey has faced challenges, being its fourth attempt to list in Hong Kong, with previous applications lapsing due to the expiration of the prospectus [1] - The company's total revenue from ongoing operations increased from 14.1 billion in 2022 to 17.3 billion in 2023, and is projected to reach 20.4 billion in 2024, reflecting a compound annual growth rate (CAGR) of 20.1% [2] - JD Industrial's net profit turned from a loss of 1.3 billion in 2022 to a profit of 4.8 million in 2023, further increasing to 760 million in 2024, a year-on-year growth of 1586% [2] Group 2: Business Model and Competitive Landscape - JD Industrial specializes in industrial e-commerce, providing non-production materials (MRO) and production materials (BOM) services, which are essential for enterprise processing and operations [3] - The company faces competition from traditional industrial distributors, other e-commerce platforms, and international industrial e-commerce giants, with key players including 1688 Industrial Products and others [3] Group 3: Strategic Implications of the Listing - The listing of JD Industrial is significant for Liu Qiangdong's business strategy, diversifying capital layout and expanding his capital map into a multi-faceted structure of 'retail + logistics + health + technology + industry' [4] - The IPO will enhance JD's positioning in the industrial internet sector, fostering a supply chain ecosystem that integrates 'goods-logistics-technology' [4] - JD Industrial's listing is expected to support Liu Qiangdong's internationalization strategy by attracting Middle Eastern capital, such as from the Abu Dhabi sovereign fund [4]

Core Viewpoint - JD Industrial plans to list on the Hong Kong Stock Exchange in December, aiming to raise between $500 million and $600 million, marking it as the sixth listed company under Liu Qiangdong's leadership [1] Group 1: IPO Journey - JD Industrial's IPO journey has been challenging, marking its fourth attempt to go public in Hong Kong, with previous applications failing due to the expiration of the prospectus [3] - The spin-off listing is a crucial part of JD Group's capital strategy, aimed at independent financing, enhancing subsidiary valuation, and reducing the parent company's debt ratio [3] - Post-listing, JD Industrial will operate independently, enriching its financing channels and consolidating its competitive advantage in the industrial supply chain [3] Group 2: Strategic Significance - The listing will diversify Liu Qiangdong's capital layout, expanding his portfolio to include "retail + logistics + health + technology + industry" [4] - It will enhance JD's positioning in the industrial internet sector, creating a comprehensive supply chain ecosystem [4] - The introduction of Middle Eastern capital, such as the Abu Dhabi sovereign fund, supports JD's internationalization strategy [4] Group 3: Financial Performance and Growth Prospects - JD Industrial's revenue from core operations is primarily from product sales and service income, with sales projected to grow from 12.9 billion in 2022 to 19.2 billion in 2024, reflecting a compound annual growth rate (CAGR) of 21.7% [5] - Total revenue is expected to rise from 14.1 billion in 2022 to 20.4 billion in 2024, with a CAGR of 20.1% [5] - The company has turned profitable, with net profit increasing from a loss of 1.3 billion in 2022 to 48 million in 2023, and further to 760 million in 2024, marking a significant turnaround [5] Group 4: Trends in Industrial E-commerce - JD Industrial, as a latecomer in industrial e-commerce, leverages its unique "Taipu" intelligent supply chain solution, which integrates various supply chain processes [6] - The industrial e-commerce market is expected to evolve towards greater segmentation, personalization, and intelligence, driven by technological advancements and consumer demand [7] - Future trends include market expansion, increased intelligence, accelerated globalization, enhanced supply chain optimization, and improved user experience and service levels [7]