中国证监会国际合作司公告，JINGDONG Industrials, Inc.(京东工业股份有限公司)通过其运营实体提交 的境外发行上市备案材料已收悉，公司拟在港交所发行不超过2.53亿股普通股。此次进展意味着京东工 业离正式登陆港股更近一步，也显示监管层面对头部工业用品电商平台境外融资的支持态度。市场人士 指出，如果京东工业成功上市，有望带动资本市场对中国MRO(维护、维修与运营)板块的整体关注。此 前震坤行(ZKH.US)已率先在美股上市，成为行业代表之一；随着京东工业的赴港进程，相关产业链企 业有望获得更多估值对标与资本市场认可机会。 ...

Company Overview - Zhongkunhang (ZKH.US) is the first listed online procurement platform for industrial non-production materials (MRO) in China, leading the industry in product lines and SKU numbers [1] - The company has established a competitive moat through its logistics infrastructure, customized product services, and digital operating system, while actively expanding into overseas markets and developing AI applications to attract customers [1] - Long-term, the company is expected to maintain steady revenue growth and gradually achieve profitability due to its strong operational capabilities [1] Industry Insights - The industrial goods e-commerce sector is experiencing significant growth, driven by structural changes in the industry and the demand for digital transformation [2] - According to Zhaoshang Consulting, the digital MRO procurement market in China is projected to reach approximately 400 billion yuan in 2024, with an expected CAGR of 10.6% until it surpasses 600 billion yuan by 2029 [2] - The current penetration rate of digital MRO procurement services in China is about 9.5%, which is relatively low compared to over 15% in the US during the same period [2] - The report indicates that there is potential for multiple leading platforms in China's digital MRO market to achieve annual revenues exceeding 10 billion yuan [2] Competitive Advantages - Zhongkunhang possesses three core advantages: 1) A comprehensive warehousing and distribution system that significantly enhances procurement efficiency, addressing customer inventory management challenges through front warehouses [2] 2) Customized services that meet the needs of large clients [2] 3) Digital capabilities that allow the company to extend its business from e-commerce to a comprehensive service platform, linking upstream and downstream production, procurement, and inventory systems for agile demand allocation [2] - The company has developed over ten AI applications, including AI recommendation engines and price comparison assistants, covering the entire MRO e-commerce process from inquiry to after-sales maintenance [2] - Currently, Zhongkunhang is using AI applications as a customer acquisition tool, with expectations for increased R&D investment in the future [2]