叠加服务中国产业出海及京东集团生态支撑两大因素，京东产发的差异化及稀缺性更为鲜明。 本文为IPO早知道原创 当全球化供应链重构进入深水区，服务于中国创新经济的供应链基础设施正迎来从"本土深耕"到"全球布局"的价值跃迁关键期。 据IPO早知道消息，京东产发于日前正式向香港联交所递交A1申请文件。招股书显示，作为京东集团旗下现代化基础设施开发及管理平台，截至2025年9 月30日，京东产发已在境内29个省级行政区及境外10个国家和地区，开发、拥有或管理285个现代化基础设施资产，总建筑面积约2710万平方米，资产管 理规模总额为1215亿元（人民币，下同）。 同时，其总计开发、持有或管理的现代化基础设施包括259个物流园、20个产业园以及6个数据中心基础设施。 2023年、2024年及2025年前9个月，京东产发营收分别为28.68亿元、34.17 亿元、30.02 亿元，年平均增长率约为20%。2025年前9个月，其调整净利润达 8.23亿元，同比增长77%。资产管理规模至2025年9月已较从2023年初增长28.1%，扩张态势明显。 从估值视角出发，招股书中透露出的三个关键线索颇值得关注，即国际化破局、轻资产 ...

若此次上市顺利，京东产发将成为刘强东麾下第七家上市公司，紧随京东集团、京东健康、京东物流、 京东工业等步伐，完成京东系从电商零售到物流、工业再到基础设施的资本化闭环。这是继2025年12月 京东工业港股敲钟后，京东系短短一个月内迎来的又一IPO动作。 京东产发的逆袭 近期，港交所官网显示，京东集团旗下京东智能产发股份有限公司（下称"京东产发"）正式重启港股 IPO征程。美银证券、高盛、海通国际担任联席保荐人。 京东产发的基因，根植于刘强东2007年力排众议的自建物流决策。彼时电商行业盛行轻资产模式，而刘 强东坚持布局仓储物流基础设施，认为"物流是电商的生命线"。这一被当时市场质疑为"偏执"的选择， 最终孕育出京东产发的雏形——早期的集团基建部门，承担着京东物流网络的建设与运营职能。 支撑业绩增长的核心，是京东产发构建的"轻重资产融合"商业模式。传统物流地产行业以"买地-盖楼-收 租"的重资产模式为主，资金占用大、周转效率低，而京东产发通过三大业务板块的协同，破解了这一 行业痛点： 其一，基础设施解决方案业务作为核心支柱，2024年贡献收入31.6亿元，占比高达92.6%。值得注意的 是，该业务来自外部客户的收 ...

Core Viewpoint - JD Property Development Co., Ltd. (referred to as "JD Property") has officially submitted its IPO application to the Hong Kong Stock Exchange, marking its second attempt after a failed submission in March 2023. The company is backed by JD Group and, if successful, will become the seventh publicly listed company under the group [1][6]. Group 1: Company Overview - JD Property manages assets totaling 121.5 billion yuan, with a total construction area of 27.1 million square meters, ranking among the top three new economic infrastructure providers in the Asia-Pacific region and second in China [1][10]. - The company began operations in 2007, initially focusing on building a logistics system for JD Group, and has since developed a large-scale modern infrastructure network covering 29 provincial-level administrative regions in mainland China and ten overseas countries and regions [6][7]. Group 2: Business Model and Operations - JD Property has adopted a unique logistics real estate model that goes beyond traditional land acquisition and leasing, leveraging insights from JD Group's supply chain to identify emerging trends and strategically plan infrastructure development [2][8]. - The company has achieved an average occupancy rate of over 90% for its completed modern infrastructure assets, which is approximately 10 percentage points higher than the average in the new economy sector [8][10]. Group 3: Financial Performance - For the years 2023 and 2024, JD Property reported revenues of 2.868 billion yuan and 3.417 billion yuan, respectively, reflecting a year-on-year growth of 19% [12]. - The company experienced a loss of 1.59 billion yuan in the first three quarters of 2025, a significant improvement from a loss of 1.375 billion yuan in the same period the previous year [13]. Group 4: Future Plans and Funding - The proceeds from the IPO are intended to expand JD Property's infrastructure asset network in strategically important logistics nodes overseas and enhance the density and quality of its infrastructure assets in China [15]. - JD Property has established multiple investment tools, including five core funds and a development fund, to support its strategic shift towards a light-asset model [9][15].

全文2067字 | 预计阅读时间4分钟 刘强东，太狠了！ 京东工业上市敲钟刚满一个月，它的"同门兄弟"——京东产发（京东在产业数字化最重要的基础设施平 台）再次叩响港交所的大门。 不再只靠京东"输血"，是京东产发走向成熟的关键信号。 | 重要提示 | | --- | | 閣下對本文件任何內容如有任何疑問,應諮詢獨立專業意見。 | | JINGDONG Property, Inc. | | 京东智能产发股份有限公司 | | (於開發群島註冊成立的有限公司) | | 【端餐】 | | [编纂]的国纂]敢目 [编纂]股股份(视乎[编纂]行使奥否面定) | | [编纂]散目 [编纂]股股份(可于[黑晨]) | | [编纂]数目 [编纂]股股份(编纂]) re | | 最高 编纂] n 舒服[铜纂] | | the fire 每股股份0.0000005美元 | | [细纂] [調纂] re | | 聯席保屬人、[編纂] | | (按字母顺序) | | BofA Securities Goldman Sachs Haitong International | | 财務顧問 · [编纂] | | UBS | | [销量] ...

Core Viewpoint - JD Property Development is set to restart its IPO process after nearly three years, with a valuation of 55 billion and an asset management scale of 121.5 billion, positioning itself as a key player in the Asia-Pacific new economy infrastructure sector [1][5]. Group 1: Business Model and Financial Performance - JD Property Development is transitioning from a "heavy asset" model to a "light asset" model, focusing on asset management rather than direct ownership of properties [2][5]. - In the first three quarters of 2025, the company reported revenue of 3 billion and a loss of 160 million, but adjusted net profit surged by 77%, indicating a positive shift in its financial health [1][17]. - Over 30% of its revenue comes from JD Group and its affiliates, highlighting its role as a foundational support for JD's supply chain [5][11]. Group 2: Strategic Expansion Plans - The company aims to expand its overseas logistics nodes, currently only 12.8% of its assets, to become a global supply chain service provider [9][15]. - JD Property Development plans to deepen its domestic presence by following industrial trends and tapping into lower-tier consumer markets [9][15]. - The focus on "smart park solutions" emphasizes the importance of technology in enhancing operational efficiency and rental premium capabilities [9][12]. Group 3: Market Position and Future Outlook - The IPO is seen as a strategic move to capitalize on the global supply chain restructuring and the increasing trend of Chinese enterprises going overseas [15][17]. - The company’s asset management scale and operational efficiency provide a strong foundation for future growth, despite current losses [17]. - The backing from top-tier investment firms indicates confidence in the company's business model and potential for scalability in modern warehousing operations [17].

Core Viewpoint - JD Property, a subsidiary of JD Group, has submitted an A1 application to the Hong Kong Stock Exchange, aiming for a mainboard listing, showcasing its asset scale, business structure, competitive advantages, and overseas strategy [1] Group 1: Company Overview - JD Property is positioned as a leading modern infrastructure development and management platform in China, managing over 120 billion RMB in assets and covering more than 280 modern infrastructure assets globally [1] - The company has established a comprehensive infrastructure network, with domestic coverage across 29 provincial administrative regions and international presence in key logistics nodes in Asia-Pacific, Europe, and the Middle East [2] Group 2: Financial Performance - In 2024, JD Property achieved total revenue of 3.42 billion RMB, a year-on-year increase of 19.1%, with revenue for the first nine months of 2025 reaching 3 billion RMB, surpassing the total for 2023 [3] - The core business of infrastructure solutions contributed 3.16 billion RMB in revenue in 2024, accounting for 92.6% of total revenue, with external customer revenue making up 62.5%, reflecting a 3.2 percentage point increase from 2023 [3] Group 3: Asset Management and Investment - JD Property has established multiple funds and investment platforms, with a fund management scale increasing from 25.5 billion RMB at the beginning of 2023 to 41 billion RMB by September 2025 [4][5] - The company’s fund management accounted for 33.7% of its total asset management scale, providing a solid foundation for future development in fund and partnership management [5] Group 4: Profitability and Challenges - Despite impressive growth, JD Property reported net losses of 1.83 billion RMB in 2023, 1.2 billion RMB in 2024, and 160 million RMB in the first nine months of 2025, while adjusted profits showed a positive trend [6] - The decline in gross margin is attributed to ongoing fair value losses in domestic investment properties, with significant impacts from macroeconomic conditions [6] Group 5: Ownership and Fundraising - JD Group holds a 74.96% stake in JD Property, with Liu Qiangdong indirectly controlling approximately 77.9% of the voting rights [7] - The funds raised from the listing will primarily be used to expand the infrastructure asset network in key overseas logistics nodes and enhance the density and quality of infrastructure assets in China [7]

Core Viewpoint - JD Group is actively pursuing a strategy of spinning off high-potential businesses for independent listings, which allows for asset value reassessment and reduction of the parent company's debt ratio, benefiting both the parent and subsidiary companies [1]. Group 1: JD Property's IPO - JD Property has recently submitted its prospectus to the Hong Kong Stock Exchange, marking a restart of its IPO journey after nearly three years [2]. - The company is backed by major underwriters including Bank of America, Goldman Sachs, and Haitong International [2]. - JD Group currently holds approximately 74.96% of JD Property's issued share capital through its wholly-owned subsidiaries, maintaining absolute control with over 50% ownership post-IPO [4][5]. Group 2: Business Overview - JD Property is described as a modern infrastructure development and management platform, essential to JD Group's supply chain ecosystem, providing comprehensive solutions for modern warehouses, integrated smart industrial parks, data centers, and photovoltaic new energy [7]. - The company has developed and managed 285 modern infrastructure assets across 29 provinces in China and 10 countries overseas, with an average occupancy rate exceeding 90%, outperforming the industry average by about 10 percentage points [12]. Group 3: Financial Performance - For the first nine months of 2025, JD Property reported revenues exceeding 3 billion yuan, a year-on-year increase of 21.2%, with adjusted net profits reaching 823 million yuan, a growth of approximately 215% compared to the entire year of 2023 [12][15]. - The revenue breakdown shows that 85.4% comes from infrastructure solutions, while fund management and other income contribute 4.9% and 9.7%, respectively [12]. Group 4: Future Prospects - The IPO is expected to diversify JD Property's financing channels, with approximately 40% of the raised funds allocated for expanding overseas logistics nodes, 30% for upgrading domestic infrastructure networks, and 20% for supplementing fund management business capital [17]. - With the easing of monetary policy by the Federal Reserve and a recovering capital market, the timing for JD Property's IPO appears favorable [18]. Group 5: Strategic Vision - JD Group has evolved from a pure e-commerce platform to a diversified entity encompassing retail, logistics, health, technology, and industrial sectors, creating a robust supply chain ecosystem [20][24]. - The company's ambition is to build a modern infrastructure network that not only supports its retail operations but also serves the infrastructure needs of various industries, thereby contributing to the upgrade of China's real economy [24].

Core Viewpoint - JD Property Development has submitted its A1 application to the Hong Kong Stock Exchange, aiming to raise funds for expanding its infrastructure network both domestically and internationally, enhancing service solutions to attract and retain customers [1] Group 1: Company Overview - JD Property Development was established as a supply chain ecosystem enterprise spun off from JD Group, focusing on modern warehousing, smart industrial parks, data centers, and new energy infrastructure [2] - The company has developed a portfolio of modern infrastructure assets, including 259 logistics parks, 20 industrial parks, and 6 data centers, covering 29 provincial-level administrative regions in mainland China and ten overseas countries and regions [2][3] Group 2: Financial Performance - As of September 30, 2025, JD Property Development's total asset management scale reached RMB 121.5 billion, with a 28.1% growth from early 2023 to September 2025 [3] - The company reported revenues of RMB 2.868 billion and RMB 3.417 billion for 2023 and 2024, respectively, with a 21.16% year-on-year revenue growth to RMB 3.002 billion in the first nine months of 2025 [4] - Despite recording losses of RMB 1.829 billion in 2023 and RMB 1.2 billion in 2024, the adjusted net profit increased significantly, reaching RMB 823 million in the first nine months of 2025, a nearly 77% year-on-year growth [5] Group 3: Business Model and Revenue Sources - JD Property Development's revenue model is based on infrastructure solutions, fund management, and other services, with over 90% of total revenue coming from infrastructure solutions [4] - The company benefits from JD Group's ecosystem, which contributes 30-40% of its revenue, enhancing sales efficiency and creating new employment opportunities [4] Group 4: Strategic Expansion - The company is focusing on strengthening its strategic layout and expanding its customer base while promoting technological upgrades in its infrastructure assets and services [6] - JD Property Development has initiated its international expansion in Southeast Asia, followed by entry into mature markets like the UK and Germany, and is now extending its focus to the Middle East due to its strong economic fundamentals [6]

| [编纂]的[编纂]數目 | : | [編纂]股股份(視乎[編纂]行使與否而定) | | --- | --- | --- | | [編纂]數目 | : | [编纂]股股份(可予[编纂]) | | [编纂]數目 | . | [編纂]股股份([編纂]) | | 最高[编纂] | : | 每股[编纂] | | 面值 | : | 每股股份0.0000005美元 | | [編纂] | : | [編纂] | 瑞财经 吴文婷 1月26日，京东智能产发股份有限公司（以下简称"京东产发"）在港交所递交招股书，美银证券、高盛及海通国际为联席保荐人。 京东产发是现代化基础设施开发及管理平台，聚焦物流园，并在全球持续扩张。 作为京东集团供应链生态系统的基石，凭借与生俱来的对商流及物流的深刻洞察力，公司拥有整合业务资源、促进区域经济发展的独特能力。利用在项目获 取、融资渠道、资产管理及资本循环方面已被证明的综合能力，其持有并管理着一个覆盖核心物流节点的庞大资产网络，并加速向轻资产模式转型。 根据仲量联行报告，截至2025年9月30日，京东产发积累了庞大的现代化基础设施资产组合，资产管理规模总额为1,215亿元，其中12.8%位于境外 ...

在2025年的APEC会议上，京东就表示，将全力打造一张更具韧性的"超级供应链"，构建扎根于中国、 以亚太为支点、辐射全球的稳定高效的供应链网络，降低断链风险。这种"稳定"有赖于稳定的本地化基 础设施部署，着眼于本土化布局、招聘本地员工、建立本地仓网。 据了解，在海外市场，京东集团的生态系统为众多中国企业打开通道，这些中国企业的海外业务发展和 京东产发的国际项目形成天然协同效应，京东产发也日益成为推动中国企业出海的重要桥梁。 1月26日，京东智能产发股份有限公司向香港联交所递交A1申请文件，对外披露了公司的资产规模、竞 争优势及海外战略。 在肇庆鼎湖，京东产发和希音密切联动，仅用三个月时间，高效率、高质量完成了项目大面积复杂改 造。投产运营后分拣操作量可达400万件/日，速运操作量达5000吨/日，该项目将作为其在大湾区集收 发货及分拣一体的大型智能化供应链枢纽。在金华金东，京东产发与专注汽车零部件出海的集牛科技达 成合作，以高标基础设施高效助力跨境电商平台客户将汽车零部件产品从中国工厂送到海外消费者手 中。 凭借在中国市场积累的核心能力、业务资源和运营专长，京东产发一方面通过服务京东生态系统的海外 拓展，支 ...