机构：中信建投证券 研究员：崔世峰/于伯韬 核心观点 打造全链路数智化供采平台，跑出数智化轻资产样板。京东工业以太璞为底座，将商品、采购、履约与 运营统一到数智化体系之下。商品侧依托墨卡托标准商品库和工鼎商品池，对非标工业品进行参数化建 模和统一编码，目前平台SKU 约8,110 万，信息标准化率超过95%。需求侧通过IOP、ISP 以及京东五金 城、工品汇等入口分别承接重点企业与中小企业采购，2022–2024 年重点企业客户交易额存留率持续高 于100%；履约侧以K2、B-Pro mise 和社会化仓网实现万仓合一、万单合一，2024 年存货周转天数约 14.8 天，显著低于传统工业分销商45–60 天。受益于上述能力，公司2022–2024 年平台交易总额由223 亿元增至288 亿元，三年复合增速约13.8%，营业收入由141 亿元增至204亿元，体现出数智化+轻资产 模式已形成较为稳健的经营飞轮。 AI 和出海打造未来的双曲线增长。在 AI 方向，公司依托Joy Industrial 工业大模型，把墨卡托商品库、 IPNP履约系统和 K2 决策引擎打通，推动选型、寻源、库存优化等关键环节从人工驱动流 ...

Group 1 - JD Industrial officially listed on the Hong Kong Stock Exchange on December 11, becoming the sixth company under Liu Qiangdong to enter the capital market [1] - The stock opened at 13.0 HKD per share, down 7.8% from the issue price of 14.1 HKD, but closed at the issue price, with a total market capitalization of 37.89 billion HKD [1] - 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 the second-largest competitor [1] Group 2 - The MRO (maintenance, repair, and operation) market in China has rapidly developed since its introduction in the late 1990s, gaining significant attention from major enterprises [2] - The listing of JD Industrial completes JD's B2B business portfolio, contributing to a record number of new listings in Hong Kong, with 100 new stocks raising approximately 2700.86 billion HKD this year [2] - The fundraising amount for new listings in Hong Kong has surpassed 200 billion HKD for the first time in four years, marking the second-highest level in nearly five years [2]

Core Viewpoint - JD Industrial, a subsidiary of JD Group focused on industrial supply chain technology and services, officially listed on the Hong Kong Stock Exchange on December 11, raising approximately HKD 2.827 billion through its IPO, with a share price set at HKD 14.1. The funds will be used to enhance supply chain capabilities and support strategic investments and acquisitions [1]. Financial Performance - JD Industrial's total revenue is projected to grow from CNY 14.1 billion in 2022 to CNY 20.4 billion in 2024, reflecting a compound annual growth rate (CAGR) of 20.1%. Adjusted net profits are expected to increase from CNY 710 million in 2022 to CNY 910 million in 2024, with a CAGR of 12.8% [1]. - As of August 31, 2025, total revenue reached CNY 14.1 billion, marking an 18.9% year-on-year increase [1]. Business Model and Services - JD Industrial provides a digital supply chain infrastructure that integrates various industrial sectors, utilizing AI-driven demand forecasting and IoT technology to enhance efficiency and reduce costs. For instance, a steel company reduced inventory costs by 40% and procurement costs by 15% through JD Industrial's solutions [4][6]. - The company serves over 11,100 core industrial enterprises, including 60% of China's top 500 companies and 40% of the global Fortune 500, maintaining a leading market share in the MRO procurement sector [8]. Technological Innovation - JD Industrial launched the JoyIndustrial model, the first industrial supply chain model in the industry, leveraging over 81.1 million SKU data and experience from over 40 sub-industries to improve supply-demand matching and product governance [10]. - The model significantly enhances operational efficiency, reducing the time for complex governance tasks from months to hours and cutting down the time for identifying business opportunities from 5 hours to 15 minutes [10]. Global Expansion and Support - JD Industrial is actively expanding its global footprint, particularly in Southeast Asia and Europe, by modularizing its supply chain capabilities and integrating local resources. The company has established local teams and warehouse networks in several countries to support Chinese enterprises' overseas operations [15][16]. - The company offers tailored supply chain solutions for different stages of overseas expansion, including a SaaS marketplace for general procurement and a one-stop solution for cross-border goods, ensuring rapid delivery and operational support [16].

【大河财立方 记者 陈薇】12月11日，京东集团旗下京东工业股份有限公司（以下简称"京东工业"）登陆港交所，这也是继京东集团、京 东物流、京东健康、达达集团、德邦股份后，刘强东收获的第6家上市公司。 2017年，京东工业开始独立运作，布局专注于MRO采购服务的供应链技术与服务业务。目前，其已成为中国MRO采购服务市场的最大 参与者。根据灼识咨询数据，按2024年交易额计，公司排名第一，规模为第二名的近三倍，同时也是中国工业供应链技术与服务市场最 大的服务提供商，市场份额达到4.1%。 按SKU数量计，京东工业在中国提供最广泛的工业品供应。截至今年6月底，其已提供约8110万个SKU，涵盖80个产品类别。截至今年6 月底前的12个月内，京东工业的商品供应源自由约15.80万家制造商、分销商及代理商组成的广泛的且覆盖全国的工业品供应网络。 其针对工业品采购给出的方案是，通过自营模式打通上游15万多家供应商，构建多级仓网，把MRO、部分BOM和备品备件统一纳入供 应体系，同时以"太璞"搭建数字智能化供应链方案。对于大型企业，"太璞"可以帮助企业进行系统性的供应链改造，对于中小企业，它 可以将企业需求拆解为标准化的S ...

Core Viewpoint - The article discusses the successful listing of JD Industrial on the Hong Kong Stock Exchange, highlighting its role in China's industrial digital transformation and the growth potential in the industrial supply chain market [3][4][5]. Group 1: Company Overview - JD Industrial was established as a separate business unit in 2017, focusing on industrial supply chain technology and services, and aims to enhance operational efficiency through technology [4][5]. - The company has become the largest player in China's MRO (Maintenance, Repair, and Operations) procurement services market, with a market share of 4.1% as of 2024 [4][5]. - JD Industrial's revenue has shown significant growth, with total revenue increasing from 141 billion yuan in 2022 to 204 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 20.1% [7][8]. Group 2: Financial Performance - JD Industrial recorded a net loss of 1.3 billion yuan in 2022 but turned profitable in 2023 with a net profit of 4.8 million yuan, and projected a substantial increase to 760 million yuan in 2024 [7][8]. - The adjusted profit for 2022, 2023, and 2024 was 710 million yuan, 820 million yuan, and 910 million yuan respectively, with a CAGR of 12.8% [12]. Group 3: Market Potential - The digital penetration rate of China's industrial supply chain market is only 6.2% in 2024, expected to rise to 8.2% by 2029, driving the market size from 7 trillion yuan in 2024 to 11 trillion yuan in 2029, with a CAGR of 9.8% [5][6]. - JD Industrial is leveraging AI technology to enhance its supply chain capabilities, launching the first industrial supply chain model, JoyIndustrial, to address industry challenges [14][15]. Group 4: Global Expansion - JD Industrial is actively participating in the global market, with many key clients developing or planning to expand overseas operations, which is expected to increase procurement scale to JD Group [20][21]. - The company has established a "digital highway" to improve supply chain efficiency for overseas enterprises, providing end-to-end industrial supply chain services tailored to international markets [23][24].

Core Viewpoint - JingDong Industrials (JDi), a subsidiary of JD.com, is planning an initial public offering (IPO) in Hong Kong, targeting up to $500 million, with pricing expected on December 8 and listing on December 11 [1][2]. Company Overview - JDi is engaged in industrial supply chain services and was valued at approximately $6.7 billion in its pre-IPO round in 2023 [4][5]. - JD.com holds about 79% of JDi after spinning it off in 2023 [2]. IPO Details - The IPO size may be adjusted based on initial investor interest, indicating potential for downsizing [2][4]. - JDi received approval from China's securities watchdog in September, following over two years of planning [5]. Market Context - The IPO occurs amid volatility in U.S. markets, which has negatively impacted recent listings in Hong Kong, leading to increased caution among investors [3]. - Hong Kong has seen a significant increase in new listings, totaling around $32 billion as of November 17, up over 200% year-on-year [4]. Financial Performance - In the first half of 2025, JDi reported a revenue increase of 18.9% year-on-year, reaching 10.3 billion yuan (approximately $1.4 billion) [5]. Sponsorship - The IPO is being jointly sponsored by Bank of America, Goldman Sachs, Haitong International Securities, and UBS [6].

Core Viewpoint - JingDong Industrials, a subsidiary of JD.com, is planning to raise $500 million through an initial public offering (IPO) in Hong Kong, aiming for completion by November after clearing regulatory hurdles [1][2][3]. Company Overview - JingDong Industrials (JDi) has refiled for a Hong Kong listing after receiving approval from China's securities regulator, marking a significant step after more than two years of planning [2]. - JD.com retains a 79% ownership stake in JDi following its spin-off in 2023 [4]. Financial Performance - In the first half of 2025, JDi reported a revenue increase of 18.9% year-over-year, reaching 10.3 billion yuan ($1.4 billion) [4]. Market Context - The IPO comes at a time when Hong Kong's new listings have surged, totaling $23 billion year-to-date, representing an increase of over 200% compared to the previous year [3]. IPO Coordination - The IPO is being coordinated by major financial institutions including Bank of America, Goldman Sachs, Haitong International Securities, UBS, and Huatai Financial Holdings [5].

Core Insights - JD Industrial launched the JoyIndustrial industrial supply chain model at the JD Discovery 2025 conference, aiming to reduce costs in the industrial sector by 1 trillion yuan through digital transformation [2][3] - The company holds a 4.1% market share in China's industrial supply chain technology and services market, making it a leading provider in the sector [2] - The Chinese government is promoting the integration of artificial intelligence and supply chain digitization to enhance efficiency and reduce costs across various industries [4][5] Company Overview - JD Industrial, established in 2017, is a prominent provider of industrial supply chain technology and services in China, offering comprehensive digital solutions [2] - The company has developed the JoyIndustrial model, which leverages over 57.1 million industrial SKU data to enhance supply chain efficiency [6][7] Industry Context - The Chinese industrial supply chain total cost is estimated to be approximately 115.19 trillion yuan in 2024, with potential savings of 6.77 trillion yuan through supply chain digitization [6] - The government has initiated several policies to accelerate the digital transformation of the manufacturing supply chain, emphasizing the importance of AI in enhancing operational efficiency [4][5] Strategic Initiatives - JD Industrial's "Intelligent Empowerment of Thousands of Industries and Trillion Yuan Cost Reduction" initiative aims to connect over 5,000 enterprises across more than 20 cities, focusing on various industrial sectors [7][8] - The company has introduced specialized solutions for nine key industrial sectors, including automotive manufacturing and energy, to facilitate targeted digital transformation [8]