11月23日，港交所官网显示，京东工业股份有限公司(简称"京东工业")港交所已通过聆讯。本次联席保 荐人为美银美林、高盛、海通国际和UBS。 目前，京东集团旗下有多家上市企业，包括京东集团、京东健康、京东物流、德邦物流、达达集团。若 京东工业顺利上市，它将成为刘强东的第六家上市公司。 据悉，京东工业的上市之路并非一帆风顺。此前，该公司曾于2023年3月、2024年9月、2025年3月三次 向港交所递交招股书，但均因招股书有效期届满而失效。 从业绩表现来看，京东工业近年来实现了营收与利润的双重跨越式增长。招股书显示，京东工业2022 年、2023年、2024年营收分别为141.35亿元、173.36亿元、204亿元。 更值得关注的是，截至2025年8月底，京东工业总收入141亿元，较2024年同期增长18.9%。 盈利能力方面的转变更为亮眼，2022年还处于13亿元净亏损状态的京东工业，2023年成功扭亏为盈，实 现净利润480万元；2024年净利润飙升至7.6亿元，同比增幅达到惊人的1586%；2025年上半年延续盈利 增长态势，录得净利润4.5亿元，同比增长55.2%，盈利稳定性持续增强。 作为从京东企业业 ...

北京时间11月20日，中国领先的MRO采购服务平台震坤行(NYSE：ZKH)于美股盘前发布2025第三季度 业绩报告。 第三季度，震坤行在"产品深耕"与"AI驱动"战略下，整体业务重回增长轨道，在盈利能力上实现突破： 本季度经调整净亏损大幅收窄至约1,400万元人民币，较去年同期的约6,600万元大幅减少78%。这一表 现超市场普遍预期的3000万至4000万元亏损水平，印证了费用管控与运营优化的卓越成效。值得一提的 是，震坤行于9月已重现单月盈亏平衡，管理团队明确表示有信心在第四季度实现季度盈利。增长势头 的重现标志着该公司过去近四个季度的业务主动优化和调整策略奏效，正稳步迈入 "盈利性成长期"。 季度成交客户数创新高 增长动能强劲恢复 第三季度，震坤行业务规模与效率实现同步提升，展现出强劲的复苏势头。其中，工作日日均订单量从 7月的约3,700万元人民币显著提升至11月的约5,200万元，增幅超过40%，增长趋势明确；本季度成交客 户数突破7万家，创下季度新高，为未来增长奠定了坚实基础。 头部设备厂商和核心零部件供应商达成战略合作，通过其强大的专家技术团队，协助客户进行专业的选 型优化，为客户提供及时、准 ...

Core Viewpoint - JD Industrial is advancing its IPO process, planning to launch a pre-roadshow in Hong Kong this month and aiming for a formal listing in December, with expected fundraising of $500 to $600 million, marking the sixth listed company under Liu Qiangdong's business empire [1][2]. Group 1: IPO Details - JD Industrial has received approval from the China Securities Regulatory Commission for overseas listing, planning to issue up to 253 million ordinary shares, with UBS, Bank of America, Goldman Sachs, and Haitong International serving as joint sponsors [2]. - This marks JD Industrial's fourth attempt at an IPO, having previously submitted applications in March 2023, September 2024, and March 2025, all of which lapsed due to the expiration of the prospectus [3]. Group 2: Market Position and Financial Performance - JD Industrial has established itself as a leader in the domestic MRO procurement service market, with a market size approximately three times that of its nearest competitor, serving 60% of China's Fortune 500 companies [2]. - The company has achieved a turnaround in profitability, reporting a net profit of 762 million yuan in 2023, with further growth to 451 million yuan in the first half of 2024, maintaining a gross margin between 16% and 18.6% [2]. Group 3: Market Environment and Future Prospects - The current market environment is favorable for the IPO, with Hong Kong IPO financing reaching 150 billion HKD in the first nine months of 2025, making it the largest globally, and mainland companies being the main contributors [3]. - Analysts believe that JD Industrial's strong market position, clear profit model, and the positive atmosphere in the Hong Kong market increase the likelihood of a successful IPO, which would enhance its technological development and market expansion [3].

Core Insights - Zhenkunhang (ZKH.US), a leading MRO procurement service platform in China, reported a robust financial performance for Q2 2025, achieving revenue of 2.42 billion RMB, with core business showing steady growth after excluding the impact of optimized related business bases [1] - The overall gross margin under GMV criteria increased from 13.9% in Q2 last year to 14.8% in Q2 this year, marking six consecutive quarters of year-on-year growth [1] - The net loss significantly narrowed from 66 million RMB in Q2 last year to 53 million RMB in Q2 this year, representing a year-on-year reduction of approximately 20%, and notably, the company achieved monthly breakeven again in June following March [1]

Core Viewpoint - Deutsche Bank maintains an optimistic outlook for Zhenkunhang (ZKH.US) in the second half of the year, keeping a "Buy" rating with a target price of $4.5, citing the company's long-term growth potential driven by the digital transformation of China's MRO procurement services [1][2] Group 1: Financial Performance - The company's Q1 2025 performance met expectations, with GMV growth expected to accelerate quarter by quarter [1] - Revenue from the U.S. business doubled month-on-month in Q1, with further acceleration anticipated in the second half [2] Group 2: AI and Technology Integration - AI technology has significantly enhanced customer service efficiency, with a 60.4% increase in the average order handling capacity per customer service team member in Q1 [1] - The AI product recommendation engine has provided purchasing demand analysis and product pool management services to over 200 clients since its launch in September 2024, generating additional revenue exceeding RMB 34 million [1] - The company plans to expand the coverage of the AI product recommendation engine to 14,000 clients by 2025 to further unlock its value [1] Group 3: Product and Market Expansion - As of the end of March, Zhenkunhang's U.S. independent site has launched over 500 SKUs across various categories, including PPE, hand tools, power tools, packaging materials, and HVAC systems [1] - The company aims to launch a mobile application in the second half of the year and increase the SKU count to 1,500 to enhance product coverage and user experience [1] - Zhenkunhang is strengthening its global supply chain by expanding its quality supplier network in Southeast Asia to address potential geopolitical uncertainties [1] Group 4: Private Label Strategy - In Q1 2025, the transaction volume of private label products grew approximately 40% year-on-year, accounting for 8.7% of the company's total GMV [2] - Deutsche Bank views the development of private label products as a core strategy for the company this year, with significant growth potential as the current share is still far from the long-term target of 30% [2]