Core Viewpoint - JD Industrial is seeking to go public on the Hong Kong Stock Exchange, which would make it the sixth listed company under JD Group, following previous unsuccessful attempts to list in 2023 and 2024 [3][4]. Company Overview - JD Industrial is a provider of industrial supply chain technology and services, focusing on digital transformation to help clients achieve supply assurance, cost reduction, efficiency improvement, and compliance [3]. - The company offers a comprehensive digital industrial supply chain solution called "Tai Pu," which integrates digital and physical products to meet diverse customer needs [3]. Financial Performance - Revenue figures for JD Industrial are as follows: 2022 revenue was 14.135 billion, 2023 revenue was 17.336 billion, and 2024 revenue is projected to be 20.398 billion, showing year-on-year growth rates of 36.6%, 22.4%, and 17.7%, respectively, indicating a gradual slowdown in growth [4]. - The main source of revenue comes from the sale of industrial products, including MRO products and BOM products, with projected revenues for 2024 being 11.1 billion from general MRO products, 6.5 billion from specialized MRO products, and 1.6 billion from BOM products [4]. - In terms of profitability, JD Industrial reported a net loss of 1.3 billion in 2022, a net profit of 4.8 million in 2023, and a projected net profit of 760 million in 2024, with a net profit of 450 million in the first half of 2025 [4]. Market Context - The Chinese industrial supply chain market is expected to grow from 8.3 trillion in 2019 to 11.4 trillion by 2024, with a compound annual growth rate (CAGR) of 6.6%, and further growth to 13.8 trillion by 2029 at a CAGR of 3.9% [4]. - JD Industrial holds a market share of 4.1% in the industrial supply chain technology and services market based on 2024 transaction volumes [4]. Competitive Landscape - The B2B sector in China is highly competitive, and JD Industrial's previous attempts to list were unsuccessful due to its limited capabilities in this area [5]. - Recent collaborations between JD and automotive companies have generated new interest in JD Industrial's business, potentially enhancing investor attention and improving the likelihood of a successful IPO [5].