Core Insights - JD Industrial (07618.HK) has officially launched its global public offering, aiming to list on the Hong Kong Stock Exchange, with the subscription period running from December 3 to December 8, 2025, and expected trading to commence on December 11, 2025 [1] Group 1: Financial Performance - JD Industrial has shown continuous revenue growth since 2020, with total revenues increasing from 6.8 billion RMB in 2020 to an estimated 20.4 billion RMB in 2024 [3] - The company transitioned from a net loss of 1.269 billion RMB in 2022 to a net profit of 4.8 million RMB in 2023, further increasing to 762 million RMB in 2024, and achieving a net profit of 451 million RMB in the first half of 2025, representing a year-on-year growth of 55.2% [3] Group 2: Strategic Positioning - JD Industrial is a key component of JD Group's "Digital and Intelligent Social Supply Chain" strategy, leveraging the group's logistics, technology, and financial resources to build a nationwide fulfillment network and intelligent procurement solutions [4] - The company has served approximately 11,100 key enterprise clients as of the first half of 2025, with many clients being introduced through other JD Group business touchpoints, enhancing customer stickiness [4] Group 3: Market Opportunity - The Chinese MRO (Maintenance, Repair, and Operations) procurement market is substantial, exceeding 1.8 trillion RMB in 2024, yet the online penetration rate remains below 15%, indicating significant growth potential [5] - JD Industrial holds the largest market share in this sector, with its transaction volume in 2024 being approximately three times that of the second-largest competitor [5] - The demand for supply chain resilience and procurement compliance is expected to rise, driven by policies promoting "new industrialization" and "smart manufacturing," which may accelerate the platformization and standardization of MRO procurement [6] Group 4: IPO Details - JD Industrial plans to issue 211 million shares globally, with 10% allocated for public offering in Hong Kong and 90% for international offering, along with a 15% over-allotment option [1] - The expected net proceeds from the IPO, based on a midpoint price of 14.10 HKD per share, are approximately 2.827 billion HKD, with funds primarily allocated for enhancing supply chain capabilities (35%), regional business expansion (25%), potential strategic investments or acquisitions (30%), and working capital (10%) [1]