证券研究报告 京东工业 (7618 HK) 专注于供应链数字化领域的创新者 2026 年 2 月 25 日│中国香港 首次覆盖京东工业，给予"买入"评级，目标价 18.47 港元，对应 2026 年 目标调整后净利润 PE 28x。2024 年以 GMV 计，公司为中国最大的工业供 应链技术与服务提供商。以"太璞"数字化工业供应链整体解决方案为基， 公司已建立覆盖全流程端到端供应链数字基础设施。我们看好公司在工业采 购数字化和线上化率提升的行业大背景下，利用自身技术驱动的效率提升能 力和集团协同效应，持续深化核心用户规模和份额增长，并通过切入 BOM、 国际业务和自有品牌等举措，实现中长期收入规模和利润率双重扩张。 工业供应链数字化和透明化或为大势所趋 中国工业供应链市场规模庞大，2024 年达 11.4 万亿，但结构高度分散且长 期依赖线下多层级的传统体系，存在成本高、效率低、透明度不足的痛点。 供给侧，随着基础升级和技术的逐步成熟，工业供应链正加速向数字化和一 体化方向演进。政策上，阳光采购、合规监管与财税规范化要求进一步强化 了企业对可追溯、可管理供应链解决方案的需求。市场空间上，工业供应链 技术与服务 ...

Core Insights - JD's mission is to be a technology and service provider based on supply chains, focusing on supply chain services across various industries [1] - The current issue in China's supply chain is not a lack of products but an oversupply, with excessive information technology implementation that often does not add value [1] - The Taipu brand by JD Industrial addresses pain points in manufacturing by providing solutions that enhance procurement efficiency, reducing procurement time from months to hours [1] Group 1 - JD Industrial has over 50 million SKUs supporting the industrial procurement system, enabling rapid sourcing and standardization of materials [1] - The manufacturing sector in China has been rapidly evolving, but many companies have not effectively integrated their supply chain systems [1] - The emergence of "domestic substitution" as a response to geopolitical challenges has created new opportunities for Chinese manufacturing [2] Group 2 - JD serves as a platform to help Chinese manufacturers enhance their brand, sales channels, and customer reach, addressing gaps in the market [2] - The company leverages its supply chain capabilities to assist both domestic and international businesses in overcoming challenges [2]

Core Viewpoint - The significance of JD Industrial's IPO lies not only in it being the sixth listed company of JD Group but also in its innovative approach to the industrial sector, demonstrating that internet companies can effectively engage in industrial operations [1][2]. Group 1: Business Model and Financial Performance - JD Industrial has entered a profitable phase in 2023, projecting a profit of 760 million yuan for 2024, with 450 million yuan earned in the first half of the current year [1]. - The company offers a comprehensive supply chain solution called "Taipu," which standardizes and digitizes non-standard industrial products, addressing the issue of inconsistent data and supply chain inefficiencies [1][2]. Group 2: Technological Integration and Supply Chain Efficiency - JD Industrial utilizes AI to capture the expertise of experienced workers, enabling simple searches and smart recommendations that reduce procurement management costs [2]. - The company has streamlined the supply chain by building warehouses directly at manufacturing sites, predicting inventory needs, and thus lowering inventory costs [2]. Group 3: Market Reach and Strategic Positioning - JD Industrial serves over 11,000 key clients, including 60% of China's Fortune 500 companies, and aims to capture additional market share from these companies [2]. - The business model is expanding internationally, replicating its efficient supply chain capabilities from Indonesia to Brazil, while also exporting Chinese goods [2]. Group 4: Industry Insights - The market for cost reduction and efficiency improvement in China's industrial supply chain is estimated to be worth trillions, indicating significant potential for growth, albeit with challenges [2].

Core Insights - JD Industrial has successfully entered the industrial sector, achieving profitability in 2023 and projecting a profit of 760 million in 2024, with 450 million earned in the first half of this year [1] - The company is not merely a platform for selling hardware but offers a comprehensive supply chain solution called "Taipu," which standardizes and digitizes non-standard industrial products [2][4] - JD Industrial leverages AI to streamline procurement processes, reducing management costs and improving efficiency [3][4] Group 1 - JD Industrial has developed a standardized product library to address the issue of inconsistent data and supply chains in the industrial sector [2] - The company has implemented a fulfillment supply chain that reduces inventory costs by predicting stock needs and even placing warehouses on factory premises [4] - JD Industrial serves over 11,000 key clients, including 60% of China's Fortune 500 companies, and is expanding its supply chain capabilities internationally [4] Group 2 - The industrial supply chain market in China is valued at trillions, but profitability requires patience and a focus on cost reduction and efficiency [7] - JD Industrial's approach reflects a broader trend in the industrial sector, emphasizing the integration of digital and physical solutions to enhance operational efficiency [6] - The company's strategy is reminiscent of Liu Qiangdong's "Ten Sections of Sugarcane" theory, indicating a long-term vision for growth in the industrial domain [5]

Core Viewpoint - JD Industrial's IPO represents a significant step in the digital transformation of China's industrial supply chain, showcasing the potential for cost reduction in the trillion-yuan market [1][2][21]. Group 1: Financial Performance - JD Industrial achieved a net profit of 4.8 million yuan in 2023, which is projected to increase to 760 million yuan in 2024, and reached 450 million yuan in the first half of 2025 [1]. - As of August 2025, JD Industrial's total revenue for the year has grown by 18.9% year-on-year, indicating a robust growth momentum [1]. Group 2: Market Position and Strategy - JD Industrial is characterized as a unique "industrial digitalization new species" in China, with a complex customer and supply chain network that allows for cross-industry matching capabilities [2]. - The company aims to become the "digital foundation" for China's industrial supply chain, focusing on efficiency and cost reduction [2][21]. Group 3: Operational Challenges and Solutions - JD Industrial faced significant challenges when entering the industrial sector, including a lack of familiarity with the market and complex supply chain dynamics [4][5]. - The company developed a comprehensive "operating system" named "Tai Pu," which begins with consulting to help enterprises design supply chain strategies and improve operational efficiency [6][7]. Group 4: Technological Integration - The "Tai Pu" system includes a standardized product library called "Mercator," which utilizes AI to unify product parameters, addressing issues of mismatched material coding [7]. - By integrating data and systems, JD Industrial enhances the efficiency of the supply chain, as demonstrated by its collaboration with companies like Delixi Electric, which saw a 40% reduction in procurement communication costs [7]. Group 5: Future Expansion Plans - JD Industrial plans to extend its services from MRO (Maintenance, Repair, and Operations) to BOM (Bill of Materials), which represents a larger share of procurement in manufacturing [11][12]. - The company is exploring opportunities in the robotics sector by connecting fragmented supply chains and addressing industry pain points [12][13]. Group 6: International Strategy - JD Industrial's international strategy focuses on "accompanying overseas expansion," helping Chinese companies build local supply chains in markets like Indonesia and Thailand [18][19]. - The company aims to solve the common issue of weak supply chain infrastructure faced by Chinese enterprises abroad, positioning itself as a "guardian" in global supply chain restructuring [19]. Group 7: Long-term Vision - JD Industrial's approach is rooted in long-termism, emphasizing the importance of practical solutions over rapid growth, with a focus on reducing inefficiencies in the industrial supply chain [21][22]. - The company is seen as a potential leader in realizing the "Ten Sections of Sugarcane" theory proposed by Liu Qiangdong, due to the extensive value creation opportunities within the industrial supply chain [14].

Core Insights - JD Industrial officially listed on the Hong Kong Stock Exchange on December 11, 2023, under stock code 7618, marking a new development phase for the company [1] - The funds raised from the IPO will be primarily used to enhance industrial supply chain capabilities, expand cross-regional business, and pursue potential strategic investments or acquisitions [1] - JD Industrial aims to leverage its super supply chain to strengthen digital supply chain technology and service capabilities, creating greater value for partners and long-term returns for investors [1] Financial Performance - JD Industrial's total revenue is projected to grow from 14.1 billion yuan in 2022 to 17.3 billion yuan in 2023, and further to 20.4 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 20.1% [2] - Adjusted net profits for 2022, 2023, and 2024 are expected to be 710 million yuan, 820 million yuan, and 910 million yuan respectively, with a CAGR of 12.8% [2] - As of August 31, 2025, total revenue reached 14.1 billion yuan, representing an 18.9% year-on-year growth [2] Supply Chain Innovations - JD Industrial is developing a "super supply chain" that integrates supply chain infrastructure with digital technology to optimize costs and efficiency for industrial enterprises [4] - The company launched the "Smart Empowerment for Thousands of Industries, Trillion Cost Reduction" initiative, aiming to help the Chinese industrial sector achieve significant cost reductions over the next five years [4] - The "Ta Pu" integrated supply chain solution has been recognized in the automotive industry, significantly reducing procurement times and inventory costs for clients [5] Industry Applications - JD Industrial has provided tailored solutions for over 11,000 key enterprise clients and millions of SMEs, including around 60% of China's Fortune 500 companies [1] - The company has developed the first industrial supply chain large model, JoyIndustrial, to address high costs and low efficiency in the industrial sector [5] - JD Industrial offers support for over 100 Chinese companies in their overseas supply chain management, covering various regions and industries [7]

Core Viewpoint - JD Industrial's IPO in Hong Kong is a significant event, reflecting the capital market's recognition of the development of China's industrial internet sector and the company's potential in the MRO industry [3][4]. Group 1: Financial Performance - JD Industrial achieved profitability in 2023, with a projected net profit of 760 million yuan in 2024 and an increase to 450 million yuan in the first half of 2025, indicating a positive trend [3]. Group 2: Industry Characteristics - The MRO industry is characterized by a vast array of products, scattered demand, and high management costs, leading to a reliance on a fragmented distribution system [5][7]. - In China, the top five MRO companies hold only about 1.5% of the market share, highlighting a significant difference in market concentration compared to the U.S. [8]. Group 3: Market Dynamics - The MRO market in China is projected to reach 3.7 trillion yuan in 2024, with a compound annual growth rate of 4.2%, potentially increasing to 4.5 trillion yuan by 2029 [22][24]. - The digital MRO segment is expected to grow at a much higher rate of 21.7%, indicating substantial development potential [24]. Group 4: Business Model and Strategy - JD Industrial aims to integrate supply chain services by addressing the core issues of the MRO industry, focusing on both breadth and depth in its offerings [11][13]. - The company utilizes a "light asset model" by leveraging data and logistics resources, allowing it to meet industrial B-end fulfillment needs without heavy inventory investments [19][22]. - JD Industrial's strategy includes deep collaboration with local industrial clusters and providing tailored supply chain solutions to support the digital transformation of large enterprises [25][27].

Core Insights - JD Industrial's IPO on December 11 raised significant attention, with 2.827 billion HKD in subscriptions and a closing price of 14.1 HKD, matching the issue price, resulting in a market capitalization of 37.9 billion HKD [1][30] - The company turned a profit in 2023, projecting a net profit of 760 million CNY in 2024 and 450 million CNY in the first half of 2025, indicating a positive financial trend [2][30] - The IPO is seen as a recognition of the development of China's industrial internet sector and the company's innovative business model, which goes beyond traditional industrial e-commerce [3][30] Business Model and Market Position - JD Industrial operates in the MRO (Maintenance, Repair, and Operations) sector, characterized by a vast array of products, scattered demand, and high management costs [4][31] - The MRO market in China is highly fragmented, with the top five companies holding only about 1.5% market share, contrasting sharply with the 30%-45% concentration in the U.S. [6][7][33] - The company aims to address key MRO industry challenges, including product variety, demand dispersion, and the need for efficient supply chain solutions [3][10][11] Supply Chain Strategy - JD Industrial's strategy involves leveraging its digital capabilities to enhance supply chain efficiency, utilizing a model that integrates extensive SKU coverage with deep service offerings [11][37] - The company has developed a supply chain model that connects various suppliers' inventories, allowing for rapid fulfillment and reduced inventory costs [19][42] - JD Industrial's approach contrasts with traditional heavy asset models in the MRO sector, focusing instead on a "light asset" model that emphasizes data-driven logistics and supply chain solutions [15][20][38] Market Potential - The Chinese MRO market is projected to reach 3.7 trillion CNY in 2024, significantly larger than the U.S. market, with a compound annual growth rate of 4.2% expected until 2029 [24][46] - The digital MRO segment is experiencing a much higher growth rate of 21.7%, indicating substantial potential for expansion in this area [48] - JD Industrial's strategy includes deep integration into large enterprises' supply chains, positioning itself as a critical partner in their digital transformation efforts [27][49] International Expansion - JD Industrial plans to support Chinese manufacturing companies in their international ventures, offering tailored supply chain services that adapt to different stages of production [29][51] - The company has already established services in countries like Indonesia, Brazil, and Hungary, applying its digital capabilities to international markets [51]

Core Viewpoint - JD Industrial has successfully transitioned from a loss of 1.269 billion yuan in 2022 to a net profit of 762 million yuan in 2024, showcasing a remarkable turnaround and strong growth potential in the industrial e-commerce sector [3][4]. Group 1: IPO and Market Reception - JD Industrial's IPO on the Hong Kong Stock Exchange raised approximately 2.827 billion HKD, with a public offering price set at 14.1 HKD per share [2]. - The offering received 72,234 valid applications, indicating a subscription rate of about 60.25 times the available shares, while international placements were oversubscribed by approximately 7.88 times [2]. Group 2: Financial Performance - The company achieved a net profit of 762 million yuan in 2024, a staggering increase of nearly 158 times compared to the previous year [3]. - In the first half of 2025, JD Industrial continued its strong performance with a net profit of 500 million yuan [4]. - The revenue compound annual growth rate (CAGR) over the past three years reached 20%, highlighting the company's ability to grow while achieving profitability [5]. Group 3: Business Model and Innovation - JD Industrial differentiates itself by utilizing a digital supply chain system called "Taipu," which emphasizes data flow over physical inventory movement, reducing costs and improving efficiency [7][8]. - The company has established a standardized product library, "Mercator," to streamline the procurement process and enhance operational efficiency [10]. - JD Industrial's "Taipu" system connects over 158,000 suppliers, transforming fragmented inventory into a cohesive network, thereby improving supply chain collaboration [11]. Group 4: Industry Impact and Future Prospects - JD Industrial aims to serve as a vital link in China's manufacturing supply chain, helping local industries connect with broader markets and optimize production based on real-time demand data [17]. - The company is also focused on supporting Chinese enterprises in establishing efficient supply chains overseas, exemplified by its "accompanying overseas" service [18]. - JD Industrial has ventured into AI with the launch of its industrial supply chain model "JoyIndustrial," aiming to revolutionize efficiency in the industrial sector [19][20].

Core Viewpoint - JD Industrial, a segment of JD Group focused on industrial supply chain technology and services, plans to go public on the Hong Kong Stock Exchange in December, marking a significant step in its strategic layout for industrial digitalization and a milestone in China's industrial supply chain transformation [1] Group 1: Business Overview - JD Industrial has been an independent business unit since 2017, aiming to achieve extreme operational efficiency in the industrial world through technology, leveraging JD Group's supply chain capabilities from the consumer sector [2] - The company has developed the leading smart supply chain solution "TaPu," which connects supply and demand effectively, providing comprehensive data support and decision-making advice to enterprises [2] Group 2: Service Network and Offerings - JD Industrial's service network spans key industries such as automotive manufacturing, energy batteries, steel metallurgy, high-end equipment, petrochemicals, and liquor brewing, serving over 11,100 core industrial enterprises and millions of SMEs, including around 60% of China's Fortune 500 companies [3] - The company offers a one-stop service that includes strategic consulting, full-chain technology and delivery, product supply chain, and operational value-added services, helping clients achieve breakthroughs in cost reduction, efficiency enhancement, supply assurance, and compliance [4] Group 3: Technological Innovations - JD Industrial has launched the first industrial supply chain large model, JoyIndustrial, trained on over 81.1 million industrial product SKUs and practical experience from more than 40 sub-industries, significantly improving efficiency in supply chain management [5] - The company is also involved in a nationwide initiative to reduce supply chain costs by 6.77 trillion yuan through innovation and digital transformation, with the total cost of China's industrial supply chain projected to be approximately 115.19 trillion yuan in 2024 [5] Group 4: Globalization Efforts - JD Industrial supports the globalization of "Made in China" by providing comprehensive services for emerging markets facing localization challenges, including strategic planning, global supply chain governance, and end-to-end fulfillment [8] - The company aims to build a mutually beneficial global industrial ecosystem by leveraging its digital platform to connect management methodologies accumulated over years in Chinese manufacturing [8] Group 5: Future Outlook - The upcoming IPO is expected to inject strong momentum into JD Industrial's mission of reconstructing supply chains and expanding globally, marking a significant leap from "Made in China" to "Chinese Smart Supply Chain" [10]