Core Viewpoint - JD Industrial, a subsidiary of JD Group, has successfully gone public with a market capitalization of HKD 37 billion, marking the sixth listed company under Liu Qiangdong's leadership [1][11]. Company Overview - JD Industrial's journey began in 2017, focusing on the digitalization of industrial procurement amidst a booming consumer internet landscape. The company identified a trillion-yuan market opportunity in the industrial sector and started developing MRO (Maintenance, Repair, and Operations) procurement services [3][5]. - The company has established a unique "digital-physical integration" model, aiming to redefine the traditional industrial sector by merging product supply chains with digital supply chains [5][7]. Product and Service Offering - JD Industrial has leveraged JD Group's supply chain resources to cover approximately 158,000 manufacturers, distributors, and agents, offering around 81.1 million SKUs across 80 product categories, including equipment parts and chemical raw materials [5]. - The "Taipu" solution provides a comprehensive digital industrial supply chain service, focusing on four core capabilities: product digitization, procurement digitization, fulfillment digitization, and operational digitization [5][6]. Market Position and Growth Potential - The industrial supply chain market in China is projected to grow from RMB 8.3 trillion in 2019 to RMB 11.4 trillion by 2024, with a compound annual growth rate (CAGR) of 6.6% [8]. - JD Industrial's positioning as a service provider that understands both the industry and digitalization is crucial for achieving precise supply-demand matching and supporting a modern industrial system [8]. Competitive Advantages - JD Industrial holds a significant lead in the MRO procurement service market, with a scale nearly three times larger than its closest competitor. It is also the only profitable leading platform in the industrial supply chain technology and services sector in China [9]. - The company has developed a unique end-to-end digital capability covering demand generation, procurement matching, fulfillment delivery, and operational maintenance [9]. Strategic Implications of IPO - The successful IPO of JD Industrial expands Liu Qiangdong's capital landscape and validates the effectiveness of the "spin-off listing" strategy, which has allowed JD Group to release asset value into the capital market and optimize its balance sheet [11][12]. - This strategy enhances JD Industrial's independent operations and financing channels, consolidating its competitive advantage in the industrial supply chain [12]. Broader Strategic Context - JD Industrial's listing represents a critical step for JD Group in transitioning from consumer internet to industrial internet, integrating supply chain networks across various industries [12]. - The IPO completes a vital piece of the B2B puzzle for JD, enabling the company to maximize coverage of both B-end and C-end users [16].

去年，京东集团实现营收11588.19亿元，同比增长6.84%，排在2025中国企业500强第10位、中国服务业 企业500强第6位、中国民营企业500强第1位、中国服务业民营企业500强第1位。 2025年12月11日，京东工业正式登陆香港资本市场，截至发稿时，总市值为377.48亿港元。值得一提的 是，这是继京东集团（2014年）、京东健康（2020年）、京东物流（2021年）、德邦股份（2022年收购 的上市公司）之后，刘强东控制的第五家上市公司，进一步扩大资本版图，形成"零售+物流+健康+工 业+科技"的多元化格局。根据《2025胡润百富榜》显示，刘强东、章泽天夫妇身家达到580亿元，同比 增长12%，排在榜单第97位。【注：今年6月17日，达达集团被京东私有化退市】 简单介绍一下，京东工业主营业务为工业品电商，为企业提供非生产性物料（MRO，即维护、维修和 运营采购，主要覆盖企业日常运营、设备维护及修理所需的非生产性物资采购）、生产性资料 （BOM，包括原材料、半成品等）服务等工业品供应以及数智化供应链服务。 其核心竞争力在于自主研发的"太璞"全链路数智化工业供应链解决方案，该方案建立在端到端的供应 ...

2025年12月11日，京东工业正式登陆香港资本市场，截至发稿时，总市值为377.48亿港元。值得一提的是，这是继京东集团（2014年）、京东健康（2020 年）、京东物流（2021年）、德邦股份（2022年收购的上市公司）之后，刘强东控制的第五家上市公司，进一步扩大资本版图，形成"零售+物流+健康+工 业+科技"的多元化格局。根据《2025胡润百富榜》显示，刘强东、章泽天夫妇身家达到580亿元，同比增长12%，排在榜单第97位。【注：今年6月17日，达 达集团被京东私有化退市】 去年，京东集团实现营收11588.19亿元，同比增长6.84%，排在2025中国企业500强第10位、中国服务业企业500强第6位、中国民营企业500强第1位、中国服 务业民营企业500强第1位。 简单介绍一下，京东工业主营业务为工业品电商，为企业提供非生产性物料（MRO，即维护、维修和运营采购，主要覆盖企业日常运营、设备维护及修理 所需的非生产性物资采购）、生产性资料（BOM，包括原材料、半成品等）服务等工业品供应以及数智化供应链服务。 其核心竞争力在于自主研发的"太璞"全链路数智化工业供应链解决方案，该方案建立在端到端的供应链数 ...

Core Viewpoint - JD Industrial officially listed on the Hong Kong Stock Exchange on December 11, becoming the sixth company under Liu Qiangdong to go public, but the stock opened below the issue price, reflecting a weak market sentiment for new listings [1][2]. Group 1: IPO Performance - JD Industrial's IPO involved a global offering of approximately 211 million shares, with 10% allocated for public sale in Hong Kong and 90% for international placement, raising about HKD 2.978 billion after deducting listing expenses [1][2]. - The Hong Kong public offering received 72,234 valid applications, resulting in a subscription rate of 60.52 times, while the international placement had a subscription rate of 7.88 times [2]. - Despite the strong demand, JD Industrial's stock opened at HKD 13.0, down 7.8% from the issue price of HKD 14.1, and only slightly recovered to HKD 14.09 by midday [1][2]. Group 2: Financial Performance - JD Industrial has shown steady revenue growth, with total revenue projected to increase from RMB 14.1 billion in 2022 to RMB 20.4 billion in 2024, representing a compound annual growth rate (CAGR) of 20.1% [2]. - Adjusted net profit is expected to rise from RMB 710 million in 2022 to RMB 910 million in 2024 [2]. Group 3: Market Context - The recent performance of the Hong Kong IPO market has been weak, with 26 out of 100 new stocks experiencing a first-day drop, and a 45% breakage rate among the 20 new listings since November [2]. - Other companies in the JD ecosystem have also faced stock price declines, with JD Group down 15.59% and JD Logistics down 6.17% year-to-date [3].

Core Viewpoint - JD Industrial has officially passed the listing hearing at the Hong Kong Stock Exchange, marking the sixth company under the JD Group to go public, which is a significant move in the industrial supply chain sector [3][14]. Financial Performance - For the eight months ending August 31, 2025, JD Industrial reported total revenue of 14.1 billion yuan, an increase of 18.9% compared to the same period in 2024 [3]. - Revenue from 2022 to 2024 was 14.135 billion yuan, 17.336 billion yuan, and 20.398 billion yuan, respectively, with a compound annual growth rate of 20.1% [6]. - JD Industrial transitioned from a net loss of 1.269 billion yuan in 2022 to a net profit of 4.8 million yuan in 2023, and further to 762 million yuan in 2024, representing a 158-fold increase year-over-year [6]. - In the first half of 2025, revenue from continuing operations was 10.25 billion yuan, up 18.9% year-over-year, with a profit of 451 million yuan, a 55% increase [6]. - The gross margin improved to 18.6% in the first half of 2025, up from 16.9% in the same period last year [6]. Market Position - JD Industrial is the largest player in China's MRO procurement service market, with a transaction volume nearly three times that of its closest competitor as of 2024 [7]. - The company has provided approximately 57.1 million SKUs across 77 product categories, supported by a network of around 121,700 manufacturers, distributors, and agents [7]. - As of June 30, 2025, JD Industrial served about 11,100 key enterprise clients, including around 60% of China's Fortune 500 companies and over 40% of global Fortune 500 companies operating in China [8]. Business Model - JD Industrial operates a hybrid business model combining "platform + self-operated," with self-operated sales accounting for 94% of its revenue in 2024 [10]. - The company leverages JD's robust logistics system to offer next-day and even same-day delivery services across the country [10]. - JD Industrial focuses on building digital infrastructure, providing a comprehensive one-stop procurement platform for industrial products, which includes supply assurance, cost reduction, and efficiency enhancement [10]. Challenges - JD Industrial's revenue dependency on the JD Group platform remains significant, with income from the platform accounting for approximately 39.7% of total revenue in 2024, despite a declining trend [11][12]. - The company's gross margin has been relatively low, with figures of 18.0%, 16.1%, and 16.2% from 2022 to 2024, indicating a need for improved profitability [13]. - The industrial e-commerce sector is highly competitive, with established players like Alibaba's 1688 and Zhenkunhang, as well as numerous emerging companies [13]. Future Outlook - JD Industrial's IPO proceeds will primarily be used to enhance supply chain capabilities, expand geographically, pursue strategic investments or acquisitions, and meet general corporate and operational funding needs [14]. - The successful IPO will mark a significant milestone in JD Group's strategy to transition from consumer internet to industrial internet [14].

Core Viewpoint - JD Industrial is set to go public on the Hong Kong Stock Exchange, aiming to raise up to $500 million, with pricing scheduled for December 8 and listing on December 11, marking it as the sixth publicly listed company under the JD Group [1] Group 1: Company Overview - JD Industrial is a leading provider of industrial supply chain technology and services in China, offering comprehensive solutions for non-production materials (MRO) and production materials (BOM) [1] - The company has established itself as the largest player in China's MRO procurement service market, with a projected transaction volume ranking first in 2024, nearly three times larger than the second-largest competitor [1][2] - JD Industrial holds a market share of 4.1% in the industrial supply chain technology and services market in China [1] Group 2: Client Base and Supply Network - Over the past 12 months, JD Industrial has served approximately 11,100 key enterprise clients, including around 60% of China's Fortune 500 companies and over 40% of global Fortune 500 companies operating in China [2] - The company sources products from a vast network of approximately 158,000 manufacturers and agents, providing the widest range of industrial products in China, with 80 product categories and about 81.1 million SKUs [2] Group 3: Financial Performance - JD Industrial's revenue for the years 2022 to 2024 and the first half of 2025 is reported as follows: 14.135 billion RMB, 17.336 billion RMB, 20.398 billion RMB, and 10.250 billion RMB respectively [3] - Corresponding net profits for the same periods are -1.269 billion RMB, 0.048 billion RMB, 0.762 billion RMB, and 0.451 billion RMB [3]

Core Viewpoint - JD Industrial Co., Ltd. has successfully passed the hearing for its listing on the Hong Kong Stock Exchange, potentially becoming the sixth publicly listed company under Liu Qiangdong's leadership, following JD Group, JD Logistics, JD Health, Dada Group, and Debon Holdings [1]. Company Overview - JD Industrial is a provider of industrial supply chain technology and services, focusing on e-commerce for industrial products. Its main offerings include MRO (Maintenance, Repair, and Operations) and BOM (Bill of Materials) services through its "Taipu" digital supply chain solution [1]. - Since its establishment in 2017, JD Industrial has become the largest player in the MRO procurement service market in mainland China, with a projected transaction volume in 2024 nearly three times that of its closest competitor [1]. Shareholding Structure - The controlling shareholder of JD Industrial is JD Group, which holds approximately 79% of the shares through its subsidiaries. Liu Qiangdong, the actual controller, directly holds 3.68% of the shares, giving him control over about 83% of the voting rights [2]. Financial Performance - JD Industrial's total revenue from continuing operations increased from RMB 14.1 billion in 2022 to RMB 17.3 billion in 2023, and is projected to reach RMB 20.4 billion in 2024, reflecting a compound annual growth rate (CAGR) of 20.1% [2]. - The company reported a net loss of RMB 1.3 billion in 2022, but turned a profit in 2023 with a net income of RMB 4.8 million. The net profit is expected to rise significantly to RMB 760.6 million in 2024, marking a year-on-year growth of 1586% [3]. Revenue and Profit Breakdown - For the first half of 2024, JD Industrial's revenue is projected to increase by 18.9% to RMB 10.3 billion compared to RMB 8.6 billion in the first half of 2023 [2]. - The gross profit margin for the company has shown slight fluctuations, with a gross profit of RMB 2.8 billion in 2023, representing a margin of 16.1% [4].

Core Viewpoint - JD Industrial has initiated its IPO roadshow in Hong Kong, aiming for a potential listing in December 2025, marking it as the sixth company under the JD Group to go public [1][3]. Company Overview - JD Industrial, a subsidiary of JD Group focused on industrial supply chain technology and services, was established in July 2017 [3]. - It ranks first in China's MRO procurement services market, with a transaction volume nearly three times that of the second-largest competitor [3]. - The company holds a market share of 4.1% in the industrial supply chain technology and services sector [3]. Financial Performance - JD Industrial's revenue has grown significantly from 14.1 billion yuan in 2022 to 20.4 billion yuan in 2024 [3]. - The company achieved profitability in 2023, with net profit rising from a loss of 1.3 billion yuan in 2022 to a profit of 760 million yuan in 2024 [3]. - For the first half of 2025, JD Industrial reported a net profit of 450 million yuan [3]. Market Potential - The Chinese industrial supply chain market is vast, with the MRO market expected to exceed 2.1 trillion yuan in 2024, maintaining an annual growth rate above 15% [4]. - The market is highly fragmented, with the top five companies holding less than 8% market share, indicating significant consolidation opportunities [4]. - The digital penetration rate in enterprise procurement is only about 11% in 2024, suggesting substantial growth potential through digital transformation [4]. Business Model and Offerings - JD Industrial offers a comprehensive digital supply chain solution called "Taipu," covering four key areas: products, procurement, fulfillment, and operations [5]. - As of the end of 2024, JD Industrial has partnered with approximately 121,700 suppliers, providing around 57.1 million SKUs across 77 product categories [5]. Ownership and Valuation - JD Group holds approximately 78.84% of JD Industrial, maintaining absolute control [5]. - The company has attracted notable investors, including Sequoia China and Abu Dhabi sovereign funds, with a pre-IPO valuation of about 6.7 billion USD [5]. Revenue Sources - In 2024, JD Industrial generated 8.1 billion yuan from JD Group's platform, accounting for 39.7% of total revenue, although this is a decrease from 47.1% in 2022 [6]. - The company faces challenges with slowing revenue growth and low gross margins, with gross margins of 18.0%, 16.1%, and 16.2% from 2022 to 2024 [6].

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]

Investment Rating - The report maintains a "Buy" rating for JD [2][13] Core Views - JD's core retail business is expected to show strong growth, with Q1 2025 revenue forecasted to increase by 11.3% year-on-year to RMB 289.4 billion, and adjusted net profit projected at RMB 9.88 billion, corresponding to a net profit margin of 3.4% [6][7] - The expansion of the trade-in policy is anticipated to drive double-digit growth in electrical appliances, with JD Retail's revenue expected to grow by 11.7% year-on-year to RMB 253.4 billion [8][9] - JD is actively investing in new business areas such as takeout services and apparel, aiming to enhance user engagement and profitability [9][10] Financial Data and Profit Forecast - Revenue projections for JD are as follows: - 2023: RMB 1,084,662 million - 2024: RMB 1,158,819 million - 2025E: RMB 1,247,536 million - 2026E: RMB 1,310,164 million - 2027E: RMB 1,357,644 million - Non-GAAP net profit forecasts: - 2023: RMB 35,200 million - 2024: RMB 47,827 million - 2025E: RMB 51,603 million - 2026E: RMB 55,274 million - 2027E: RMB 57,970 million - The report anticipates a stable operating margin for JD Retail in Q1 2025, with long-term profitability expected to improve as the supply chain system enhances [5][16][12]