京东工业股份有限公司（简称"京东工业"）已第四次向港交所递交招股书，继续冲击港股IPO。由美 林、高盛、海通国际、瑞银担任联席保荐人。 若此次上市成功，京东工业将成为继京东集团、京东健康、京东物流、达达集团、德邦股份之后，京东 系第六家上市公司。 中国工业供应链技术与服务市场最大的服务提供商 京东工业是京东集团旗下专注于工业供应链技术与服务业务的子集团，成立于2017年7月。 根据灼识咨询数据，按2024年交易额计，京东工业在中国MRO采购服务市场排名第一，规模约为第二 名的近三倍。 同时，它也是中国工业供应链技术与服务市场最大的服务提供商，市场份额达到4.1%。 财务数据显示，京东工业近年来业绩增长迅速。2022年至2024年，京东工业营收从141亿元增至204亿 元。 据多家外媒报道，京东工业（JD Industrial）已于2025年11月启动港股IPO预路演，计划最快12月正式上 市。 截至2024年底，京东工业已覆盖约12.17万家供应商，提供约5710万个SKU，涵盖77个产品类别，在中 国拥有最为广泛的工业品品类。 京东集团通过全资子公司持有京东工业约78.84%的股权，处于绝对控股地位。 京东 ...

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]