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].

Core Viewpoint - JD Industrial is preparing for an IPO on the Hong Kong Stock Exchange, with major investment banks acting as joint sponsors [1]. Company Overview - JD Industrial is a leading provider of industrial supply chain technology and services in China, focusing on digital transformation in the industrial supply chain to help clients ensure supply, reduce costs, increase efficiency, and maintain compliance [3]. - The company offers a comprehensive digital supply chain solution called "Taipu," which integrates both digital and physical aspects of the supply chain, covering procurement, fulfillment, and operations [3]. Market Position - JD Industrial has become the largest player in China's MRO procurement services market, with a transaction volume nearly three times that of its closest competitor by 2024 [3]. - The company is also the largest service provider in the industrial supply chain technology and services market in China, holding a market share of 4.1% by transaction volume in 2024 [3]. Client Base - As of June 30, 2025, JD Industrial serves 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 [4]. - The company provides the widest range of industrial products in China, with approximately 81.1 million SKUs across 80 product categories as of June 30, 2025 [4]. Financial Performance - For the fiscal year 2023, JD Industrial reported revenues of approximately 17.34 billion RMB, with a projected increase to about 20.40 billion RMB in 2024, reflecting a compound annual growth rate (CAGR) of 20.1% from 2022 to 2024 [6]. - The company achieved a profit of approximately 4.80 million RMB in 2023, with projections of 76.2 million RMB in 2024 and 45.1 million RMB for the six months ending June 30, 2025 [6][7].

Group 1 - The China Securities Regulatory Commission has issued a notice regarding the overseas issuance and listing of JD Industrials, Inc., with plans to issue up to 253,309,800 ordinary shares on the Hong Kong Stock Exchange [1] - JD Industrials is a leading provider of industrial supply chain technology and services in China, offering a comprehensive digital industrial supply chain solution named "Taipu" to meet diverse customer needs [3] - The company has become the largest participant 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 [3] Group 2 - JD Industrials is also the largest service provider in China's industrial supply chain technology and services market, with a market share of 4.1% based on projected transaction volume for 2024 [3] - The company's transaction volume is expected to grow from approximately RMB 22.3 billion in 2022 to RMB 28.8 billion in 2024, reflecting a compound annual growth rate of 13.5% [3]