来源：港股研究社 京东工业(07618)在资本市场表现亮眼，股价涨超3%。截至发稿时，其涨幅更是达到3.83%，股价报14.1港元，成交额高达3062 万港元。 据人民网财经报道，近日第四场京东品酒会在深圳举办。在此期间，京东工业相关负责人透露了一系列重要举措。京东工业将 借助供应链数智化升级，推动工业产业实现万亿级别的降本目标。通过整合供应链，把节省下来的利润反哺给用户以及产业链 上下游企业。同时，大力推动工业供应链大模型JoyIndustrial的技术创新与场景应用，利用AI技术对生产方式进行全面升级。 值得一提的是，京东工业依托以供应链设施为基础、深度融合数智技术的京东"超级供应链"，打造出太璞数实一体化供应链解 决方案，这一方案十分契合当下中国大型工业企业升级转型的内在需求。凭借自身在供应链基础设施与数智技术方面的双重优 势，京东工业还将陆续发布针对十大工业行业场景的专属方案。 ...

据介绍，依托以供应链设施为基础、深度融合数智技术的京东"超级供应链"，京东工业打造了太璞数实 一体化供应链解决方案，更适配目前中国大型工业企业升级转型的内在需求。依托自身在供应链基础设 施与数智技术的双重优势，京东工业陆续发布针对性的十大工业行业场景专属方案，聚焦汽车制造、钢 铁冶金、能源电池、畜牧养殖、白酒制造、光伏发电、物业管理、石油化工、轨道交通及机器人等行业 的大量细分场景。 智通财经APP获悉，京东工业(07618)涨超3%，截至发稿，涨4.58%，报37.02港元，成交额1.95亿港元。 消息面上，据人民网财经报道，近日，第四场京东品酒会在深圳举办。京东工业相关负责人表示，将通 过供应链数智化升级推动工业产业万亿降本，整合供应链，把利润反哺给用户和产业链上下游；推动工 业供应链大模型JoyIndustrial的技术创新和场景应用，用AI技术升级生产方式；通过工业供应链伴随式 出海服务，提高出海企业的供应链效率、降低采购成本。 ...

据介绍，依托以供应链设施为基础、深度融合数智技术的京东"超级供应链"，京东工业打造了太璞数实 一体化供应链解决方案，更适配目前中国大型工业企业升级转型的内在需求。依托自身在供应链基础设 施与数智技术的双重优势，京东工业陆续发布针对性的十大工业行业场景专属方案，聚焦汽车制造、钢 铁冶金、能源电池、畜牧养殖、白酒制造、光伏发电、物业管理、石油化工、轨道交通及机器人等行业 的大量细分场景。 消息面上，据人民网财经报道，近日，第四场京东品酒会在深圳举办。京东工业相关负责人表示，将通 过供应链数智化升级推动工业产业万亿降本，整合供应链，把利润反哺给用户和产业链上下游；推动工 业供应链大模型JoyIndustrial的技术创新和场景应用，用AI技术升级生产方式；通过工业供应链伴随式 出海服务，提高出海企业的供应链效率、降低采购成本。 京东工业(07618)涨超3%，截至发稿，涨4.58%，报37.02港元，成交额1.95亿港元。 ...

据介绍，依托以供应链设施为基础、深度融合数智技术的京东"超级供应链"，京东工业打造了太璞数实 一体化供应链解决方案，更适配目前中国大型工业企业升级转型的内在需求。 依托自身在供应链基础设施与数智技术的双重优势，京东工业陆续发布针对性的十大工业行业场景专属 方案，聚焦汽车制造、钢铁冶金、能源电池、畜牧养殖、白酒制造、光伏发电、物业管理、石油化工、 轨道交通及机器人等行业的大量细分场景，通过需求洞察、方案梳理、产业趋势，展现了案例分析、领 先应用模式、细分场景的方案和实践等供应链数智化升级的有效路径，帮助产业伙伴锁定供应链数智化 降本的有效路径，有效助力中国工业产业实现万亿降本。 12月23日，第四场京东品酒会在深圳举办。京东工业相关负责人表示，将通过供应链数智化升级推动工 业产业万亿降本，整合供应链，把利润反哺给用户和产业链上下游；推动工业供应链大模型 JoyIndustrial的技术创新和场景应用，用AI技术升级生产方式；通过工业供应链伴随式出海服务，提高 出海企业的供应链效率、降低采购成本。 京东工业展示了对于中国工业企业在供应链数智化升级中的特殊需求的洞察："企业推动采购供应链， 特别是劳保、工具等非生产 ...

Core Insights - JD Industrial has reached a significant historical milestone in its eight-year journey and is poised to tackle the next phase of growth [4] - The Chinese industrial supply chain is characterized by high costs and inefficiencies, with a pressing need for digital transformation [2][3] - JD Industrial aims to leverage its expertise in supply chain technology to address the challenges faced by the industrial sector [5][12] Industry Overview - China's industrial supply chain market is projected to reach 11.4 trillion yuan in 2024, making it the largest globally, yet it suffers from fragmentation and inefficiency [2] - The digital penetration rate in procurement among Chinese enterprises is only about 6.2% as of 2024 [2] - A successful digital transformation can reduce supply chain costs by an average of 5.9%, potentially unlocking 6.8 trillion yuan in profit space for Chinese industrial firms [2] Company Development - JD Industrial was established as an independent business unit in 2017 and has recently gone public, achieving a market capitalization of approximately 378.9 billion HKD (about 343.5 billion RMB) [4] - The company has served over 11,100 core industrial enterprises, including 60% of China's top 500 companies, and has seen its revenue grow from 14.135 billion RMB in 2022 to an expected 20.4 billion RMB in 2024, reflecting a compound annual growth rate of 20.1% [5] - JD Industrial has become the largest provider of industrial supply chain technology and services in China, with a market share of 4.1% [5] Strategic Focus - JD Industrial's mission is to enhance operational efficiency in the industrial sector through technology, focusing on the digital transformation of supply chains [5][12] - The company has introduced a unique product offering in MRO (Maintenance, Repair, and Operations) to address the high-frequency, low-value procurement needs of large enterprises [7] - JD Industrial has developed the Mercator standard product library to standardize industrial product parameters, addressing the "Babel Tower" problem of inconsistent coding and data formats across suppliers [10] Innovations and Solutions - The company has created a comprehensive supply network that connects manufacturers, distributors, and agents, enabling efficient sourcing across China [10] - JD Industrial's intelligent delivery network, including dedicated delivery centers, enhances the efficiency of logistics for industrial clients [11] - The company has launched the JoyIndustrial model and the "Intelligent Empowerment of Thousands of Industries, Trillion Cost Reduction" initiative to support the digital transformation of the industrial sector [13] Market Potential - The Chinese industrial supply chain technology and service market is expected to reach 1.1 trillion RMB by 2029, with a compound annual growth rate of 9.8% [14] - JD Industrial aims to provide a full suite of supply chain technology services, including strategic consulting, technology delivery, and operational support [14] Challenges Ahead - JD Industrial faces the challenge of increasing its service revenue, particularly in technical services, as over 90% of its revenue currently comes from product sales [22][23] - The company aims to transition from MRO to BOM (Bill of Materials) procurement, which presents a more complex and competitive landscape [24][25] - JD Industrial must demonstrate its independent capabilities and value proposition in the market, leveraging its parent company's resources while establishing its own identity [25]

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, 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]

Core Viewpoint - JD Industrial, a subsidiary of JD Group focused on industrial supply chain technology and services, officially listed on the Hong Kong Stock Exchange on December 11, raising approximately HKD 2.827 billion through its IPO, with a share price set at HKD 14.1. The funds will be used to enhance supply chain capabilities and support strategic investments and acquisitions [1]. Financial Performance - JD Industrial's total revenue is projected to grow from CNY 14.1 billion in 2022 to CNY 20.4 billion in 2024, reflecting a compound annual growth rate (CAGR) of 20.1%. Adjusted net profits are expected to increase from CNY 710 million in 2022 to CNY 910 million in 2024, with a CAGR of 12.8% [1]. - As of August 31, 2025, total revenue reached CNY 14.1 billion, marking an 18.9% year-on-year increase [1]. Business Model and Services - JD Industrial provides a digital supply chain infrastructure that integrates various industrial sectors, utilizing AI-driven demand forecasting and IoT technology to enhance efficiency and reduce costs. For instance, a steel company reduced inventory costs by 40% and procurement costs by 15% through JD Industrial's solutions [4][6]. - The company serves over 11,100 core industrial enterprises, including 60% of China's top 500 companies and 40% of the global Fortune 500, maintaining a leading market share in the MRO procurement sector [8]. Technological Innovation - JD Industrial launched the JoyIndustrial model, the first industrial supply chain model in the industry, leveraging over 81.1 million SKU data and experience from over 40 sub-industries to improve supply-demand matching and product governance [10]. - The model significantly enhances operational efficiency, reducing the time for complex governance tasks from months to hours and cutting down the time for identifying business opportunities from 5 hours to 15 minutes [10]. Global Expansion and Support - JD Industrial is actively expanding its global footprint, particularly in Southeast Asia and Europe, by modularizing its supply chain capabilities and integrating local resources. The company has established local teams and warehouse networks in several countries to support Chinese enterprises' overseas operations [15][16]. - The company offers tailored supply chain solutions for different stages of overseas expansion, including a SaaS marketplace for general procurement and a one-stop solution for cross-border goods, ensuring rapid delivery and operational support [16].

| BofA Securities | UBS | Haitong International Goldman Sachs | | --- | --- | --- | | 聯席整體協調人、聯席全球協調人、 | | 財務顧問、聯席全球協調人、 | | 聯席張簿管理人及聯席牽頭經辦人 | | 聯席張簿管理人及聯席牽頭經辦人 | | Huatai International | | CITIC Securities | "京东系"版图再度扩张！京东工业12月11日正式于港交所主板上市，股票代码为7618。据港交所12月10日晚公告， 京东工业公开发售价定为每股14.1港元，若不行使超额配股权，全球发售募集资金净额约28.27亿港元。 上海证券报记者注意到，京东工业也是继京东集团港股二次上市，京东健康、京东物流赴港IPO之后，"京东系"的 第四家港股上市公司。 据了解，依托自身在供应链基础设施与数智技术的双重优势，京东工业携手合作伙伴发起了"智赋千行万亿降本"产 业行动，陆续发布汽车制造、能源电池等十大工业行业场景专属方案，并提出明确目标：未来五年内，助力中国工 业产业实现"降本万亿"的突破性成果。 以汽车制造业为例 ...

Core Insights - JD Industrial has successfully transitioned from a unicorn to a publicly listed company, marking a significant milestone in its development and establishing a benchmark for capitalizing on industrial digital transformation under the "new quality productivity" policy direction [1] - The company aims to enhance operational efficiency in the industrial sector through technology, addressing pain points in traditional supply chains [1][2] - JD Industrial's listing reflects market recognition of its industry position and the potential of the industrial digitalization sector [2] Business Overview - JD Industrial has built a service network covering 80 product categories and over 81.1 million SKUs, serving more than 11,000 core industrial enterprises and millions of SMEs, including around 60% of China's top 500 companies [2][3] - The company’s revenue growth is driven by its "Taipu" integrated supply chain solution, which has shown significant performance improvements across various industries [3][6] Financial Performance - From 2023 to 2024, JD Industrial's net profit is projected to increase from 4.799 million to 762 million, with a 54.96% year-on-year growth expected in the first half of 2025 [3] - Revenue from general MRO products is expected to rise from 9.4 billion to 11.1 billion, while professional MRO and BOM product revenues are also anticipated to grow significantly [6] Market Position - JD Industrial holds a 4.1% market share in the industrial supply chain technology and services market, leading the industry but facing competition from specialized platforms and comprehensive e-commerce players [4] - The industrial supply chain market is highly fragmented, with the top 10 companies accounting for only 1.5% of the market [4] Strategic Initiatives - The company has launched the JoyIndustrial industrial supply chain model and initiated the "Intelligent Empowerment of Thousands of Industries, Trillion Cost Reduction" campaign, targeting a significant reduction in supply chain costs [7][8] - JD Industrial's dual-driven strategy combines industrial models with supply chain applications to enhance operational efficiency and address long-standing challenges in the sector [8] Global Expansion - JD Industrial is exploring international markets, particularly in Southeast Asia, and has established a presence in countries like Brazil, Thailand, and Malaysia [9][10] - The company aims to build a resilient global supply chain network, focusing on localizing capabilities while ensuring effective collaboration across its operations [10]