Core Viewpoint - JD Industrial has officially submitted its listing application, potentially becoming the sixth company under JD Group to enter the capital market, following JD Group, JD Logistics, JD Health, Dada Group, and Debon Logistics [1] Group 1: Company Background and Development - JD Industrial originated from JD Group's industrial business incubation and became a primary category under JD.com in October 2018 [1] - The company began offering industrial technology solutions in October 2020 [2] - JD Industrial completed its A-round financing in August 2020, led by GGV Capital, with participation from Sequoia Capital and CPE Yuanfeng Capital, and acquired Suzhou Gongpin Hui in the same month [1][3] Group 2: Financing and Valuation - JD Industrial completed its A-1 round financing in January 2021 [3] - In March 2023, the company completed its B-round financing totaling $300 million, achieving a valuation of $6.7 billion, which is three times its valuation three years prior [3] - The B-round financing was led by Abu Dhabi sovereign fund Mubadala and Abu Dhabi Investment Fund 42XFund, with participation from M&G and EQT's BPEA EQT, along with existing investor Sequoia China [3] Group 3: Business Performance and Client Base - As of June 30, 2025, JD Industrial served approximately 11,100 key enterprise clients, including about 60% of China's Fortune 500 companies and over 40% of global Fortune 500 companies operating in China [4] - The company collaborates with around 30,000 manufacturers, distributors, and agents, offering over 40 million SKUs across various categories [4] - JD Industrial's revenue from continuing operations grew from 14.1 billion RMB in 2022 to 17.3 billion RMB in 2023, with a projected increase to 20.4 billion RMB in 2024, reflecting a compound annual growth rate of 20.1% [4] Group 4: Profitability and Market Position - JD Industrial turned a profit in 2023, reporting a net profit of 4.8 million RMB, after a net loss of 1.3 billion RMB in 2022, with net profit expected to rise to 760 million RMB in 2024 [5] - For the six months ending June 30, 2024, the company reported a net profit of 290 million RMB, which is projected to grow to 450 million RMB in the same period of 2025 [5] - The digital penetration rate of China's industrial supply chain market was only 6.2% in 2024, expected to reach 8.2% by 2029, indicating significant growth potential for JD Industrial in leading the digital transformation of the industrial supply chain [5] Group 5: Innovation and Technology - Recently, JD Industrial launched the first industrial supply chain large model, JoyIndustrial [6]