Core Viewpoint - JD Industrial Co., Ltd. has successfully passed the hearing for its listing on the Hong Kong Stock Exchange, marking a significant step for the company in its capital market journey [2][3]. Company Development - JD Industrial has previously submitted listing applications three times in 2023 and 2024, which expired due to the validity period of the prospectus [5]. - If the listing is successful, JD Industrial will become the sixth company under JD Group to enter the capital market, following JD Group, JD Logistics, JD Health, Dada Group, and Debon Logistics [6]. - The company originated from JD Group's industrial business incubation and officially became a core business category in October 2018 [7]. Financing and Growth - In August 2020, JD Industrial completed its Series A financing led by GGV Capital, with participation from Sequoia Capital and CPE Yuanfeng Capital, and acquired Suzhou Gongpin Hui [8]. - The company began offering industrial technology solutions in October 2020 [9]. - In January 2021, JD Industrial completed its A-1 round of financing, and in March 2023, it raised $300 million in Series B financing, achieving a valuation of $6.7 billion, three times that of three years prior [10]. Client Base and Revenue - 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 [11]. - The company collaborates with around 30,000 manufacturers, distributors, and agents, offering over 40 million SKUs across various categories [11]. - 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% [11]. Profitability - JD Industrial has turned a profit, achieving a net profit of 4.8 million RMB in 2023 after a net loss of 1.3 billion RMB in 2022, with net profit further increasing to 760 million RMB in 2024 [12]. - For the first half of 2024, the company reported a net profit of 290 million RMB, which is expected to grow to 450 million RMB in the same period of 2025 [12]. Market Potential - The digital penetration rate of China's industrial supply chain market was only 6.2% in 2024, projected to reach 8.2% by 2029, indicating significant growth potential for industrial supply chain technology and services [12].

Core Viewpoint - JD Industrial has successfully passed the hearing for its IPO on the Hong Kong Stock Exchange, marking its fourth attempt to go public [3][5]. Group 1: Company Background - JD Industrial is a subsidiary of JD Group, which has been incubating its industrial business since 2018, officially entering its core business area [6]. - The company completed its A-round financing in August 2020, led by GGV Capital, followed by investments from Sequoia Capital and CPE Yuanfeng Capital [6]. - In March 2023, JD Industrial completed its B-round financing, raising a total of $300 million, with a valuation of $6.7 billion, tripling its valuation from three years prior [8]. Group 2: Financial Performance - JD Industrial's revenue has shown stable growth, with total revenue from continuing operations increasing from 14.1 billion yuan in 2022 to 17.3 billion yuan in 2023, and projected to reach 20.4 billion yuan in 2024, reflecting a compound annual growth rate of 20.1% [10]. - The company has turned a profit, recording a net loss of 1.3 billion yuan in 2022, but achieving a net profit of 4.8 million yuan in 2023, which further increased to 760 million yuan in 2024 [11]. - As of August 2025, JD Industrial's total revenue for the year reached 14.1 billion yuan, an 18.9% increase compared to the same period in 2024 [11]. Group 3: Market Position and Opportunities - JD Industrial serves a wide range of clients, including approximately 11,100 key enterprise customers, with about 60% being Fortune 500 companies in China and over 40% being global Fortune 500 companies operating in China [10]. - The digital penetration rate of China's industrial supply chain market was only 6.2% in 2024, expected to rise to 8.2% by 2029, indicating significant growth potential for digital transformation in the industry [11].

Core Viewpoint - JD Industrial is making its fourth attempt to go public in Hong Kong, with joint sponsors including Bank of America Merrill Lynch, Goldman Sachs, Haitong International, and UBS [3] Group 1: Company Background - JD Industrial has previously submitted listing applications in March 2023, September 2024, and March 2025, all of which expired due to the validity period of the prospectus [4] - If successful, JD Industrial will become the sixth company under JD Group to be listed, following JD Group, JD Logistics, JD Health, Dada Group, and Debon Logistics [4] - The company originated from JD Group's industrial business, officially entering its core business category in October 2018 [4] Group 2: Financing and Valuation - JD Industrial completed its A-round financing in August 2020, led by GGV Capital, with participation from Sequoia Capital and CPE Yuanfeng Capital [5] - In March 2023, the company completed its B-round financing, raising $300 million at a valuation of $6.7 billion, three times its valuation from three years prior [6] Group 3: Client Base and Services - 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 [7] - The company collaborates with around 30,000 manufacturers, distributors, and agents, offering over 40 million SKUs across various categories [7] Group 4: Financial Performance - JD Industrial's revenue has shown steady growth, with total revenue from continuing operations increasing from 14.1 billion RMB in 2022 to 17.3 billion RMB in 2023, and projected to reach 20.4 billion RMB in 2024, reflecting a compound annual growth rate of 20.1% [8] - The company turned a profit in 2023 with a net profit of 4.8 million RMB, up from a net loss of 1.3 billion RMB in 2022, and further increased its net profit to 760 million RMB in 2024 [8] Group 5: Industry Insights - According to a report by Zhaoshang Consulting, the digital penetration rate of China's industrial supply chain market was only 6.2% in 2024, expected to rise to 8.2% by 2029, indicating significant growth potential in the market [9] - JD Industrial is positioned to lead the digital transformation of the industrial supply chain, addressing systemic issues in supply chain operations [9]

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]