京东工业股份有限公司港交所已通过聆讯。 文 ｜ 孔海丽 张嘉钰 编辑 ｜ 曾静娇 来源｜ 21世纪经济报道（ID：jjbd21） 封面来源 ｜ 视觉中国 11月23日，港交所官网显示，京东工业股份有限公司（简称"京东工业"）港交所已通过聆讯。 这是京东工业第四次冲击港股上市。 本次联席保荐人为美银美林、高盛、海通国际和UBS。 此前，京东工业曾于2023年3月、2024年9月、2025年3月三次递表，均因招股书有效期届满而失效。 若此次上市成功，京东工业将成为继京东集团、京东物流、京东健康、达达集团、德邦物流之后 ， 京东集团旗下第六家登陆资本市场的企业。 追溯可以发现，京东工业的前身是京东集团孵化布局的工业业务，2018年10月，成为JD.com的一级品类，在首页有了入口，正式进入核心主营业务范畴。 2020年8月，京东工业完成了A轮融资，由GGV纪源资本领投，红杉资本及CPE源峰资本跟投。同月，收购了苏州工品汇。 利润表现方面，京东工业已实现扭亏为盈。2022年，录得净亏损13亿元；2023年成功实现盈利，净利润为480万元；2024年盈利能力进一步提升，净利润增 至7.6亿元。在短期业绩中，截至2024 ...

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].

11月23日，港交所官网显示，京东工业股份有限公司（简称"京东工业"）港交所已通过聆讯。 这是京东工业第四次冲击港股上市。本次联席保荐人为美银美林、高盛、海通国际和UBS。 此前，京东工业曾于2023年3月、2024年9月、2025年3月三次递表，均因招股书有效期届满而失效。 若此次上市成功，京东工业将成为继京东集团、京东物流、京东健康、达达集团、德邦物流之后，京东集团旗下第六 家登陆资本市场的企业。 2020年8月，京东工业完成了A轮融资，由GGV纪源资本领投，红杉资本及CPE源峰资本跟投。同月，收购了苏州工品 汇。 2020年10月，京东工业开始提供工业科技解决方案。 2021年1月，完成A-1轮融资。 2023年3月，完成B轮融资，总额3亿美元，对应估值67亿美元，是三年前的三倍。此轮融资由阿布扎比主权基金 Mubadala和阿布扎比投资基金42XFund共同领投，大型资管集团M&G、全球私募巨头EQT旗下的亚洲平台BPEA EQT （原霸菱亚洲投资）以及老股东红杉中国跟投。 B轮融资完成后，京东工业首次向港交所递交了上市申请。 从服务范围来看，京东工业客户覆盖广泛，截至2025年6月30日前十二个月， ...

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]