Core Insights - JD Intelligent Infrastructure Development Co., Ltd. (referred to as "JD Infrastructure") has officially submitted its listing application on the Hong Kong Stock Exchange, expanding JD Group's portfolio [1][8] - JD Infrastructure is a subsidiary of JD Group, providing infrastructure construction, asset management, and comprehensive services, including modern warehouses, integrated smart industrial parks, data centers, and photovoltaic new energy solutions [1][8] - The company has established itself as a key player in the supply chain ecosystem, initially supporting JD Logistics and e-commerce, and has since attracted numerous third-party clients [9] Business Overview - JD Infrastructure's business encompasses three main areas: infrastructure construction, asset management, and comprehensive services [10] - As of September 30, 2025, the total asset management scale of JD Infrastructure reached 121.5 billion yuan, with a total building area of 27.1 million square meters [10] - The company has seen a 28.1% growth in asset management scale from 2023 to September 30, 2025, with an average occupancy rate of over 90% for completed modern infrastructure assets, both metrics leading the industry [10] Financial Performance - In 2023, JD Infrastructure reported revenues of 2.9 billion yuan, which increased to 3.4 billion yuan in 2024, reflecting a year-on-year growth of 17.24% [10] - For the first nine months of 2025, revenues reached 3 billion yuan, marking a year-on-year growth of 21.2% [10] - The primary revenue source is the infrastructure solutions business, which had a net asset value of 40.5 billion yuan as of September 30, 2025, contributing 2.6 billion yuan in revenue for the first three quarters of 2025 [10] Asset Management and Investment Strategy - JD Infrastructure has achieved an average annual asset appreciation of 1.3 billion yuan from 2020 to 2024, with a cumulative return rate of 40% on initial costs [11] - The company is transitioning to a light asset model, with management fee income and profit sharing from investment tools becoming stable revenue sources [11] - As of September 30, 2025, JD Infrastructure has established five core funds, one development fund, one acquisition fund, and one partnership investment platform, with fund management accounting for 33.7% of total asset management [11] Market Position and Expansion - JD Infrastructure's modern infrastructure network spans 29 provincial-level administrative regions in China and ten countries and regions overseas [12] - The company has a significant presence in first and second-tier cities, with over 90% of its modern infrastructure assets located in these areas [12] - The company is actively supporting Chinese enterprises in their overseas expansion, with projects in key logistics nodes such as Hong Kong, Singapore, the Netherlands, Dubai, and Tokyo [13] Future Outlook - The long-term goal of JD Infrastructure is to become a globally interconnected modern infrastructure platform rooted in China with extensive overseas strategic layouts [14] - The upcoming listing on the Hong Kong Stock Exchange is expected to facilitate the company's overseas expansion and enhance its infrastructure asset network in strategically important logistics nodes [14]

来源：雷递 雷递网 雷建平 1月26日 京东产发在2023年3月已递交招股书，中间上市一度暂停，这是时隔近3年后重启上市。 当下，京东集团旗下有多家上市企业，包括京东集团、京东健康、京东物流、京东工业。 其中，2025年12月，京东工业刚刚在港交所上市，发行价为14.1港元，全球发售2.11亿股，扣非发行应 付上市费用1.51亿港元，募资净额为28.27亿港元。一旦京东产发在港股上市，刘强东旗下将再多一家上 市企业。 9个月营收30亿 亏1.6亿 京东产发是一家现代化基础设施开发与管理平台，通过投资开发、资产管理和多元化增值服务，为全行 业提供现代化标准仓库、一体化智能产业园、数据中心、光伏新能源等基础设施建设与运营的综合解决 方案。 此外，通过为客户提供定制化、全面且智能的基础设施解决方案，以及现代化基础设施网络与端到端的 全域服务能力，京东产发服务的客户逐步从物流服务商延伸到宝马等制造商、本来生活等电商、良品铺 子、永辉超市等零售商，实现服务行业的多元化覆盖。 截至2025年9月30日，京东产发资产管理规模总额为1，215亿元，其中12.8%位于境外；京东产发的总 建筑面积为2710万平方米。 截至202 ...