机构：申万宏源研究 研究员：屠亦婷/黄莎 京东工业是中国领先的工业供应链技术与服务提供商。公司2017 年布局MRO 采购服务业务，并打造端 到端供应链数智化基础设施，提供一站式工业供应链解决方案。按2024年交易额，公司已成为国内最大 的MRO 采购服务市场参与者，服务重点企业客户数达到1.11 万家，提供约8110 万个SKU，覆盖80 个产 品类别，商品来源于约15.8 万家供应商。 公司主要收入来自工业品（MRO）销售，规模稳步向上。 2024 年公司收入203.98 亿元、经调净利润 9.09 亿元，2021-2024 年收入、经调净利润CAGR 达到25.4%、21.9%。2024年商品销售收入占比94%， 平台交易、广告和其他服务收入占比6%。公司管理团队经验丰富，具备互联网+供应链数智化复合能 力。首席执行官宋春正曾孵化京东企业业务，持续推动工业供应链数智化。 复盘美国MRO 行业头部固安捷、快扣，两家头部企业收入增长长期跑赢美国制造业增加值（2005-2024 年美国制造业增加值、固安捷收入、快扣收入CAGR 分别为2.8%、6.1%、8.8%），体现MRO 采购行业 头部企业长期壁垒优势， ...

Investment Rating - The report assigns a "Buy" rating for JD Industrial (07618) as a first-time coverage [1]. Core Insights - JD Industrial is a leading provider of industrial supply chain technology and services in China, having established a comprehensive digital infrastructure for end-to-end supply chain solutions. By 2024, it is projected to become the largest player in the MRO procurement market in China, serving over 11,100 key enterprise clients and offering approximately 81.1 million SKUs from around 158,000 suppliers [5][18]. - The company is expected to achieve a revenue of CNY 20.4 billion in 2024, with a compound annual growth rate (CAGR) of 25.4% from 2021 to 2024. The adjusted net profit is forecasted to reach CNY 909 million, with a CAGR of 21.9% during the same period [4][25]. - The Chinese industrial supply chain market is the largest globally, with a market size of CNY 11.4 trillion in 2024, but the digital penetration is only 6.2%, significantly lower than the 15% in the U.S. [5][50]. - JD Industrial's market share in the domestic industrial supply chain technology and services market is 4.1%, while its share in the MRO procurement market is only 0.8%, indicating substantial growth potential [5][59]. Financial Data and Profit Forecast - Revenue and profit forecasts for JD Industrial from 2023 to 2027 are as follows: - Revenue: CNY 17.34 billion (2023), CNY 20.40 billion (2024), CNY 24.49 billion (2025E), CNY 29.91 billion (2026E), CNY 35.96 billion (2027E) [4]. - Adjusted net profit: CNY 818 million (2023), CNY 909 million (2024), CNY 1.10 billion (2025E), CNY 1.74 billion (2026E), CNY 2.30 billion (2027E) [4]. - The expected price-to-earnings (PE) ratios are 41 (2023), 36 (2024), 30 (2025E), 19 (2026E), and 14 (2027E) [4]. Industry Overview - The industrial supply chain market in China is characterized by its vast size and the early stage of digital transformation. The MRO procurement market is projected to reach CNY 3.7 trillion in 2024, with a CAGR of 6.1% from 2019 to 2024 [5][55]. - The market is highly fragmented, with JD Industrial being a key player. The company is positioned to benefit from the ongoing digitalization trends, which are expected to accelerate market consolidation [5][58]. - The report highlights that the U.S. leading MRO companies have consistently outperformed the growth of the manufacturing value added, indicating a potential for similar trends in China as the market matures [5][8].

2025年12月11日的香港联交所交易大厅内，电子屏上跳动的数字与现场密集的快门声交织成一幅热闹的资本图景。 随着京东工业（股票代码：07618）正式挂牌上市，"京东系"的第六家上市公司登陆港股，这也是京东在工业供应链领域的重要布局。 现场公告屏实时显示，京东工业最终发行价锁定14.1港元，全球发售2.11亿股，募资总额达29.78亿港元。扣除1.51亿港元上市费用后，募资净额为28.27亿 港元；M&G、CPE Investment、晨曦投资管理、常春藤、刚睿、Schonfeld、Burkehill等7家基石投资者合计认购1.7亿美元，其中M&G一家就认购了8500万 美元，足见资本市场对其的认可。 | | | 將予認購的 | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | 發售股份 | | | | | | 基石投资者 | 認購金額 | 數目(p) | | | | | | | | | | 假設超額配股權 | | 假設超額配股權 | | | | | | 未獲行使 | | 獲悉數行使 | | | | | 估發售 | 估已發行 | 估發售 | 估 ...

【大河财立方 记者 陈薇】12月11日，京东集团旗下京东工业股份有限公司（以下简称"京东工业"）登陆港交所，这也是继京东集团、京 东物流、京东健康、达达集团、德邦股份后，刘强东收获的第6家上市公司。 2017年，京东工业开始独立运作，布局专注于MRO采购服务的供应链技术与服务业务。目前，其已成为中国MRO采购服务市场的最大 参与者。根据灼识咨询数据，按2024年交易额计，公司排名第一，规模为第二名的近三倍，同时也是中国工业供应链技术与服务市场最 大的服务提供商，市场份额达到4.1%。 按SKU数量计，京东工业在中国提供最广泛的工业品供应。截至今年6月底，其已提供约8110万个SKU，涵盖80个产品类别。截至今年6 月底前的12个月内，京东工业的商品供应源自由约15.80万家制造商、分销商及代理商组成的广泛的且覆盖全国的工业品供应网络。 其针对工业品采购给出的方案是，通过自营模式打通上游15万多家供应商，构建多级仓网，把MRO、部分BOM和备品备件统一纳入供 应体系，同时以"太璞"搭建数字智能化供应链方案。对于大型企业，"太璞"可以帮助企业进行系统性的供应链改造，对于中小企业，它 可以将企业需求拆解为标准化的S ...

Core Insights - JD.com is constructing a practical and closed-loop AI system, focusing on transforming its underlying logic centered around the supply chain rather than merely launching AI products [1][3] - The company aims to lead in the takeaway business by 2025, emphasizing a highly responsive supply chain supported by AI technologies [1][2] AI Strategy and Investment - At the JDD2025 conference, JD.com announced its AI panoramic strategy, committing to continuous investment over the next three years to create a trillion-scale AI ecosystem [2] - CEO Xu Ran introduced a new AI value formula: AI value = Model × Experience × Industry Depth, highlighting the importance of practical application and long-term value [2][10] Internal Deployment and Applications - Over 1,000 business scenarios have integrated large model systems, focusing on efficiency and conversion rates rather than the choice of model [2][4] - JD.com is developing AI applications that enhance user experience, such as the "He She It" app for daily tasks and the "JoyInside" platform for hardware integration [5][6] Consumer-Focused AI Innovations - JD.com is creating practical AI products for high-frequency scenarios like shopping and life services, with the "Xiangxi" app serving as a smart assistant [4][5] - The "AI Friends" feature aims to foster ongoing interactions between users and AI, emphasizing companionship rather than replacement [5] B2B AI Integration - JD.com is embedding AI into its core business operations, using real scenarios to validate technology value before offering it to other industries [7][9] - The launch of the "Oxygen" AI technology architecture aims to empower consumers, supply chains, and developers, enhancing the shopping experience [7][8] Logistics and Supply Chain Enhancements - JD.com has deployed over 500 warehouses with its self-developed "Wolf Pack" intelligent devices, improving operational efficiency by 15%-20% [8] - The upgraded "Logistics Brain 2.0" system expands AI capabilities in logistics, enhancing decision-making and collaboration between robots and employees [8] Healthcare and Industrial Applications - JD.com has introduced "Jingyi Qianxun 2.0," a medical model capable of understanding medical language and integrating various data types for comprehensive assessments [9] - The "JoyIndustrial" model provides services to over 10,000 enterprises, potentially optimizing costs across the supply chain by up to 6.77 trillion yuan [9][10] Conclusion - JD.com is not merely creating standalone AI products but is integrating AI into existing service systems, enhancing efficiency and trustworthiness across various applications [6][10]

Core Insights - JD.com is constructing a practical and closed-loop AI system, focusing on transforming its underlying logic centered around the supply chain rather than merely launching a series of AI products [1][6]. Group 1: AI Strategy and Implementation - JD.com is embedding AI into its familiar systems, enhancing its supply chain, logistics, retail, and industrial operations, thereby gradually transforming the entire industry chain [2][18]. - The company aims to create a trillion-scale AI ecosystem over the next three years, as announced during the JDD2025 Global Technology Explorers Conference [2][12]. - JD.com’s CEO proposed a new AI value formula: AI value = Model × Experience × Industry Depth², emphasizing the importance of practical application and industry integration [3][5]. Group 2: Consumer-Facing AI Applications - JD.com is focusing on practical AI applications for consumers, such as the "Xiangxi" app, which integrates shopping and life services, allowing users to place orders and book services through voice commands [8][9]. - The "He Ta Ta" app aims to create a new way of human-AI interaction, emphasizing voice and video communication, and providing assistance in daily tasks [9][10]. - JD.com has launched the "JoyInside" platform to enhance hardware products with standardized dialogue and interaction capabilities, significantly improving user engagement [11][12]. Group 3: B2B AI Integration - JD.com is adopting a solid approach by validating AI technology through real business scenarios before expanding its platform to serve more enterprises and industry segments [13][18]. - The company has introduced the "Oxygen" AI technology architecture for e-commerce, enhancing consumer shopping experiences through advanced understanding and recommendation systems [14][15]. - In logistics, JD.com has deployed over 500 warehouses with its self-developed "Wolf Pack" intelligent devices, improving operational efficiency by 15% to 20% [15][16]. Group 4: Healthcare and Industrial AI Applications - JD.com has launched "Jingyi Qianxun 2.0," a medical model capable of understanding medical language and integrating various data types for comprehensive judgment [16]. - The "JoyIndustrial" model provides services to over 10,000 enterprises, leveraging extensive industrial data for product recognition and standardized management [16][18]. - JD.com’s "Trillion Cost Reduction Model" has the potential to optimize costs across the entire supply chain by up to 6.77 trillion yuan, particularly benefiting complex manufacturing operations [16].