JD Industrials IPO: China’s No.1 Industrial Supply Chain Platform — Worth Subscribing?
JD Industrials (7618.HK) — often called “China’s No.1 industrial supply chain platform” — is finally coming to market.
Here are the key takeaways from the latest IPO review:
🔹 Huge Market Opportunity
China’s industrial supply chain market is heading toward RMB 1.1 trillion by 2029, with low digital penetration.
🔹 Strong Platform Fundamentals
Over 81 million SKUs, 11,000+ enterprise clients, and the largest share in China’s MRO/B2B industrial segment.
🔹 Solid Growth Trend
1H25 revenue +19%, improving gross margin (18.6%), and rising adjusted profit.
🔹 JD Ecosystem Advantage
Integrated logistics + supply chain + fulfillment give JD Industrials a real moat.
But there are risks:
⚠ Gross margin still lower vs global peers
⚠ Heavy reliance on JD Group (36% of revenue)
⚠ IPO valuation at ~30–36× PE isn’t cheap
Bottom line:
It’s a long-term structural story with a strong ecosystem behind it —
but the IPO pricing isn’t a bargain.
Analysts’ verdict: Subscribe, but avoid leverage.
Would you join the IPO?
Or wait for a better entry point?
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