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Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82
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  近日,京东工业股份有限公司在港交所递交招股书,拟在香港主板挂牌上市,这是京东工业第三次尝试港股IPO。前两次递表时间分别是2023年3月、2024年9月。

  京东工业成立于2017年7月,是京东集团旗下专注于工业供应链技术与服务业务的公司。从财务数据来看,京东工业2024年收入达204亿元,综合毛利率16.2%,净利润自2023年扭亏,2024年净利润同比大增,达到7.6亿元。

  若京东工业此次顺利上市,“京东系”上市公司将达到6家——继京东集团、京东健康、京东物流、达达集团(在私有化退市过程中)、德邦股份后,刘强东资本版图或将再度扩容。

  营收规模突破200亿元

  招股书显示,本次IPO,京东工业拟将募资净额用于进一步增强工业供应链能力、跨地域的业务扩张、潜在战略投资或收购以及一般公司用途和营运资金需要。

  招股书介绍,京东工业2017年起,开始布局专注于MRO采购服务的供应链技术与服务业务。自2022年至2024年,京东工业的交易额由约223亿元增至288亿元,复合年增长率为13.5%。

图片来源:京东工业招股书

  MRO,即Maintenance、RepairandOperations(维护、维修和运营),指在实际的生产过程中不直接构成产品,只用于维护、维修、运行设备的物料和服务。主要涉及企业日常运营、设备维护和修理所需的非生产性物资采购。

  财务上来看,京东工业营收规模突破200亿元,但增速明显放缓。2022年—2024年,京东工业营收分别为141亿元、173亿元、204亿元。

  京东工业的收入大部分来自商品销售收入,贡献九成以上,2022年—2024年商品销售收入分别为129亿元、161亿元、192亿元,占比分别是91.5%、93.0%、94%,但这部分高增长的业务毛利率仅在11%左右,近三年分别是11%、10%、11.3%。京东工业2022年—2024年整体毛利率分别为18.0%、16.1%、16.2%,2023年和2024年的毛利率比2022年下滑。

  净利润方面,京东工业2022年净亏损13亿元,2023年取得净利润480万元,2024年净利润大增至7.6亿元。

  来自京东集团的收入占四成左右

  招股书提到,2022年—2024年,京东工业前五大客户产生的收入分别占比8.1%、10.5%、12.1%。客户结构相对分散。

  京东工业也提到了与控股股东京东集团的关联交易。2022年—2024年,京东工业自京东集团平台所得收入(包括服务收入及来自京东五金城所得收入)分别为67亿元、75亿元、81亿元,占同期收入的47.1%、43.4%、39.7%。

  公开信息显示,京东工业原本属于京东的企业业务,2017年7月成为独立业务单元。

  2020年8月,京东工业获得2.3亿美元A轮优先股融资协议,由GGV纪源资本领投,红杉中国、CPE等多家投资机构跟投。2021年1月,完成A-1轮优先股融资,包括Domking、GGV在内的一批第三方投资者参与,共筹资1.05亿美元。2023年3月,京东工业完成B轮优先股融资,总额3亿美元。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BPEAEQT以及老股东红杉中国跟投。

图片来源:京东工业招股书

  招股书披露,MaxI&PLimited(由刘强东全资持有且实际控制)持有公司已发行股本总额的3.68%。刘强东连同MaxSmartLimited、FortuneRisingHoldingsLimited及MaxI&PLimited被视为控股股东。京东集团通过其全资子公司JDIndustrialTechnologyLimited、JDIndustrialTechnologyLLC、MagicalBrushLimited合计持有京东工业78.84%的股份,他们与刘强东构成控股股东集团。

  董事会方面,宋春正担任公司执行董事兼首席执行官,负责公司的整体战略规划及业务方向。刘强东担任非执行董事兼董事会主席。

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