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Earnings boost! Shares of JD.com-related companies surge across the board
港股解码
joined discussion · Mar 6 20:02

[IPO Tracker] Last year's profit surged by 2 times! Is JD.com Industrial (07618.HK) worth a closer look?

On March 5, $JD INDUSTRIALS (07618.HK)$ the first annual report since the listing of this recent Hong Kong stock was released, showing remarkable results. Data shows that in 2025, JD.com Industrial's full-year revenue reached RMB 23.952 billion (in RMB, unless otherwise specified), representing a year-on-year increase of 17.4%. The profitability side saw an explosive breakthrough, becoming the biggest highlight of this earnings report.During the reporting period, the company's net profit surged by 203.8% to RMB 2.314 billion; the net profit margin increased by 6 percentage points to 9.7%; and the gross margin rose from 16.2% in the same period last year to 17.4%. This impressive performance received positive feedback from the capital market. On March 6, JD.com Industrial's share price experienced a significant rise, closing at HKD 11.47 per share, with an increase of 7.1%. Information shows that JD.com Industrial, under the e-commerce giant JD.com Group (09618.HK), is an industrial supply chain technology and service provider.It is committed to helping clients achieve supply assurance, cost reduction, efficiency improvement, and compliance goals through the digitization and intelligent transformation of the industrial supply chain. Leveraging its core technological capabilities, JD.com Industrial has developed the 'Taipu' integrated digital-physical supply chain solution, covering the entire chain from products, procurement, fulfillment to operations. The company generates revenue primarily through two segments: one is the sale of various industrial goods such as MRO (Maintenance, Repair, Operations) and BOM (Bill of Materials) to customers; the other is providing related services (including trading platforms, advertising, and other services).
On March 5, a Hong Kong-listed secondary new stock $JD INDUSTRIALS (07618.HK)$ released its first annual report since its listing, showing remarkable results.
Financial data indicates that in 2025, JD.com Industrial's total annual revenue reached RMB 23.952 billion (all figures in RMB unless otherwise stated), representing a year-on-year increase of 17.4%.
On March 5, $JD INDUSTRIALS (07618.HK)$ the first annual report since the listing of this recent Hong Kong stock was released, showing remarkable results. Data shows that in 2025, JD.com Industrial's full-year revenue reached RMB 23.952 billion (in RMB, unless otherwise specified), representing a year-on-year increase of 17.4%. The profitability side saw an explosive breakthrough, becoming the biggest highlight of this earnings report.During the reporting period, the company's net profit surged by 203.8% to RMB 2.314 billion; the net profit margin increased by 6 percentage points to 9.7%; and the gross margin rose from 16.2% in the same period last year to 17.4%. This impressive performance received positive feedback from the capital market. On March 6, JD.com Industrial's share price experienced a significant rise, closing at HKD 11.47 per share, with an increase of 7.1%. Information shows that JD.com Industrial, under the e-commerce giant JD.com Group (09618.HK), is an industrial supply chain technology and service provider.It is committed to helping clients achieve supply assurance, cost reduction, efficiency improvement, and compliance goals through the digitization and intelligent transformation of the industrial supply chain. Leveraging its core technological capabilities, JD.com Industrial has developed the 'Taipu' integrated digital-physical supply chain solution, covering the entire chain from products, procurement, fulfillment to operations. The company generates revenue primarily through two segments: one is the sale of various industrial goods such as MRO (Maintenance, Repair, Operations) and BOM (Bill of Materials) to customers; the other is providing related services (including trading platforms, advertising, and other services).
The profitability segment saw an explosive breakthrough, becoming the biggest highlight of this earnings report.During the reporting period, the company’s net profit surged by 203.8% to RMB 2.314 billion; the net profit margin increased by 6 percentage points to 9.7%; and the gross margin rose from 16.2% in the same period last year to 17.4%.
This impressive performance received positive feedback from the capital markets. On March 6, JD.com Industrial's share price experienced a significant rise, closing at HKD 11.47 per share, with an increase of 7.1%.
According to available information, JD.com Industrial, a subsidiary of e-commerce giant JD.com Group (09618.HK), is an industrial supply chain technology and service provider.It is committed to helping clients achieve goals such as ensuring supply, reducing costs, increasing efficiency, and maintaining compliance through the digitization and intelligent transformation of industrial supply chains.
Leveraging its core technological capabilities, JD.com Industrial has developed the 'Taipu' integrated digital-physical supply chain solution, covering the entire chain from products, procurement, fulfillment to operations. The company generates revenue primarily through two segments: one is the sale of various industrial goods such as MRO (Maintenance, Repair, Operations) and BOM (Bill of Materials) to customers; the other is providing related services (including trading platforms, advertising, and other services).
Regarding the growth in revenue for 2025，JD.com Industrial explained，that it was primarily driven by the continuous growth in transaction volume. During the period, the company's transaction volume increased by 16.5% year-over-year to RMB 33.5 billion, attributed to the success in attracting new customers and expanding the wallet share of existing clients.
In terms of customer structure，key enterprise customers have become the core growth engine. In 2025, the number of key enterprise customers grew to approximately 13,300, an increase of 2,700 from the same period last year, further expanding the customer base; transaction volume increased by 26.5% year-over-year to RMB 16.5 billion.
Meanwhile, the transaction volume of small, medium, and micro customers also increased by 8.3% year-over-year to RMB 17 billion. JD.com Industrial stated that these customers are increasingly favoring procurement through the company’s trading platform.
On March 5, $JD INDUSTRIALS (07618.HK)$ the first annual report since the listing of this recent Hong Kong stock was released, showing remarkable results. Data shows that in 2025, JD.com Industrial's full-year revenue reached RMB 23.952 billion (in RMB, unless otherwise specified), representing a year-on-year increase of 17.4%. The profitability side saw an explosive breakthrough, becoming the biggest highlight of this earnings report.During the reporting period, the company's net profit surged by 203.8% to RMB 2.314 billion; the net profit margin increased by 6 percentage points to 9.7%; and the gross margin rose from 16.2% in the same period last year to 17.4%. This impressive performance received positive feedback from the capital market. On March 6, JD.com Industrial's share price experienced a significant rise, closing at HKD 11.47 per share, with an increase of 7.1%. Information shows that JD.com Industrial, under the e-commerce giant JD.com Group (09618.HK), is an industrial supply chain technology and service provider.It is committed to helping clients achieve supply assurance, cost reduction, efficiency improvement, and compliance goals through the digitization and intelligent transformation of the industrial supply chain. Leveraging its core technological capabilities, JD.com Industrial has developed the 'Taipu' integrated digital-physical supply chain solution, covering the entire chain from products, procurement, fulfillment to operations. The company generates revenue primarily through two segments: one is the sale of various industrial goods such as MRO (Maintenance, Repair, Operations) and BOM (Bill of Materials) to customers; the other is providing related services (including trading platforms, advertising, and other services).
By business segment, product sales revenuereached approximately RMB 22.493 billion, a year-over-year increase of 17.33%, serving as the main driver of the company's performance growth, mainly propelled by the growth in MRO (Maintenance, Repair, Operations) and BOM (Bill of Materials) product transactions.
In terms of service provision, revenue for the period was approximately 1.459 billion yuan, representing a year-on-year increase of 18.84%. Among this, the rise in advertising and other service revenues can be attributed to the continuous expansion of the company's services and user base; the growth in trading platform revenue was mainly due to an increase in transaction volumes from small, medium, and micro clients.
Regarding overseas operations, as domestic industrial manufacturing enterprises accelerate their global expansion, JD.com Industrial has been actively promoting its 'accompanying outbound' supply chain services, closely following the steps of Chinese companies going global. By 2025, the company had provided one-stop overseas supply chain support to nearly 100 outbound enterprises, with overseas business revenue achieving rapid growth, becoming a new and significant growth engine.
However, behind the impressive performance, JD.com Industrial also faces some interim concerns. The financial report shows that due to business expansion (including overseas markets and product category expansion), JD.com Industrial’s fulfillment expenses reached 1.766 billion yuan in 2025, increasing by 56.7% year-on-year, accounting for 7.4% of revenue, indicating evident pressure on the expense side.
Conclusion:
Currently, the digital intelligence transformation of China’s industrial supply chain is at an accelerated penetration stage. Backed by the JD.com ecosystem, JD.com Industrial has entered this emerging sector and established a relatively leading industry position.
Some institutions optimistically stated that in the future, with the deepening application of AI and the 'accompanying outbound' strategy opening up overseas growth potential, JD.com Industrial may achieve dual-line growth in performance, with considerable mid-to-long-term growth prospects worth anticipating.
Author: Pingzi
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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