刘强东拿下第6家上市企业，我们还是低估了京东

云掌财经2025-12-11

今天，京东工业在港交所上市，成为刘强东的第六家上市企业。京东工业凭什么能上市？刘强东的资本版图，有多大？按2024年的交易额计，京东工业是中国工业供应链技术与服务市场最大的服务提供商。如果说，我们常用的京东卖的日常用品，那么，京东工业卖的便是工业品。说得再准确一些，主要是MRO，即非生产性物资。举个例子。在汽车制造领域，像车身钢材、发动机总成、玻璃、轮胎、座椅、油漆这些产品，要么直接组装成汽车，...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251211132944979c1a2e&s=b><strong>云掌财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>今天，京东工业在港交所上市，成为刘强东的第六家上市企业。京东工业凭什么能上市？刘强东的资本版图，有多大？按2024年的交易额计，京东工业是中国工业供应链技术与服务市场最大的服务提供商。如果说，我们常用的京东卖的日常用品，那么，京东工业卖的便是工业品。说得再准确一些，主要是MRO，即非生产性物资。举个例子。在汽车制造领域，像车身钢材、发动机总成、玻璃、轮胎、座椅、油漆这些产品，要么直接组装成汽车，...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251211132944979c1a2e&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0039217434.USD","symbol_name":"HSBC GIF CHINESE EQUITY \"AD\" 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的缩写，指的是那些非生产原料性质的必要工业用品。与BOM相比，MRO有几个显著的特点：一是品类“碎片化”，管理复杂度更高。在汽车制造领域，BOM的SKU（最小存货单位）不过几千个，MRO的SKU可能达数万甚至数十万，是前者的数十倍。MRO的数量不仅多，而是分属不同的品类，采购标准、供应商、存储要求完全不同，管理难度很大。在公司内部，BOM的管理主要集中在生产部门与采购部门，围绕产品制造展开。MRO的需求来自生产、行政、仓储、IT等多个部门，容易出现“需求重复申报”“库存积压”等问题。二是需求“非计划性”，预测难度大。BOM需求可通过生产计划直接推导，而MRO需求受设备寿命、突发故障、日常消耗、安全合规等多种因素影响。比如，制造1辆小轿车，需要4个轮胎、1个方向盘，却无法精准预测需要多少双安全鞋。生产计划差，对库存管理和供应链响应速度的要求就更高。汽车装配工人使用的电钻，是典型的MRO三是供应链“分散化”，依赖整合能力。对汽车行业而言，BOM的供应商多为核心配套企业，合作关系稳定且集中。MRO的供应商可能涉及数百家甚至上千家，供应商分散、资质参差不齐，采购效率低。千万别小瞧MRO。从生产经营角度看，MRO虽不直接构成最终产品，却是企业生产运营的“隐形基石”。MRO对保障生产活动的连续性、安全性和效率至关重要，一旦短缺或管理不善，可能导致设备停机、生产延误甚至安全事故。从成本运营角度看，MRO看似是“零散支出”，但累计规模庞大，占制造业总采购成本的15%-30%。可以说，MRO既关系生产效率，也决定经营成本，是企业核心竞争力的重要组成部分。中国MRO采购服务市场规模庞大，2025年预计达1.99万亿元，部分机构甚至预测到2030年将突破3万亿元。然而，市场集中度极低，整体上处于“小、杂、散、乱”的状态。企业在采购MRO时，通常需要对接数十家经销商，信息不透明，效率低下且成本高企。这为京东创造了市场机会。与中小经销商相比，京东的优势就太突出。母公司京东是中国最大的自营式电商平台，京东工业有足够的经验与话语权，整合供应商资源，集中采购以降低成本。依托物流优势，京东工业建立了“厂直送+区域仓配”的混合模式，全国8大中心仓覆盖86个核心品类，最快可实现当日达或次日达，紧急备件6小时送达，实现高效配送与闭环管理。京东工业的运输车间通俗地说，在京东工业上采购MRO，可以做到品类全、价格低、速度快。如果仅仅将京东工业看作是一个MRO采购平台，那就小瞧了京东。京东工业并非简单地卖产品，而是提供“一站式采购”解决方案。为了更好地说明，我们来看京东工业服务徐工集团的案例。徐工集团是全球知名的工程机械装备企业，营收超千亿元，业务覆盖18大门类80个板块的工程机械装备，员工总数超2.8万人。对这样一家规模巨大的制造业企业来说，MRO采购也是一大挑战。仅仅工具劳保一个品类，徐工就曾经有170多家供应商，小弱散的供应商比较多，寻源采购、价格和履约服务比较混乱。此前，徐工的MRO都是线下采购，没有历史数据，很难溯源。上百家分子公司，系统独立，编码、逻辑“方言化”，无法协同。不同主机厂的制造场景差异大，MRO分布零散，也增加了管理难度。徐工集团生产线针对问题现状，京东工业与徐工先进行MRO平台上线全面应用，整合商品数据，统一标准体系，构建风控体系，实现了商品可视、采购可控，而后通过MRO平台实现管理赋能与价值提升，优化供应链，升级履约体系。一个显著的变化是，决策更加智能化，系统积累的采购数据，通过算法模型进行分析，能够自动识别价格异常、预测需求波动、优化库存水平。数据显示，与京东工业合作后，徐工的MRO供应商数量从170多家整合至18家，采购周期从二十几天缩短至3-5天，成本显著降低。由此可见，京东工业不仅仅是把MRO放到网上卖，而是利用技术重构工业品的采购和流通体系，提升整个供应链的效率。自2022年至2024年，京东工业的持续经营业务收入由约人民币141亿元增至人民币204亿元，复合年增长率为20.1%。京东工业的业绩按2024年交易额计算，京东工业作为行业龙头的市场份额也仅为4.1%，而第二名的市场份额不足2%。MRO市场，是一个万亿级且高度分散的市场。京东工业们，仍有很大的机会。随着京东工业上市，刘强东的资本版图，渐渐浮出水面。从京东集团的电商业务起家，刘强东已经在物流、健康、工业供应链等多个垂直领域完成了深耕布局。在此之前，京东集团、京东健康、京东物流、德邦股份均已上市。算上2020年在纳斯达克上市后又退市的达达集团，京东工业算是京东系的第六家上市公司。这一数字，超过了BAT。国内互联网巨头目前的上市公司数量京东系的上市公司，为何比腾讯、阿里巴巴还多？一是理念。刘强东的资本运作理念是，通过分拆上市让旗下资产拥有独立的融资渠道，降低对母公司的资金依赖，同时分享这些业务扩张的成果。简单来说，就是“成熟一个、拆分一个、独立上市一个”。这种策略的优势在于，既能够让独立上市的子公司有更清晰的增长逻辑和决策自主权，能更快响应市场变化，又能够避免单一业务板块的经营风险传导至母公司，优化集团整体资本结构。从资本的角度看，不同业务板块在资本市场有不同的估值逻辑，分拆后能获得更准确的市场定价，避免被集团整体估值拖累。二是实力。刘强东想分拆上市，京东还得有足够的实力支撑。作为中国最大的自营式电商平台，京东堪称天然的“孵化器”，旗下的业务从零售延伸至仓储、配送、售后、金融、健康、工业等多个环节。京东物流这些业务，规模庞大且相对独立，具备分拆上市的实力。同时，这些业务又具有强协同性，可以共享京东的用户、技术、供应链资源，形成“1+1>2”的生态效应，加速成长。最典型的便是京东健康。与物流、售后相比，京东健康并非集团的重要支撑业务，最初只是京东平台的零售板块。受益于京东平台的规模优势，京东健康逐渐成为行业内最有影响力的在线药品零售商之一。关于如何发展健康业务，京东内部存在不同意见。一些人认为，京东做健康业务，最好的办法是继续做大药品零售，以此为基础再顺带提供一些健康服务。刘强东认为，京东健康不应该只是卖药，而是要跳出零售体系，进军医药健康行业。正是在刘强东的战略眼光之下，京东健康正式开始独立运营，为之后独立拆分上市奠定了基础。独立后，京东健康扩大业务边界，从传统医疗服务平台向AI驱动的全周期健康管理平台转型，为用户提供覆盖“生、老、病、养”全生命周期的健康服务。2020年12月，京东健康在港交所上市，成为“互联网医疗第一股”。目前，京东集团在港股的市值，约3290亿港元。京东健康市值及最近股价趋势要知道，京东健康在港股的市值，已经超过了1900亿港元，接近集团的2/3，远超在集团中的业务估值。刘强东“再造一个京东”的愿景，基本实现了。未来，京东的拆分上市之路还在继续，京东产发（物业板块）已启动分拆，京东科技（数科）也在筹备中。京东，被低估了！","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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