刘强东收获第六个IPO！京东为何这么多上市公司？

黑曜石商业咨询12-19

点击“蓝字”关注我们遵循商业的原则和本质理清企业发展的节奏与脉络改造出更具投资价值的企业近日，京东工业正式登陆港交所，此次IPO发行价为14.1港元/股，市值超350亿港元，成为港股 “工业供应链技术与服务第一股”。这是继京东集团、京东物流、京东健康、达达集团、德邦股份之后，刘强东收获的第六家上市公司。01上市之路一波三折实际上，此次上市是京东工业三年内第四次冲击IPO。2023年3月，京东工业...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251219214128a4605a28&s=b><strong>黑曜石商业咨询</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>点击“蓝字”关注我们遵循商业的原则和本质理清企业发展的节奏与脉络改造出更具投资价值的企业近日，京东工业正式登陆港交所，此次IPO发行价为14.1港元/股，市值超350亿港元，成为港股 “工业供应链技术与服务第一股”。这是继京东集团、京东物流、京东健康、达达集团、德邦股份之后，刘强东收获的第六家上市公司。01上市之路一波三折实际上，此次上市是京东工业三年内第四次冲击IPO。2023年3月，京东工业...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251219214128a4605a28&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":"LU1303224171.USD","symbol_name":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) 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Why are there so many listed companies in JD.com?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"86618":0.6,"89618":0.6,"91159":1.96,"09618":1.91,"06618":1.87,"JD":1.91},"content_text":"点击“蓝字”关注我们遵循商业的原则和本质理清企业发展的节奏与脉络改造出更具投资价值的企业近日，京东工业正式登陆港交所，此次IPO发行价为14.1港元/股，市值超350亿港元，成为港股 “工业供应链技术与服务第一股”。这是继京东集团、京东物流、京东健康、达达集团、德邦股份之后，刘强东收获的第六家上市公司。01上市之路一波三折实际上，此次上市是京东工业三年内第四次冲击IPO。2023年3月，京东工业首次向港交所递交招股书并同步向证监会申请备案，却在年底因招股书失效遭遇首次搁置。时隔18个月，京东工业于2024年9月重启IPO进程第二次递表，2025年又接连完成第三次更新版招股书递交、获取证监会境外发行上市备案通知书、第四次递交最终版招股书等关键动作。直至2025年11月23日成功通过港交所上市聆讯，才真正进入冲刺阶段——随后启动预路演、全球公开招股，确定14.10港元发行价，历经两次递表搁置、四次招股书提交的反复闯关，终于完成上市收官。当然，资本市场最关心的问题还在于能否盈利赚钱。京东工业招股书显示，公司近年业绩连年增长，其持续经营业务总收入在2022年、2023年、2024年实现了从141亿元、173亿元再到204亿元的跨越，复合年增长率达到20.1%。在盈利方面，京东工业也打了个漂亮的翻身仗。2022年，京东工业尚亏损13亿；结果2023年直接扭亏为盈，净赚480万；到了2024年更猛，净利润直接飙到7.6个亿；2025年上半年又赚了4.5个亿，比去年同期涨了55.2%，盈利稳定性持续提升，且增长势头十分强劲。京东工业主打三类产品——通用MRO（安防、清洁等标品）、专业MRO（化学品、机械设备等）、BOM产品（电子元器件等生产原料）；全国15.8万家制造商、分销商和代理商撑起其货源供应网络。简单来说，京东工业将复杂的工业品采购、管理与服务进行数字化重构，通过太璞数实一体化供应链解决方案破解供应链效率困局，进一步强化京东从消费到产业、从流通到生产的全链路供应链能力。据京东黑板报披露，截至2025年6月底的近一年中，京东工业服务超10000家大企业客户和数百万家中小企业客户。服务范围包括中国《财富》500强榜单上约60%的企业，以及全球《财富》500强超40%的在华企业。三一重工、南方电网、国家电网、徐工集团、长安汽车、宁德时代、比亚迪、宁德时代等国内巨头企业，3M、德力西等国外大型制造商、品牌商，都是京东工业的战略合作伙伴。刘强东曾表示，京东集团所有的业务，只围绕着“供应链”展开，如果跟供应链无关的事情，从来不碰。作为集团在工业供应链领域的深度布局，此番京东工业上市，可以看作是京东围绕其核心战略迈出的坚实一步。同时也有助于京东延续其在供应链领域的积累，巩固从消费到产业的服务链条。02京东为何这么多上市公司？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。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。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。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","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 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.35.12","shortVersion":"4.35.12","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2592670031","isCrawlerRequest":true}