估值550亿！超级独角兽京东产发重启IPO！

国际金融报01-31

近日，京东智能产发股份有限公司（下称“京东产发”）正式递表港交所，美银证券、高盛及海通国际为其联席保荐人。这是其继2023年3月递表失败后再一次尝试上市。京东产发背靠京东集团，此前，刘强东手下已有京东集团、京东健康、京东物流，德邦物流、达达集团（已退市）、京东工业六家上市公司，若京东产发顺利上市，将成为第七家上市公司。IPO日报注意到，作为一家超级独角兽，京东产发管理的资产规模高达1215亿元，总...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260131230537a46ce423&s=b><strong>国际金融报</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>近日，京东智能产发股份有限公司（下称“京东产发”）正式递表港交所，美银证券、高盛及海通国际为其联席保荐人。这是其继2023年3月递表失败后再一次尝试上市。京东产发背靠京东集团，此前，刘强东手下已有京东集团、京东健康、京东物流，德邦物流、达达集团（已退市）、京东工业六家上市公司，若京东产发顺利上市，将成为第七家上市公司。IPO日报注意到，作为一家超级独角兽，京东产发管理的资产规模高达1215亿元，总...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260131230537a46ce423&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":"LU0048580855.USD","symbol_name":"富达大中华区A","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260131230537a46ce423&s=b","article_id":"2607074786","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260131230537a46ce423&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, 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Super unicorn JD.com restarts IPO!","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"89618":0.6,"09618":1.91,"JD":1.91},"content_text":"近日，京东智能产发股份有限公司（下称“京东产发”）正式递表港交所，美银证券、高盛及海通国际为其联席保荐人。这是其继2023年3月递表失败后再一次尝试上市。京东产发背靠京东集团，此前，刘强东手下已有京东集团、京东健康、京东物流，德邦物流、达达集团（已退市）、京东工业六家上市公司，若京东产发顺利上市，将成为第七家上市公司。IPO日报注意到，作为一家超级独角兽，京东产发管理的资产规模高达1215亿元，总建筑面积2710万平方米，在亚太地区新经济基础设施提供商里位列前三，在中国新经济领域的现代化基础设施提供商中位列前二。此外，相比于传统的物流地产拿地、盖房、出租、收租，京东产发还在招股书中向我们披露了一个不一样的物流地产模式。亚太前三，中国前二京东产发最早开始业务是在2007年，京东集团开始自建物流体系，依托着京东零售及京东物流在国内的地域扩张，京东产发建设了“亚洲一号”超大型智能仓库，这种仓库按照建筑及服务高标准建造，并可适配先进技术。随着京东集团供应链生态系统的布局，京东产发也积累了对商流及物流的深入洞察，这为后续服务电商和物流客户的打下了基础，并从2018年开始独立运营。在项目端，因为促进当地经济发展及助力产业升级，京东产发能够有效地以具竞争力的成本获取位置优越的项目，并持续扩大资产规模。由此，京东产发建立了一个规模庞大且优质、以高标仓为主的现代化基础设施网络，京东产发的园区覆盖中国大陆29个省级行政区及境外十个国家和地区，主要在门户城市、交通枢纽及制造中心，这种布局能够有效地促进商品流通及产业资源部署。按建筑面积计，截至2025年9月30日，公司在境内超过90%的现代化基础设施资产位于一线城市及其卫星城市以及二线城市。京东产发目前还将业务版图拓展至中国香港、新加坡、荷兰、迪拜和东京等精选核心物流节点。在这些优越核心的位置，京东产发并不是大规模建设通用仓库，而是凭借京东集团积累的行业洞察，及时识别各行业垂直领域的新兴趋势及市场动态，提前进行战略性规划，建设适合特定垂直领域的基础设施、智能园区，其不乏冷链、高标仓、屋顶光伏、智能分拣、数据贯通等现代仓储模块。截至2023年年末、2024年年末及2025年9月30日，京东产发已竣工现代化基础设施资产的期末平均出租率超过90%，根据仲量联行报告，该出租率高于新经济领域平均水平约10个百分点。具体而言，于往绩记录期间，京东产发稳定运营的现代化基础设施资产的期末平均出租率达93%。在运营端，京东产发招商天然的底气来自京东集团供应链，截至2025年9月底，基础设施解决方案收入中来自外部客户的贡献达到62.5%；反之则是来自京东集团及其联系人等“内部”客户，这也是说京东产发是京东集团供应链生态系统的基石的原因。京东产发还以更智能、更精准的方式运营资产，通过专有的项目管理平台及智能管理中心(IMC)等数字化工具，无缝整合运营，从而提升实时响应能力并减少人工成本。在资本端，京东产发在2019年设立首只私募基金，开启向轻资产模式战略性转型之路，携手主权基金、长线基金、保险公司、地产私募股权基金和战略合作伙伴，建立了多种投资工具。京东产发将项目出售给公司主导设立和管理的基金及投资工具以实现资本回收，然后获得稳健且高盈利的管理费收入以及相关基金及投资工具的利润分成。截至2025年9月30日，京东产发主导设立了五只核心基金、一只开发基金、一只收购基金、一个合伙投资平台，以及在上海证券交易所上市的一只基础设施证券投资基金。2024年，京东产发获得管理费收入1.97亿元，2020年至2024年的年平均复合增长率高达30%。总体来说，招股书显示，截至2025年9月30日，京东产发开发、持有或管理庞大的现代化基础设施资产组合，包括259个物流园、20个产业园以及6个数据中心基础设施。根据仲量联行报告，截至2025年9月30日，京东产发积累了庞大的现代化基础设施资产组合，资产管理规模总额为1215亿元，其中12.8%位于境外；总建筑面积为2710万平方米，在亚太地区及中国新经济领域的现代化基础设施提供商中分别位列前三及前二。根据仲量联行报告，公司的资产管理规模于2023年初至2025年9月30日增长了28.1%，已竣工现代化基础设施资产的期末平均出租率超过90%，这两项指标在同业主要参与者中均位居首位。估值550亿元业绩方面，2023年至2024年，公司实现营收分别为28.68亿、34.17亿，同比增长19％；同期，年度亏损分别为18.29亿元、12亿元。2025年前三季度，京东产发收入为30.02亿元，较去年同期的24.78亿元同比增长21％；期间亏损为1.59亿元，而上年同期亏损为13.75亿元。基础设施解决方案业务是京东产发的核心支柱业务，在2023年至2024年以及2025年前三季度带来的收入占同期总收入的比例高达91.8％、92.6％及85.4％。报告期内，公司毛利率分别高达70.4%、69.7%和67.9%。京东产发在招股书中解释，毛利率下滑主要受国内投资物业公允价值持续亏损影响，同期其投资物业及持有待售的资产的公允价值亏损为18亿元、16亿元及9亿元，该部分公允价值亏损主要受整体宏观经济状况影响。报告期内，公司经调整盈利(非国际财务报告准则指标)分别为2.605亿元、5.303亿元及8.23亿元。此次IPO募资，京东产发计划用于进一步扩展在海外具战略重要性的关键物流节点的基础设施资产网络，并建立全球人才团队以支持海外业务扩张，提升在中国的基础设施资产网络的密度与质量并强化在核心地理位置及战略物流节点的布局，提升解决方案及服务以及一般公司用途及满足营运资金需求。股权方面，京东产发进行了两轮融资，在2021年完成7亿美元A轮融资，在2022年完成8亿美元B轮融资，投资方包括高瓴资本、华平投资、红杉资本、贝莱德等机构。在胡润研究院发布《2025全球独角兽榜》中，京东产发排名第96位，估值550亿元。目前，京东集团通过JD Property Holding Limited持有京东产发74.96%股权，刘强东通过Max Smart Limited及其他实体间接控制约77.9%的投票权。此外，华平投资为持有京东产发股权而设立了特殊目的实体WP Entity，WP Entity和高瓴资本（Hillhouse）分别持股为6.47%，并列第一大机构股东。","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 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","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/2607074786","isCrawlerRequest":true}