刘强东，第7个IPO要来了！

IPO俱乐部02-07 22:51

来源：大象IPO近期，港交所官网显示，京东集团旗下京东智能产发股份有限公司（下称“京东产发”）正式重启港股IPO征程。美银证券、高盛、海通国际担任联席保荐人。若此次上市顺利，京东产发将成为刘强东麾下第七家上市公司，紧随京东集团、京东健康、京东物流、京东工业等步伐，完成京东系从电商零售到物流、工业再到基础设施的资本化闭环。这是继2025年12月京东工业港股敲钟后，京东系短短一个月内迎来的又一IPO...

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coming!","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"86618":0.6,"89618":0.6,"JD":1.91,"09618":1.91},"content_text":"来源：大象IPO近期，港交所官网显示，京东集团旗下京东智能产发股份有限公司（下称“京东产发”）正式重启港股IPO征程。美银证券、高盛、海通国际担任联席保荐人。若此次上市顺利，京东产发将成为刘强东麾下第七家上市公司，紧随京东集团、京东健康、京东物流、京东工业等步伐，完成京东系从电商零售到物流、工业再到基础设施的资本化闭环。这是继2025年12月京东工业港股敲钟后，京东系短短一个月内迎来的又一IPO动作。京东产发的逆袭京东产发的基因，根植于刘强东2007年力排众议的自建物流决策。彼时电商行业盛行轻资产模式，而刘强东坚持布局仓储物流基础设施，认为“物流是电商的生命线”。这一被当时市场质疑为“偏执”的选择，最终孕育出京东产发的雏形——早期的集团基建部门，承担着京东物流网络的建设与运营职能。2012年，京东产发确立独立主体身份；2018年，公司正式从京东集团体系中拆分独立运营，标志着其从“内部服务者”向“市场化服务商”的转型。这一转变并非简单的业务剥离，而是战略定位的根本性升级：京东产发不再局限于满足京东自身的仓储需求，而是面向全行业提供现代化基础设施解决方案，服务覆盖电商、零售、制造、新能源等多个领域。宝马配件中心、永辉超市、本来生活等企业纷纷成为其外部客户，印证了其市场化服务能力的成熟。截至2025年9月30日，京东产发的资产管理规模已突破1215亿元，管理的基础设施总建筑面积达2710万平方米，覆盖中国29个省级行政区及海外10个国家和地区的285个项目。根据报告，按建筑面积计算，其在亚太地区新经济领域现代化基础设施提供商中位列前三，国内排名第二。从最初的“亚洲一号”智能仓到如今的全球化基建网络，京东产发用近二十年时间，完成了从“后勤部门”到千亿级平台的逆袭，成为京东供应链生态的核心基石。九个月营收30亿元在规模扩张的同时，京东产发的业绩表现与商业模式革新同样值得关注。财务数据显示，2024年公司实现总收入34.2亿元，同比增长19.1%；2025年前九个月收入已达30.02亿元，超过2023年全年的28.7亿元，营收增长势头强劲。盈利能力方面，2025年前九个月经调整净利润达8.23亿元，同比增幅约77%，核心运营利润持续改善。支撑业绩增长的核心，是京东产发构建的“轻重资产融合”商业模式。传统物流地产行业以“买地-盖楼-收租”的重资产模式为主，资金占用大、周转效率低，而京东产发通过三大业务板块的协同，破解了这一行业痛点：其一，基础设施解决方案业务作为核心支柱，2024年贡献收入31.6亿元，占比高达92.6%。值得注意的是，该业务来自外部客户的收入占比已达62.5%，较2023年提升3.2个百分点，显示出公司在减少关联方依赖、拓展市场化客户方面的显著成效。其二，资产增值收益成为重要利润来源。2020年至2024年，公司年均实现资产增值变现收益13亿元，累计回报率达到初始成本的40%，通过资产全生命周期管理实现价值最大化。其三，基金管理业务快速崛起，成为轻资产转型的关键引擎。截至2025年9月，京东产发已主导设立5只核心基金、1只开发基金、1只收购基金及1个合伙投资平台，并推动“嘉实京东仓储基础设施REIT”在上交所上市，基金管理规模达410亿元，占资产管理总规模的33.7%。2024年管理费收入达1.97亿元，2020至2024年复合增长率达30%，形成了“开发-培育-退出-再投资”的资本循环模式。机遇与挑战并存此次IPO募资，京东产发计划将资金主要用于拓展海外关键物流节点资产网络、提升境内资产网络密度与质量，以及升级解决方案与服务体系。在行业趋势与政策红利的双重加持下，公司未来发展具备多重机遇。从行业环境来看，中国智能制造行业持续高速发展，2024年市场规模已突破3.2万亿元，预计2025年将接近3.8万亿元，对高标准、智能化基础设施的需求持续旺盛。同时，全球供应链重构背景下，企业对跨境物流节点的布局需求提升，为京东产发的海外扩张提供了广阔空间。目前，公司海外资产管理规模占比已从2023年初的3.7%飙升至12.8%，全球化布局初见成效。此外，国内REITs市场的发展为物流资产证券化提供了更便捷的渠道，京东产发作为行业先行者，有望持续受益于资产流动性提升带来的红利。但机遇之下，京东产发仍需跨越多重挑战。首先是行业竞争加剧的压力，普洛斯、万纬物流等头部企业凭借先发优势与资源整合能力占据领先地位，而传统地产商与电商同行的加速入局，可能导致租赁价格下行、毛利率承压。其次是客户集中度风险，2025年前九个月，前五大客户贡献收入占比36.3%，其中最大客户京东物流占比28.7%，对核心客户的依赖可能影响业绩稳定性。作为京东系第七家上市公司，京东产发的IPO不仅是自身资本化的关键一步，更完善了京东“电商+物流+工业+基建”的资本版图。京东产发IPO，标志着京东集团在供应链基础设施领域的战略布局迎来重要里程碑，其作为核心平台的角色定位正迈向更高能级的发展阶段。未来，如何平衡规模扩张与盈利质量、破解客户依赖与负债压力、在全球化竞争中建立差异化优势，将是京东产发IPO后需要持续解答的命题。","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":1,"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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