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JD.com-affiliated B2B e-commerce and supply-chain platform for industrial and maintenance, repair and operations (MRO) products.
JD.com-affiliated B2B e-commerce and supply-chain platform for industrial and maintenance, repair and operations (MRO) products.
Buys industrial supplies in bulk and resells them to companies, earning the markup like a distributor, and also earns fees for running procurement services that manage purchasing for large clients. It leans on JD.com's warehouses and delivery fleet, and JD.com is its controlling shareholder.
In one line: China's answer to Grainger/Amazon Business for industrial supplies.
Moat: narrow (network effects, distribution, scale). Leverages JD.com's logistics and e-commerce infrastructure to serve fragmented industrial procurement demand.
Headquarters: Beijing, China · Employees: 2,419
Size JINGDONG Industrials (7618.HK) is a Hong Kong Industrials company (Other Consumer Services) with a market value of $4.35B, the 281st largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$12.58 on 6 Nov 2026.
Performance Over six months the shares fell 12.2%, against -18.9% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 8th highest of 20 in its peer set.
Growth Revenue grew 25.7% over the last twelve months (peer median +12.7%); the operating margin is 3.8% (peer median 10.7%).
Valuation It trades at 18.4× forward earnings against a peer median of 9.0× (6th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is +28%, so the hurdle is -22 pp: the price already allows for a slowdown.
Next results Next results expected around 5 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$29.9B | HK$26.0B | HK$22.1B | HK$19.2B | HK$16.4B |
| Revenue growth | — | +17% | +15% | +17% | — |
| Gross profit | HK$5.23B | HK$4.52B | HK$3.59B | HK$3.09B | HK$2.95B |
| EBITDA | HK$1.14B | HK$951M | HK$953M | HK$662M | HK$841M |
| Net income | HK$2.74B | HK$2.51B | HK$826M | HK$5.30M | -HK$1.79B |
| Free cash flow | HK$2.58B | HK$2.26B | HK$1.40B | HK$1.52B | HK$2.29B |
| Capital expenditure | HK$10.6M | HK$9.43M | HK$6.90M | HK$5.37M | HK$5.94M |
| Total debt | n/a | HK$8.37M | HK$8.16B | HK$8.27B | HK$6.32B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| JINGDONG Industrials 7618.HK | $4.35B | -12% | +26% | 4% | 18.4× | 5.7% |
| W. W. Grainger GWW | $67.9B | +17% | +9% | 17% | 28.2× | 11.9% |
| Amazon AMZN | $2.80T | -5% | +15% | 13% | 26.3× | n/a |
| MISUMI 9962.T | $6.25B | +3% | +24% | 13% | 17.9× | 9.3% |
| MonotaRO 3064.T | $7.04B | +22% | +19% | 14% | 29.6× | 9.7% |
| Fastenal FAST | $60.8B | +20% | +14% | 21% | 38.3× | 14.2% |
| MSC Industrial Direct MSM | $6.33B | +9% | +6% | 9% | 20.1× | 9.0% |
| Baba-w 9988.HK | $266B | -25% | +8% | 4% | 16.4× | n/a |
Peer set: Sector in the same market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 7618.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.6% | -3.1% | 9th highest of 21 |
| 6-month return | -12.2% | -18.9% | 8th highest of 20 |
| Distance from 52-week high | -26.7% | -38.7% | 7th highest of 21 |
| Revenue growth (TTM) | +25.7% | +12.7% | 8th highest of 21 |
| Operating margin | 3.8% | 10.7% | 5th lowest of 21 |
| Forward P/E | 18.4× | 9.0× | 6th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 5.7% | 5.1% | 7th least demanding of 13 |
| Growth delivered (Del g) | +27.7% | +11.1% | 3rd highest of 13 |
| Hurdle (Req g minus delivered) | -22.0 pp | -8.4 pp | 4th least demanding of 13 |
| Net debt / EBITDA | -14.9× | 1.2× | least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| JINGDONG Industrials 7618.HK | Hong Kong | $4.35B | -12% | +26% | 4% | 18.4× | 5.7% | +27.7% |
| Central New Energy 1735.HK | Hong Kong | $4.42B | -11% | +76% | 1% | 63.1× | n/a | n/a |
| CNGR Advanced Material 2579.HK | Hong Kong | $4.48B | -58% | +53% | 7% | 5.6× | n/a | n/a |
| Anhui Expressway 0995.HK | Hong Kong | $4.18B | -3% | -17% | 45% | 10.5× | -5.8% | +16.6% |
| Liaoning Port 2880.HK | Hong Kong | $4.53B | -26% | +1% | 21% | n/a | -9.0% | -2.0% |
| JL MAG Rare-Earth 6680.HK | Hong Kong | $4.59B | -27% | +46% | 11% | 17.3× | 14.3% | +25.2% |
| East Buy 1797.HK | Hong Kong | $4.11B | +22% | +34% | 11% | 38.5× | 18.4% | +54.3% |
| Circuit Fabology Microelectronics Equipment 9630.HK | Hong Kong | $4.68B | n/a | +103% | 27% | 36.1× | 8.5% | +34.4% |
| CSSC Offshore & Marine Engineering (Group) 0317.HK | Hong Kong | $4.04B | -22% | +10% | 1% | 9.6× | 1.5% | +11.3% |
| UBTECH ROBOTICS 9880.HK | Hong Kong | $4.73B | -41% | +90% | -21% | n/a | n/a | n/a |
| China Everbright Environment 0257.HK | Hong Kong | $3.91B | -11% | -5% | 29% | 7.0× | -0.1% | -8.5% |
| Zhejiang Expressway 0576.HK | Hong Kong | $4.86B | -13% | +18% | 33% | 5.9× | n/a | n/a |
| COSCO SHIPPING Development 2866.HK | Hong Kong | $3.84B | -22% | -2% | 13% | 3.6× | n/a | n/a |
| Estun Automation 2715.HK | Hong Kong | $3.79B | -9% | +13% | 4% | 42.2× | 28.7% | +13.5% |
| CTF Services 0659.HK | Hong Kong | $5.13B | +2% | +12% | 11% | 13.8× | 1.7% | -0.8% |
| Haitian International 1882.HK | Hong Kong | $3.64B | -18% | +8% | 17% | 7.4× | -11.5% | +7.7% |
| CALB 3931.HK | Hong Kong | $3.57B | -59% | +80% | 7% | 8.1× | n/a | n/a |
| COSCO SHIPPING Ports 1199.HK | Hong Kong | $3.32B | +18% | +12% | 14% | 8.5× | 8.7% | +10.9% |
| Harbin Electric 1133.HK | Hong Kong | $3.27B | -54% | +13% | 7% | 6.2× | n/a | n/a |
| China Communications Services 0552.HK | Hong Kong | $3.19B | -19% | 0% | 2% | 5.7× | n/a | n/a |
| Shenzhen Zhaowei Machinery & Electronics 2692.HK | Hong Kong | $3.16B | -52% | +5% | 9% | 34.8× | 33.0% | +6.8% |