Citigroup said JD.com (JD.O) recorded a record number of ordering users during
its 618 campaign; demand for home services, childcare and appliance installation
was strong, but overall weak consumption left promotional impact moderate.
Citigroup cut its Q2 revenue and non-GAAP net income forecasts by 4.3% and 6.6%,
respectively, and now forecasts Q2 revenue of CNY 342.5 billion (down 4% YoY)
and non-GAAP net income of CNY 7.4 billion (up 0.4% YoY). It also trimmed
2026–28 revenue forecasts by about 1.3–1.4% and earnings forecasts by 4.4–6%,
citing persistent soft consumer sentiment. Citigroup maintained its Buy rating
on JD.com and left the PT at $39.
