According to a Citi research report, JD.com achieved a record number of orders during its 618 campaign, with strong demand for services. However, due to overall weak consumption, the promotional impact was relatively modest. Given expectations of subdued consumer sentiment, Citi has lowered its revenue and non-GAAP profit forecasts for JD.com for the second quarter of 2026 and for the years 2026 to 2028. It now expects total revenue for the second quarter of 2026 to decline by 4% year-on-year to RMB 342.5 billion, with non-GAAP net profit reaching RMB 7.4 billion, up slightly by 0.4% year-on-year. The market consensus forecasts revenue for the quarter at RMB 344.4156 billion, while another report predicts a 5.2% year-on-year decline in total revenue and an 11.5% increase in service revenue. Citi maintains its "Buy" rating and a target price of $39 for JD.com's U.S.-listed shares, believing that despite short-term pressures, its core service business remains resilient.