JD.com (JD.O): 6.18 Metrics: Record Transacting Users, Strong Services Demand, Overseas Sales & AI Adoption

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JD.com (JD.O): 6.18 Metrics: Record Transacting Users, Strong Services Demand, Overseas Sales & AI Adoption

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18 Jun 2026 18:54:21 ET │ 11 pages

JD.com (JD.O)

6.18 Metrics: Record Transacting Users, Strong Services Demand,

Overseas Sales & AI Adoption

CITI’S TAKE Buy

As the industry wraps up 2026 6.18 promotional sales, JD announced Price (18 Jun 26 16:00) US$27.57

record transacting users for this year 6.18 campaign with specific Target price US$39.00

highlights in strong demand for its “to-home” service categories. While the

Expected share price return 41.5% absence of GMV disclosure has been expected, the absence of “record”

campaign wording and no disclosure of order number likely suggest muted Expected dividend yield 2.2%

GMV amid weak consumer sentiment as reflected in May retail sales. High Expected total return 43.6%

growth was notably concentrated in service categories like housekeeping Market Cap US$34,415M

and specific AI-related gadgets, rather than broad product sales. We

believe this could indicate a potential saturation in traditional product

demand and a demand shift towards lifestyle/service-based spending.

Encouragingly, robust growth in overseas markets may partially offset Alicia Yap, CFAAC

high-base and softer domestic demand. Weak May retail sales and muted +852-2501-2773

6.18 reiterate our cautious outlook for June. We see downside risk to our alicia.yap@citi.com

existing 2Q26 forecasts if consumption does not materially improve. Nelson Cheung

Maintain Buy and US$39 TP. nelson.cheung@citi.com

Vicky Wei, CFA

Record transacting users – Shortly after mid-night of Jun 19th Asia time, JD vicky.wei@citi.com

announced key performance metrics for 618 campaign with transacting users