JD.com (JD.O): Adjusting Estimates Following Subdued 6.18 and Soft Consumption

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JD.com (JD.O): Adjusting Estimates Following Subdued 6.18 and Soft Consumption

JD.com (JD.O)

24 June 2026 Citi Research

Revising Estimates Post Muted 6.18

JD 2026 6.18 wrap

Record transacting users

Shortly after midnight on Jun 19 Asia time, JD announced key performance metrics

for 6.18 campaign with transacting users reaching record levels as of Jun 18 23:59,

driven by growth in service categories including housekeeping, nursery services

and appliance installation services. Throughout the campaign, total time spent of

JD live-stream users increased by >100% driven by growing sessions for celebrity,

C-suite and supermarket live-streaming (link to our flash).

Active brand participation

During 6.18, the number of brands that released new products on the JD platform

was up 5x yoy, while the number of SME merchants participating in JD’s 6.18

campaign grew by >62% yoy. >3,000 new merchants which participated in JD’s

6.18 for the first time generated >Rmb1mn GMV.

Category performance

n 3C: GMV of AI-related electronic products doubled yoy. GMV of high-end

smartphones and high-end laptops from brands such as Apple, Lenovo, Huawei

and Asus grew by 300%/100% yoy, respectively. As reported by Sohu News on

Jun 19 (link), Apple continued to top both GMV and sales volume rank on JD as of

Jun 18. In terms of sales volume by smartphone brand, Xiaomi and Huawei have

come after Apple, while it is Huawei and Oppo which come after Apple if

measured by GMV.

n Appliances: GMV of >1,800 home appliances brands grew by >100% yoy. Major

brands, including Midea, Haier, Hisense, TCL, Gree, and Xiaomi, each generated

>Rmb1bn GMV on JD during the entire 6.18 period. GMV of trade-in appliances

grew >50% yoy.

n Home living: GMV of major home living brands such as Jomoo, Sleemon, Arrow,