Citigroup has lowered its adjusted net profit forecast for JD.com for the last quarter by over 66%, expecting a lack of catalysts in the short term

Citi published a research report indicating that JD.com (09618.HK) will announce its Q4 2025 results in early March. Considering that the macroeconomic environment and consumer sentiment remain weak, based on expectations of increased discount subsidy spending and investment, the group has lowered its Non-GAAP net profit forecasts for Q4 last year and Q1 this year by 66.2% and 13.8%, respectively, to RMB 641 million and RMB 6.044 billion. The net revenue forecast remains unchanged, with the current prediction for the group's total revenue in Q4 last year expected to reach RMB 348.96 billion, in line with market expectations.

Accordingly, Citi has lowered the target price for JD.com (JD.US) in the U.S. stock market from $37 to $34. Due to the low valuation, it maintains a "Buy" rating but emphasizes that short-term catalysts are limited. (gc/)