Financial Modeling Prep·2025-12-22 21:59Core Viewpoint - US Tiger Securities has lowered the price target for JD.com, Inc. to $35.00 from $40.00 while maintaining a Buy rating due to signs of softening consumer demand in China, particularly in the home appliances sector [1] Group 1: Consumer Demand Trends - Recent data from China's National Bureau of Statistics indicates a slowdown in consumption momentum, with total retail sales growth decelerating to 2.9% year over year in October and 1.3% in November, down from 3.0% and 3.4% growth in September and August respectively [2] - The household appliance category, which is crucial for JD's revenue and profitability, experienced a significant decline of 14.6% and 19.4% year over year in October and November, contrasting with a growth of 3.3% in September [2] Group 2: Revenue Forecast Adjustments - The weakness in consumer demand is largely attributed to a challenging comparison following the rollout of a national subsidy program in the fourth quarter of 2024 [3] - As a result, the analyst has revised the fourth-quarter assumptions, now projecting a 19% year-over-year decline in JD's electronics and home appliance revenue, compared to a prior forecast of a 3% decline [3] - This adjustment leads to an estimated 11% reduction in net product sales revenue and a 9% cut to total revenue relative to previous estimates [3]