Lowering Estimates To Reflect Challenging Comp; Maintain Buy CITI'S TAKE In light of steepening decline of home appliances sales evidenced by NBS Nov sales and our expectation that Dec sales could further weaken vs Nov, we lower our estimates for JD.com to reflect softer-than-expected 4Q25 JD Retail sales and possible continued challenging base into 1H26 despite latest trade-in program extension for 2026. We now assume 4Q25 electronics product sales to decline 12.6% yoy to Rmb152bn partially offset by 10% g ...