The e-commerce landscape in China has shifted from a race for quality to a race for price, a trend that works against JD's premium positioning.

: Beyond retail, JD Health and JD Logistics have matured into significant revenue drivers, providing a safety net against retail fluctuations. The Case for Selling JD.com

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: Slower consumer spending in China disproportionately affects "big-ticket" items like electronics and appliances, which are JD's core categories.