Ge Long Hui·2025-12-04 03:48Core Viewpoint - Citi's research report indicates that the recent major leadership restructuring at Nike aims to streamline operations, which is expected to positively impact the business of Tmall, particularly in the Chinese market [1] Group 1: Company Developments - Nike has announced a significant leadership restructuring, placing the brand president and regional leaders at the same level to simplify its organizational structure [1] - The restructuring is anticipated to provide the Chinese leadership team with greater global authority, operational flexibility, and access to richer brand resources [1] Group 2: Market Impact - The Chinese market accounts for approximately 50% to 60% of Tmall's sales, and the expected improvements from Nike's restructuring could lead to a recovery in this market segment next year [1] - Citi has set a target price of HKD 3.75 for Tmall, with a rating of "Buy" reflecting positive expectations for the company's performance [1]