[Citigroup maintains a "buy" rating for Top and lowers the target price to HK$1.7] On September 8, Citi issued a report stating that Nike will adjust its distribution strategy in China starting from January 2027, which is expected to have a negative impact on Top's business prospects for fiscal year 2028 (ending at the end of February 2028). At this stage, the bank is not very confident that Nike will terminate its online distribution rights and continue to provide subsidies after Tabo's current fiscal year (ending at the end of February 2027). The bank lowered its net profit forecast for Tobo from 2027 to 2029 by 2%, 19% and 18% respectively, and its sales forecast by 1%, 5% and 5% respectively. Based on the unchanged target 2027 expected price-earnings ratio of 11 times, the target price is reduced from HK$1.91 to HK$1.7. Taking into account the stock's double-digit dividend rate, a "buy" rating is maintained.