Macquarie published a research report stating that the production measures for Shenzhou International Group Holdings Limited Unsponsored ADR in the second half of 2024 should help improve employee productivity, expecting a 17% year-on-year increase in sales volume. At the same time, due to the higher proportion of sportswear to leisurewear, the year-on-year decline in average selling price is expected to narrow slightly compared to the first half of the year. The firm expects the group's gross margin in the second half of the year to reach 27.2%, an increase of 1.4 percentage points year-on-year, but due to rising wages impacting profits in the short term, it is expected to decrease by 1.8 percentage points compared to the first half. The firm believes the company will pass the costs on to brand clients at the appropriate time. Looking ahead to 2025, Macquarie expects Uniqlo and adidas will be the main drivers for the growth of orders for Shenzhou and predicts the group's gross margin will further expand. The firm anticipates that Nike's revenue will turn into year-on-year positive growth in the second half, and the group's average product price will rise. The firm has respectively lowered the group's net income forecasts for the fiscal years 2024 and 2025 by 1.9% and 3%, expecting that the lower gross margin will be partially offset by a lower operating expense ratio. The firm has also reduced the group's Target Price by 5%, from HKD 97.4 to HKD 92.6, maintaining an "Outperform" rating.