Citi released a research report stating that Shenzhou (02313.HK) is driven by Adidas and Uniqlo, expecting the group's sales growth to be 9% next year, while the average price may remain stable. The bank believes that, in the medium term, the usa's increased tariff policy poses limited downside risk to the group.

Citi believes that Shenzhou will benefit from the OEM replenishment cycle, taking into account investors' concerns about geopolitical risks and the moderate outlook for Nike orders, lowering the earnings forecast for the fiscal years 2025 to 2026 by 5 to 6%, and reducing the target price from 98 yuan to 75 yuan, with a rating of 'outperform the market.'