DBS released a research report indicating that SHENZHOU INTL (02313) reported lower-than-expected net profit last year due to margin pressures. During the period, sales growth in the United States and Europe helped offset weak domestic demand. Looking ahead to this year, the firm believes order growth will be more conservative than last year, with stronger growth in casual wear, followed by sportswear. DBS has lowered its 2026 profit forecast by 12% and now expects an average annual compound growth rate of 5% for profits from 2025 to 2027. It maintained a "Buy" rating but reduced the target price from HK$67.5 to HK$62.6. The firm forecasts revenue growth of 4.4% and 4.2% for 2026 and 2027, respectively. Although the market is concerned about a global slowdown in sportswear growth amid tariff uncertainties, the company has demonstrated resilient demand, with its growth outpacing the retail sales of its major brand partners.