Jefferies Financial released a report on November 5th, stating that Tsingtao Brewery's third-quarter sales were 3% below the net profit forecast and 14% lower, mainly due to higher expenses than expected. However, the bank believes that the company increased its market share in the third quarter. The bank indicated that after the performance announcement, it lowered its net profit forecast for Tsingtao Brewery for the years 2024 to 2026 by 1%/2%/3% each, as sales forecasts declined by 1%. As for the fourth quarter, as it is the off-season, the bank expects sales growth to remain flat at 2.96 billion yuan, with a loss of 0.424 billion yuan. The bank lowered its target price from HK$70 to HK$68, maintaining a 'buy' rating.