Jefferies issued a report statingcrashbandicoot4steam, participated in the Toubo performance conference call and believed that the company's strategy was implemented well, but the demand in the Chinese market in winter was lower than expected, affecting growth and inventory management. Demand is expected to remain the main uncertainty factor. The bank lowered its forecast for Toubo's net profit for fiscal years 2025 and 2026 by 11% to reflect lower revenue growth. The bank set its target price to 9crashbandicoot4steam.3 Hong Kong dollars dropped to HK$7.9, rating "Buy".