Yinhua Fujiu Food & Beverage Select Hybrid (LOF) Annual Report Analysis: Net profit loss narrows by 69.23% in 2025, net assets shrink by 16.65%

Key Financial Indicators: Net Profit Loss Narrows, Net Assets Continue to Shrink

The 2025 annual report of Yinves Fujiu Foods & Beverages Select Hybrid (LOF) shows that for the full year, the fund achieved a net profit of -19,771,711.75 yuan, narrowing its loss by 69.23% compared with -64,255,847.38 yuan in 2024. Total net assets at the end of the period were 328,458,791.93 yuan, down 65,601,014.01 yuan from 394,059,805.94 yuan at the end of 2024, a decrease of 16.65%.

Major Accounting Data Comparison

Net Value Performance: Both Share Classes Underperform the Benchmark, Long-Term Performance Remains Under Pressure

In 2025, the fund’s Class A share NAV growth rate was -5.67%, and Class C was -6.43%, with both underperforming the benchmark return for the same period (-4.55%). Specifically, Class A underperformed the benchmark by 1.12 percentage points and Class C by 1.88 percentage points. Looking across a longer period, since the fund contract came into effect, the cumulative NAV growth rate for Class A shares was -44.09%, and for Class C was -45.99%, which is significantly lower than the benchmark’s -26.47%.

2025 Net Value Growth Rate Compared with the Benchmark

Investment Strategy and Operations: Adhere to the Fundamentals, Seek the Unexpected to Cope with Weak Consumer Demand; Liquor Gradually Returns to Core Allocation

In its report, the fund management company stated that in 2025 it adopted a “stick to the fundamentals while seeking the unexpected” strategy. Based on placing emphasis on the benchmark, it appropriately deviated to capture excess returns. In the fourth quarter, it focused on reviewing the benchmark and gradually reverting. The main positioning was in the food and beverage industry’s upstream and downstream sectors. For the liquor segment, the manager believes the bottom of the industry’s sell-through has appeared, but the bottom in pricing and in financial statement results has not yet arrived. It expects the market to remain range-bound over the next half year. At present, valuation is at a low level, and the holdings are clean; it is gradually moving from underweight back toward core allocation. For mass consumer products, it mainly selects companies with improvements in supply and demand or cost dividend effects. In addition, within the range permitted by the contract, it will expand satellite allocations such as exports and new consumption.

Fee Analysis: Both Management Fees and Custody Fees Decrease; Trading Costs Optimized

In 2025, the management fee incurred by the fund was 4,409,724.92 yuan, down 18.02% from 5,378,884.41 yuan in 2024. The custody fee was 734,954.11 yuan, down 18.01% from 896,480.70 yuan in 2024. The decline in fees is basically consistent with the fund’s shrinking scale. The end-of-period payable trading expense balance was 166,080.97 yuan, down 33.32% from 249,094.94 yuan at the end of 2024, indicating that trading costs have been somewhat optimized.

Fee Changes

Stock Investments: Loss from Trading Price Spreads Narrows; Manufacturing Accounts for Nearly Seventy Percent

In 2025, the fund’s stock investment income—net income from buy/sell stock price spreads—was -24,600,861.31 yuan, narrowing its loss by 68.25% compared with -77,486,670.28 yuan in 2024. The fair value of stock investments at period end was 289,575,209.64 yuan, accounting for 88.16% of the fund’s net asset value. Of this, manufacturing accounted for 68.13%, agriculture/forestry/animal husbandry/fishery accounted for 10.34%, and the proportion of Hong Kong stock connect investments was 9.19%.

Details of the Top Ten Heavily Held Stocks

Related-Party Transactions: Shareholder Broker Trading Represents 4.71%; Commission Rates Compliant

During the reporting period, the fund conducted stock trading through related parties’ Northeast Securities and Southwest Securities trading units. The transaction amounts were 33,673,612.95 yuan and 41,117,917.36 yuan, respectively, accounting for 2.12% and 2.59% of the total stock transaction amount for the period, for a combined share of 4.71%. The commissions payable to related parties were 15,012.87 yuan and 18,333.94 yuan, respectively, accounting for 2.07% and 2.52% of the total commission amount for the period. The commission rate complied with market levels.

Changes in Fund Shares: Class A Net Redemption of 85.89 Million Shares; Class C Net Subscription of 9.61 Million Shares

In 2025, the fund’s Class A shares had 61,066,482.36 shares subscribed and 146,963,600.31 shares redeemed, resulting in net redemptions of 85,897,117.95 shares. For Class C, subscriptions were 74,269,650.58 shares and redemptions were 64,657,535.34 shares, resulting in net subscriptions of 9,612,115.24 shares. Total shares decreased from 667,208,566.94 shares at the end of 2024 to 590,923,564.23 shares, a net decrease of 76,285,002.71 shares, representing a decline of 11.43%.

Holder Structure: Individual Investors Dominate; Institutional Holdings Are Less Than 0.1%

At period end, there were a total of 12,001 fund share holders. The average number of shares held per account was 49,240 shares. Among them, for Class A shares, institutional investors held 315,447 shares, accounting for 0.06%, while individual investors held 490,339,404.30 shares, accounting for 99.94%. All Class C shares were held by individual investors. The fund management company’s employees collectively held 1,181,558.77 shares, accounting for 0.20% of total shares, of which fund managers held more than 1 million shares of Class A.

Risk and Opportunity Statement

Risk Warnings

2. Ongoing Underperformance Against the Benchmark: In 2025, both the A/C share classes underperformed the benchmark. Long-term cumulative returns are significantly behind, so investors should be alert to the risk that the fund’s active management capability is insufficient.
3. Pressure on the Consumer Industry: Fourth-quarter data on retail sales of consumer goods indicates weak domestic demand. The fundamentals of the food and beverage industry still face pressure, and in the short term it may continue to trade in a range.
4. Redemption Pressure: Class A shares continue to experience net redemptions. The shrinking scale may affect liquidity and the flexibility of investment operations.

Investment Opportunities

2. Liquor Valuation Is Low: The liquor sector is in a basing phase, with clear valuation advantages. As sell-through improves or a turnaround comes, there may be opportunities for a recovery.
3. Favorable Policy for Consumer Demand: The manager expects the effects of economic policies to gradually become visible, and the fundamentals of the consumer industry may improve.
4. Alpha Opportunities in Mass Consumer Products: Improvements in supply and demand and cost-dividend stock opportunities may contribute excess returns. The fund’s key allocation directions have potential.

Broker Trading Units: Zhejiang Securities Accounts for More Than Two Tenths; Commission Concentration Is Relatively High

The fund rents trading units from 30 securities brokers. Among them, Zhejiang Securities had a trading amount of 348,156,172.54 yuan, accounting for 21.96% of the total stock trading amount, and the corresponding commission was 166,998.99 yuan, accounting for 22.99%. Trading concentration is relatively high. The top five brokers’ combined trading amounts accounted for 69.73%, and the combined commissions accounted for 70.50%.

Top Five Trading Brokers

In the context of weak consumer demand, Yinves Fujiu Foods & Beverages Select Hybrid (LOF) optimized its portfolio structure in 2025 to narrow losses, but its NAV performance still lagged behind the benchmark. Investors should pay attention to the progress of consumer recovery and the effectiveness of adjustments to the fund manager’s strategy, and carefully assess the long-term investment value.

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