Yinhua Food and Beverage Quantitative Preferred Annual Report Analysis: Class C Shares Surge by 537%, Net Assets Increase by 211%, but Net Profit Loss of 59.25 million yuan

Key Financial Metrics: Net Assets Surge, but Net Profit Loss Widens

The Yinveso Food & Beverage Quantitative Select Equity Fund (an open-ended fund sponsored by a start-up) (hereinafter referred to as “Yinveso Food & Beverage Quantitative”) shows in its 2025 annual report that the fund recorded a full-year net profit of -59,252,848.59 yuan, with the loss significantly expanding compared with -10,929,999.90 yuan in 2024. Despite performance pressure, the fund’s net assets still increased markedly. Total net assets at period end were 702,547,634.35 yuan, up 210.8% from 226,021,565.37 yuan at the end of 2024.

Fund Net Value Performance: Beats the Performance Benchmark, but Still Posts Negative Returns During the Year

In 2025, the net asset value growth rate of Class A shares of Yinveso Food & Beverage Quantitative was -5.11%, while Class C was -5.49%, both outperforming the performance benchmark return rate for the same period (-7.81%). From a long-term perspective, the net asset value growth rate for Class A over the past five years was -32.64%, and for Class C was -33.97%, both better than the benchmark’s -43.68%.

Investment Strategy and Operations: Quantitative Model to Handle Market Volatility; Food & Beverage Allocation Exceeds 93%

In its annual report, the fund manager stated that in 2025, the domestic macroeconomy exhibited the characteristics of “overall recovery and structural adjustment.” Consumer goods’ domestic substitution (guo补) policy support helped keep domestic demand steady, but the real estate industry chain recovery was relatively weak. Against this backdrop, the fund used an active quantitative strategy to screen stocks themed around food and beverage. Throughout the year, the proportion of equity investments relative to the fund’s net asset value reached 93.83%. Of this, the manufacturing sector (primarily food and beverage) accounted for 93.24%, while wholesale and retail accounted for 0.57%.

Among the top ten holdings, leading companies such as Kweichow Moutai, Wuliangye, and Yili shares maintained stable positions, with the total fair value accounting for more than 30% of the fund’s net asset value. Although the fund’s equity investment return for the year was -23,547,543.68 yuan (mainly arising from losses from the difference between purchase and sale of stocks), compared with -49,661,470.32 yuan in 2024, the loss narrowed by 52.6%.

Fee Analysis: Management Fee Rises YoY with Scale, Up 76.6%

In 2025, the fund incurred management fees of 4,271,338.12 yuan, up 76.6% from 2,419,392.97 yuan in 2024; custody fees were 427,133.78 yuan, up 76.6% from 241,939.16 yuan in 2024. The fee growth matched the expansion of net asset scale. Payable transaction fees were 240,083.80 yuan, up 80.0% year over year, mainly due to an increase in equity trading volume.

Changes in Shares: Net Subscriptions of 3.17 Billion Shares for Class C; Scale Surges by 537%

The annual report shows that the fund’s total share amount increased from 128 million shares at the end of 2024 to 425 million shares at the end of 2025, an increase of 231.9%. Among them, Class C performed well: net subscriptions for the year were 316,703,327.51 shares, up 537.4% from 58,932,420.18 shares at the beginning of the period. Class A, however, had net redemptions of around 20,000,000 shares, with a 28.9% decline in scale.

Holder Structure: Individual Investors Account for 99.55%; Institutions Under 1%

At period end, the fund had a total of 77,459 accounts of holders, with an average holding of 5,482.81 fund shares per account. Individual investors held 422,792,063.16 shares, accounting for 99.55% of total shares; institutional investors held only 1,901,262.54 shares, accounting for 0.45%. Fund manager employees held 494,363.46 shares, accounting for 0.12% of total shares, including fund managers holding 100,000–500,000 shares of Class A.

Risk Warning and Outlook: Near-Term Performance Pressure; Focus on Structural Opportunities in the Food & Beverage Industry Long Term

Risk Warning

2. Risk of performance volatility: In 2025, the fund’s net asset value fell by more than 5%, and the net profit loss widened, reflecting pressure on the food and beverage sector under an uneven macroeconomic recovery.
3. Liquidity risk: The rapid surge in Class C’s scale may lead to fluctuations in subscriptions and redemptions; the impact of large redemptions on net asset value should be watched.
4. Concentration risk: The top ten heavy holdings account for more than 30%. If core holdings’ performance falls short of expectations, overall returns may be affected.

Manager Outlook

The manager believes that the ongoing transition between old and new economic drivers continues, and new industrial chains will gradually become the backbone of the economy. In the future, the manager will focus on variables such as adjustments in domestic policies and overseas geopolitical conflicts, and will optimize the portfolio structure through quantitative models. Under the premise of controlling risk, it aims to seize structural opportunities in the food and beverage industry.

Related-Party Transactions and Commission Payments: Brokerage Commissions Such as CITIC Securities Exceed 15%

For the year, the equity trading commissions incurred by the fund through related-party transaction terminals were 3,725.03 yuan, accounting for 0.4% of the total commissions for the period. Among non-related brokers, CITIC Securities, China Merchants Securities, and Guotai Haitong accounted for 16.99%, 15.17%, and 14.27% respectively, totaling more than 46%.

Summary: In 2025, Yinveso Food & Beverage Quantitative stood out in terms of scale expansion (especially Class C shares) and outperforming the benchmark. However, issues such as the widening net profit loss and volatility in the food and beverage sector still require attention. Investors may consider the fund’s quantitative strategy effectiveness in sector rotation and the manager’s ability to respond to market changes, in line with their own risk preferences.

Disclaimer: The market involves risk; investment requires caution. This article is automatically published by an AI large model based on third-party databases and does not represent Sina Finance’s positions. Any information appearing in this article is provided only for reference and does not constitute personal investment advice. If there are discrepancies, please refer to the actual announcements. If you have any questions, please contact biz@staff.sina.com.cn.

A huge amount of information and precise interpretation—available in the Sina Finance app

Responsible editor: Xiao Lang Express