2025-08-29-港交所-易方达白酒_易方达白酒－Ｒ_未经审计中期报告-二零二五年六月三十日页_19页_466kb

E Fund (HK) CSI Liquor Index ETF Summary Report (1st January 2025 to 30th June 2025)

Core Content Overview

The E Fund (HK) CSI Liquor Index ETF is a sub-fund of the E Fund ETFs Trust, designed to track the performance of the CSI Liquor Index, which measures the liquor industry in Mainland China. It was launched on 14th February 2023 and began trading on the SEHK under the stock codes 83189 (RMB Counter) and 03189 (HKD Counter) on 16th February 2023.

Main Points and Key Information

1. Fund Performance

• Net Asset Value (NAV) per unit as of 30th June 2025: RMB 1.3335

• Total size of the fund: Approximately RMB 46.00 Million

• Outstanding units: 34,500,000

• Performance Summary (NAV-to-NAV, excluding reinvestment of dividends):

  • Since Launch: -46.5%
  • YTD (Year-to-Date): -12.2%
  • 1 Month: -4.0%
  • 3 Months: -12.9%
  • 6 Months: -12.2%
  • 1 Year: -12.1%

• Underlying Index Performance (Net Total Return):

  • Since Launch: -44.8%
  • YTD: -11.6%
  • 1 Month: -3.9%
  • 3 Months: -12.6%
  • 6 Months: -11.6%
  • 1 Year: -10.5%

Note: Past performance does not guarantee future results.

2. Fund Activities

• Average daily trading volume: RMB 368,524.57 (Bloomberg data)
• Units issued and redeemed:
  • Units issued: 17,000,000
  • Units redeemed: 5,000,000
• Net increase in units: 17,075,550
• Net assets attributable to unitholders:
  • At the beginning of the period: RMB 33,203,146
  • At the end of the period: RMB 45,179,462

3. Financial Position (Unaudited)

• Total assets: RMB 46,127,643
• Total liabilities: RMB 948,181
• Net assets attributable to unitholders: RMB 45,179,462
• Cash and cash equivalents: RMB 495,967

4. Statement of Comprehensive Income (Unaudited)

• Total income: RMB -4,833,738
• Total expenses: RMB -182,133
• Loss before tax: RMB -5,015,871
• Loss after tax and total comprehensive loss: RMB -5,099,234

5. Cash Flows (Unaudited)

• Net cash used in operating activities: RMB -16,828,786
• Net cash generated from financing activities: RMB 17,075,550
• Increase in cash and cash equivalents: RMB 246,764
• Cash and cash equivalents at the end of the period: RMB 495,967

6. Investment Portfolio (Unaudited)

• Total investments at fair value: RMB 45,509,982

• Investment Portfolio Holdings:

  • Listed equities (100.73%):
    • KWEICHOW MOUTAI CO LTD-A: 14.98%
    • LUZHOU LAOJIAO CO LTD-A: 15.36%
    • SHANXI XINGHUACUN FEN WINE-A: 15.62%
    • JIANGSU YANGHE BREWERY-A: 8.61%
    • JIANGSU KING'S LUCK BREWER-A: 6.47%
    • HEBEI HENGSHUI LAOBAIGAN-A: 2.71%
    • ANHUI GUIJING DISTILLERY CO-A: 4.86%
    • ANHUI YINGJIA DISTILLERY C-A: 2.10%
    • ANHUI KOUZI DISTILLERY CO-A: 2.77%
    • ANHUI GOLDEN SEED WINERY-A: 1.26%
    • BEIJING SHUNXIN AGRICULT-A: 1.79%
    • JINHUI LIQUOR CO LTD-A: 1.01%
    • JIUGUI LIQUOR CO LTD-A: 2.23%
    • SHEDE SPIRITS CO LTD-A: 2.66%
    • SICHUAN SWELLFUN CO LTD-A: 1.85%
    • XINJIANG YILITE INDUSTRY-A: 0.94%

• Other net liabilities: RMB -330,520

• Net assets attributable to unitholders: RMB 45,179,462

7. Performance Record (Unaudited)

• Published Net Asset Value (NAV):
  • 30th June 2025: RMB 46,004,062
  • 31st December 2024: RMB 34,191,044
• NAV per unit:
  • 30th June 2025: RMB 1.3335
  • 31st December 2024: RMB 1.5196
• Highest and Lowest NAV per unit:
  • 30th June 2025: RMB 1.6377 (High) / RMB 1.3053 (Low)
  • 31st December 2024: RMB 1.8948 (High) / RMB 1.2270 (Low)

8. Underlying Index Constituent Stocks Disclosure

• CSI Liquor Index:
  • Percentage change in historical price: -11.6% (for the period from 1st January 2025 to 30th June 2025)

9. Investment Overweight Report

• The Sub-Fund is allowed to overweight certain Index constituents, but the maximum extra limit is maintained within a reasonable level.
• The Manager confirmed compliance with the overweight limit for the period from 1st January 2025 to 30th June 2025.

10. Key Entities and Roles

• Manager: E Fund Management (Hong Kong) Co., Limited
• Trustee: HSBC Institutional Trust Services (Asia) Limited
• Investment Adviser: E Fund Management Co., Limited
• Custodian: The Hongkong and Shanghai Banking Corporation Limited
• PRC Custodian: HSBC Bank (China) Company Limited
• Service Agent/Conversion Agent: HK Conversion Agency Services Limited
• Listing Agent: GF Capital (Hong Kong) Limited
• Legal Counsel: Simmons & Simmons
• Auditor: PricewaterhouseCoopers

11. Accounting Policies

• Financial statements are prepared in accordance with IFRSs.
• Investments are measured at fair value through profit or loss.
• Dividend and interest income are recorded on ex-dividend and effective interest basis, respectively.
• Redeemable units are classified as equity.
• Foreign currency translation is done using exchange rates at the time of transaction and reporting date.
• Taxation includes withholding taxes on investment income.

12. Notes to Financial Statements

• The Sub-Fund has not taken the option to measure any equity securities at fair value through other comprehensive income.
• Transaction costs are expensed immediately in the statement of comprehensive income.
• Establishment costs are recognized as an expense in the period incurred.
• Expected credit losses are measured based on lifetime or 12-months depending on the increase in credit risk.

13. Important Disclaimer

• This report is exempted from SFC pre-vetting and authorization.
• Past performance is not indicative of future performance.
• Investors may not get back the full amount invested.
• Performance data is calculated in RMB, including ongoing charges, but excluding trading costs on SEHK.