E Fund (HK) CSI Liquor Index ETF (03189.HK) Falls 2.63% Intraday as Wuliangye's Q3 Net Profit Drops 48.25%

NewTimeSpace News: As of 14:23 on October 28, the E Fund (HK) CSI Liquor Index ETF (03189.HK) fell 2.63% to a latest price of HK$1.110. The ETF has traded 17,600 units so far today for a turnover of HK$19,564.8 at an average price of HK$1.112, with a turnover rate of 0.023%. It is down 1.07% so far this week. Its current net asset value per unit is HK$1.1422, and its assets under management stand at HK$74.27 million.

(Note on scope: the net asset value per unit and assets under management are as of October 27, 2026; the week-to-date change is measured against the closing price of HK$1.122 on October 23.)

On the news front, Wuliangye released its 2026 third-quarter report after market close on October 27: third-quarter revenue was RMB4.442 billion, down 37.68% year on year, and net profit attributable to shareholders was RMB958 million, down 48.25%, with basic earnings per share of RMB0.2475. The company said the decline was mainly due to weak market demand and lower product sales volumes. For the first nine months, revenue was RMB32.858 billion, up 7.25%, and net profit RMB9.711 billion, up 49.98%. Contract liabilities stood at RMB8.927 billion at the end of the third quarter, down 33.68% from RMB13.46 billion at the start of the year. Liquor stocks fell collectively on October 28, with the CSI Liquor Index closing at 6,216.58, down 2.43%: Jinhui Liquor dropped 6.15%, Huangtai Liquor fell 4.69% after hitting the daily limit intraday, Gujing Gongjiu 4.29%, Golden Seed 4.11%, Wuliangye 3.95%, Yingjia Gongjiu 3.26%, Jinshiyuan 2.80%, Luzhou Laojiao 2.36%, Yanghe 2.11% and Kweichow Moutai 1.85% to RMB1,330.75. National Bureau of Statistics data show China's above-scale liquor output fell 3.9% year on year to 2.354 million kilolitres in the first three quarters, including 275,000 kilolitres in September, down 4.8%.

The E Fund (HK) CSI Liquor Index ETF (03189.HK) is a passively managed exchange-traded fund under E Fund Management (Hong Kong), seeking returns that closely track the CSI Liquor Index. The index, compiled by China Securities Index Co., selects listed companies engaged in liquor production from the Shanghai and Shenzhen markets to reflect the overall performance of listed liquor companies. The fund adopts a physical representative sampling strategy, investing at least 80% and up to 100% of net asset value in a portfolio of representative securities highly correlated with the index; it listed on February 16, 2023, trades in board lots of 100 units and has an ongoing charges ratio of 1.4%.

Guotai Haitong Securities believes that, in terms of supply and demand, the liquor industry has been shifting from past oversupply towards supply contraction and stabilising demand, and that prices have performed more positively than volumes. The brokerage notes the industry has moved from channel-driven shipment and stockpiling to genuine sell-through, with brands no longer forcing quotas on channels, supply discipline holding in the peak season, destocking continuing, and strong divergence persisting.