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Kweichow Moutai (600519) investor relations material
Kweichow Moutai Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue for the first half of 2025 reached RMB 89.39 billion, up 9.10% year-over-year; net profit attributable to shareholders was RMB 45.40 billion, up 8.89% year-over-year.
Core business remains the production and sales of Moutai and series liquors, with a stable domestic and international market presence across 64 countries and regions.
Production of base liquor for Moutai and series liquors increased, with quality and output both improving.
The company continued to deepen reforms, enhance digitalization, and promote innovation in production and management.
Financial highlights
Operating income: RMB 89.39 billion, up 9.10% year-over-year; total profit: RMB 62.78 billion, up 9.03%.
Net profit attributable to shareholders: RMB 45.40 billion, up 8.89% year-over-year.
Basic and diluted EPS: RMB 36.18, up 9.01% year-over-year.
Operating cash flow: RMB 13.12 billion, down 64.18% year-over-year, mainly due to reduced deposits and increased statutory reserves.
Gross margin remained high, with main cost increases driven by higher sales volume and production costs.
Outlook and guidance
The company expects continued stable growth, supported by strong brand, product quality, and expanding sales channels.
The liquor industry faces both macroeconomic and structural adjustment pressures, but positive factors outweigh negatives for the sector.
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