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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.
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Q2 2025 earnings summary13 Aug, 2025

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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Frequently asked questions

Kweichow Moutai Co., Ltd. is a state-owned enterprise and one of China's most prestigious liquor producers, best known for its flagship product, Moutai baijiu. Founded in 1999 and headquartered in the town of Maotai in Guizhou Province, the company has deep roots that trace back to the Qing Dynasty. Moutai baijiu, often referred to as the "national liquor" of China, is renowned for its unique fermentation process, which involves multiple rounds of distillation and aging in clay pots. Kweichow Moutai has grown to become one of the world's most valuable liquor brands, consistently ranking as a top performer in the global spirits market. The company's success is driven by its strong brand identity, high demand, and limited supply, making its products highly sought after both in China and internationally. Beyond its flagship baijiu, Kweichow Moutai has diversified its product portfolio and expanded into various international markets, cementing its status as a symbol of luxury and tradition.

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