Kweichow Moutai (600519) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 reached RMB 50.60 billion, up 10.54% year-over-year.

• Net profit attributable to shareholders was RMB 26.85 billion, an 11.56% increase year-over-year.

• Basic and diluted EPS both rose to RMB 21.38, up 11.59% from the prior year.

• Total assets at quarter-end were RMB 312.37 billion, up 4.49% from year-end 2024.

Financial highlights

• Operating cash flow for Q1 was RMB 8.81 billion, down 4.12% year-over-year.

• Gross margin remained robust, with operating costs at RMB 4.06 billion against revenue of RMB 50.60 billion.

• Weighted average ROE increased by 0.35 percentage points to 10.92%.

• Non-recurring items had minimal impact, with adjusted net profit closely matching reported net profit.

Outlook and guidance

• Continued focus on digital marketing, with RMB 5.87 billion in revenue generated via the "i茅台" platform.

• Ongoing share repurchase program, with up to RMB 60 billion authorized and RMB 1.6 billion spent by Q1 end.