Kweichow Moutai (600519) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 reached RMB 38.85 billion, up 15.29% year-over-year; net income attributable to shareholders was RMB 19.13 billion, up 13.23% year-over-year.

• For the first nine months, revenue totaled RMB 120.78 billion, up 16.95% year-over-year; net income attributable to shareholders was RMB 60.83 billion, up 15.04% year-over-year.

• Basic and diluted EPS for the first nine months were RMB 48.42, up 15.04% year-over-year.

Financial highlights

• Operating cash flow for the first nine months was RMB 44.42 billion, down 11.16% year-over-year.

• Total assets at quarter-end were RMB 286.77 billion, up 5.16% from year-end 2023.

• Shareholders' equity reached RMB 237.71 billion, up 10.22% from year-end 2023.

• Non-recurring gains for the first nine months were RMB 48.91 million, mainly from government subsidies and other non-operating income.

Segment performance

• Moutai-branded liquor contributed RMB 101.13 billion in revenue for the first nine months; series liquors contributed RMB 19.39 billion.

• Direct sales revenue was RMB 51.99 billion, wholesale revenue RMB 68.53 billion; domestic sales RMB 117.04 billion, overseas RMB 3.48 billion.

• The "i茅台" digital platform generated RMB 14.77 billion in liquor revenue (excluding tax) in the first nine months.