Kweichow Moutai (600519) Q4 2024 earnings summary

Executive summary

• Achieved operating revenue of RMB 174.14 billion in 2024, up 15.66% year-over-year, with net profit attributable to shareholders at RMB 86.23 billion, up 15.38% year-over-year. Major economic indicators maintained double-digit growth, meeting annual strategic targets.

• Kweichow Moutai liquor revenue exceeded RMB 100 billion for the first time in the first three quarters; export revenue surpassed RMB 5 billion. Series liquor revenue remained above RMB 20 billion.

• Brand value reached US$87.3 billion, maintaining top position in Kantar's BrandZ and Brand Finance rankings.

• Implemented first-ever share repurchase plan and established a long-term dividend return mechanism.

Financial highlights

• Operating revenue: RMB 170.90 billion, up 15.71% year-over-year.

• Net profit attributable to shareholders: RMB 86.23 billion, up 15.38% year-over-year.

• Basic and diluted EPS: RMB 68.64, up 15.38% year-over-year.

• Gross profit margin: 92.01% overall; Moutai liquor at 94.06%, other series liquor at 79.87%.

• Net cash flows from operating activities: RMB 66.59 billion, up 38.85% year-over-year.

• Total assets: RMB 298.94 billion, up 9.62% year-over-year.

Outlook and guidance

• Targeting approximately 9% increase in total operating revenue for 2025 and fixed asset investment of RMB 4.71 billion.

• Focus on high-quality development, ESG leadership, digital innovation, and strengthening brand culture.