Kweichow Moutai (600519) Q4 2025 earnings summary

Executive summary

• Operating revenue for 2025 was RMB 168.84 billion, down 1.21% year-over-year, with net profit attributable to shareholders at RMB 82.32 billion, a 4.53% decrease from 2024.

• Gross profit margin remained high at 91.23%, with Moutai liquor contributing the majority of revenue and profit.

• The company maintained its leading position in the baijiu industry, with strong brand value and enhanced ESG ratings.

• Two cash dividend distributions were completed in 2025, totaling RMB 71.15 billion, representing 86.43% of net profit.

• Share repurchase programs were executed, reducing total share capital and supporting shareholder value.

Financial highlights

• Net profit attributable to shareholders: RMB 82.32 billion, down 4.53% year-over-year.

• Operating revenue: RMB 168.84 billion, down 1.21% year-over-year.

• Basic and diluted EPS: RMB 65.66, down 4.34% year-over-year.

• Net cash flows from operating activities: RMB 61.52 billion, down 33.46% year-over-year.

• Weighted average ROE: 32.53%, down 3.49 percentage points.

• Gross profit margin: 91.23%.

Outlook and guidance

• The company will focus on quality, market-oriented transformation, technological innovation, and ESG advancement in 2026.

• Plans include further digitalization, international expansion, and strengthening risk management.

• Macroeconomic and industry trends are expected to support long-term growth, with continued emphasis on premiumization and brand leadership.