Kweichow Moutai revenue rises 1.96% to 1,309.71 billion yuan in 9 months

Key Facts

Kweichow Moutai said operating revenue reached 1,309.71 billion yuan in the first nine months of 2026, up 1.96% from the same period, while net profit attributable to shareholders fell 0.25% to 644.67 billion yuan. Results published on October 30 showed improvement in the third quarter alone, with operating revenue up 3.08% and net profit up 3.78% year on year. Total quarterly revenue was 410.06 billion yuan, up 3%, against operating revenue of 402.67 billion yuan. This reflects a shift from a slight decline in profit over the nine months to growth in the final quarter of the period. The performance came as liquor output at Chinese companies above designated size declined, placing the company's results in the context of a domestic market facing industry-wide pressure.

The slowdown in net profit was also evident in first-half results, when operating income rose 1.47% to 90.703 billion yuan, while net profit attributable to shareholders fell 1.95% to 44.517 billion yuan compared with the first half of 2025, according to the company's official semiannual report published via CNINFO. Basic earnings per share were 35.57 yuan, down 1.68% from 36.18 yuan a year earlier. Weighted average return on equity fell to 16.75% from 17.89%, a decline of 1.14 percentage points. These indicators show that revenue growth in the first half did not prevent declines in profit, earnings per share and return on equity. Net profit then rose year on year in the third quarter, limiting the cumulative decline through the end of September.

Revenue from Moutai's core products reached 1,129.25 billion yuan in the nine months, up 2.18% year on year, while revenue from subsidiary-brand beverages rose 0.48% to 179.69 billion yuan. By distribution channel, direct-sales revenue climbed 32.79% to 737.74 billion yuan, while wholesale-channel revenue fell 21.58% to 571.2 billion yuan. The divergence highlights a shift in the sales mix toward direct dealings with consumers, alongside a contraction in wholesale sales. Pre-tax beverage sales through the i茅台 digital platform rose to 58.562 billion yuan, from 12.692 billion in the same period of 2025, an increase of 361.41%. The platform accounted for 43.94% of total revenue during the period, according to the published figures.

Performance also diverged between domestic and overseas markets. Domestic revenue rose 3.81% to 1,292.53 billion yuan, while overseas revenue fell 57.85% to 16.41 billion yuan. Across the industry, liquor output at Chinese companies above designated size totaled 235.4 million kiloliters in the first nine months, down 3.9% from a year earlier, while September output fell 4.8% to 27.5 thousand kiloliters. These figures put Moutai's limited growth over the period against a contraction in industry output, while the company's expansion remained heavily reliant on the domestic market. In this context, the drop in overseas revenue highlights the gap between growing sales in China and declining sales abroad.

Net cash flow from operating activities rose 120.07% to 84.059 billion yuan in the first nine months, but the company attributed the increase mainly to the maturity of interbank deposits unavailable for immediate withdrawal and a change in the net increase in deposits from group entities. Operating cash flow had risen 438.84% to 70.691 billion yuan in the first half, which the company attributed to an increase in deposits from group entities and a decline in interbank deposits unavailable for immediate withdrawal. Cash flow thus rose in both periods, with the company attributing the change to movements in financial deposits. Meanwhile, contract liabilities fell to 2.084 billion yuan at the end of the third quarter, from 8.007 billion yuan at the end of 2025, a decline of 73.97%. These figures provide additional financial context for the period's results alongside sales growth and the shift in distribution channels.

In the market, the company's shares closed at 1,392.05 yuan per share on October 30, up 2.81%, while its market capitalization stood at 1.74 trillion yuan, according to closing data cited in the report. The share move came on the day results were published, after the company recorded third-quarter growth in revenue and profit despite lower net profit over the nine months. The comparison between the two periods remains central to the results: nine-month revenue increased at a modest pace, while third-quarter performance improved year on year. This also coincided with expansion in direct sales and the digital platform, against declines in wholesale and overseas revenue. The available information did not include a subsequent date announced by the company for publishing new financial results.