Kweichow Moutai posts slowest profit growth since 2015
China’s Kweichow Moutai has posted its slowest half-year profit growth in nearly a decade, yet its results remain far ahead of global rivals. Strong domestic demand, rising international sales and tighter sales controls continue to underpin the baijiu giant’s market dominance.
Although they show a downturn, the half-year results from the world’s biggest liquor group, China’s Kweichow Moutai, were of the order that international rivals can only dream of in today’s uncertain markets.
In what was its slowest half-year profit growth since 2015, revenue for the first six months of 2025 rose 9.16% year-on-year to 91.09 billion yuan (US$12.68 billion), while net profit attributable to shareholders increased 8.89% to 45.40 billion yuan (US$6.3 billion).
Earnings per share jumped 9% over the year to 36.18 yuan, roughly matching analysts’ forecasts. The consensus opinion is that the group will meet its full-year forecasts of growth just below 10% compared with 2024, itself a year of slowdown.
International sales accelerate
International sales jumped 31.26% year-on-year to a still relatively small 2.89 billion yuan, reflecting the dominant demand in the Chinese home market.
The overall growth highlights Moutai’s tighter hold on its sales network, with more direct-to-consumer efforts and stricter control over third-party dealers. By separating official and distributor sales and cracking down on unauthorised trading, Moutai wants to curb speculation, stabilise prices and improve supply predictability.
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Marketing costs and government pressure weigh on growth
The slowing pace came as rising marketing expenses and lower prices achieved reflected both consumer wariness in China and the government’s continuing pressure to lower ostentatious banqueting and gifting.
Feitian Moutai reflects luxury drinks market trends
The flagship Feitian Moutai has come to define what is happening in China’s luxury drinks sector, where its high-end baijiu accounts for about 96% of the sector.
Its official retail price is set at 1,499 yuan (US$208) per bottle, but wholesale prices have soared as high as 3,400 yuan. At the peak of market speculation, some traders predicted it could surpass 4,000 yuan.
But the price has slumped to below 2,000 yuan in recent weeks, with one source quoting a wholesale price of 1,860 yuan.
Push into direct-to-consumer sales
This also reflects the continuing drive into direct marketing via internet platforms to gain a tighter hold on its sales network, with more direct-to-consumer business and stricter control over third-party dealers.
By differentiating between its official network and distributor sales and moving to restrict unauthorised trading, Moutai is aiming to curb speculation, stabilise prices, and improve supply predictability.
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