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Kweichow Moutai sees profits rise 16%

30 April 2024 作者：罗恩-埃姆勒

The world’s biggest alcohol group, Kweichow Moutai, saw its first-quarter net profit rise 16% on strong sales despite lacklustre consumer momentum in China.

The group made CNY24.065 billion (US$3.32 billion) on quarterly revenues of CNY45.78 billion, which were an 18% increase on the same quarter in 2023.

That means the group has started well on track in its goal to achieve 15% growth in 2024.

It made net profits of CNY74.73 billion ($10.33 billion) in 2023.

Baijiu, which already accounts for 95% of the country’s alcohol market, is enjoying the benefit of the Chinese consumer’s reluctance to spend on imported Western premium spirits while the economy remains in the doldrums.

After a buoyant early part of 2023, high youth unemployment and a deepening property price crisis have prompted consumer caution.

Lunar New Year

Both Pernod Ricard and LVMH commented on the softness of Chinese demand in their latest figures which encompassed the key sales period of the celebrations of the Lunar New Year in mid February.

But that pattern was not repeated at Remy Cointreau, whose figures for the January to March quarter showed “significant growth” in China which helped to drive performance at its Cognac division well above expectations.

Remy Cointreau leads the market for Cognac in China, where it is the largest category of imported spirits.

In the latest quarter Moutai’s sales to distributors surged by 26% compared to 2023 to CNY26.3 billion, outpacing direct sales growth of 8% for the first time in the past 18 quarters.

Expansion

The news follows reports earlier this year, where db reported that despite sales increasing, the drinks giant has still lost its top spot as China’s most valuable company.

据金融分析机构财新全球（Caixin Global）报道，贵州茅台一直在扩大其产品范围，以吸引中国的年轻群体。该公司最新的产品范围是与私营巧克力巨头玛氏（Mars）合作，推出一种含酒精的巧克力。

这款巧克力受到好评，是茅台通过与知名消费品牌合作为其产品增加吸引力的最新努力。

去年秋天，中国的乐金咖啡连锁店与茅台合作推出了一款名为 "酱油拿铁 "的新产品，在乐金咖啡中加入了白酒。

该咖啡连锁店称，上市当天销售了超过 542 万杯茅台加酒精拿铁，价值超过 1 亿元人民币（1369 万美元）。

2022 年，贵州茅台开设了第一家冰淇淋店，销售多达 14 种口味的白酒冰淇淋。