{ "id": "epwxgmbxah", "slug": "kweichow-moutai", "title": "Kweichow Moutai", "updated": "2026-10-15", "topic_path": [ { "id": "society", "label": "Society and history", "api_url": "https://www.edgepedia.org/api/v1/topics/society" }, { "id": "society.economy", "label": "Economics and business", "api_url": "https://www.edgepedia.org/api/v1/topics/society.economy" }, { "id": "society.economy.business", "label": "Business and work", "api_url": "https://www.edgepedia.org/api/v1/topics/society.economy.business" }, { "id": "society.economy.business.companies-and-commercial-industries", "label": "Companies and commercial industries", "api_url": "https://www.edgepedia.org/api/v1/topics/society.economy.business.companies-and-commercial-industries" }, { "id": "society.economy.business.companies-and-commercial-industries.food-beverage-and-agriculture-companies", "label": "Food, beverage and agriculture companies", "api_url": 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"geo.chn.t1946.society.economy.business", "label": "Business and work", "api_url": "https://www.edgepedia.org/api/v1/geo/geo.chn.t1946.society.economy.business" }, { "id": "geo.chn.t1946.society.economy.business.companies-and-commercial-industries", "label": "Companies and commercial industries", "api_url": "https://www.edgepedia.org/api/v1/geo/geo.chn.t1946.society.economy.business.companies-and-commercial-industries" } ] }, { "id": "geo.chn.t2021.society.economy.business.companies-and-commercial-industries", "label": "China · 2021 and later: Companies and commercial industries", "api_url": "https://www.edgepedia.org/api/v1/geo/geo.chn.t2021.society.economy.business.companies-and-commercial-industries", "path": [ { "id": "geo.chn", "label": "China", "api_url": "https://www.edgepedia.org/api/v1/geo/geo.chn" }, { "id": "geo.chn.t2021", "label": "China · 2021 and later", "api_url": "https://www.edgepedia.org/api/v1/geo/geo.chn.t2021" }, { "id": "geo.chn.t2021.society", "label": "Society and history", "api_url": "https://www.edgepedia.org/api/v1/geo/geo.chn.t2021.society" }, { "id": "geo.chn.t2021.society.economy", "label": "Economics and business", "api_url": "https://www.edgepedia.org/api/v1/geo/geo.chn.t2021.society.economy" }, { "id": "geo.chn.t2021.society.economy.business", "label": "Business and work", "api_url": "https://www.edgepedia.org/api/v1/geo/geo.chn.t2021.society.economy.business" }, { "id": "geo.chn.t2021.society.economy.business.companies-and-commercial-industries", "label": "Companies and commercial industries", "api_url": "https://www.edgepedia.org/api/v1/geo/geo.chn.t2021.society.economy.business.companies-and-commercial-industries" } ] } ], "excerpt": "Kweichow Moutai (贵州茅台) is a state-controlled Chinese distiller, listed in Shanghai in 2001, that makes Moutai, the national liquor baijiu produced only in Moutai town, Guizhou.", "snippet": "Kweichow Moutai (贵州茅台) is a state-controlled Chinese distiller, listed in Shanghai in 2001, that makes Moutai, the national liquor baijiu produced only in Moutai town, Guizhou.", "node": "society.economy.business.companies-and-commercial-industries.food-beverage-and-agriculture-companies", "markdown": "# Kweichow Moutai\n\n**Kweichow Moutai Co., Ltd.** (贵州茅台, 600519.SH) is a state-controlled Chinese distiller that makes Moutai, the 53% abv soy-sauce-flavor baijiu produced only in Moutai town in Guizhou province, along with a range of lower-priced series liquors and, through its registered business scope, hotels, tourism, packaging, logistics, and other ventures.[1](https://epaper.cs.com.cn/zgzqb/wap/html/2024-04/03/nw.D110000zgzqb_20240403_1-B097.htm) Listed in [Shanghai](https://www.edgepedia.org/shanghai) in 2001, it became the most valuable spirits company in the world and for years the largest stock on China's A-share market, before reporting its first annual revenue and profit decline since listing in 2025.[2](https://chinaindustryatlas.com/deep-dives/maotai/) • [3](https://wsj.com/business/earnings/kweichow-moutais-annual-profit-revenue-fall-for-first-time-34a04c83)\n\n| Key fact | Detail |\n|---|---|\n| FY2025 results | Revenue ¥168.84 billion (−1.21%), net profit ¥82.32 billion (−4.53%); first annual decline since the 2001 listing[4](http://static.cninfo.com.cn/finalpage/2026-04-17/1225114733.PDF) • [3](https://wsj.com/business/earnings/kweichow-moutais-annual-profit-revenue-fall-for-first-time-34a04c83) |\n| Margins | Moutai liquor gross margin 93.53% in FY2025; series liquor 76.11%; blended liquor segment 91.23%[5](https://vip.stock.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?CompanyCode=10000351&gather=1&id=12104104) |\n| Market value | About US$234 billion as of June 2026 at a trailing P/E near 17×, versus roughly US$421 billion (¥2.7 trillion) at the 2021 peak[6](https://www.theteardown.co/moutai) • [7](https://www.cnn.com/2021/01/15/business/kweichow-moutai-chinese-liquor-intl-hnk) |\n| Production | 53% abv Jiang-flavor baijiu from sorghum and wheat, solid-state fermentation, distilled seven times a year, aged 3–4 years in earthenware jars; made only in Moutai town[8](https://www.frontiersin.org/journals/microbiology/articles/10.3389/fmicb.2019.01540/full) • [9](https://www.christies.com/en/stories/a-collecting-guide-to-moutai-china-s-national-liqu-b2ae69a95c824bcd8a33b996f4c69cb4) |\n| Ownership | Majority-owned by Moutai Group, wholly owned by the Guizhou provincial government; the company accounts for about a fifth of Guizhou's tax receipts and 5% of its GDP[10](https://www.globalbankingandfinance.com/CHINA-MOUTAI-b0486edc-a125-4bf5-81a8-98a11b593d3c/) • [11](https://www.marketscreener.com/quote/stock/KWEICHOW-MOUTAI-CO-LTD-6496237/news/Ebbing-demand-for-China-s-favourite-firewater-adds-to-debt-concerns-49212139/) |\n| Dividend | Payout rose to 79% of profit (about ¥65 billion) in FY2025, an implied yield near 4%[6](https://www.theteardown.co/moutai) |\n| Channel shift | Direct sales reached 61% of liquor revenue in 2Q26; the i-Moutai app earned ¥40.26 billion in H1 2026, up 274%[12](https://uobkh.com.hk/en/research/company-hk-kweichow-moutai-17082026) • [13](https://nickfox11.substack.com/p/one-bottle-two-prices-600519sh) |\n\n## What Kweichow Moutai is\n\nThe company traces to the early 1950s, when the local government merged the Chengyi, Ronghe, and Hengxing distilleries into the state-run Moutai Distillery; the listed company was formed from it and floated in Shanghai in 2001.[9](https://www.christies.com/en/stories/a-collecting-guide-to-moutai-china-s-national-liqu-b2ae69a95c824bcd8a33b996f4c69cb4) • [2](https://chinaindustryatlas.com/deep-dives/maotai/) In China, Moutai is known as \"the national liquor\", served at state banquets and presented as a diplomatic gift.[9](https://www.christies.com/en/stories/a-collecting-guide-to-moutai-china-s-national-liqu-b2ae69a95c824bcd8a33b996f4c69cb4)\n\n**Beyond the flagship.** The flagship Moutai liquor generated ¥146.50 billion of FY2025 revenue at a 93.53% gross margin; the \"other series liquor\" segment added ¥22.27 billion at 76.11%, down 9.76% year on year.[5](https://vip.stock.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?CompanyCode=10000351&gather=1&id=12104104) Series brands include Moutai Prince (茅台王子酒), Moutai 1935, Hanjiang (汉酱酒), and Laimao (赖茅酒); Moutai 1935 became a ¥10-billion-revenue single product within two years of launch, and Moutai Prince exceeded ¥4 billion.[14](https://financialfilings.com/filings/kweichow-moutai-coltd/annual-report/2025/41051184/) • [1](https://epaper.cs.com.cn/zgzqb/wap/html/2024-04/03/nw.D110000zgzqb_20240403_1-B097.htm) The registered business scope extends well past distilling, to packaging, beverages, catering, hotels, tourism, logistics, import-export, internet services, real estate, education, health, and ecological agriculture.[1](https://epaper.cs.com.cn/zgzqb/wap/html/2024-04/03/nw.D110000zgzqb_20240403_1-B097.htm)\n\n## How Moutai is made and why Guizhou matters\n\nMoutai is a crystal-clear Jiang (soy sauce) flavor distilled beverage at 53% alcohol by volume, made from sorghum and wheat through solid-state fermentation and containing more than one thousand volatile compounds.[8](https://www.frontiersin.org/journals/microbiology/articles/10.3389/fmicb.2019.01540/full) The grain is hongyingzi red sorghum; the liquor is distilled seven times a year and stored three to four years in earthenware jars before blending, and only baijiu produced in Maotai Town by Kweichow Moutai Co., Ltd can be called Moutai.[9](https://www.christies.com/en/stories/a-collecting-guide-to-moutai-china-s-national-liqu-b2ae69a95c824bcd8a33b996f4c69cb4)\n\n**The starter.** Moutai's Daqu, the fermented grain starter that drives the fermentation, is the largest and heaviest of all baijiu starters at 37 × 23 × 6.5 cm and 4.8–5.0 kg; it is shaped, fermented for about a month and ripened for about six months, grading into yellow (80–85%), white (10–15%), and black (under 1%) bricks.[8](https://www.frontiersin.org/journals/microbiology/articles/10.3389/fmicb.2019.01540/full)\n\n**The location.** The only place producing authentic Moutai liquor is Moutai town (27°51′N 106°22′E, altitude 423 m) in the Chishui River valley of northern Guizhou, with 800–900 mm of annual rainfall, 326 frost-free days, five months of high temperature at 35–39°C, and 1,400 sunshine hours.[8](https://www.frontiersin.org/journals/microbiology/articles/10.3389/fmicb.2019.01540/full) The town's microclimate is warmer and more humid than other production areas, with an annual average temperature around 17.5°C and relative humidity often exceeding 80%, which shapes its distinctive fermentation microbial community.[15](https://pmc.ncbi.nlm.nih.gov/articles/PMC12907668/) Sorghum is procured through a \"company + local government + supplier + cooperative or farmer\" model, and the production flow runs starter making, brewing, cellaring, blending, and packaging.[4](http://static.cninfo.com.cn/finalpage/2026-04-17/1225114733.PDF) In 2025 the Moutai liquor workshop had designed capacity of 46,395 tonnes and actual output of 58,473 tonnes; the series liquor workshop's figures were 59,400 and 57,651 tonnes.[4](http://static.cninfo.com.cn/finalpage/2026-04-17/1225114733.PDF)\n\n## By the numbers\n\nThe growth record through 2024 was steep: revenue rose from ¥124.10 billion in 2022 to ¥147.69 billion in 2023 and ¥170.90 billion in 2024 (+15.71%), with net profit reaching ¥86.23 billion in 2024.[14](https://financialfilings.com/filings/kweichow-moutai-coltd/annual-report/2025/41051184/) In 2025 the trend broke: revenue fell 1.21% to ¥168.84 billion and net profit fell 4.53% to ¥82.32 billion, the first annual declines since the 2001 listing.[4](http://static.cninfo.com.cn/finalpage/2026-04-17/1225114733.PDF) • [16](https://www.thedrinksbusiness.com/2026/04/kweichow-moutai-profits-fall-as-china-alcohol-demand-softens/) Full-year 2025 Moutai liquor sales volume was about 47,000 tonnes (+1% year on year), so the average price per tonne declined for the first time since listing.[17](https://longbridge.com/dolphin/post/39982992) The decline continued into 2026: 2Q26 revenue fell 5% and net profit 7% year on year, missing consensus by 8% and 9%, with 1H26 revenue of Rmb92,278 million (+1%) and a net margin of 48.2%.[12](https://uobkh.com.hk/en/research/company-hk-kweichow-moutai-17082026)\n\n**Valuation.** At the February 2021 peak the company was worth ¥2.7 trillion (US$421 billion), surpassing Diageo, Constellation Brands, and [Coca-Cola](https://www.edgepedia.org/coca-cola) by market capitalization after a roughly 70% share-price surge in 2020.[7](https://www.cnn.com/2021/01/15/business/kweichow-moutai-chinese-liquor-intl-hnk) The share price has roughly halved since then; as of June 2026 the market capitalization stood near US$234 billion at a trailing P/E around 17×, versus about 46× in 2021.[6](https://www.theteardown.co/moutai) The company has slipped to the fifth-largest listed company in China, behind two state banks, CATL, and Sinopec.[16](https://www.thedrinksbusiness.com/2026/04/kweichow-moutai-profits-fall-as-china-alcohol-demand-softens/)\n\n## How it compares with other liquor companies\n\nMaotai-flavor baijiu accounts for about 3% of Chinese baijiu production but contributes 15% of sales and 40% of industry profit.[18](https://annalsmicrobiology.biomedcentral.com/articles/10.1186/s13213-020-01598-1) In the premium segment above ¥1,000 a bottle, the market is described as a \"one super, two strong\" oligopoly of Moutai, Wuliangye, and Guojiao 1573 ([Luzhou Laojiao](https://www.edgepedia.org/luzhou-laojiao)'s flagship).[6](https://www.theteardown.co/moutai) Among listed peers in 2024, Wuliangye recorded revenue of RMB 89.1 billion (+6.4%) and net profit of RMB 31.9 billion; Shanxi Fenjiu RMB 36.0 billion (+12.8%) with net profit RMB 12.2 billion; Luzhou Laojiao RMB 31.2 billion; and Yanghe RMB 28.9 billion (−8.1%).[19](https://faxiangongchang.com/en/reports/china-baijiu-industry-2026) Moutai's 2024 total operating revenue of RMB 174.1 billion and net profit of RMB 86.2 billion came at roughly a 50% net margin and 92% gross margin.[19](https://faxiangongchang.com/en/reports/china-baijiu-industry-2026)\n\n## Demand, gifting, and the secondary market\n\nAfter the 2012 anti-corruption crackdown, the company shifted from government consumption toward business, family, and personal uses; distributor interviews put corporate demand at more than 50% of consumption, with government demand falling to around 20%.[20](https://english.ckgsb.edu.cn/knowledge/article/how-moutai-became-the-worlds-most-valuable-liquor-maker/) Moutai's high price and links to the governing elite have long made it a target of anti-corruption campaigns, and it is commonly used as a currency in bribes, prompting the saying: \"Those who buy Moutai never drink it, while those who drink it never buy it.\"[21](https://www.theatlantic.com/china/archive/2013/11/how-chinas-anti-corruption-campaign-hurts-a-liquor-producing-town/281302/)\n\n**Store of value.** Some customers buy Moutai not to drink but to keep as an investment; [Christie's](https://www.edgepedia.org/christies) has sold limited-edition cases, with some bottles fetching more than $40,000, and auction prices range from CNY 2,000 (about $280) to more than CNY 300,000 (about $42,000) depending on vintage and rarity.[7](https://www.cnn.com/2021/01/15/business/kweichow-moutai-chinese-liquor-intl-hnk) • [9](https://www.christies.com/en/stories/a-collecting-guide-to-moutai-china-s-national-liqu-b2ae69a95c824bcd8a33b996f4c69cb4) This is not new: hoarding and speculation built a bubble that crashed in 2013, leaving a glut that pressured prices.[20](https://english.ckgsb.edu.cn/knowledge/article/how-moutai-became-the-worlds-most-valuable-liquor-maker/) Estimates from brokerages and company executives indicate at least 50% of the inventory produced over the last decade has not been consumed but held, often as an alternative investment.[11](https://www.marketscreener.com/quote/stock/KWEICHOW-MOUTAI-CO-LTD-6496237/news/Ebbing-demand-for-China-s-favourite-firewater-adds-to-debt-concerns-49212139/) By H1 2025, 58% of dealers reported rising inventory, social-circulation stock was estimated near 120 million bottles, and Feitian's collection and investment demand reportedly fell from about 35% of demand in 2020 to about 18% in 2025.[6](https://www.theteardown.co/moutai)\n\n**Prices.** Feitian's loose-bottle wholesale price, which surged nearly 360% during the 2015–2021 housing boom, fell more than 30% from its September 2021 peak by mid-2024 per Nomura.[22](https://www.cnbc.com/2024/06/23/china-growth-worries-have-hit-moutai-some-see-opportunity-.html) The market price of a 500 ml bottle dropped as much as 22% from ¥2,700 at the start of 2024.[11](https://www.marketscreener.com/quote/stock/KWEICHOW-MOUTAI-CO-LTD-6496237/news/Ebbing-demand-for-China-s-favourite-firewater-adds-to-debt-concerns-49212139/) Sources disagree on the 2025 floor: The Teardown records a fall to ¥1,485 on 12 December 2025, below the ¥1,499 guidance price for the first time, while Caixin reports a drop from ¥2,100 to ¥1,495.[6](https://www.theteardown.co/moutai) • [23](https://www.caixinglobal.com/2026-04-10/in-depth-chinas-baijiu-giants-rethink-growth-as-earnings-pressure-mounts-102432640.html)\n\n## Recent developments\n\n**Pricing.** A roughly 20% factory-gate price increase for Feitian in November 2023 helped keep 2024 revenue growth above the 15% target.[11](https://www.marketscreener.com/quote/stock/KWEICHOW-MOUTAI-CO-LTD-6496237/news/Ebbing-demand-for-China-s-favourite-firewater-adds-to-debt-concerns-49212139/) The ex-factory price, fixed at ¥1,169 since November 2023, was raised to ¥1,269 and then to ¥1,369 on 18 July 2026, two increases in one year for the first time since listing, with one account reporting the company's own retail price moved to ¥1,639.[13](https://nickfox11.substack.com/p/one-bottle-two-prices-600519sh) A financial-press account dates the first 2026 rise differently, reporting a regulatory filing of May 30 raising the factory price from ¥1,169 to ¥1,269 and the official retail price from ¥1,499 to ¥1,539, the first retail adjustment since 2018; the two accounts conflict on dates and the retail level.[24](https://en.sedaily.com/international/2026/04/02/moutai-raises-prices-despite-slump-signaling-confidence) After the 2026 changes the wholesale market price stabilized between ¥1,700 and ¥1,750, narrowing the ex-factory-to-wholesale gap to about ¥380.[13](https://nickfox11.substack.com/p/one-bottle-two-prices-600519sh)\n\n**Channels and leadership.** From 1 January 2026, i-Moutai offered 53° 500 ml Feitian at ¥1,499 to all consumers via open draw, the first regular sales of the flagship on the official digital platform, alongside near-vintage 2019–2024 bottles tiered at ¥1,909–2,649.[17](https://longbridge.com/dolphin/post/39982992) Direct sales rose to 57% of revenue, and the i-Moutai app earned ¥40.26 billion in H1 2026, up 274%, or 43.6% of total revenue; in 2Q26 direct sales were 61% of liquor revenue while wholesale fell 35% year on year.[13](https://nickfox11.substack.com/p/one-bottle-two-prices-600519sh) • [12](https://uobkh.com.hk/en/research/company-hk-kweichow-moutai-17082026) Chairman Chen Hua, an energy-sector outsider, replaced Zhang Deqin in October 2025, the fourth chairman in five years; his reforms include direct i-Moutai sales, which added 14 million new users in one quarter, plus a consignment model.[6](https://www.theteardown.co/moutai) • [23](https://www.caixinglobal.com/2026-04-10/in-depth-chinas-baijiu-giants-rethink-growth-as-earnings-pressure-mounts-102432640.html) Meanwhile, the state investors Central Huijin Asset Management and China Securities Finance no longer appeared among the top 10 shareholders as of end-2Q26, having held 0.83% and 0.32% at end-1Q26.[12](https://uobkh.com.hk/en/research/company-hk-kweichow-moutai-17082026) Internationally, exports exceeded ¥5 billion for the first time in 2024, and the 2025 annual report says the marketing network covers 66 countries and regions across five continents; China still accounts for 97.5% of net sales.[25](https://www.moutai.com.cn/mtgf/attachDir/2025/04/2025040817544294292.pdf) • [4](http://static.cninfo.com.cn/finalpage/2026-04-17/1225114733.PDF) • [11](https://www.marketscreener.com/quote/stock/KWEICHOW-MOUTAI-CO-LTD-6496237/news/Ebbing-demand-for-China-s-favourite-firewater-adds-to-debt-concerns-49212139/)\n\n## The state shareholder and dividends\n\nKweichow Moutai is majority-owned by Moutai Group, which is wholly owned by the Guizhou provincial government, China's second-most indebted province, and the listed company serves as a vehicle for the province to raise revenue and pay down debt.[10](https://www.globalbankingandfinance.com/CHINA-MOUTAI-b0486edc-a125-4bf5-81a8-98a11b593d3c/) The company employs more than 30,000 people and accounts for about a fifth of Guizhou's tax receipts and 5% of its GDP; Guizhou's official provincial debt reached ¥1.5 trillion by end-2023, 72% of GDP.[11](https://www.marketscreener.com/quote/stock/KWEICHOW-MOUTAI-CO-LTD-6496237/news/Ebbing-demand-for-China-s-favourite-firewater-adds-to-debt-concerns-49212139/) The fiscal relationship runs both ways: Moutai Group issued a ¥15 billion bond to buy an expressway and at one point transferred a $14 billion stake in the listed company to the Guizhou government for free.[11](https://www.marketscreener.com/quote/stock/KWEICHOW-MOUTAI-CO-LTD-6496237/news/Ebbing-demand-for-China-s-favourite-firewater-adds-to-debt-concerns-49212139/) For minority shareholders, the dividend payout rose to 79% of profit, about ¥65 billion, in FY2025, an implied yield near 4%.[6](https://www.theteardown.co/moutai)\n\n## References\n\n1. [中国证券报 — 贵州茅台 2023 annual results announcement](https://epaper.cs.com.cn/zgzqb/wap/html/2024-04/03/nw.D110000zgzqb_20240403_1-B097.htm)\n2. [Maotai — the liquor that cannot leave its own town, China Industry Atlas](https://chinaindustryatlas.com/deep-dives/maotai/)\n3. [Kweichow Moutai's Annual Profit, Revenue Fall for First Time, The Wall Street Journal](https://wsj.com/business/earnings/kweichow-moutais-annual-profit-revenue-fall-for-first-time-34a04c83)\n4. [Kweichow Moutai Co., Ltd. 2025 Annual Report, cninfo](http://static.cninfo.com.cn/finalpage/2026-04-17/1225114733.PDF)\n5. [贵州茅台 2025年年度报告 (英文版), Sina Finance](https://vip.stock.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?CompanyCode=10000351&gather=1&id=12104104)\n6. [Kweichow Moutai (贵州茅台) — The Teardown](https://www.theteardown.co/moutai)\n7. [How liquor brand Kweichow Moutai took over China, CNN (2021)](https://www.cnn.com/2021/01/15/business/kweichow-moutai-chinese-liquor-intl-hnk)\n8. [Deciphering the Composition and Functional Profile of the Microbial Communities in Chinese Moutai Liquor Starters, Frontiers in Microbiology (2019)](https://www.frontiersin.org/journals/microbiology/articles/10.3389/fmicb.2019.01540/full)\n9. [A guide to Moutai, China's national liquor, Christie's](https://www.christies.com/en/stories/a-collecting-guide-to-moutai-china-s-national-liqu-b2ae69a95c824bcd8a33b996f4c69cb4)\n10. [China's Baijiu Demand Decline: Implications for Debt and Economy, Global Banking & Finance](https://www.globalbankingandfinance.com/CHINA-MOUTAI-b0486edc-a125-4bf5-81a8-98a11b593d3c/)\n11. [Ebbing demand for China's favourite firewater adds to debt concerns, Financial Times via MarketScreener](https://www.marketscreener.com/quote/stock/KWEICHOW-MOUTAI-CO-LTD-6496237/news/Ebbing-demand-for-China-s-favourite-firewater-adds-to-debt-concerns-49212139/)\n12. [Kweichow Moutai (600519 CH): 2Q26 Results Missed; State-owned Investors Disposed Shares, UOB Kay Hian](https://uobkh.com.hk/en/research/company-hk-kweichow-moutai-17082026)\n13. [One Bottle, Two Prices ($600519.SH), Nick Hu, Substack](https://nickfox11.substack.com/p/one-bottle-two-prices-600519sh)\n14. [Kweichow Moutai Co., Ltd. Annual Report 2024, Financial Filings mirror](https://financialfilings.com/filings/kweichow-moutai-coltd/annual-report/2025/41051184/)\n15. [Integrated metagenomic and metabolomic analysis of Maotai-flavour Baijiu, PMC (2025)](https://pmc.ncbi.nlm.nih.gov/articles/PMC12907668/)\n16. [Kweichow Moutai profits fall as China alcohol demand softens, The Drinks Business (2026)](https://www.thedrinksbusiness.com/2026/04/kweichow-moutai-profits-fall-as-china-alcohol-demand-softens/)\n17. [Kweichow Moutai: Don't be spooked by the results, Dolphin Research via Longbridge](https://longbridge.com/dolphin/post/39982992)\n18. [Evaluation of bacterial diversity during fermentation: handmade vs machine-made high-temperature Daqu, Annals of Microbiology](https://annalsmicrobiology.biomedcentral.com/articles/10.1186/s13213-020-01598-1)\n19. [China Baijiu Industry 2026: Market Scale and Competitive Landscape, Faxian Gongchang](https://faxiangongchang.com/en/reports/china-baijiu-industry-2026)\n20. [How Moutai Became the World's Most Valuable Liquor Maker, CKGSB Knowledge](https://english.ckgsb.edu.cn/knowledge/article/how-moutai-became-the-worlds-most-valuable-liquor-maker/)\n21. [How China's Anti-Corruption Campaign Hurts a Liquor-Producing Town, The Atlantic (2013)](https://www.theatlantic.com/china/archive/2013/11/how-chinas-anti-corruption-campaign-hurts-a-liquor-producing-town/281302/)\n22. [China growth worries have hit Moutai. Some see opportunity, CNBC (2024)](https://www.cnbc.com/2024/06/23/china-growth-worries-have-hit-moutai-some-see-opportunity-.html)\n23. [In Depth: China's Baijiu Giants Rethink Growth as Earnings Pressure Mounts, Caixin Global (2026)](https://www.caixinglobal.com/2026-04-10/in-depth-chinas-baijiu-giants-rethink-growth-as-earnings-pressure-mounts-102432640.html)\n24. [Moutai Raises Prices Despite Slump, Signaling Confidence, Seoul Economic Daily (2026)](https://en.sedaily.com/international/2026/04/02/moutai-raises-prices-despite-slump-signaling-confidence)\n25. [贵州茅台 2024年年度报告, Moutai company website](https://www.moutai.com.cn/mtgf/attachDir/2025/04/2025040817544294292.pdf)\n\n---\n*Topic: Encyclopedia › Society and history › Economics and business › Business and work › Companies and commercial industries › Food, beverage and agriculture companies*\n\n*Initially written Oct 10, 2026 · Edited: Oct 11, 2026; Oct 15, 2026*\n\n*Copyright 2026 EdgeChat AI, a subsidiary of Biostate AI.*\n\nLicense: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license\n", "same_as": [], "url": "https://www.edgepedia.org/kweichow-moutai", "markdown_url": "https://www.edgepedia.org/kweichow-moutai.md", "license": { "name": "Edgepedia Community License 1.0", "url": "https://www.edgepedia.org/edgepedia/license", "summary": "Free with credit, commercial use included. AI training is open to everyone. For other uses, organizations over USD 100M in revenue or 100M monthly users license separately.", "spdx": "LicenseRef-Edgepedia-Community-1.0" }, "credit": "\"Kweichow Moutai\", Edgepedia (EdgeChat), https://www.edgepedia.org/kweichow-moutai. Edgepedia Community License 1.0.", "credit_md": "\"[Kweichow Moutai](https://www.edgepedia.org/kweichow-moutai)\", Edgepedia (EdgeChat), [https://www.edgepedia.org/kweichow-moutai](https://www.edgepedia.org/kweichow-moutai). [Edgepedia Community License 1.0](https://www.edgepedia.org/edgepedia/license).", "credit_html": "\"Kweichow Moutai\", Edgepedia (EdgeChat), https://www.edgepedia.org/kweichow-moutai. Edgepedia Community License 1.0.", "speakable": "Kweichow Moutai is a state-controlled Chinese distiller, listed in Shanghai in 2001, that makes Moutai, the national liquor baijiu produced only in Moutai town, Guizhou." }