# KWEICHOW MOUTAI CO LTD-A

Summary updated: 2026-10-02T10:43:44.449778Z
Canonical: https://finbar.com/research/companies/kweichow-moutai-co-a

## Overview

Kweichow Moutai Co., Ltd. is a Chinese liquor producer and seller, best known for Moutai-flavor baijiu. Its business includes Moutai liquor and series liquor products, with production spanning brewing, cellaring, blending and packaging, and sales through direct and wholesale channels [1](https://app.finbar.com/go?id=P132705444). The company’s stated mission is “Brewing High-Quality Life” [2](https://app.finbar.com/go?id=P132705688).

The company is based in China, with a marketing network reported across 66 countries and regions; its 2025 revenue was predominantly domestic [1](https://app.finbar.com/go?id=P132705444). It reported 34,992 employees at year-end 2025 [3](https://app.finbar.com/go?id=P132705829). For scale, operating revenue was RMB 90.703 billion in the first half of 2026 [4](https://static.cninfo.com.cn/finalpage/2026-08-15/1225475868.PDF). Founded in 1999, the company listed its A-shares on the Shanghai Stock Exchange in 2001 [5](https://app.finbar.com/go?id=P132706329).
[1](https://app.finbar.com/go?id=P132705444)[2](https://app.finbar.com/go?id=P132705688)[3](https://app.finbar.com/go?id=P132705829)[5](https://app.finbar.com/go?id=P132706329)[4](https://static.cninfo.com.cn/finalpage/2026-08-15/1225475868.PDF)

## Products & services

Kweichow Moutai’s principal products are Moutai liquor and other-series liquor. Its flagship Moutai is a Moutai-flavor baijiu made through traditional solid-state fermentation; production includes starter-making, brewing, cellaring, blending and packaging. The liquor is cellared for at least five years before release and blended from base liquors of different ages, production rounds and concentrations. The company says the series-liquor production process is similar. [1](https://app.finbar.com/go?id=P132705444)[6](https://app.finbar.com/go?id=P132705598) One named product, Guizhou Moutai (Feitian), is a 53% ABV, 500 ml sauce-aroma baijiu made from sorghum, wheat and water. [7](https://www.moutai.com.cn/mtgf/2023-10/31/article_2023103117423682414.html)

In 2025, reported revenue was RMB 146.50 billion for Moutai liquor and RMB 22.27 billion for other-series liquor; these equate to approximately 86.8% and 13.2%, respectively, of their combined reported revenue. The report gives gross margins of 93.53% and 76.11%, respectively. [8](https://app.finbar.com/go?id=T15218800) These revenue-share percentages are calculated from the reported product revenues. Quality controls span the production chain, including yeast-making, brewing, cellaring, blending and packaging. [9](https://app.finbar.com/go?id=P132705457)
[1](https://app.finbar.com/go?id=P132705444)[6](https://app.finbar.com/go?id=P132705598)[7](https://www.moutai.com.cn/mtgf/2023-10/31/article_2023103117423682414.html)[8](https://app.finbar.com/go?id=T15218800)[8](https://app.finbar.com/go?id=T15218800)[8](https://app.finbar.com/go?id=T15218800)[8](https://app.finbar.com/go?id=T15218800)[9](https://app.finbar.com/go?id=P132705457)[7](https://www.moutai.com.cn/mtgf/2023-10/31/article_2023103117423682414.html)

## Geographic presence

Kweichow Moutai’s registered and office address is in Maotai Town, Renhuai City, Guizhou Province, where its liquor production operations are based. Its marketing network spans 66 countries and regions, covering domestic and overseas markets. [10](https://app.finbar.com/go?id=P132705402)[1](https://app.finbar.com/go?id=P132705444)

In FY2025, reported revenue was RMB163.924 billion from domestic markets and RMB4.850 billion from overseas markets—approximately 97.1% and 2.9%, respectively, of the combined total. The available figures show a strong domestic revenue concentration; a country-by-country sales breakdown is not provided. [11](https://www.thepaper.cn/newsDetail_forward_32988235)
[10](https://app.finbar.com/go?id=P132705402)[1](https://app.finbar.com/go?id=P132705444)[11](https://www.thepaper.cn/newsDetail_forward_32988235)

## Business segments

Kweichow Moutai reports one operating business segment: liquor. Its product-level breakdown distinguishes Moutai liquor from series liquor; these are product categories within the liquor business, not separately reported operating segments. [12](https://app.finbar.com/go?id=P132705480)

For the first half of 2026, Moutai liquor generated approximately RMB 77.724 billion, about 85.7% of operating revenue; series liquor generated approximately RMB 12.934 billion, about 14.3%. Series-liquor products include Moutai Prince 1935 and other brands. [13](https://www.moutai.com.cn/mtgf/articleFileDir/2026-08/17/277c9b776bff4ae89dde75e987437760.pdf) [14](https://www.moutai.com.cn/mtgf/attachDir/2026/08/2026081711042289890.pdf) [15](https://app.finbar.com/go?id=P132705597) In 2025, the same product categories contributed approximately RMB 146.500 billion (86.8%) and RMB 22.275 billion (13.2%), respectively, to liquor revenue. [12](https://app.finbar.com/go?id=P132705480)
[12](https://app.finbar.com/go?id=P132705480)[15](https://app.finbar.com/go?id=P132705597)[13](https://www.moutai.com.cn/mtgf/articleFileDir/2026-08/17/277c9b776bff4ae89dde75e987437760.pdf)[14](https://www.moutai.com.cn/mtgf/attachDir/2026/08/2026081711042289890.pdf)

## Company history

Moutai’s history predates the listed company: its baijiu received a gold medal at the 1915 Panama-Pacific International Exposition [16](https://www.moutaichina.com/mtjt/2025-12/18/article_2025121819502493190.html). The distillery took shape through the consolidation of three local producers from 1951 to 1953; the company dates the establishment of the locally state-owned Moutai Distillery to November 8, 1951 [17](https://www.moutaichina.com/mtgf/2024-11/08/article_2024110819514124184.html)[18](https://www.moutaichina.com/mtgf/2026-09/25/article_2026092508594259151.html).

Kweichow Moutai Co., Ltd. was established on November 20, 1999. It issued A-shares in 2001 and began trading on the Shanghai Stock Exchange that year; 2001 also marked the start of the company’s 10,000-ton project [5](https://app.finbar.com/go?id=P132706329)[19](https://www.moutaichina.com/mtgf/qygk/gsjj/index.html)[18](https://www.moutaichina.com/mtgf/2026-09/25/article_2026092508594259151.html). In a later product milestone, Moutai 1935 was launched in 2022 [20](https://www.moutaichina.com/mtgf/2025-07/20/article_2025072010222920271.html).
[5](https://app.finbar.com/go?id=P132706329)[16](https://www.moutaichina.com/mtjt/2025-12/18/article_2025121819502493190.html)[17](https://www.moutaichina.com/mtgf/2024-11/08/article_2024110819514124184.html)[18](https://www.moutaichina.com/mtgf/2026-09/25/article_2026092508594259151.html)[19](https://www.moutaichina.com/mtgf/qygk/gsjj/index.html)[20](https://www.moutaichina.com/mtgf/2025-07/20/article_2025072010222920271.html)

## Sources

1. [KWEICHOW MOUTAI CO LTD-A — Full financial report (2025 Y), p8](https://app.finbar.com/go?id=P132705444)
2. [KWEICHOW MOUTAI CO LTD-A — Full financial report (2025 Y), p22](https://app.finbar.com/go?id=P132705688)
3. [KWEICHOW MOUTAI CO LTD-A — Full financial report (2025 Y), p37](https://app.finbar.com/go?id=P132705829)
4. [static.cninfo.com.cn](https://static.cninfo.com.cn/finalpage/2026-08-15/1225475868.PDF)
5. [KWEICHOW MOUTAI CO LTD-A — Full financial report (2025 Y), p98](https://app.finbar.com/go?id=P132706329)
6. [KWEICHOW MOUTAI CO LTD-A — Full financial report (2025 Y), p17](https://app.finbar.com/go?id=P132705598)
7. [www.moutai.com.cn](https://www.moutai.com.cn/mtgf/2023-10/31/article_2023103117423682414.html)
8. [KWEICHOW MOUTAI CO LTD-A — Full financial report (2025 Y), p10](https://app.finbar.com/go?id=T15218800)
9. [KWEICHOW MOUTAI CO LTD-A — Full financial report (2025 Y), p9](https://app.finbar.com/go?id=P132705457)
10. [KWEICHOW MOUTAI CO LTD-A — Full financial report (2025 Y), p5](https://app.finbar.com/go?id=P132705402)
11. [www.thepaper.cn](https://www.thepaper.cn/newsDetail_forward_32988235)
12. [KWEICHOW MOUTAI CO LTD-A — Full financial report (2025 Y), p10](https://app.finbar.com/go?id=P132705480)
13. [www.moutai.com.cn](https://www.moutai.com.cn/mtgf/articleFileDir/2026-08/17/277c9b776bff4ae89dde75e987437760.pdf)
14. [www.moutai.com.cn](https://www.moutai.com.cn/mtgf/attachDir/2026/08/2026081711042289890.pdf)
15. [KWEICHOW MOUTAI CO LTD-A — Full financial report (2025 Y), p17](https://app.finbar.com/go?id=P132705597)
16. [www.moutaichina.com](https://www.moutaichina.com/mtjt/2025-12/18/article_2025121819502493190.html)
17. [www.moutaichina.com](https://www.moutaichina.com/mtgf/2024-11/08/article_2024110819514124184.html)
18. [www.moutaichina.com](https://www.moutaichina.com/mtgf/2026-09/25/article_2026092508594259151.html)
19. [www.moutaichina.com](https://www.moutaichina.com/mtgf/qygk/gsjj/index.html)
20. [www.moutaichina.com](https://www.moutaichina.com/mtgf/2025-07/20/article_2025072010222920271.html)

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