Moutai 2026 First-Half Financial Results

Kweichow Moutai Co., Ltd. (SH: 600519), China’s premier baijiu producer, closed the first half of 2026 with steady revenue and record cash generation despite an ongoing industry adjustment period. Operating income reached RMB 90.7 billion, up 1.5% year-on-year from RMB 89.4 billion, while net profit came in at RMB 44.5 billion, a modest 2.0% dip from RMB 45.4 billion a year earlier. The standout figure was operating cash flow, which surged 438.8% year-on-year to RMB 70.7 billion (H1 2025: RMB 13.1 billion), driven largely by deposit growth in the group’s finance arm — cash conversion, rather than accounting profit, was the defining theme of the half.

Product and channel mix remained highly concentrated: Moutai liquor contributed RMB 77.7 billion of the RMB 90.7 billion liquor revenue, with series liquors adding RMB 12.9 billion. The direct channel now leads distribution at 57.3% of revenue (RMB 52.0 billion, including RMB 4.03 billion from the i-Moutai platform), ahead of wholesale at RMB 38.7 billion. Geographically the business is still overwhelmingly domestic — RMB 89.6 billion, or 98.9% — with overseas revenue of RMB 1.04 billion.

Cost discipline held: COGS rose 21.8% with volume, but selling and administrative expenses were trimmed 1.7% and 1.6% respectively, and finance costs fell about RMB 0.24 billion on lower rates. R&D spending was expanded 55.5% on project investment, signaling continued confidence in long-term product development.