Sales by Industry:

• Alcoholic beverages: 95%
• Other products and services: 5%

TOP 3 Markets:

1. China: 85%
2. Asia (excluding China): 10%
3. Europe: 3%

Kweichow Moutai Co., Ltd. generates the majority of its revenue from the sale of alcoholic beverages, especially Baijiu, a traditional Chinese liquor. The domestic market of China dominates with an 85% share of total revenue, reflecting strong local demand and brand awareness.

The Asian market, excluding China, contributes 10% to the revenue, indicating an increasing popularity of Baijiu in the region. Europe is represented by 3%, attributed to the growing international expansion and interest in traditional Chinese spirits.

Production Site: Maotai, Guizhou Province, China

Kweichow Moutai Co., Ltd. produces its famous Baijiu spirits in the city of Maotai, located in the province of Guizhou in China. This region is known for its unique climatic conditions and special water quality, which are essential for the production of high-quality Moutai Baijiu. The geographical and climatic peculiarities of the region are crucial for the characteristic taste and quality of Kweichow Moutai's products.

Revenue growth: 18.5% (2024)
Profit growth: 14.2% (2024)

Kweichow Moutai Co., Ltd. pursues a strategy focused on international expansion and diversification. The company plans to strengthen its presence in international markets, especially in regions like Europe and North America, where the demand for premium spirits is growing.

Another key focus is on expanding the product portfolio. Kweichow Moutai is investing in the development of new products to appeal to younger consumers and meet changing tastes. This includes the introduction of products with lower alcohol content and new flavors.

Additionally, the company is leveraging digitalization and e-commerce to make distribution more efficient and reach new customer segments. By expanding digital platforms and partnering with online retailers, Kweichow Moutai aims to facilitate access to its products and increase brand awareness.

Main raw materials: Sorghum, wheat, water

Kweichow Moutai Co., Ltd. is known for the production of Baijiu, a traditional Chinese liquor. The main raw materials for production are sorghum, wheat, and water. These raw materials are mainly sourced locally in China, especially from the Guizhou province where the production facilities are located.

Imported materials: No significant imports

As Kweichow Moutai heavily relies on local raw materials, there are no significant imports of raw materials or materials from other countries. The quality and unique taste of Baijiu are closely linked to the specific local conditions and traditional production methods, making the import of raw materials largely unnecessary.

In summary, Kweichow Moutai primarily sources its raw materials locally to ensure the quality and authenticity of its product.

Market share in the Baijiu industry: about 30% (2024) Gross margin: 91% (2024) Market capitalization: over 2 trillion CNY (2024)

Kweichow Moutai Co., Ltd. has a significant competitive advantage in the Baijiu industry, which is manifested through several factors. With a market share of about 30%, the company dominates the premium Baijiu market in China. This strong market position allows Kweichow Moutai to exert pricing power and achieve high profit margins.

The gross margin of 91% underscores the efficiency and high value that the Moutai brand holds in the market. This exceptionally high margin is an indicator of strong brand loyalty and the company's ability to sell its products at premium prices.

In addition, the enormous market capitalization of over 2 trillion CNY contributes to the financial stability and investment power of the company, enabling it to invest in marketing, sales, and product innovations to further strengthen its market leadership.

Institutional Investor Share: Approx. 8% (2025, estimated)

Insider Buys/Sells: No significant transactions reported (2025, estimated)

Kweichow Moutai Co., Ltd. traditionally has a relatively low share of institutional investors, as the company is heavily dominated by state and private Chinese investors. The institutional investor share typically remains below 10%.

Insider transactions are rarely publicly documented at Kweichow Moutai, especially due to strong state control and the company's structure. There have been no significant insider buys or sells reported in 2025.

Market share of Kweichow Moutai: approx. 30% (2025, estimated)

Top competitors and their market shares:

1. Wuliangye Yibin Co., Ltd.: approx. 20%
2. Luzhou Laojiao Co., Ltd.: approx. 10%
3. Yanghe Brewery Joint-Stock Co., Ltd.: approx. 8%
4. Shanxi Xinghuacun Fen Wine Factory Co., Ltd.: approx. 5%
5. Gujing Distillery Co., Ltd.: approx. 4%

Moat of Kweichow Moutai:

Kweichow Moutai possesses a significant moat, which is composed of several factors. Firstly, the Moutai brand is highly renowned in China and internationally and is often seen as a status symbol. This strong brand recognition and prestige are difficult for competitors to replicate.

Secondly, Kweichow Moutai has limited production capacity determined by the geographical and climatic conditions of the Guizhou region. This creates a natural supply constraint that keeps the price and exclusivity of the product high.

Compared to competitors, Kweichow Moutai has the advantage of a stronger brand image and greater international recognition. While companies like Wuliangye and Luzhou Laojiao also have strong brands in China, they do not achieve the same level of prestige and global reach as Moutai.

In summary, Kweichow Moutai has a significant moat based on brand strength, exclusivity, and production constraints. While the competition also has strong brands, they do not have the ability to fully overcome Moutai's moat.

Revenue growth: 10.5% (2024) Profit growth: 9.8% (2024) Market share in China: 40% (2024)

Kweichow Moutai Co., Ltd. recorded solid revenue growth of 10.5% in 2024, driven by strong demand for its premium spirits. The company has expanded its market share in China to about 40%, highlighting its leading position in the spirits market.

The profit growth of 9.8% in 2024 shows that the company is not only able to increase its revenues but also to operate efficiently and control its costs. This financial stability and strong market position make Kweichow Moutai a potentially attractive investment.

Furthermore, the company benefits from strong brand recognition and a growing international presence, offering future growth opportunities. Analysts are optimistic that Kweichow Moutai will continue to benefit from the increasing demand for premium products, especially in emerging markets.

Dividend yield: 1.8% (2025, estimated)
Dividend growth: 10% annually (last 5 years)

Kweichow Moutai Co., Ltd. is known for its stable dividend policy. The company has consistently paid dividends in recent years, with an annual dividend growth of about 10%. The current dividend yield is estimated at 1.8%, which can be considered moderate compared to other companies in the industry.

The reliability of the payout is supported by Kweichow Moutai's strong financial performance and solid market position. The company benefits from high demand for its premium spirits, leading to stable revenues and profits. Analysts believe that Kweichow Moutai will continue and possibly expand its dividend policy in the future.