Overview
Kweichow Moutai Co., Ltd. is a Chinese alcoholic-beverage company whose core business is producing and selling baijiu. Its products include its flagship Kweichow Moutai liquor and other Moutai-series liquors. Established in 1999, the company is based in Maotai Town, Guizhou Province.[1][2][3]
The company sells primarily in China, while its marketing network extends to 64 countries and regions. Its stated mission is “brewing high-quality life.” In 2024, it reported revenue of approximately RMB 170.9 billion and employed 34,750 people.[1][4][5][6] [1][2][3][4][5][6]
Products & services
Kweichow Moutai’s liquor products are reported in two categories: Moutai liquor and other series liquor. Named products in the series portfolio include Moutai 1935, Moutai Prince and Lai Mao. In 2024, Moutai liquor generated RMB145.93 billion, or 85.5% of reported liquor revenue; other series liquor generated RMB24.68 billion, or 14.5%. The company does not provide revenue for each named product in that breakdown.[7][8]
Moutai liquor is made through natural solid-state fermentation and traditional brewing. It is blended from base liquors of different production years, rounds and concentrations, and requires at least five years of cellaring before release. The company describes the production process for its series liquors as similar. Its i Moutai digital platform serves as a direct-sales channel for its products.[9][10] [7][8][8][8][9][10]
Geographic presence
Kweichow Moutai is based in Maotai Town, Renhuai City, Guizhou Province, where it lists both its registered address and office address.[11]
China is its principal sales market. In 2024, the company reported RMB165.42 billion in domestic revenue and RMB5.19 billion in overseas revenue—approximately 97% and 3%, respectively, of revenue in its geographic breakdown.[8] Its distribution network comprised 2,143 domestic and 104 overseas distributors at year-end 2024.[12] The company has described its marketing network as covering the domestic market and 64 countries and regions across five continents.[13] [11][8][8][12][12][13]
Business segments
Kweichow Moutai reports liquor as its business category and breaks out revenue primarily by product, rather than presenting Moutai and other series liquor as separate business segments. Its two principal product categories are Moutai liquor and other series liquor; the latter includes products sold under brands distinct from the flagship Kweichow Moutai.[1][14][15]
In 2024, Moutai liquor generated approximately RMB 145.9 billion, or 85.4% of total operating revenue, while other series liquor generated RMB 24.7 billion, or 14.4%. Other business contributed about RMB 0.3 billion, or 0.2%. The company also discloses a geographic breakdown: approximately 97% of liquor-business revenue came from domestic sales and 3% from overseas sales. These geographic figures are an alternative breakdown of liquor revenue, not additional segments.[14][16] [1][14][15][16]
Company history
Kweichow Moutai Co., Ltd. was established on November 20, 1999, with approval from the Guizhou provincial government. It publicly offered 71.5 million A-shares on the Shanghai Stock Exchange on July 31, 2001, marking its entry into the public equity market.[2]
The company subsequently expanded its Moutai production capacity. A project dated 2012 added 2,500 tons of capacity as part of the second phase of a 10,000-ton expansion plan. In 2024, Zhang Deqin became chairman following Ding Xiongjun’s departure.[17][18][19] [2][17][18][19]
Sources
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