Kweichow Moutai Co., Ltd. (MOUTAI) balance sheet

SHH · Consumer Defensive · Beverages - Alcoholic · 34,992 employees · CEO Li Wang

Price: CN¥1,392.05 +2.81%
Market cap: CN¥1.74T
Enterprise value: CN¥1.69T
Last report: Q3 '26 filed 2026-09-30
Next report: 2027-04-01 EPS est. CN¥14.67

At the end of Q3 '26 Kweichow Moutai Co., Ltd. (MOUTAI) held CN¥50.9B in cash and short-term investments against CN¥262M of debt incl. leases. Total assets CN¥318B, total liabilities CN¥37.9B, shareholders' equity CN¥271B.

Balance sheet

Balance sheet	Q4 '23	Q1 '24	Q2 '24	Q3 '24	Q4 '24	Q1 '25	Q2 '25	Q3 '25	Q4 '25	Q1 '26	Q2 '26	Q3 '26
Assets
Cash & equivalents	CN¥69.1B	CN¥74.2B	CN¥56.8B	CN¥60.1B	CN¥59.3B	CN¥52.2B	CN¥51.6B	CN¥51.8B	CN¥51.7B	CN¥48.8B	CN¥53.5B	CN¥49.9B
Short-term investments	CN¥401M	CN¥3.81B	CN¥3.83B	CN¥355M	CN¥1.46B	CN¥1.71B	CN¥718M	CN¥4.69B	CN¥26.9B	CN¥1.8B	CN¥1.8B	CN¥1B
Receivables	CN¥109B	CN¥112B	CN¥124B	CN¥130B	CN¥137B	CN¥158B	CN¥138B	CN¥144B	CN¥112B	CN¥160B	CN¥144B	CN¥157B
Inventory	CN¥46.4B	CN¥46.9B	CN¥47.8B	CN¥48.2B	CN¥54.3B	CN¥54.8B	CN¥55B	CN¥55.9B	CN¥61.4B	CN¥60.7B	CN¥61.3B	CN¥61.4B
Other current assets	CN¥0	CN¥61.1M	CN¥153M	CN¥19.8M	CN¥692K	CN¥52.7M	CN¥310K	CN¥53.3M	CN¥51M	CN¥193M	CN¥527K	CN¥165M
Current assets	CN¥225B	CN¥237B	CN¥232B	CN¥238B	CN¥252B	CN¥267B	CN¥245B	CN¥257B	CN¥253B	CN¥272B	CN¥261B	CN¥270B
Property, plant & equipment (net)	CN¥22.4B	CN¥22.7B	CN¥22.7B	CN¥23.4B	CN¥24.4B	CN¥24.6B	CN¥24.8B	CN¥24.9B	CN¥25.2B	CN¥25.2B	CN¥24.9B	CN¥24.9B
Long-term investments	CN¥11.5B	CN¥11.9B	CN¥10B	CN¥9.82B	CN¥7.93B	CN¥6.86B	CN¥7.18B	CN¥8.27B	CN¥10.4B	CN¥8.47B	CN¥8.01B	CN¥8.09B
Intangible assets	CN¥8.79B	CN¥8.74B	CN¥8.88B	CN¥8.83B	CN¥8.95B	CN¥8.89B	CN¥8.86B	CN¥8.82B	CN¥8.8B	CN¥8.74B	CN¥8.72B	CN¥8.66B
Deferred tax assets	CN¥4.65B	CN¥4.48B	CN¥4.97B	CN¥5.91B	CN¥5.52B	CN¥5.16B	CN¥5.65B	CN¥5.81B	CN¥6.6B	CN¥5.69B	CN¥6.44B	CN¥6.75B
Other non-current assets	CN¥201M	CN¥312M	CN¥254M	CN¥368M	CN¥281M	CN¥348M	CN¥329M	CN¥318M	CN¥311M	CN¥275M	CN¥222M	CN¥282M
Non-current assets	CN¥47.5B	CN¥48.1B	CN¥47B	CN¥48.4B	CN¥47.2B	CN¥45.9B	CN¥46.8B	CN¥48.2B	CN¥51.3B	CN¥48.4B	CN¥48.3B	CN¥48.7B
Total assets	CN¥273B	CN¥286B	CN¥279B	CN¥287B	CN¥299B	CN¥312B	CN¥292B	CN¥305B	CN¥304B	CN¥320B	CN¥309B	CN¥318B
Liabilities
Accounts payable	CN¥3.09B	CN¥4.02B	CN¥3.29B	CN¥2.65B	CN¥3.51B	CN¥3.74B	CN¥2.95B	CN¥2.82B	CN¥4.01B	CN¥3.67B	CN¥3.51B	CN¥3.03B
Accrued expenses	CN¥5.33B	CN¥764M	CN¥388M	CN¥447M	CN¥5.73B	CN¥797M	CN¥369M	CN¥472M	CN¥0	CN¥720M	CN¥376M	CN¥400M
Short-term debt	CN¥12.1B	CN¥8.44B	CN¥23.6B	CN¥12.5B	CN¥23.2B	CN¥15.1B	CN¥20.7B	CN¥14.5B	CN¥18.1B	CN¥16.8B	CN¥25.5B	CN¥65.8M
Taxes payable	CN¥2.64B	CN¥7.02B	CN¥1.95B	CN¥6.34B	CN¥7.72B	CN¥7.67B	CN¥6.23B	CN¥0	CN¥7.7B	CN¥0	CN¥0	CN¥0
Deferred revenue	CN¥14.1B	CN¥9.52B	CN¥9.99B	CN¥9.93B	CN¥9.59B	CN¥8.79B	CN¥5.51B	CN¥7.75B	CN¥0	CN¥3.03B	CN¥3.18B	CN¥2.08B
Other current liabilities	CN¥11.4B	CN¥6.86B	CN¥11.6B	CN¥6.87B	CN¥11.4B	CN¥7.72B	CN¥11.1B	CN¥6.35B	CN¥24.3B	CN¥6.97B	CN¥11.2B	CN¥24.4B
Current liabilities	CN¥48.7B	CN¥36.6B	CN¥50.8B	CN¥38.7B	CN¥56.5B	CN¥43.9B	CN¥42.8B	CN¥38.8B	CN¥49.6B	CN¥38.5B	CN¥46.6B	CN¥37.5B
Lease obligations (non-current)	CN¥267M	CN¥280M	CN¥277M	CN¥284M	CN¥314M	CN¥242M	CN¥213M	CN¥205M	CN¥190M	CN¥189M	CN¥187M	CN¥196M
Deferred revenue (non-current)	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥59M	CN¥0	CN¥92M
Deferred tax liabilities	CN¥78.9M	CN¥80.8M	CN¥78.2M	CN¥74.8M	CN¥103M	CN¥66.6M	CN¥66.2M	CN¥64.7M	CN¥75.6M	CN¥79.2M	CN¥71.1M	CN¥74.5M
Non-current liabilities	CN¥346M	CN¥361M	CN¥356M	CN¥359M	CN¥417M	CN¥308M	CN¥279M	CN¥270M	CN¥265M	CN¥327M	CN¥258M	CN¥363M
Total liabilities	CN¥49B	CN¥37B	CN¥51.2B	CN¥39.1B	CN¥56.9B	CN¥44.2B	CN¥43.1B	CN¥39B	CN¥49.9B	CN¥38.8B	CN¥46.9B	CN¥37.9B
Equity
Common stock & paid-in capital	CN¥1.26B	CN¥1.26B	CN¥1.26B	CN¥1.26B	CN¥1.26B	CN¥1.26B	CN¥1.26B	CN¥1.26B	CN¥1.25B	CN¥1.25B	CN¥1.25B	CN¥1.25B
Retained earnings	CN¥173B	CN¥197B	CN¥174B	CN¥193B	CN¥183B	CN¥210B	CN¥192B	CN¥211B	CN¥192B	CN¥219B	CN¥200B	CN¥220B
Accumulated other comprehensive income	CN¥0	CN¥0	CN¥42.2B	CN¥43.5B	CN¥0	CN¥49.1B	CN¥49.6B	CN¥50.9B	CN¥51.6B	CN¥51.6B	CN¥50.3B	CN¥50.3B
Shareholders' equity	CN¥216B	CN¥240B	CN¥219B	CN¥238B	CN¥233B	CN¥258B	CN¥239B	CN¥257B	CN¥245B	CN¥271B	CN¥251B	CN¥271B
Debt
Total debt (incl. leases)	CN¥12.4B	CN¥8.72B	CN¥23.9B	CN¥12.8B	CN¥23.5B	CN¥15.4B	CN¥20.9B	CN¥14.7B	CN¥18.3B	CN¥17B	CN¥25.7B	CN¥262M
Net debt (debt - cash)	-CN¥56.7B	-CN¥65.5B	-CN¥33B	-CN¥47.3B	-CN¥35.8B	-CN¥36.8B	-CN¥30.7B	-CN¥37B	-CN¥33.4B	-CN¥31.8B	-CN¥27.8B	-CN¥49.7B

Balance sheet	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Assets
Cash & equivalents	CN¥66.9B	CN¥87.9B	CN¥9.41B	CN¥13.3B	CN¥36.1B	CN¥51.8B	CN¥58.3B	CN¥69.1B	CN¥59.3B	CN¥51.7B
Short-term investments	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥401M	CN¥1.46B	CN¥26.9B
Receivables	CN¥1.66B	CN¥1.53B	CN¥104B	CN¥119B	CN¥120B	CN¥135B	CN¥116B	CN¥109B	CN¥137B	CN¥113B
Inventory	CN¥20.6B	CN¥22.1B	CN¥23.5B	CN¥25.3B	CN¥28.9B	CN¥33.4B	CN¥38.8B	CN¥46.4B	CN¥54.3B	CN¥61.4B
Other current assets	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥2.12B	CN¥0	CN¥692K	CN¥216K
Current assets	CN¥90.2B	CN¥112B	CN¥138B	CN¥159B	CN¥186B	CN¥221B	CN¥217B	CN¥225B	CN¥252B	CN¥253B
Property, plant & equipment (net)	CN¥17.2B	CN¥17.3B	CN¥17.2B	CN¥17.7B	CN¥19.2B	CN¥20.2B	CN¥22.4B	CN¥22.4B	CN¥24.4B	CN¥25.2B
Long-term investments	CN¥89.8M	CN¥62.2M	CN¥370M	CN¥369M	CN¥2.98B	CN¥5.66B	CN¥4.52B	CN¥11.5B	CN¥7.93B	CN¥10.4B
Intangible assets	CN¥3.53B	CN¥3.46B	CN¥3.5B	CN¥4.73B	CN¥4.82B	CN¥6.21B	CN¥7.27B	CN¥8.79B	CN¥8.95B	CN¥8.8B
Deferred tax assets	CN¥1.75B	CN¥1.4B	CN¥1.05B	CN¥1.1B	CN¥1.12B	CN¥2.24B	CN¥3.59B	CN¥4.65B	CN¥5.52B	CN¥6.6B
Other non-current assets	CN¥338M	CN¥528M	CN¥168M	CN¥158M	CN¥148M	CN¥139M	CN¥146M	CN¥201M	CN¥281M	CN¥261M
Non-current assets	CN¥22.9B	CN¥22.7B	CN¥22.3B	CN¥24B	CN¥28.3B	CN¥34.4B	CN¥37.9B	CN¥47.5B	CN¥47.2B	CN¥51.3B
Total assets	CN¥113B	CN¥135B	CN¥160B	CN¥183B	CN¥214B	CN¥255B	CN¥255B	CN¥273B	CN¥299B	CN¥304B
Liabilities
Accounts payable	CN¥1.04B	CN¥992M	CN¥1.18B	CN¥1.51B	CN¥1.34B	CN¥2.01B	CN¥2.41B	CN¥3.09B	CN¥3.51B	CN¥4.01B
Accrued expenses	CN¥1.4B	CN¥1.66B	CN¥2.02B	CN¥2.43B	CN¥2.87B	CN¥3.64B	CN¥4.73B	CN¥5.33B	CN¥5.73B	CN¥5.52B
Short-term debt	CN¥10.8B	CN¥10.5B	CN¥11.5B	CN¥11B	CN¥14.4B	CN¥21.9B	CN¥13B	CN¥12.1B	CN¥23.2B	CN¥18.1B
Taxes payable	CN¥4.27B	CN¥7.73B	CN¥10.8B	CN¥8.76B	CN¥8.92B	CN¥12B	CN¥6.9B	CN¥2.64B	CN¥7.72B	CN¥0
Deferred revenue	CN¥17.5B	CN¥14.4B	CN¥13.6B	CN¥12.3B	CN¥13.3B	CN¥12.7B	CN¥15.5B	CN¥14.1B	CN¥9.59B	CN¥8.01B
Other current liabilities	CN¥2.84B	CN¥8.15B	CN¥9.61B	CN¥11.7B	CN¥11.5B	CN¥12.4B	CN¥10.7B	CN¥11.4B	CN¥11.4B	CN¥10.8B
Current liabilities	CN¥37B	CN¥38.6B	CN¥42.4B	CN¥41.1B	CN¥45.8B	CN¥57.9B	CN¥49.1B	CN¥48.7B	CN¥56.5B	CN¥49.6B
Lease obligations (non-current)	CN¥0	CN¥0	CN¥0	CN¥0	CN¥415M	CN¥296M	CN¥334M	CN¥267M	CN¥314M	CN¥190M
Deferred tax liabilities	CN¥0	CN¥0	CN¥0	CN¥72.7M	CN¥1.46M	CN¥0	CN¥163M	CN¥78.9M	CN¥103M	CN¥75.6M
Other non-current liabilities	CN¥15.6M	CN¥0	-CN¥76.2M	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0
Non-current liabilities	CN¥15.6M	CN¥15.6M	CN¥0	CN¥72.7M	CN¥416M	CN¥296M	CN¥497M	CN¥346M	CN¥417M	CN¥265M
Total liabilities	CN¥37B	CN¥38.6B	CN¥42.4B	CN¥41.2B	CN¥46.2B	CN¥58.2B	CN¥49.6B	CN¥49B	CN¥56.9B	CN¥49.9B
Equity
Common stock & paid-in capital	CN¥1.26B	CN¥1.26B	CN¥1.26B	CN¥1.26B	CN¥1.26B	CN¥1.26B	CN¥1.26B	CN¥1.26B	CN¥1.26B	CN¥1.25B
Retained earnings	CN¥62.7B	CN¥80B	CN¥96B	CN¥116B	CN¥138B	CN¥161B	CN¥161B	CN¥173B	CN¥183B	CN¥192B
Accumulated other comprehensive income	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥51.6B
Shareholders' equity	CN¥72.9B	CN¥91.5B	CN¥113B	CN¥136B	CN¥161B	CN¥190B	CN¥197B	CN¥216B	CN¥233B	CN¥245B
Debt
Total debt (incl. leases)	CN¥10.8B	CN¥10.5B	CN¥11.5B	CN¥11B	CN¥14.8B	CN¥22.2B	CN¥13.3B	CN¥12.4B	CN¥23.5B	CN¥18.3B
Net debt (debt - cash)	-CN¥56.1B	-CN¥69.9B	CN¥2.11B	-CN¥2.2B	-CN¥21.3B	-CN¥29.6B	-CN¥45B	-CN¥56.7B	-CN¥35.8B	-CN¥33.4B

Standardised by Financial Modeling Prep from the company's filings; outflows and costs keep the sign the provider reports. Hover a period for its end date. Amounts in CNY.

Cash, investments and debt

quarter ends

The other statements

Income statementRevenue, costs, operating income, net income and EPSOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Sources

Statements, segment revenue, metrics and estimates: Financial Modeling Prep.

Data as of 2026-11-01