Kweichow Moutai Co., Ltd. (MOUTAI) cash flow statement

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

In Q3 '26 Kweichow Moutai Co., Ltd. (MOUTAI) generated CN¥13.4B of operating cash flow, invested CN¥618M in capital expenditure and kept CN¥12.8B of free cash flow. Over the last four quarters free cash flow was CN¥105B.

Cash flow

Cash flow	Q4 '23	Q1 '24	Q2 '24	Q3 '24	Q4 '24	Q1 '25	Q2 '25	Q3 '25	Q4 '25	Q1 '26	Q2 '26	Q3 '26
Operating
Net income	CN¥21.9B	CN¥24.1B	CN¥17.6B	CN¥19.1B	CN¥25.4B	CN¥26.8B	CN¥18.6B	CN¥19.2B	CN¥0	CN¥27.2B	CN¥17.3B	CN¥20B
Depreciation & amortization	CN¥489M	CN¥500M	CN¥500M	CN¥542M	CN¥542M	CN¥558M	CN¥558M	CN¥0	CN¥0	CN¥0	CN¥604M	CN¥0
Deferred income tax	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥161M	CN¥0
Change in working capital	-CN¥11.1B	CN¥0	-CN¥9.27B	CN¥9.27B	-CN¥6.15B	CN¥0	-CN¥21.3B	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0
Other non-cash items	CN¥5.33B	-CN¥15.4B	CN¥18.6B	-CN¥21.1B	CN¥28.3B	-CN¥18.6B	CN¥6.51B	CN¥5.9B	CN¥23.3B	-CN¥287M	CN¥25.8B	-CN¥6.58B
Operating cash flow	CN¥16.6B	CN¥9.21B	CN¥27.4B	CN¥7.84B	CN¥48.1B	CN¥8.84B	CN¥4.31B	CN¥25.1B	CN¥23.3B	CN¥27B	CN¥43.9B	CN¥13.4B
Investing
Capital expenditure	-CN¥675M	-CN¥796M	-CN¥735M	-CN¥1.34B	-CN¥1.8B	-CN¥901M	-CN¥695M	-CN¥687M	-CN¥845M	-CN¥605M	-CN¥227M	-CN¥618M
Acquisitions	CN¥24M	CN¥66K	CN¥8.5K	CN¥0	CN¥0	CN¥0	CN¥39.6K	CN¥39.7K	CN¥0	CN¥11.5K	CN¥29.9K	CN¥54.4K
Purchases of investments	-CN¥6.32B	CN¥0	-CN¥4B	CN¥0	-CN¥1.75B	CN¥0	-CN¥100M	-CN¥16.2B	-CN¥45.8B	-CN¥13.8B	CN¥0	-CN¥1B
Sales / maturities of investments	CN¥5.55B	CN¥27.5M	CN¥2.6B	CN¥3.64B	CN¥2.37B	CN¥278M	CN¥1.1B	CN¥11.8B	CN¥20.4B	CN¥40B	CN¥136M	CN¥1.8B
Other investing	-CN¥71.5K	-CN¥25.4M	-CN¥1.28M	-CN¥266K	-CN¥4.29M	-CN¥651K	-CN¥407K	CN¥21M	-CN¥4.11M	-CN¥1.61M	CN¥8.84M	-CN¥843K
Investing cash flow	-CN¥1.42B	-CN¥794M	-CN¥2.14B	CN¥2.29B	-CN¥1.18B	-CN¥624M	CN¥305M	-CN¥5.15B	-CN¥26.2B	CN¥25.6B	-CN¥82.4M	CN¥181M
Financing
Share buybacks	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	-CN¥5.2B	CN¥5.2B	CN¥0	CN¥0	-CN¥2.88B	CN¥2.88B
Dividends	CN¥0	CN¥0	-CN¥38.8B	CN¥0	-CN¥30B	CN¥0	-CN¥34.7B	CN¥0	-CN¥30B	CN¥0	CN¥0	CN¥0
Other financing (incl. tax on vested shares)	-CN¥163M	-CN¥11.8M	-CN¥17.5M	-CN¥174M	-CN¥2.08B	-CN¥1.61B	CN¥1.59B	-CN¥8.55B	-CN¥183M	-CN¥1.01B	-CN¥34.1B	CN¥29.8B
Financing cash flow	-CN¥24.2B	-CN¥11.8M	-CN¥38.8B	-CN¥174M	-CN¥32.1B	-CN¥1.61B	-CN¥38.3B	-CN¥3.35B	-CN¥30.2B	-CN¥1.01B	-CN¥36.9B	-CN¥2.37B
Summary
FX effect on cash	CN¥1.08M	-CN¥3.28B	-CN¥3.85B	CN¥634K	-CN¥1.02M	CN¥833K	CN¥33.1B	-CN¥16.5B	-CN¥447K	-CN¥54.4B	-CN¥2.11B	-CN¥14.8B
Net change in cash	-CN¥8.98B	CN¥5.13B	-CN¥17.4B	CN¥9.92B	CN¥14.8B	CN¥6.58B	-CN¥554M	CN¥108M	-CN¥33.1B	-CN¥2.9B	CN¥4.73B	-CN¥3.59B
Free cash flow (OCF - capex)	CN¥15.9B	CN¥8.42B	CN¥26.7B	CN¥6.49B	CN¥46.2B	CN¥7.91B	CN¥3.62B	CN¥24.4B	CN¥22.5B	CN¥26.4B	CN¥43.6B	CN¥12.8B

Cash flow	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Operating
Net income	CN¥17.9B	CN¥29B	CN¥37.8B	CN¥44B	CN¥49.5B	CN¥52.5B	CN¥62.7B	CN¥74.7B	CN¥89.3B	CN¥82.3B
Depreciation & amortization	CN¥934M	CN¥1.13B	CN¥1.18B	CN¥1.24B	CN¥1.32B	CN¥1.58B	CN¥1.69B	CN¥1.94B	CN¥2.08B	CN¥2.26B
Deferred income tax	-CN¥590M	CN¥344M	CN¥353M	-CN¥54.4M	-CN¥94.5M	CN¥0	CN¥0	CN¥0	CN¥0	-CN¥1.11B
Change in working capital	CN¥18.6B	-CN¥7.97B	CN¥2.38B	-CN¥22.7M	CN¥763M	CN¥7.86B	-CN¥30.3B	-CN¥11.7B	CN¥1.92B	-CN¥24.9B
Other non-cash items	CN¥604M	-CN¥349M	CN¥2.63B	CN¥74.2M	CN¥161M	CN¥2.13B	CN¥2.64B	CN¥1.73B	-CN¥874M	CN¥3.04B
Operating cash flow	CN¥37.5B	CN¥22.2B	CN¥41.4B	CN¥45.2B	CN¥51.7B	CN¥64B	CN¥36.7B	CN¥66.7B	CN¥92.5B	CN¥61.6B
Investing
Capital expenditure	-CN¥1.02B	-CN¥1.13B	-CN¥1.61B	-CN¥3.15B	-CN¥2.09B	-CN¥3.41B	-CN¥5.31B	-CN¥2.62B	-CN¥4.68B	-CN¥3.13B
Acquisitions	CN¥16.1M	CN¥18M	CN¥0	CN¥833M	CN¥496K	CN¥2.46M	CN¥355K	CN¥24.9M	CN¥0	CN¥156K
Purchases of investments	CN¥0	-CN¥17.1M	CN¥0	CN¥0	-CN¥20M	-CN¥2.15B	-CN¥210M	-CN¥14.8B	-CN¥5.75B	-CN¥62.1B
Sales / maturities of investments	CN¥0	CN¥9.42M	CN¥0	CN¥0	CN¥315M	CN¥6.94M	CN¥5.88M	CN¥7.69B	CN¥8.64B	CN¥33.5B
Other investing	-CN¥83.3M	CN¥4.37M	-CN¥22.2M	-CN¥850M	-CN¥10.9M	-CN¥13.1M	-CN¥26.5M	-CN¥143M	-CN¥3.74M	CN¥15.7M
Investing cash flow	-CN¥1.1B	-CN¥1.12B	-CN¥1.63B	-CN¥3.17B	-CN¥1.81B	-CN¥5.56B	-CN¥5.54B	-CN¥9.87B	-CN¥1.79B	-CN¥31.8B
Financing
Net debt issued / repaid	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	-CN¥110M	CN¥0
Share buybacks	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	-CN¥6.12B
Dividends	-CN¥7.82B	-CN¥8.53B	-CN¥13.8B	-CN¥18.3B	-CN¥21.4B	-CN¥24.2B	-CN¥54.8B	-CN¥32.5B	-CN¥68.8B	-CN¥64.7B
Other financing (incl. tax on vested shares)	-CN¥516M	-CN¥373M	-CN¥2.62B	-CN¥1.02B	-CN¥2.74B	-CN¥2.33B	-CN¥2.67B	-CN¥2.34B	-CN¥2.17B	-CN¥2.63B
Financing cash flow	-CN¥8.33B	-CN¥8.9B	-CN¥16.4B	-CN¥19.3B	-CN¥24.1B	-CN¥26.6B	-CN¥57.4B	-CN¥58.9B	-CN¥71.1B	-CN¥73.4B
Summary
FX effect on cash	CN¥72.3K	CN¥72.9K	CN¥29K	CN¥27.2K	CN¥381K	-CN¥2.03M	CN¥911K	CN¥1.72M	-CN¥1.08M	CN¥35.9B
Net change in cash	CN¥28B	CN¥12.1B	CN¥23.3B	CN¥22.8B	CN¥25.7B	CN¥31.9B	-CN¥26.3B	-CN¥2.02B	CN¥19.6B	-CN¥7.61B
Free cash flow (OCF - capex)	CN¥36.4B	CN¥21B	CN¥39.8B	CN¥42.1B	CN¥49.6B	CN¥60.6B	CN¥31.4B	CN¥64B	CN¥87.8B	CN¥58.5B

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.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Share count and EPS

quarterly, diluted

The other statements

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen

Sources

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

Data as of 2026-11-01