Kweichow Moutai Co., Ltd. (MOUTAI) income 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

Kweichow Moutai Co., Ltd. (MOUTAI) reported revenue of CN¥41B for Q3 '26 (+3.0% year on year), operating income of CN¥27.3B (66.7% of revenue) and net income of CN¥20B. Over the last four quarters revenue was CN¥174B.

Income statement

Income statement	Q4 '23	Q1 '24	Q2 '24	Q3 '24	Q4 '24	Q1 '25	Q2 '25	Q3 '25	Q4 '25	Q1 '26	Q2 '26	Q3 '26
Revenue	CN¥39B	CN¥39.3B	CN¥30.7B	CN¥39.7B	CN¥51B	CN¥44.3B	CN¥39.7B	CN¥39.8B	CN¥41.2B	CN¥54.7B	CN¥37.6B	CN¥41B
Cost of revenue	CN¥3.55B	CN¥3.63B	CN¥3.62B	CN¥3.48B	CN¥3.56B	CN¥4.11B	CN¥3.72B	CN¥3.45B	CN¥3.71B	CN¥5.56B	CN¥4.09B	CN¥4.23B
Gross profit	CN¥35.5B	CN¥35.7B	CN¥27.1B	CN¥36.2B	CN¥47.5B	CN¥40.2B	CN¥35.9B	CN¥36.4B	CN¥37.4B	CN¥49.1B	CN¥33.5B	CN¥36.8B
Research & development	CN¥53.6M	CN¥25.9M	CN¥62M	CN¥46.9M	CN¥76.9M	CN¥26.4M	CN¥47.6M	CN¥39.2M	CN¥77M	CN¥59.3M	CN¥34.9M	CN¥32.7M
Sales & marketing	CN¥0	CN¥0	CN¥0	CN¥1.62B	CN¥1.4B	CN¥1.5B	CN¥1.77B	CN¥0	CN¥2.77B	CN¥0	CN¥0	CN¥0
General & administrative	CN¥0	CN¥0	CN¥0	CN¥3.5B	-CN¥1.02B	CN¥1.92B	CN¥293M	CN¥3.05B	-CN¥970M	CN¥3.43B	CN¥0	CN¥0
Other operating expenses	CN¥0	CN¥0	CN¥0	CN¥4.58B	CN¥11.3B	CN¥0	CN¥8.1B	CN¥6.7B	CN¥10.5B	CN¥8.23B	CN¥6.45B	CN¥6.09B
Operating expenses	CN¥5.44B	CN¥3.02B	CN¥3.1B	CN¥9.75B	CN¥11.8B	CN¥3.43B	CN¥10.2B	CN¥9.79B	CN¥12.4B	CN¥11.7B	CN¥9.79B	CN¥9.44B
Operating income	CN¥30.1B	CN¥32.6B	CN¥24B	CN¥26.4B	CN¥35.7B	CN¥36.7B	CN¥25.7B	CN¥26.6B	CN¥25.1B	CN¥37.4B	CN¥23.7B	CN¥27.3B
Interest income	CN¥532M	CN¥502M	CN¥396M	CN¥281M	CN¥308M	CN¥287M	CN¥207M	CN¥151M	CN¥198M	CN¥134M	CN¥133M	CN¥136M
Interest expense	CN¥2.91M	CN¥2.47M	CN¥3.28M	CN¥1.48M	CN¥7.25M	CN¥2.43M	CN¥1.94M	CN¥2.14M	CN¥22.2M	CN¥15.4M	CN¥5.67M	CN¥10.9M
Other non-operating income (gains on investments, FX ...)	-CN¥383M	-CN¥535M	-CN¥447M	-CN¥26.3M	CN¥94.9M	-CN¥299M	-CN¥16.1M	-CN¥62.1M	-CN¥305M	-CN¥138M	CN¥0	CN¥0
Total non-operating income	CN¥380M	CN¥532M	CN¥444M	CN¥24.8M	-CN¥102M	CN¥297M	CN¥14.2M	CN¥59.9M	CN¥283M	CN¥123M	CN¥195M	CN¥241M
Income before tax	CN¥30.4B	CN¥33.2B	CN¥24.4B	CN¥26.5B	CN¥35.6B	CN¥37B	CN¥25.7B	CN¥26.6B	CN¥25.4B	CN¥37.5B	CN¥23.9B	CN¥27.6B
Income tax	CN¥7.74B	CN¥8.29B	CN¥6.11B	CN¥6.62B	CN¥9.29B	CN¥9.26B	CN¥6.53B	CN¥6.71B	CN¥6.94B	CN¥9.39B	CN¥6.02B	CN¥6.9B
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¥17.7B	CN¥27.2B	CN¥17.3B	CN¥20B
EPS (basic)	CN¥17.40	CN¥19.16	CN¥14.03	CN¥15.23	CN¥20.22	CN¥21.38	CN¥14.80	CN¥15.35	CN¥14.13	CN¥21.76	CN¥13.81	CN¥15.96
EPS (diluted)	CN¥17.40	CN¥19.16	CN¥14.03	CN¥15.23	CN¥20.22	CN¥21.38	CN¥14.80	CN¥15.35	CN¥14.13	CN¥21.76	CN¥13.81	CN¥15.96
Shares (basic, weighted)	1.26B	1.26B	1.26B	1.26B	1.26B	1.26B	1.25B	1.25B	1.25B	1.25B	1.25B	1.25B
Shares (diluted, weighted)	1.26B	1.26B	1.26B	1.26B	1.26B	1.26B	1.25B	1.25B	1.25B	1.25B	1.25B	1.25B
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
EBITDA	CN¥30.9B	CN¥33.7B	CN¥24.9B	CN¥27B	CN¥36.1B	CN¥37.6B	CN¥26.3B	CN¥26.6B	CN¥25.4B	CN¥37.6B	CN¥24.3B	CN¥27.3B

Income statement	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	CN¥33.6B	CN¥52.7B	CN¥65.9B	CN¥76.1B	CN¥84.1B	CN¥94.2B	CN¥109B	CN¥128B	CN¥174B	CN¥145B
Cost of revenue	CN¥3.86B	CN¥6.5B	CN¥7.08B	CN¥8.02B	CN¥8.75B	CN¥9.68B	CN¥10.9B	CN¥12.8B	CN¥13.8B	CN¥16B
Gross profit	CN¥29.8B	CN¥46.2B	CN¥58.8B	CN¥68.1B	CN¥75.4B	CN¥84.5B	CN¥98.2B	CN¥116B	CN¥160B	CN¥129B
Research & development	CN¥11.5M	CN¥11.2M	CN¥19M	CN¥44M	CN¥45.3M	CN¥57.2M	CN¥114M	CN¥139M	CN¥212M	CN¥184M
Sales & marketing	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥5.64B	CN¥0
General & administrative	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥4.74B	CN¥14.6B
Other operating expenses	CN¥89.2M	CN¥10.7M	CN¥0	CN¥0	CN¥0	CN¥55.8K	CN¥0	CN¥0	CN¥30.1B	CN¥483M
Operating expenses	CN¥5.55B	CN¥7.28B	CN¥7.5B	CN¥9.06B	CN¥8.97B	CN¥10.7B	CN¥11.8B	CN¥13.7B	CN¥40.7B	CN¥15.3B
Operating income	CN¥24.2B	CN¥38.9B	CN¥51.3B	CN¥59B	CN¥66.4B	CN¥73.7B	CN¥86.4B	CN¥102B	CN¥120B	CN¥114B
Interest income	CN¥71.5M	CN¥60.7M	CN¥14.4M	CN¥20.7M	CN¥279M	CN¥1B	CN¥1.54B	CN¥1.95B	CN¥1.48B	CN¥843M
Interest expense	CN¥38.3M	CN¥4.97M	CN¥10.9M	CN¥28.1M	CN¥44.1M	CN¥10.1M	CN¥83.6M	CN¥153M	CN¥14.5M	CN¥28.7M
Other non-operating income (gains on investments, FX ...)	CN¥236M	CN¥139M	CN¥491M	CN¥234M	CN¥141M	-CN¥798M	-CN¥1.39B	-CN¥1.97B	CN¥35.5M	-CN¥916M
Total non-operating income	-CN¥275M	-CN¥144M	-CN¥502M	-CN¥262M	-CN¥185M	CN¥788M	CN¥1.3B	CN¥1.81B	-CN¥50M	CN¥887M
Income before tax	CN¥24B	CN¥38.7B	CN¥50.8B	CN¥58.8B	CN¥66.2B	CN¥74.5B	CN¥87.7B	CN¥104B	CN¥120B	CN¥115B
Income tax	CN¥6.03B	CN¥9.73B	CN¥13B	CN¥14.8B	CN¥16.7B	CN¥18.8B	CN¥22.3B	CN¥26.1B	CN¥30.3B	CN¥29.4B
Net income	CN¥16.7B	CN¥27.1B	CN¥35.2B	CN¥41.2B	CN¥46.7B	CN¥52.5B	CN¥62.7B	CN¥74.7B	CN¥86.2B	CN¥82.3B
EPS (basic)	CN¥13.31	CN¥21.56	CN¥28.02	CN¥32.80	CN¥37.17	CN¥41.76	CN¥49.93	CN¥59.49	CN¥68.64	CN¥65.66
EPS (diluted)	CN¥13.31	CN¥21.56	CN¥28.02	CN¥32.80	CN¥37.17	CN¥41.76	CN¥49.93	CN¥59.49	CN¥68.64	CN¥65.66
Shares (basic, weighted)	1.26B	1.26B	1.26B	1.26B	1.26B	1.26B	1.26B	1.26B	1.26B	1.25B
Shares (diluted, weighted)	1.26B	1.26B	1.26B	1.26B	1.26B	1.26B	1.26B	1.26B	1.26B	1.25B
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
EBITDA	CN¥24.9B	CN¥39.9B	CN¥52B	CN¥60.1B	CN¥67.6B	CN¥76.1B	CN¥89.5B	CN¥106B	CN¥122B	CN¥117B

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.

Revenue, operating income and growth

quarterly

Margins

quarterly

Costs as % of revenue

quarterly

The other statements

Balance sheetCash, investments, assets, debt, liabilities and equityOpen 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