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Kweichow Moutai
Kweichow Moutai (600519) investor relations material
Kweichow Moutai Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary14 Aug, 2026
Executive summary
Revenue for H1 2026 reached RMB 90.70 billion, up 1.47% year-over-year; net profit attributable to shareholders was RMB 44.52 billion, down 1.95% year-over-year.
Operating cash flow surged 438.84% to RMB 70.69 billion, mainly due to increased deposits from group members and reduced interbank deposits.
The company maintained stable production and quality, with base liquor output of 41,000 tons for Moutai and 31,000 tons for series liquors.
Product structure, pricing, and channel reforms advanced, with digital sales via the iMoutai platform contributing significantly.
Financial highlights
Operating income: RMB 90.70 billion (+1.47% YoY); operating cost: RMB 9.47 billion (+21.81% YoY).
Net profit attributable to shareholders: RMB 44.52 billion (-1.95% YoY); basic EPS: RMB 35.57 (-1.68% YoY).
Gross margin remained high, but net margin slightly declined due to increased costs.
Cash flow from operations: RMB 70.69 billion (+438.84% YoY).
Total assets at period end: RMB 309.05 billion (+1.72% from year-end 2025).
Outlook and guidance
Management expects continued industry competition and structural adjustment, but remains confident in achieving full-year targets.
Focus remains on quality, supply chain optimization, and digital transformation to drive future growth.
Explain the 438% operating cash flow increase
Detail the Comprehensive to C marketing reform
Remaining capital for Moutai industrial funds
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Latest events from Kweichow Moutai
- Q1 2026 saw 6.54% revenue growth and robust cash flow, with continued share buybacks.600519
Q1 2026 - Net profit and revenue declined, but margins, dividends, and brand value remained strong.600519Q4 2025
- Revenue and net profit rose over 6% year-over-year, with digital sales showing strong growth.600519Q3 2025
- Revenue and net profit rose nearly 9% year-over-year, with robust liquor sales and ongoing innovation.600519Q2 2025
- Revenue and net income surged double digits year-over-year, but cash flow declined.600519Q3 2024
- Revenue and net profit surged double digits in H1 2024, with strong brand and cash flow.600519Q2 2024
- Revenue and net profit grew over 10% year-over-year, led by strong core liquor sales.600519Q1 2025
- Net profit rose 15.4% to RMB 86.2B, with high margins and strong cash returns.600519Q4 2024
Kweichow Moutai
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