Kweichow Moutai (600519) Q2 2026 earnings summary

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.