Kweichow Moutai's revenue fell by 1.21% and profit dropped by 4.53% in 2025, while dividends hit a record high｜Financial Report Insights
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Kweichow Moutai’s performance in 2025 is under pressure, with both revenue and net profit experiencing a rare year-on-year decline since listing. However, the company responded to the market with a record-breaking dividend, distributing a total cash dividend of 65.033 billion yuan for the year and advancing the second round of share buyback, sending a signal of stability to investors.
In 2025, Kweichow Moutai achieved revenue of 168.838 billion yuan, down 1.21% year-on-year; net profit attributable to shareholders was 82.320 billion yuan, down 4.53% year-on-year. This reflects the overall pattern of high-end liquor market demand under pressure.
Despite narrowed profits, the company announced a cash dividend of 27.993 yuan (pre-tax) per share, with a total planned distribution of about 35.033 billion yuan. Combined with the interim dividend, the total annual dividend reached 65.033 billion yuan, hitting a record high. At the same time, the company completed its first 6 billion yuan share buyback and initiated the second round of buyback.
The company emphasized that Moutai brand value grew 16.5% year-on-year to $58.38 billion, MSCI ESG rating upgraded from BBB to A, and the market fundamentals remained stable overall.
Revenue and Net Profit Both Decline, Operating Cash Flow Contracts Significantly
In 2025, Kweichow Moutai’s revenue was 168.838 billion yuan, down 1.21% year-on-year; total profit was 114.755 billion yuan, down 4.08% year-on-year; net profit attributable to shareholders was 82.320 billion yuan, down 4.53% year-on-year.
The net cash flow from operating activities declined even more markedly, shrinking from 92.464 billion yuan in 2024 to 61.522 billion yuan, a drop of 33.46% year-on-year, reflecting changes in sales collection rhythm and channel capital turnover.
From a quarterly perspective, revenue in the first quarter was 50.061 billion yuan and net profit was 26.847 billion yuan, significantly stronger than the other three quarters, with annual performance showing a high-first, low-later trend.
Revenue for the second to fourth quarters was 38.788 billion yuan, 39.064 billion yuan, and 40.384 billion yuan, respectively; net profit was 18.555 billion yuan, 19.224 billion yuan, and 17.693 billion yuan, respectively, showing relatively balanced but overall weak performance across quarters.
Weighted average ROE dropped from 36.02% last year to 32.53%, a decrease of 3.49 percentage points; basic earnings per share was 65.66 yuan, down 4.34% year-on-year.
Dividend Hits Historic High, Market Value Management Strengthened
Facing performance pressure, Kweichow Moutai continued to strengthen shareholder returns.
The company’s 2025 profit distribution plan proposes a cash dividend of 27.993 yuan (pre-tax) per share, based on the total share capital (excluding shares in the special buyback account) of 1.251 billion shares, with a total planned distribution of about 35.033 billion yuan (pre-tax).
Combined with the previously distributed interim dividend, the total annual dividend in 2025 reaches 65.033 billion yuan, setting a new record for the company and fulfilling the previously disclosed three-year cash dividend plan commitment.
In terms of stock buyback, the company completed the first round 6 billion yuan buyback operation. As of March 31, 2026, the buyback-specific securities account held 794,176 shares.
The company has now started the second round of stock buyback. The company stated these measures aim to “effectively protect investor interests and continually create value for investors.”
Brand Value Climbs, ESG Rating Gains International Recognition
Against a background of performance pressure, Kweichow Moutai achieved multiple breakthroughs in brand building and sustainable development.
According to the “Brand Finance 2025 Top 500 Chinese Brands” ranking, Moutai’s brand value reached $58.38 billion, up 16.50% from last year, maintaining its lead in the spirits sector, with a brand strength rating of the highest AAA+ level.
In ESG ratings, the company’s MSCI ESG rating rose from BBB to A, becoming the first Chinese liquor company to receive this rating; S&P Corporate Sustainability Assessment (CSA) scores also improved significantly, entering the leading level.
During the reporting period, the company launched the inaugural Chishui River Forum and participated in the Davos Forum, the 2025 China Entrepreneur Boao Forum, and other high-profile international and domestic events, aiming to expand its global brand influence.
Market Strategy Adjustment, Promoting "All to C" Transformation
Faced with changing demand conditions, Kweichow Moutai continues to drive structural adjustments in its sales strategy.
In management statements, the company says it will steadily promote the “All to C” strategy, by advancing three transformations—scenario, customer group, service—as well as three reforms—product, channel, terminal—and stressing the coordinated efforts of Moutai liquor, series liquors, and internationalization to boost market confidence and stabilize fundamentals.
In terms of sales channels, the company continues to advance the dual-track model of direct sales (including “iMoutai” and other digital marketing platforms) and wholesale distribution (dealers, supermarkets, e-commerce, etc.).
As of the end of the reporting period, Kweichow Moutai had a total of 255,892 ordinary shareholders. Controlling shareholder China Kweichow Moutai Distillery (Group) Co., Ltd. holds a 54.40% stake, totaling 681 million shares.
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