Kweichow Moutai Income Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Operating Revenue	170,081	168,775	170,612	147,219	123,772	106,059
Other Revenue	71.28	63.52	287.31	474.61	327.51	130.86
Revenue	170,152	168,838	170,899	147,694	124,100	106,190
Revenue Growth	-4.60%	-1.21%	15.71%	19.01%	16.87%	11.88%
Cost of Revenue	16,567	14,871	13,802	11,818	10,111	8,983
Gross Profit	153,585	153,967	157,097	135,876	113,989	97,207
Selling, General & Admin	15,460	15,574	14,955	14,378	12,310	11,188
Research & Development	231.14	190.11	218.38	157.37	135.19	61.92
Other Operating Expenses	28,083	27,337	26,912	22,217	18,485	15,289
Operating Expenses	43,774	43,101	42,085	36,751	30,930	26,551
Operating Income	109,810	110,866	115,012	99,125	83,059	70,655
Interest Expense	-206.16	-204.51	-119.6	-126.12	-117.61	-187.43
Interest & Investment Income	3,704	4,060	4,731	4,843	4,993	4,277
Other Non Operating Income (Expenses)	-7.42	3.07	-3.56	-152.03	-69.09	3.61
EBT Excluding Unusual Items	113,301	114,724	119,620	103,690	87,866	74,749
Gain (Loss) on Sale of Investments	96.15	69.94	61.33	2.28	-0.12	-2.33
Gain (Loss) on Sale of Assets	-3.05	-2.38	-6.9	1.15	-20.57	-11.92
Other Unusual Items	21.7	-36.79	-35.78	-30.6	-143.61	-206.31
Pretax Income	113,416	114,755	119,639	103,663	87,701	74,528
Income Tax Expense	29,059	29,445	30,304	26,141	22,325	18,808
Earnings From Continuing Operations	84,357	85,310	89,335	77,521	65,376	55,721
Minority Interest in Earnings	-2,923	-2,990	-3,107	-2,787	-2,659	-3,260
Net Income	81,434	82,320	86,228	74,734	62,717	52,460
Net Income to Common	81,434	82,320	86,228	74,734	62,717	52,460
Net Income Growth	-9.45%	-4.53%	15.38%	19.16%	19.55%	12.34%
Shares Outstanding (Basic)	1,252	1,254	1,256	1,256	1,256	1,256
Shares Outstanding (Diluted)	1,252	1,254	1,256	1,256	1,256	1,256
Shares Change	-0.28%	-0.20%	-0.00%	0.01%	-0.01%	-0.01%
EPS (Basic)	65.04	65.66	68.64	59.49	49.93	41.76
EPS (Diluted)	65.04	65.66	68.64	59.49	49.93	41.76
EPS Growth	-9.20%	-4.34%	15.38%	19.15%	19.56%	12.35%

Additional Metrics

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Free Cash Flow	116,730	58,395	87,785	63,973	31,392	60,620
Free Cash Flow Per Share	93.23	46.58	69.88	50.92	24.99	48.26
Dividend Per Share	51.950	51.950	51.506	30.876	25.911	21.675
Dividend Growth	0.86%	0.86%	66.82%	19.16%	19.54%	12.35%
Gross Margin	90.26%	91.19%	91.92%	92.00%	91.85%	91.54%
Operating Margin	64.54%	65.66%	67.30%	67.12%	66.93%	66.54%
Profit Margin	47.86%	48.76%	50.46%	50.60%	50.54%	49.40%
Free Cash Flow Margin	68.60%	34.59%	51.37%	43.31%	25.30%	57.09%
EBITDA	111,941	112,958	116,982	100,973	84,659	72,124
EBITDA Margin	65.79%	66.90%	68.45%	68.37%	68.22%	67.92%
D&A For EBITDA	2,130	2,092	1,970	1,848	1,600	1,469
EBIT	109,810	110,866	115,012	99,125	83,059	70,655
EBIT Margin	64.54%	65.66%	67.30%	67.12%	66.93%	66.54%
Effective Tax Rate	25.62%	25.66%	25.33%	25.22%	25.46%	25.24%
Revenue as Reported	173,238	172,054	174,144	150,560	127,554	109,464
Advertising Expenses	-	1,829	1,335	1,366	-	-