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Revenue of Sichuan baijiu maker Wuliangye hit 66.2 billion yuan (US$10.5 billion) last year, up 15 percent. Its net profit grew 17 percent to 23.4 billion yuan. Since 2017, revenue and profits have grown by more than 10 percent a year. The company is now firmly in second place in the Chinese spirits market, behind Maotai, which is growing even faster.
In 2016, Wulangye’s profits trailed Maotai by 15.6 billion yuan. By last year, that number had grown to 40.7 billion.
ZENG Weiqin, general manager of the distillers since February, has said that while Wuliangye dominates the 1000-yuan baijiu market, the challenge lies at the luxury end of the business, Maotai’s domain.
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