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On January 2, Kweichow Moutai released the announcement of 2024 annual production and operation, which is expected to achieve a total operating income of about 173.8 billion yuan, an increase of about 15.44%; It is expected to achieve net profit attributable to shareholders of listed companies of about 85.7 billion yuan, an increase of about 14.67%.

According to the company's preliminary calculation, in 2024, the company will produce about 56,300 tons of Maotai base wine and about 48,100 tons of series base wine. The reporter found that according to the above 14.67% net profit growth rate in 2024, Kweichow Moutai's net profit growth rate has declined for two consecutive years. Prior to this, Kweichow Moutai's net profit growth in 2022 and 2023 was 19.55% and 19.16%, respectively.

From the perspective of subdivision products, according to the above data, the operating income of Moutai liquor in 2024 increased by about 15.18% year-on-year, and the operating income of series wine increased by about 19.24% year-on-year, while in 2023, the revenue growth of Moutai liquor and series wine of Guizhou Moutai was 17.39% and 29.43% respectively.

It can be seen from the data that the revenue growth rate of Maotai wine in 2024 is not large, but the revenue growth rate of series wine has plummeted.

Kweichow Moutai has cut back on output volumes for the first time since 2014 as it sought to stabilise wholesale prices of its products, according to Morningstar.  Analysts have said this strategy will support growth in the long run.

Shares in the baijiu maker ended 12% lower last year, underperforming the more than 10% increase in the benchmark Shanghai Composite Index.

In January last year, the drinks business revealed that Kweichow Moutai had lost its top spot as China’s most valuable company.  Mobile comms firm Tencent snatched the crown while Alibaba fell into the second slot, with Kweichow sliding to third place.

The firm continued to struggle throughout the year against tough market conditions, and average sale prices at prime wholesalers fell roughly 5% to about CNY2,250 a bottle in September despite it being a prime festive season for family celebrations and gifting.

But net profits in 2024 are higher than they were at the end of 2023, when the company made CNY74.73 billion, compared to the CNY85.7bn last year.