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On May 12, Kweichow Moutai held its 2024 annual and Q1 2025 earnings conference, where senior executives, including Deputy Party Secretary and Acting General Manager Wang Li, addressed critical topics such as production capacity, market strategies, international expansion, and the performance of Moutai 1935. 

Shift to High-Quality Growth: 2025 Revenue Target of 9% 

In 2024, Moutai reported revenue of RMB 170.9 billion (+15.71% YoY) and net profit attributable to shareholders of RMB 86.23 billion (+15.38% YoY). Q1 2025 saw revenue of RMB 50.6 billion (+10.54% YoY) and net profit of RMB 26.85 billion (+11.56% YoY), marking a strong start. Wang Li emphasized that the白酒 industry is transitioning from rapid expansion to rational consumption, with resources increasingly concentrated in leading brands. Moutai aims for sustainable growth, targeting a 9% revenue increase in 2025 by optimizing product value, enhancing market penetration, and improving governance efficiency. 

Three-Phase Internationalization Strategy Supported by "Six Systems"

With domestic market saturation, Moutai is accelerating overseas expansion. In 2024, international revenue reached RMB 5.19 billion (+19.27% YoY), surging to RMB 1.12 billion (+37.53% YoY) in Q1 2025. The international roadmap includes: 

1. Export: Expanding product presence globally. 

2. Going Global**: Promoting brand and cultural influence. 

3. Global Integration**: Aligning with international standards and value creation. 

To execute this, Moutai will build six systems—branding, product, pricing, distribution, compliance, and policy—while prioritizing resources in key markets like East and South Asia. 

Capacity Expansion and "Five Ratios" Allocation System

Moutai’s "14th Five-Year Plan" technical upgrade project aims to add annual production capacity of 19,800 tons and storage capacity of 84,700 tons. Capacity release will align with ecological sustainability, artisan training, and market demand. The company has established a dynamic "five ratios" allocation framework to ensure precise market supply. 

In 2024, direct sales revenue grew 11.32% to RMB 74.84 billion, though the "i Moutai" platform saw a 10.51% decline due to adjustments in product allocation strategies. Wang Li stated that the platform will refine its approach to reinforce its role as a core digital channel. 

Steady Performance of Moutai 1935

As a flagship product, Moutai 1935 achieved cumulative sales of nearly RMB 30 billion in three years. Enhanced marketing around "celebration culture," product upgrades, and optimized consumption scenarios drove stable sales growth in 2025, meeting expectations. 

Moutai remains committed to fostering industry collaboration, advocating rational consumption, and diversifying product offerings to navigate market cycles and achieve high-quality development.