Kweichow Moutai (600519) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 reached RMB 53.91 billion, up 6.54% year-over-year, with net profit attributable to shareholders at RMB 27.24 billion, a 1.47% increase year-over-year.

• Operating cash flow surged 205.48% year-over-year to RMB 26.91 billion.

• Total assets grew 5.29% from year-end 2025 to RMB 319.92 billion.

Financial highlights

• Gross profit margin remained robust, with operating profit at RMB 37.54 billion, up 1.38% year-over-year.

• Basic and diluted EPS both increased to RMB 21.76, up 1.78% year-over-year.

• Weighted average ROE was 10.57%, down 0.35 percentage points from year-end 2025.

• Cash and cash equivalents at quarter-end stood at RMB 169.97 billion.

Outlook and guidance

• The company continues to focus on digital marketing, with significant sales through the “i茅台” platform.

• Ongoing share repurchase program aims to enhance shareholder value.