Kweichow Moutai Co., Ltd. disclosed its 2025 annual report on the evening of the 16th. In 2025, Kweichow Moutai achieved operating income of 168.838 billion yuan, a year-on-year decrease of 1.21%; net profit attributable to shareholders of listed companies was 82.320 billion yuan, a year-on-year decrease of 4.53%. According to Wind data, since Kweichow Moutai went public in 2001, there has been no negative growth in revenue or net profit for any year. As a result, 2025 was the first time since Kweichow Moutai went public that both revenue and net profit declined. Regarding the slight decline in revenue, the company said it was mainly due to structural adjustments in the sauce-flavored wine series.

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