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China's most valuable liquor maker, producing premium baijiu (sorghum-based spirit) sold mainly for domestic banqueting, gifting and collecting.
China's most valuable liquor maker, producing premium baijiu (sorghum-based spirit) sold mainly for domestic banqueting, gifting and collecting.
Earns mainly from selling its flagship liquor to a network of distributors and, increasingly, through its own direct channels and app. The spirit is aged for years before sale, so supply is limited and cannot be raised quickly. The Guizhou provincial government controls the company through a state group.
In one line: China's Diageo/LVMH-equivalent luxury spirits maker.
Moat: wide (brand, scale, regulatory licence). Iconic status brand with geographically-protected production (Guizhou terroir) and decades of collector demand.
Headquarters: Renhuai, Guizhou, China · Founded: 1951 · Employees: 34,992
Size Kweichow Moutai (600519.SS) is a China Consumer Staples company (Beverages: Alcoholic) with a market value of $272B, the 7th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥1,453 on 6 Nov 2026.
Performance Over six months the shares gained 4.9%, against +7.4% for the median peer and -16.4% for the China market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue fell 4.1% over the last twelve months (peer median +0.2%); the operating margin is 65.1% (peer median 17.8%).
Valuation It trades at 21.7× forward earnings against a peer median of 15.5× (3rd most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -11 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 30.2 points above its cost of capital (5.9% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥174B | CN¥145B | CN¥148B | CN¥129B | CN¥109B |
| Revenue growth | — | -2% | +15% | +18% | — |
| Gross profit | CN¥158B | CN¥129B | CN¥133B | CN¥116B | CN¥98.5B |
| EBITDA | n/a | CN¥116B | CN¥120B | CN¥104B | CN¥88.1B |
| Net income | CN¥82.2B | CN¥82.3B | CN¥86.2B | CN¥74.7B | CN¥62.7B |
| Free cash flow | CN¥105B | CN¥58.5B | CN¥87.9B | CN¥64.1B | CN¥31.4B |
| Capital expenditure | CN¥2.29B | CN¥3.13B | CN¥4.68B | CN¥2.62B | CN¥5.31B |
| Total debt | CN¥262M | CN¥18.3B | CN¥23.5B | CN¥12.4B | CN¥13.3B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Kweichow Moutai 600519.SS | $272B | +5% | -4% | 65% | 21.7× | 0.7% |
| Wuliangye Yibin 000858.SZ | $43.9B | -22% | -6% | 32% | 22.1× | 7.1% |
| Luzhou Laojiao 000568.SZ | $17.9B | -19% | -38% | 40% | 17.5× | 9.9% |
| Diageo DGE.L | $56.3B | +25% | -6% | 29% | 15.2× | -0.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 600519.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +15.7% | +10.6% | 5th highest of 21 |
| 6-month return | +4.9% | +7.4% | 10th lowest of 21 |
| Distance from 52-week high | -7.3% | -9.8% | 10th highest of 21 |
| Revenue growth (TTM) | -4.1% | +0.2% | 8th lowest of 21 |
| Operating margin | 65.1% | 17.8% | highest of 21 |
| Forward P/E | 21.7× | 15.5× | 3rd most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 0.7% | -0.9% | 10th most demanding of 21 |
| Growth delivered (Del g) | +11.5% | +5.2% | 3rd highest of 21 |
| Hurdle (Req g minus delivered) | -10.8 pp | -5.6 pp | 4th least demanding of 21 |
| ROIC minus cost of capital | +30.2 pp | +4.8 pp | 2nd highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Kweichow Moutai 600519.SS | China | $272B | +5% | -4% | 65% | 21.7× | 0.7% | +11.5% |
| Anheuser-Busch InBev SA/NV Sponsored ADR BUD | United States | $168B | +5% | +7% | 26% | 18.9× | 2.7% | +4.7% |
| Diageo DGE.L | United Kingdom | $56.3B | +25% | -6% | 29% | 15.2× | -0.9% | +2.8% |
| Heineken HEIA.AS | Netherlands | $51.8B | +29% | +1% | 12% | 15.9× | 4.2% | +7.8% |
| Wuliangye Yibin 000858.SZ | China | $43.9B | -22% | -6% | 32% | 22.1× | 7.1% | -9.6% |
| Ambev SA Sponsored ADR ABEV | United States | $43.2B | -15% | +4% | 23% | 14.5× | -5.5% | +6.9% |
| Heineken HEIO.AS | Netherlands | $24.7B | +32% | +1% | 12% | 14.5× | -1.1% | +7.8% |
| Shanxi Xinghuacun Fen Wine Factory 600809.SS | China | $24.1B | -8% | -9% | 36% | 17.1× | 3.0% | +22.7% |
| Constellation Brands STZ | United States | $24.0B | -4% | -4% | 30% | 11.9× | -4.5% | +1.2% |
| Carlsberg AS CARL-A.CO | Denmark | $20.9B | +12% | +10% | 14% | 17.2× | -2.2% | +8.8% |
| Pernod Ricard RI.PA | France | $20.0B | +16% | -14% | 26% | 12.5× | 2.1% | +1.3% |
| Luzhou Laojiao 000568.SZ | China | $17.9B | -19% | -38% | 40% | 17.5× | 9.9% | +8.7% |
| Asahi Group Hldgs 2502.T | Japan | $16.4B | +10% | +3% | 9% | 13.1× | 1.8% | +7.4% |
| Kirin 2503.T | Japan | $15.2B | +21% | +6% | 11% | 13.7× | -4.2% | +5.6% |
| Brown–Forman BF-B | United States | $14.2B | +11% | 0% | 29% | 17.9× | -5.1% | +2.7% |
| United Spirits UNITDSPR.NS | India | $10.9B | +11% | 0% | 15% | 53.0× | 44.2% | +8.9% |
| Bud Apac 1876.HK | Hong Kong | $10.7B | -16% | -3% | 15% | 20.1× | -0.9% | +0.7% |
| Tsingtao Brewery 0168.HK | Hong Kong | $9.12B | -21% | +1% | 16% | 10.8× | -5.0% | +2.6% |
| Davide Campari-Milano CPR.MI | Italy | $8.93B | +22% | -1% | 20% | 21.0× | 3.6% | +11.5% |
| China Res Beer 0291.HK | Hong Kong | $8.66B | -18% | +3% | 15% | 10.7× | -1.5% | +3.1% |
| Thai Beverage Public Y92.SI | Singapore | $8.56B | +2% | -8% | 13% | 10.6× | -4.7% | +3.2% |