Kweichow Moutai stock faces 1.95 percent profit decline

Published on 10/01/2026 at 09:21 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Kweichow Moutai stock enters October with first-half revenue of CNY 90.703 billion. Net profit reached CNY 44.517 billion in the same period.

Kweichow Moutai, CNE0000018R8, Illustration mit AI erstellt.

Kweichow Moutai stock (ISIN CNE0000018R8) faces a first-half 2026 net profit decline of 1.95 percent, according to Futunn on September 8, 2026. The report puts operating revenue at CNY 90.703 billion for the first half of 2026 and net profit attributable to shareholders at CNY 44.517 billion.

Profit pressure reaches the second quarter

The reported figures show a clear split between sales stability and earnings momentum. Revenue rose 1.47 percent year over year in the first half, while net profit fell 1.95 percent and basic earnings per share declined 1.68 percent to CNY 3.557, according to Futunn's account of the interim report.

The second quarter carried the sharper pressure. A Futunn tracking report dated September 18, 2026, assigns CNY 37.575 billion of revenue and CNY 17.274 billion of net profit to the second quarter. Both figures were lower than the first quarter's CNY 54.703 billion revenue and CNY 27.243 billion net profit.

Direct sales cushion the slowdown

The same report highlights a channel shift rather than a simple demand collapse. Direct sales generated CNY 51.962 billion in the first half of 2026, compared with CNY 38.697 billion from wholesale and agency channels, giving direct sales the larger contribution to revenue.

That mix matters because Moutai can retain more of the retail economics when it sells directly. The counterweight is margin pressure: first-half gross margin stood at 89.56 percent, down 1.74 percentage points, while premium baijiu demand and distributor spending remain key operating risks cited in the September 18 report.

Analysts keep a positive valuation view

MarketScreener listed a Buy mean consensus from 25 analysts in its September 19, 2026 update. The average target was CNY 1,694.19, with the highest target at CNY 2,100.00 and the lowest at CNY 1,295.00.

The positive consensus sits beside a more cautious earnings profile. For investors, the central question is whether direct sales and premium products can protect profit quality while revenue growth remains measured.

Shanghai quote stays below recent high

Kweichow Moutai was last quoted at CNY 1,486.00 on the Shanghai Stock Exchange on October 1, 2026, against a previous close of CNY 1,522.90. The decline of CNY 36.90 equals minus 2.42 percent versus that close, while the 52-week range extends from CNY 1,151.01 to CNY 1,568.00.

The further course of trading is shown by the continuously updated real-time quote of Kweichow Moutai stock.