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Kweichow Moutai handed in its first report card after Zhang Deqin took office as chairman. In the first half of 2024, the company's revenue and net profit both grew by double digits, and was evaluated as "the growth rate was in line with expectations."

Behind this report card, Kweichow Moutai experienced several tense moments in the first half of the year. In the second quarter, the wholesale price of Feitian Moutai fell, and the wholesale price of loose bottles of Feitian Moutai once fell to around 2,100 yuan per bottle. Subsequently, Kweichow Moutai supported the wholesale price by adjusting the delivery rhythm and canceling the "unpacking order".

A Beijing News reporter recently learned from several Moutai distribution outlets that the wholesale price and market price of Feitian Moutai have rebounded, but there is still a gap compared to the price of over 3,000 yuan per bottle before the Mid-Autumn Festival last year, and the market heat has not recovered to last year's high.

As a leading liquor company, Kweichow Moutai's adjustments in response to market changes have also sent new development signals to the liquor market, including actively transforming to "new business" to expand consumption, and deploying the entire price range to seek new growth points. At the same time, when the price range below 500 yuan became the main sales price range, the leading and famous liquor companies also increased their layout in this price range, which means that regional liquor companies are facing more intense competition.

Feitian Moutai "stable price"

In the first half of 2024, Kweichow Moutai achieved operating revenue of 81.931 billion yuan, a year-on-year increase of 17.76%; and net profit of 41.696 billion yuan, a year-on-year increase of 15.88%. Compared with the operating target of a year-on-year increase of about 15% in revenue in 2024, Kweichow Moutai has achieved "half of the time and half of the task". Zhang Deqin's report card after taking over Kweichow Moutai from Ding Xiongjun has attracted much attention, and many institutions have given the evaluation of "steady development" and "growth rate in line with expectations".