Kweichow Moutai 贵州茅台
Kweichow Moutai announced on 3 June 2026 that it adjusted the per-share dividend amount for its 2025 annual profit distribution plan. The company then announced on 22 June 2026 the implementation of its 2025 annual equity distribution. Fourteen broker reports have been published since 31 May 2026, the latest on 21 September 2026.
贵州茅台于2026年6月3日公告调整其2025年度利润分配方案的每股分红金额。然后，公司于2026年6月22日公告其2025年度权益分派的实施。自2026年5月31日以来，已发布14份经纪报告，最新的报告日期为2026年9月21日。
Price History 价格走势
250 trading days 个交易日 · High 最高 ¥1,519.05 · Low 最低 ¥1,168.63Figures as filed, most recent period first. 按披露口径，最新一期在前。
| Line Item 项目 | 30 Jun 2026 中报 | 31 Mar 2026 一季报 | 31 Dec 2025 年报 | 30 Sep 2025 三季报 | 30 Jun 2025 中报 | 31 Mar 2025 一季报 |
|---|---|---|---|---|---|---|
| Revenue 营业收入 | ¥923亿 | ¥547亿 | ¥1,721亿 | ¥1,309亿 | ¥911亿 | ¥514亿 |
| Revenue YoY 营收同比 | +1.30% | +6.34% | −1.20% | +6.32% | +9.16% | +10.67% |
| Net Profit 净利润 | ¥445亿 | ¥272亿 | ¥823亿 | ¥646亿 | ¥454亿 | ¥268亿 |
| Net Profit YoY 净利同比 | −1.95% | +1.47% | −4.53% | +6.25% | +8.89% | +11.56% |
|
Gross Margin
毛利率
The share of each sale left after the direct cost of making the product. It shows pricing power before overheads, marketing and tax. 每笔销售扣除直接生产成本后剩下的比例，反映管理费用、营销和税之前的定价能力。 Direction matters more than level, and a widening lead over peers signals a durable advantage. 方向比水平更重要，与同业差距持续拉大说明优势稳固。 | 89.56% | 89.76% | 91.18% | 91.29% | 91.30% | 91.97% |
|
Net Margin
净利率
The share of revenue left as profit after all costs, interest and tax. 扣除全部成本、利息和税后，营收中剩下的利润比例。 Compare within one industry, because a supermarket at 3% can be healthier than a software company at 15%. 只在同行业内比较：3% 的超市可能比 15% 的软件公司更健康。 | 50.75% | 52.22% | 50.53% | 52.08% | 52.56% | 54.89% |
|
Return on Equity
净资产收益率
The profit the company produced in the year for every 100 yuan that shareholders have in the business. 公司一年内为股东投入的每 100 元所赚取的利润。 A sustained 15% or more is good, provided it is not propped up by heavy borrowing. 持续 15% 以上为佳，前提是不靠高负债撑起来。 | 16.75% | 10.57% | 32.53% | 24.64% | 17.89% | 10.92% |
|
Debt Ratio
资产负债率
Total liabilities as a percentage of total assets. At 60%, lenders have funded three yuan of the business for every two from the owners. 总负债占总资产的百分比。60% 意味着贷款方每出三元，股东出两元。 Read it against the industry, as a bank sits above 90% and a distiller below 30%. 要对照行业来看：银行常在 90% 以上，白酒企业则在 30% 以下。 | 15.19% | 12.12% | 16.42% | 12.81% | 14.75% | 14.14% |
| Current Ratio 流动比率 | 5.59× | 7.06× | 5.09× | 6.62× | 5.73× | 6.07× |
|
Cash Flow to Revenue
经营现金流/营收
Cash the business collected from trading, as a multiple of the revenue it booked. 经营活动收到的现金与账面营收之比。 A figure well below the net margin, period after period, means sales are being booked faster than they are paid for. 如果连续多期明显低于净利率，说明销售确认快于回款。 | 0.78× | 0.50× | 0.36× | 0.30× | 0.15× | 0.17× |
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Earnings per Share
每股收益
Total profit divided by the number of shares. It is the part of the year’s profit that belongs to one share. 净利润除以股份数，即一股所对应的年度利润。 Check whether the share count is falling, because buybacks raise EPS without raising profit. 留意股份数是否在减少：回购会抬高每股收益而利润并未增加。 | ¥35.57 | ¥21.76 | ¥65.66 | ¥51.53 | ¥36.18 | ¥21.38 |
|
Book Value per Share
每股净资产
The accounting value of what the company owns after debts, divided by the number of shares. 公司扣除负债后的账面价值除以股份数。 Divide the share price by it to get the price-to-book ratio. 用股价除以它就得到市净率。 | ¥200.99 | ¥216.32 | ¥195.36 | ¥205.28 | ¥189.98 | ¥205.67 |
Money is in CNY, in 亿 (100 million) and 万 (10,000). 货币为 CNY，单位为亿和万。
24 periods, 30 Sep 2020 to 30 Jun 2026. 共 24 期，30 Sep 2020 至 30 Jun 2026。
Interim and quarterly figures are cumulative from the start of the fiscal year. Year-on-year figures are as filed. 中期和季度数据为财年累计值，同比数据按披露口径。