# Kweichow Moutai (600519.SHG)

Canonical: https://gigainvestors.com/s/600519.SHG

Analysis as of: 2026-10-16T07:33:32.129Z. Financial observations: FY1998–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: CNY 1,312.97 per share; close as of 2026-10-15.

Estimated value: low CNY 1,028.42 per share, central CNY 1,481.86 per share, high CNY 1,734.76 per share. Buy at or below the central value CNY 1,481.86 per share. Valuation as of 2026-10-16T07:33:32.129Z; scenarios are not confidence intervals.

Expected annual return: 10.9% at the stated quote. About 10.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CN 10-year bond 1.7% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.07×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.72×

- FY2017: 0.74×

- FY2018: 0.78×

- FY2019: 0.78×

- FY2020: 0.79×

- FY2021: 0.67×

- FY2022: 0.68×

- FY2023: 0.68×

- FY2024: 0.69×

- FY2025: 0.66×

### moat: pass

- ROIC, median of available years: 43.0%

- ROIC, second-lowest year: 33.2%

- Typical minus recent gross margin: -0.9 pp

- Typical gross margin (annual median): 90.5%

- Recent gross margin (lower of latest and 3-year median): 91.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.6%

- ROIC including acquisitions, ten-year median: 40.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: >100%

- FY2017: >100%

- FY2018: 33.2%

- FY2019: 33.0%

- FY2020: 35.5%

- FY2021: 34.5%

- FY2022: 42.2%

- FY2023: 48.0%

- FY2024: 45.6%

- FY2025: 43.9%

### economics: pass

- Owner earnings / net income, 5-yr: 1.00×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 357B

- Net income, five-year total: CNY 358B

- Return on incremental invested capital: 153.8%

- Working capital / revenue, annual change: -3.0 pp

- Working capital / revenue, change between three-year averages: -18.3 pp

- Working capital / revenue, final three-year average: 80.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 1.00×

- FY2025: 0.99×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 107.8% vs 45.6%

- Per-share earnings: 13.33 to 65.66 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.0%

- Ordinary dilution, 5-year annual growth: -0.1%

- Market cap gain: CNY 1.31T

- Cumulative retained earnings: CNY 129B

- Diluted shares, 10-year annual growth: -0.0%

- Diluted shares, 5-year annual growth: -0.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 22.1%

- Per-share value change: CNY 52.33

- Per-share value, starting three-year median: CNY 13.33

- Per-share value, ending three-year median: CNY 65.66

- Average buyback yield: 0.2%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 5.5B

- Cumulative net income, 10 years: CNY 525B

- ROIC, first three-year median: >100%

- ROIC, last three-year median: 45.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 13.33

- FY2017: CNY 21.56

- FY2018: CNY 28.00

- FY2019: CNY 32.81

- FY2020: CNY 37.15

- FY2021: CNY 41.74

- FY2022: CNY 49.93

- FY2023: CNY 59.49

- FY2024: CNY 68.64

- FY2025: CNY 65.66

### accounting: pass

- Sloan accruals: 6.8%

- Receivables to sales index (DSRI): 0.00×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.75×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.04×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -18.4%

- FY2017: 3.7%

- FY2018: -3.9%

- FY2019: -2.2%

- FY2020: -2.3%

- FY2021: -4.5%

- FY2022: 10.2%

- FY2023: 3.0%

- FY2024: -2.1%

- FY2025: 6.8%

## Holders

## Price story

Down 36% since Dec 2021 · sales -1.2%

Story as of 2026-10-16T09:59:56.588Z; price observation 2026-10-15.

Price needs cash profits to grow 5.9% a year for ten years

### Sales · FY2024–2025

sales -1.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 34B 

- FY2017: CNY 53B 

- FY2018: CNY 66B 

- FY2019: CNY 76B 

- FY2020: CNY 84B 

- FY2021: CNY 109B 

- FY2022: CNY 128B 

- FY2023: CNY 151B 

- FY2024: CNY 174B 

- FY2025: CNY 172B 

### Gross margin · FY2025

gross margin 91.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 88.5% 

- FY2017: 87.7% 

- FY2018: 89.3% 

- FY2019: 89.5% 

- FY2020: 89.6% 

- FY2021: 91.8% 

- FY2022: 92.1% 

- FY2023: 92.1% 

- FY2024: 92.1% 

- FY2025: 91.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in beverages wineries & distilleries; annual sales are CNY 172.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.129Z); FY2025: revenue 172054171890.91; grossProfit 157161894320; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600519.SHG: Kweichow Moutai Co., Ltd., together with its subsidiaries, produces and sells liquor products in China and internationally. The company offers liquor and soy sauce products under the Kweichow Moutai, Moutai Wangzi liquor, Moutai 1935 liquor, Han Jiang liquor, and Lai Mao liquor brands. It also engages in the production and sale of beverage, food, and packaging materials; development of anti-counterfeiting technology; research and development of information industry related products; operation and management of hotel, accommodation, catering, entertainment, bathing, and parking lot services; and provision of vehicle transportation and maintenance, and value-added telecommunication services. The company was incorporated in 1999 and is headquartered in Renhuai, China. Kweichow Moutai Co., Ltd. operates as a subsidiary of China Kweichow Moutai Distillery(Group)Co,.Ltd.

### Why customers stay

Margins ranged from 91.3% to 92.1% during 2023–25; it earns 43% on its capital.

- Source: https://www.moutaichina.com/mtgf/articleFileDir/2024-05/07/e7471b99e4e84c7e9dcf1e591174c08e.pdf (filed 2026-10-16T07:33:32.129Z); FY2023: grossProfit / revenue = 92.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.129Z); FY2024: grossProfit / revenue = 92.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.129Z); FY2025: grossProfit / revenue = 91.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.129Z); 10-year return on capital observations [[2016,1.0783769619621406],[2017,2.0728977387139063],[2018,0.3323637197748379],[2019,0.3300697489190423],[2020,0.35470291801271714],[2021,0.34480041098966907],[2022,0.422258890831719],[2023,0.4803664561181757],[2024,0.4562606490175743],[2025,0.43855090314930645]]; median 0.43040489699051276. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 92% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.129Z); Gross margin observations: [[2021,0.917933247925105],[2022,0.9208690293300755],[2023,0.9211792785866159]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back CNY 3.7 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.129Z); FY2016: growth capex 84983464.91999996; upkeep 934194672; owner earnings 16718362734. Growth capex / owner earnings = 0.005083240881427328.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.129Z); FY2017: growth capex 0; upkeep 1125017192.45; owner earnings 27080178062.55. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.129Z); FY2018: growth capex 431325226.28; upkeep 1175425000; owner earnings 35203625263. Growth capex / owner earnings = 0.012252295695617886.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.129Z); FY2019: growth capex 1905386661.38; upkeep 1243478000; owner earnings 41206471014. Growth capex / owner earnings = 0.04623998645097854.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.129Z); FY2020: growth capex 772901498.78; upkeep 1316868000; owner earnings 46697285429. Growth capex / owner earnings = 0.016551315385455186.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.129Z); FY2021: growth capex 1827856532.0100002; upkeep 1580928000; owner earnings 52400851138.052. Growth capex / owner earnings = 0.03488219164979675.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.129Z); FY2022: growth capex 3618096416.54; upkeep 1688450000; owner earnings 62650578281.442. Growth capex / owner earnings = 0.05775040735117575.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.129Z); FY2023: growth capex 682909891; upkeep 1936846000; owner earnings 74680744303.192. Growth capex / owner earnings = 0.009144390530275033.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.129Z); FY2024: growth capex 2594409000; upkeep 2084303000; owner earnings 86165364716.848. Growth capex / owner earnings = 0.030109650304685733.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.129Z); FY2025: growth capex 0; upkeep 3127594916.41; owner earnings 81393320516.506. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.129Z); Dividend observations: [[2016,7818444965.68],[2017,8525814475.19],[2018,13816919610.83],[2019,18263859814.2],[2020,21386767571.4],[2021,24235824155.4],[2022,54751381113.01],[2023,56550256361],[2024,68786879000],[2025,64671799277.95]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.129Z); FY2025: cash repurchases 3669834720.989158 CNY.

### Are managers owners

Insiders own 61.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600519.SHG SharesStats.PercentInsiders = 61.565000000000005 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 5.9% yearly over ten years; actual growth was 18.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.129Z); Ten-year compound average after fade. Initial solved rate 0.0888854759829947. Price 1312.97; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 11.568534566370499 → FY2025 64.92080988633168. Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2016-10: CNY 317.95 per share

- 2016-11: CNY 319.08 per share

- 2016-12: CNY 334.15 per share

- 2017-01: CNY 344.42 per share

- 2017-02: CNY 354.66 per share

- 2017-03: CNY 386.36 per share

- 2017-04: CNY 413.48 per share

- 2017-05: CNY 442.94 per share

- 2017-06: CNY 471.85 per share

- 2017-07: CNY 481.22 per share

- 2017-08: CNY 491.15 per share

- 2017-09: CNY 517.64 per share

- 2017-10: CNY 618.03 per share

- 2017-11: CNY 631.00 per share

- 2017-12: CNY 697.49 per share

- 2018-01: CNY 764.54 per share

- 2018-02: CNY 725.62 per share

- 2018-03: CNY 683.62 per share

- 2018-04: CNY 662.53 per share

- 2018-05: CNY 751.13 per share

- 2018-06: CNY 731.46 per share

- 2018-07: CNY 726.44 per share

- 2018-08: CNY 659.19 per share

- 2018-09: CNY 730.00 per share

- 2018-10: CNY 548.90 per share

- 2018-11: CNY 565.00 per share

- 2018-12: CNY 590.01 per share

- 2019-01: CNY 689.60 per share

- 2019-02: CNY 755.01 per share

- 2019-03: CNY 853.99 per share

- 2019-04: CNY 945.00 per share

- 2019-05: CNY 890.00 per share

- 2019-06: CNY 984.00 per share

- 2019-07: CNY 972.60 per share

- 2019-08: CNY 1,142.00 per share

- 2019-09: CNY 1,150.00 per share

- 2019-10: CNY 1,180.01 per share

- 2019-11: CNY 1,129.00 per share

- 2019-12: CNY 1,183.00 per share

- 2020-01: CNY 1,052.80 per share

- 2020-02: CNY 1,057.00 per share

- 2020-03: CNY 1,111.00 per share

- 2020-04: CNY 1,265.70 per share

- 2020-05: CNY 1,366.60 per share

- 2020-06: CNY 1,462.88 per share

- 2020-07: CNY 1,678.18 per share

- 2020-08: CNY 1,786.50 per share

- 2020-09: CNY 1,668.50 per share

- 2020-10: CNY 1,670.02 per share

- 2020-11: CNY 1,713.91 per share

- 2020-12: CNY 1,998.00 per share

- 2021-01: CNY 2,116.18 per share

- 2021-02: CNY 2,122.78 per share

- 2021-03: CNY 2,009.00 per share

- 2021-04: CNY 2,006.78 per share

- 2021-05: CNY 2,218.00 per share

- 2021-06: CNY 2,056.70 per share

- 2021-07: CNY 1,678.99 per share

- 2021-08: CNY 1,558.00 per share

- 2021-09: CNY 1,830.00 per share

- 2021-10: CNY 1,826.08 per share

- 2021-11: CNY 1,930.77 per share

- 2021-12: CNY 2,050.00 per share

- 2022-01: CNY 1,887.00 per share

- 2022-02: CNY 1,790.40 per share

- 2022-03: CNY 1,719.00 per share

- 2022-04: CNY 1,828.38 per share

- 2022-05: CNY 1,804.03 per share

- 2022-06: CNY 2,045.00 per share

- 2022-07: CNY 1,898.44 per share

- 2022-08: CNY 1,924.00 per share

- 2022-09: CNY 1,872.50 per share

- 2022-10: CNY 1,350.00 per share

- 2022-11: CNY 1,599.00 per share

- 2022-12: CNY 1,727.00 per share

- 2023-01: CNY 1,845.76 per share

- 2023-02: CNY 1,813.74 per share

- 2023-03: CNY 1,820.00 per share

- 2023-04: CNY 1,760.52 per share

- 2023-05: CNY 1,628.90 per share

- 2023-06: CNY 1,691.00 per share

- 2023-07: CNY 1,880.58 per share

- 2023-08: CNY 1,847.00 per share

- 2023-09: CNY 1,798.55 per share

- 2023-10: CNY 1,684.58 per share

- 2023-11: CNY 1,791.50 per share

- 2023-12: CNY 1,726.00 per share

- 2024-01: CNY 1,604.91 per share

- 2024-02: CNY 1,695.00 per share

- 2024-03: CNY 1,702.90 per share

- 2024-04: CNY 1,705.00 per share

- 2024-05: CNY 1,648.45 per share

- 2024-06: CNY 1,467.39 per share

- 2024-07: CNY 1,421.28 per share

- 2024-08: CNY 1,443.19 per share

- 2024-09: CNY 1,748.00 per share

- 2024-10: CNY 1,527.79 per share

- 2024-11: CNY 1,525.74 per share

- 2024-12: CNY 1,524.00 per share

- 2025-01: CNY 1,434.99 per share

- 2025-02: CNY 1,500.79 per share

- 2025-03: CNY 1,561.00 per share

- 2025-04: CNY 1,547.00 per share

- 2025-05: CNY 1,522.00 per share

- 2025-06: CNY 1,409.52 per share

- 2025-07: CNY 1,421.67 per share

- 2025-08: CNY 1,480.00 per share

- 2025-09: CNY 1,443.99 per share

- 2025-10: CNY 1,430.01 per share

- 2025-11: CNY 1,450.50 per share

- 2025-12: CNY 1,377.18 per share

- 2026-01: CNY 1,401.00 per share

- 2026-02: CNY 1,455.02 per share

- 2026-03: CNY 1,450.00 per share

- 2026-04: CNY 1,384.79 per share

- 2026-05: CNY 1,326.00 per share

- 2026-06: CNY 1,185.49 per share

- 2026-07: CNY 1,350.60 per share

- 2026-08: CNY 1,299.52 per share

- 2026-09: CNY 1,258.62 per share

- 2026-10: CNY 1,274.89 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 229.21 per share, central CNY 304.82 per share, high CNY 348.85 per share

- FY2017: low CNY 344.99 per share, central CNY 463.20 per share, high CNY 532.03 per share

- FY2018: low CNY 360.63 per share, central CNY 512.41 per share, high CNY 600.79 per share

- FY2019: low CNY 433.05 per share, central CNY 614.62 per share, high CNY 720.35 per share

- FY2020: low CNY 513.26 per share, central CNY 721.47 per share, high CNY 842.72 per share

- FY2021: low CNY 671.89 per share, central CNY 942.90 per share, high CNY 1,100.70 per share

- FY2022: low CNY 781.72 per share, central CNY 1,097.70 per share, high CNY 1,281.69 per share

- FY2023: low CNY 861.09 per share, central CNY 1,207.42 per share, high CNY 1,409.09 per share

- FY2024: low CNY 978.07 per share, central CNY 1,377.66 per share, high CNY 1,610.35 per share

- FY2025: low CNY 1,017.25 per share, central CNY 1,466.28 per share, high CNY 1,716.72 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations