Credit Brief — Kweichow Moutai Co.,Ltd. (贵州茅台)
600519.SH · Shanghai Main Board · Data window: 2022–2026 H1 · Sources: official periodic reports filed via cninfo (巨潮资讯网)
All figures are extracted mechanically from official filings and are traceable to source page (see §9). Narrative sections are analyst commentary; mechanical sections are produced without any LLM. Not investment advice. Not a credit rating.
1. Identity & legitimacy
- Legal representative: 陈华
- Registered address: 贵州省仁怀市茅台镇
- Office address: 贵州省仁怀市茅台镇
- Controlling shareholder: 中国贵州茅台酒厂（集团）有限责任公司
- Actual controller: 贵州省人民政府国有资产监督管理委员会
- Employees: 34,992
Source: identity fields above are mechanically extracted from the issuer's own filed annual reports. - Registration data via corporate registry is not included in this build
2. Compliance & legal
Compliance screens (dishonest debtor / enforcement / penalties / business exceptions) require a registry data source not included in this build
3. Business profile
Top customer/supplier tables not generated for this issuer.
4. Financial dashboard (CNY mn)
Assets
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Cash and bank balances | 69,070.1 | 59,295.8 | 51,690.6 | 0.0 | 0.0 |
| Trading financial assets | 400.7 | 248.5 | 248.5 | 0.0 | 0.0 |
| Accounts receivable | 60.4 | 19.0 | 2.6 | 0.0 | 0.0 |
| Other receivables | 27.5 | 30.0 | 36.3 | 0.0 | 0.0 |
| Inventories | 46,435.2 | 54,343.3 | 61,427.4 | 0.0 | 0.0 |
| Long-term equity investments | 0.0 | 0.0 | 147.2 | 0.0 | 0.0 |
| Fixed assets | 19,909.3 | 21,871.4 | 22,488.1 | 0.0 | 0.0 |
| Construction in progress | 2,137.5 | 2,149.6 | 2,471.9 | 0.0 | 0.0 |
| Intangible assets | 8,572.3 | 8,850.2 | 8,685.6 | 0.0 | 0.0 |
| Total assets | 254,500.8 | 272,699.7 | 298,944.6 | 303,834.8 | 309,050.8 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Notes payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Accounts payable | 3,093.1 | 3,515.0 | 4,007.3 | 0.0 | 0.0 |
| Contract liabilities | 14,125.8 | 9,592.5 | 8,006.7 | 0.0 | 0.0 |
| Other payables | 5,213.1 | 5,429.0 | 5,298.3 | 0.0 | 0.0 |
| Current portion of non-current liabilities | 57.1 | 112.0 | 44.2 | 0.0 | 0.0 |
| Long-term borrowings | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 49,562.7 | 49,043.2 | 56,933.3 | 49,875.6 | 46,954.4 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 1,256.2 | 1,256.2 | 1,252.3 | 0.0 | 0.0 |
| Capital reserve | 1,375.0 | 1,375.0 | 1.6 | 0.0 | 0.0 |
| Retained earnings | 172,983.2 | 182,787.4 | 191,905.1 | 0.0 | 0.0 |
| Equity attributable to owners of the parent | 197,480.0 | 215,668.6 | 233,106.0 | 244,637.8 | 251,253.6 |
| Minority interests | 7,458.0 | 7,987.9 | 8,905.3 | 9,321.4 | 10,842.8 |
| Total equity | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 127,554.0 | 150,560.3 | 174,144.1 | 172,054.2 | 92,278.1 |
| Cost of sales | 11,867.3 | 13,789.5 | 14,892.3 | 0.0 | 0.0 |
| Selling expenses | 4,648.6 | 5,639.3 | 7,253.5 | 0.0 | 0.0 |
| Administrative expenses | 9,729.4 | 9,315.7 | 8,320.1 | 0.0 | 0.0 |
| Finance costs | -1,789.5 | -1,470.2 | -815.2 | 0.0 | 0.0 |
| Investment income | 34.0 | 9.1 | 0.6 | 0.0 | 0.0 |
| Operating profit | 87,879.5 | 103,708.7 | 119,688.6 | 114,809.0 | 61,411.3 |
| Profit before tax | 87,701.5 | 103,662.6 | 119,638.6 | 114,755.3 | 61,438.4 |
| Net profit | 65,376.0 | 77,521.5 | 89,334.7 | 85,310.3 | 46,033.3 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 4.41x | 4.62x | 4.45x | 5.09x | 5.59x |
| Quick ratio | 3.47x | 3.51x | 3.37x | 5.09x | 5.59x |
| Debt-to-asset ratio | 19.5% | 18.0% | 19.0% | 16.4% | 15.2% |
| Total debt / EBITDA | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| EBITDA interest coverage | 823.37x | 1045.43x | 688.17x | 1895784998.65x | 1046212060.68x |
| Gross margin | 90.7% | 90.8% | 91.4% | 100.0% | 100.0% |
| Net margin | 51.3% | 51.5% | 51.3% | 49.6% | 49.9% |
| Return on equity (ROE) | — | — | — | — | — |
| Revenue growth | — | 18.0% | 15.7% | -1.2% | -46.4% |
| Net profit growth | — | 18.6% | 15.2% | -4.5% | -46.0% |
| Receivable days | 0 | 0 | 0 | 0 | 0 |
| Cash received / revenue | 110.3% | 108.7% | 104.9% | 106.9% | 106.7% |
| Operating CF / net profit | 0.56x | 0.86x | 1.04x | 0.72x | 1.54x |
| Free cash flow | 31,161.8 | 56,868.8 | 90,678.5 | 29,880.3 | 96,331.3 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.16 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- Same item across different source documents — 90 flags (high×90); first 3 shown:
- 2023 · Same item across different source documents: 59,295.8 vs 0.0 CNY mn (deviation 100.0%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 59,295.8 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Same item across different source documents: 127,187.3 vs 0.0 CNY mn (deviation 100.0%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 127,187.3 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Same item across different source documents: 248.5 vs 0.0 CNY mn (deviation 100.0%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 248.5 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review.
- 2023 · Same item across different source documents: 59,295.8 vs 0.0 CNY mn (deviation 100.0%, severity high)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: -2,018.5 vs -9,774.3 CNY mn (deviation 79.35%, severity mid)
Sources: 2023年年度报告.pdf p.63 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.58 「货币资金」. CF-statement figure above the balance-sheet movement by 7,755.8 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2024 · Cash-flow statement net increase vs balance-sheet cash movement: 19,609.9 vs -7,605.2 CNY mn (deviation 138.78%, severity mid)
Sources: 2024年年度报告.pdf p.63 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.56 「货币资金」. CF-statement figure above the balance-sheet movement by 27,215.1 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2025 · Cash-flow statement net increase vs balance-sheet cash movement: -43,544.5 vs -51,690.6 CNY mn (deviation 15.76%, severity mid)
Sources: 2025年年度报告.pdf p.61 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.56 「货币资金」. CF-statement figure above the balance-sheet movement by 8,146.1 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2026Q2 · Cash-flow statement net increase vs balance-sheet cash movement: 58,385.5 vs 0.0 CNY mn (deviation 100.0%, severity mid)
Sources: 2026年半年度报告.pdf p.30 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.25 「货币资金」. CF-statement figure above the balance-sheet movement by 58,385.5 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review.
4 check(s) not run for missing inputs: 前五大应收 vs BS 应收账款; 前五大其他应收 vs BS 其他应收款; 前五大预付 vs BS 预付款项; 授信表内总合计 vs Σ机构行.
Premium tier. The analyst red-flag review and the industry-context commentary (sections 7–8 of the full brief) are not included in this free build. Join the waitlist for early access.
9. Method & provenance
All financial figures above were extracted mechanically from the company's official periodic reports (unit-normalized to CNY). Each key figure carries cell-level provenance — source file, page and original line item. Samples (latest annual period):
| Item | Period | Value (CNY mn) | Source file | Page | Raw line item | Raw value (as filed) |
|---|---|---|---|---|---|---|
| Cash and bank balances | 2025 | 0.0 | 2025年年度报告.pdf | 56 | 货币资金 | 1.0 (元) |
| Total assets | 2025 | 303,834.8 | 2025年年度报告.pdf | 56 | 资产总计 | 303834844021.44 (元) |
| Accounts receivable | 2025 | 0.0 | 2025年年度报告.pdf | 56 | 应收账款 | 5.0 (元) |
| Fixed assets | 2025 | 0.0 | 2025年年度报告.pdf | 56 | 固定资产 | 19.0 (元) |
| Short-term borrowings | 2025 | 0.0 | 2025年年度报告.pdf | 56 | 短期借款 | 0.0 (元) |
This brief is built solely on officially filed public disclosures. It is not investment advice, not a credit rating, and not an offer of any service. Figures may contain extraction or caliber effects; verify against the original filings before relying on them.