China’s top liquor brand targets 10% growth for 2020

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China’s leading liquor producer, Kweichow Moutai, set its revenue growth target for 2020 at around 10 percent compared with last year, the chairman of the company said on Wednesday.

“The COVID-19 epidemic has had a huge impact on China’s liquor industry, but we will make efforts to minimize the impact and achieve this year’s target,” said Gao Weidong at the company’s 2019 annual general meeting of shareholders.

The liquor brand saw its revenue rise by 12.76 percent year on year to over 24.4 billion yuan (about 3.46 billion U.S. dollars) in the first quarter of 2020.

In 2019, Moutai’s revenue was at around 88.85 billion yuan, up about 15.1 percent year on year. Over the same period, the group saw its operating profit rise by 14.99 percent from the previous year to about 59 billion yuan.

The liquor producer, which is based in southwest China’s Guizhou Province, produced about 75,000 tonnes of base liquor for its Moutai brand and series brands in 2019, up 6.88 percent year on year. 

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