Kweichow Moutai’s First-Half Results Meet With Expectations
Narrow moat-rated Kweichow Moutai’s 2016 interim results were broadly within expectations, with revenue and net income increased 15.2% and 11.6% year over year, respectively. Owing to robust Chinese spirits demand and healthy channel inventory, its operating cash flow surged 177.5% year over year to CNY 13.6 billion. Additionally, Moutai’s receipts in advance from customers arrived at a record high of CNY 11.5 billion, representing an 39% increase from the end of 2015. We saw the wholesale price...Kweichow Moutai is engaged in the manufacture and sale of "Guizhou Moutai" series distilled spirits; manufacture and sale of beverages, food and packaging materials; development of anti-counterfeiting technologies; and research and development of relevant IT products. Through its subsidiaries, Co. is also engaged in the wholesale of agricultural vice-local products, building materials, decoration materials, metal materials, machineries, electronic products, telecommunication products, hardware, rubber products, general merchandises and furniture. Co.'s products include millesimes liquor, gift liquor, common liquor and other liquor series.
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