Top Chinese liquor brand Kweichow Moutai’s Shanghai-listed stocks closed at a record high of 861 yuan ($128.04) at midday Friday, after opening up 3.5% at 835 yuan. The company reported strong profit growth in its 2018 earnings report Thursday night.
Net profit grew 30% year-on-year to 35.2 billion yuan for Moutai in 2018, with the fourth quarter in particular seeing a 47.57% year-on-year increase in net profit. Operating revenue for the entire year was 73.6 billion yuan, up 26.49% from the previous year.
Moutai, which surpassed the UK’s Diageo to become the world’s most valuable liquor stock in April 2017, confirmed on Thursday that it had reduced the total number of its dealers in the country last year. The streamlining is part of a longer-term effort to stabilize supply and price of the company’s signature baijiu liquor, as well as to recover from a 2013 slump in demand caused by anti-corruption crackdowns.