Moutai responds to declining revenue.

Guizhou Maotai Co., Ltd. disclosed its annual report for the year 2025 on the evening of the 16th. In 2025, Guizhou Maotai achieved operating income of 168.838 billion yuan, a decrease of 1.21% year-on-year; net profit attributable to shareholders of the listed company was 82.32 billion yuan, a decrease of 4.53% year-on-year. Wind data shows that since its listing in 2001, Guizhou Maotai has never experienced negative growth in either revenue or net profit in any year. Therefore, 2025 is the first year of decline in both revenue and net profit since the listing of Guizhou Maotai. The company attributed the slight decrease in revenue to adjustments in the product structure of its sauce-flavored series of liquor.