ab 13 August 2025 Global Research First Read Kweichow Moutai H125 result review: Revenue / NP slightly missed consensus Q: How did the results compare vs expectations? A: Kweichow Moutai (Moutai) reported H125 revenue / NP of Rmb89.4bn / Rmb 45.4bn, up by 9% YoY / 9% YoY, in-line with the company's 2025 full-year guidance on total revenue growth of 9% YoY. The implied Q225 revenue / NP were Rmb38.8bn / Rmb18.6bn, up by 7% YoY / 5% YoY, missing consensus estimates by 2% / 4%. In Q225, Moutai's GPM declined b ...