TacticScaleWhat Kweichow Moutai (贵州茅台) Does & How It Makes Money (600519.SS)
Updated October 2026 · reflects Kweichow Moutai's latest reported financials
China's leading premium baijiu liquor maker, producer of Moutai. It makes money mainly by producing and selling branded liquor, led by the flagship Kweichow Moutai brand, in China and abroad.
How Kweichow Moutai makes money
It makes money mainly by producing and selling branded liquor, led by the flagship Kweichow Moutai brand, in China and abroad. Smaller amounts come from related products such as soy sauce, food, beverages and packaging, and from hospitality, transport and telecom services.
What Kweichow Moutai does
Kweichow Moutai Co., Ltd. produces and sells Chinese liquor (baijiu) in China and internationally. Its flagship brand, Kweichow Moutai, sits alongside other liquor brands including Moutai 1935, Moutai Wangzi, Han Jiang and Lai Mao. The company was incorporated in 1999, is headquartered in Renhuai, Guizhou, and is a subsidiary of China Kweichow Moutai Distillery (Group) Co., Ltd. Liquor is the core of the business. The company also makes soy sauce, beverages, food and packaging materials, develops anti-counterfeiting and information technology, and operates hotels, catering, parking, vehicle transport and maintenance, and value-added telecom services.
Products & services
- Kweichow Moutai liquor
- Moutai 1935 liquor
- Moutai Wangzi liquor
- Han Jiang liquor
- Lai Mao liquor
- Soy sauce products
贵州茅台是做什么的？
贵州茅台酒股份有限公司主要在国内外生产和销售白酒，旗舰品牌为“贵州茅台酒”，另有茅台1935、茅台王子酒、汉酱酒、赖茅酒等品牌。公司成立于1999年，总部位于贵州仁怀，是中国贵州茅台酒厂（集团）有限责任公司的子公司。 白酒是公司的核心业务。此外，公司还生产酱油、饮料、食品和包装材料，开发防伪技术和信息产业相关产品，并经营酒店、餐饮、停车场、车辆运输维修和增值电信等服务。
What is Kweichow Moutai worth?
On an owner-earnings DCF, Kweichow Moutai's most-likely value is about ¥1,874 versus a recent price near ¥1,288 (31% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~¥624) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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