China's top liquor brand reports 10.2 pct profit surge in 2024

GUIYANG, Jan. 15 (Xinhua) -- Kweichow Moutai, China's leading liquor producer, reported profits exceeding 120.7 billion yuan (about 16.79 billion U.S. dollars) in 2024, up 10.2 percent year on year.

The company's revenue climbed 13.3 percent year on year to reach 187.19 billion yuan, according to a report released on Tuesday evening.

Moutai also emphasized its strong focus on innovation, with research and development (R&D) spending rising 11 percent from the previous year.

Looking ahead, the company aims to sustain steady progress across key performance indicators and has set a target for a 10.2 percent year-on-year increase in R&D investment in 2025.

Distilled in the town of Maotai in southwest China's Guizhou Province, this famed liquor is often served at state banquets.