Kweichow Moutai Reports First Revenue Decline in 2025, Surrenders Title of Most Expensive A-Share Stock
Kweichow Moutai posted its first revenue and profit drop since going public, leading to a stock decline and losing the top A-share spot to semiconductor firm Yuanjie Technology.
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- 📰 Published: April 17, 2026 at 18:01
- 🔍 Collected: April 17, 2026 at 18:31 (30 min after Published)
- 🤖 AI Analyzed: April 18, 2026 at 21:57 (27h 25m after Collected)
Central News Agency
(CNA, Taipei, 17th) Kweichow Moutai released its 2025 financial report late yesterday, showing a decline in both revenue and profit for the first time since its listing in 2001. When the A-share market opened today, Kweichow Moutai's stock price fell by more than 4%, and was surpassed by Yuanjie Technology during intraday trading, losing its throne as the most expensive stock in mainland China.
According to reports from Sino-Singapore Jingwei, China Fund News, and Sina Finance, a new A-share king was born today. Benefiting from concepts like optical communications, Yuanjie Technology, which develops and manufactures laser chips, has continued to show strength recently. It surged at the opening today, overtaking Kweichow Moutai to become the A-share "Stock King," and closed at 1,445 RMB (about 6,990 NTD) in the afternoon, an increase of 10%.
The report noted that it took Yuanjie Technology only 19 trading days to go from becoming the 8th thousand-yuan stock in A-share history to surpassing Kweichow Moutai as the top stock. Calculating from September 24, 2024, the origin of this market rally, Yuanjie Technology's stock price has surged over 1,500%.
Established on January 28, 2013, Yuanjie Technology mainly focuses on the R&D, design, and production of high-speed semiconductor chips, with products ranging from 2.5G to 50G indium phosphide laser chips. In 2025, Yuanjie's operating revenue was about 601 million RMB, a massive 138.50% increase; its net profit attributable to the parent company was about 191 million RMB, which is only 0.23% of Kweichow Moutai's.
In contrast, Kweichow Moutai shattered the Chinese market myth of "only rising, never falling." Its 2025 financial report disclosed late yesterday showed revenue of 168.838 billion RMB, down 1.21% from 2024; and net profit of 82.32 billion RMB, a drop of 4.53%. This is the first dual decline in revenue and profit since its listing in 2001.
When A-shares opened today, Kweichow Moutai fell over 4%, momentarily dipping below the 1,400 RMB mark. It closed at 1,407 RMB in the afternoon, a 3.8% drop, relinquishing the top stock throne.
The financial report shows Moutai achieved over 6% growth in the first three quarters of 2025, but a massive slump in Q4 caused the annual decline.
Calculations indicate Q4 2025 revenue was 40.384 billion RMB, down 19.43%; net profit was 17.693 billion RMB, plummeting 30.34%. Q4 is traditionally the peak consumption season for Baijiu.
The report mentioned that due to weak overall market demand in Q4 2025, the market price of Feitian Moutai continued to drop. During the Double 11 shopping festival, subsidized prices on some e-commerce platforms broke below 1,400 RMB/bottle, significantly lower than the official guide price of 1,499 RMB.
Facing rapid price decline pressure, Moutai immediately launched multiple measures to control supply and stabilize prices, attempting to repair the price system by shrinking supply. (Editors: Yang Sheng-ru / Chu Chien-ling) 1150417
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(CNA, Taipei, 17th) Kweichow Moutai released its 2025 financial report late yesterday, showing a decline in both revenue and profit for the first time since its listing in 2001. When the A-share market opened today, Kweichow Moutai's stock price fell by more than 4%, and was surpassed by Yuanjie Technology during intraday trading, losing its throne as the most expensive stock in mainland China.
According to reports from Sino-Singapore Jingwei, China Fund News, and Sina Finance, a new A-share king was born today. Benefiting from concepts like optical communications, Yuanjie Technology, which develops and manufactures laser chips, has continued to show strength recently. It surged at the opening today, overtaking Kweichow Moutai to become the A-share "Stock King," and closed at 1,445 RMB (about 6,990 NTD) in the afternoon, an increase of 10%.
The report noted that it took Yuanjie Technology only 19 trading days to go from becoming the 8th thousand-yuan stock in A-share history to surpassing Kweichow Moutai as the top stock. Calculating from September 24, 2024, the origin of this market rally, Yuanjie Technology's stock price has surged over 1,500%.
Established on January 28, 2013, Yuanjie Technology mainly focuses on the R&D, design, and production of high-speed semiconductor chips, with products ranging from 2.5G to 50G indium phosphide laser chips. In 2025, Yuanjie's operating revenue was about 601 million RMB, a massive 138.50% increase; its net profit attributable to the parent company was about 191 million RMB, which is only 0.23% of Kweichow Moutai's.
In contrast, Kweichow Moutai shattered the Chinese market myth of "only rising, never falling." Its 2025 financial report disclosed late yesterday showed revenue of 168.838 billion RMB, down 1.21% from 2024; and net profit of 82.32 billion RMB, a drop of 4.53%. This is the first dual decline in revenue and profit since its listing in 2001.
When A-shares opened today, Kweichow Moutai fell over 4%, momentarily dipping below the 1,400 RMB mark. It closed at 1,407 RMB in the afternoon, a 3.8% drop, relinquishing the top stock throne.
The financial report shows Moutai achieved over 6% growth in the first three quarters of 2025, but a massive slump in Q4 caused the annual decline.
Calculations indicate Q4 2025 revenue was 40.384 billion RMB, down 19.43%; net profit was 17.693 billion RMB, plummeting 30.34%. Q4 is traditionally the peak consumption season for Baijiu.
The report mentioned that due to weak overall market demand in Q4 2025, the market price of Feitian Moutai continued to drop. During the Double 11 shopping festival, subsidized prices on some e-commerce platforms broke below 1,400 RMB/bottle, significantly lower than the official guide price of 1,499 RMB.
Facing rapid price decline pressure, Moutai immediately launched multiple measures to control supply and stabilize prices, attempting to repair the price system by shrinking supply. (Editors: Yang Sheng-ru / Chu Chien-ling) 1150417
Choose to stand with the facts, every sponsorship from you is the power to protect press freedom.
Download the CNA "First Hand News" APP to grasp the latest news instantly.
The text, images, and audio/video on this website may not be reproduced, publicly broadcast, or publicly transmitted and utilized without authorization.