Kweichow Moutai targets 110b yuan revenue in 2020

GUIYANG - China's top liquor brand Kweichow Moutai has set a revenue target of 110 billion yuan ($15.78 billion) in 2020, up 10 percent year-on-year, the company said Thursday.

The company, which is based in Southwest China's Guizhou province, has also set a target of 50.5 billion yuan in net profit this year, up 10 percent compared with last year, according to a conference held by Kweichow Moutai Group.

It plans to sell 142,000 tons of products in 2020.

Kweichow Moutai reported that its revenue grew 17 percent year-on-year to 100.3 billion yuan in 2019. Its net profit surged to 46 billion yuan, up 16 percent year-on-year.

Kweichow Moutai Group chairman Li Baofang said what the company needs is a sustainable and healthier development this year.

Moutai is a sorghum-based spirit produced by Kweichow Moutai and is China's top brand of baijiu (white alcohol). The liquor, often served on official occasions and at state banquets, is considered a luxury item and has long been a popular gift.