in the first quarter as sales touched 33 billion yuan . It’s an historical record, per Refinitiv data, accompanied by solid progress on its initiative to boost margins by cutting out middlemen. Direct sales contributed a third of revenue, twice as much as a year earlier.
Already trading at more than 30 times expected earnings for the coming year, it’s an expensive stock compared to peers. And if China’s draconian lockdowns persist, it’ll be harder for thirsty customers to buy its products. Moutai has lost 15% of its market value over the last 12 months, even as it outperformed benchmarks. Chinese indexes are some of the worst-performing in the world outside Russia.
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