Industry Notes / Moutai and Baijiu overseas / Chapter 1 of 4 · Pie

Overseas is still about three percent of sales

Internationalization is a long slope, not the near-term engine

Overseas revenue was about RMB 48.5 bn in 2025, roughly 3% of main sales. Domestic China still carries almost all of the profit. Treat overseas as a quality option first, then watch duty-free, Southeast Asia, and zodiac editions.

Source：Kweichow Moutai 2025 annual report: overseas ~2.87% of main revenue

Research notes, not investment advice.