Kweichow Moutai’s shares [SHA: 600519] fell 3.6% as of 10.10 a.m. today after its 2025 annual report showed the Chinese liquor giant’s first-ever decline in both revenue and net profit since listing. Revenue dropped 1.2% to CNY168.8 billion (USD24.7 billion), while net profit shrank 4.5% to CNY82.3 billion (USD12.1 billion).