(Yicai Global) Oct. 27 -- World-renowned liquor maker Kweichow Moutai Co. [SHA:600519], headquartered in Guizhou province's Zunyi city, aims to achieve net profits of CNY30 billion (USD4.52 billion) this year, company chair Yuan Renguo said at a shareholder meeting held yesterday to mark the release of the company's third quarter financial results.
The firm reported business income of CNY42.45 billion in the first three quarters of the year, with a net profit of CNY19.98 billion, an annual increase of 60.31 percent. Net profits for the third quarter alone reached CNY8.73 billion, representing a rise of 138 percent compared to the same period last year.
Sales revenue for the full-year 2017 will exceed CNY60 billion and total net profit will be around CNY30 billion, said Li Baofang, general manager at the firm.
Kweichow Moutai's share price was buoyed by the news, rising sharply yesterday to reach a record high of CNY613 (USD92.08) per share as its market cap leapt to CNY760 billion. Some securities firms believe the company's share price could climb as high as CNY750.