(Yicai Global) Jan. 10 -- Kweichow Moutai’s revenue likely rose 16 percent last year, surpassing the Chinese liquor maker’s projected 15 percent gain, according to its vice president.

Revenue may have been CNY127.2 billion (USD18.8 billion) in 2022, The Paper reported Jiang Yan as saying at the Guizhou province-based firm’s earnings presentation yesterday, citing initial figures. Net profit is expected to have soared 20 percent to about CNY62.2 billion (USD9.2 billion).

Kweichow Moutai attributed the better-than-expected revenue to stronger direct sales and an improved product lineup. Sales on its e-commerce app, iMoutai, which launched at the end of last March, reached CNY8.5 billion (USD1.3 billion) as of Sept. 30, helping to swell the distiller’s direct sales by 117 percent to CNY31.9 billion in the first three quarters of 2022 from a year earlier.

IMoutai’s full-year revenue will be disclosed later, Jiang said.

The company’s new Moutai-branded liquor series, relatively affordable products created to meet broader demand, had annual revenue of CNY15.7 billion, a 25 percent gain. The series includes Moutai Prince, Moutai Yingbin, and Guizhou Daqu.

Liquor items greatly accelerated Kweichow Moutai’s channel and product changes, promoting the company’s overall performance, per a recent China Securities report. Meanwhile, robust sales of Moutai 1935, priced at about CNY1,000 (USD148) a bottle, showed that high-end spirits continued strong growth while undergoing structural upgrade.

Shares of Kweichow Moutai [SHA: 600519] rose 0.7 percent today to close at CNY1,854.45 (USD273.49), giving the distiller a market value of CNY2.33 trillion (USD343.6 billion).

Editor: Futura Costaglione