(Yicai Global) Dec. 19 -- Alcoholic beverage maker Wuliangye Group Co.'s business performance has beat expectations and the company will likely hit its 2020 annual sales target of CNY100 billion (USD15.12 billion) with CNY60 billion in liquor business ahead of schedule, Chairman Li Shuguang said.

The Sichuan-based group's sales revenue rose 10.9 percent annually to CNY73.28 billion in in the first 11 months of this year. Its profit increased 42.6 percent to CNY13.45 billion.

The company's revenue and profit reached highs in recent memory and the group's revenue for the year is set to exceed CNY80 billion, Shanghai Securities News quoted Li at saying.

Wuliangye Group affiliate Yibin Wuliangye Co. [SHE:000858] posted CNY21.98 billion in revenue in the first three quarters, up 24.17 percent annually.

Wuliangye Group's main competitor Kweichow Moutai Group has also said that it will achieve sales of CNY100 billion by 2020. That group's core business company Kweichow Moutai Co. [SHA:600519] reported CNY44.49 billion in revenue in the first three quarters, marking an increase of 61.58 percent.