(Yicai Global) Oct. 30 -- Kweichow Moutai [SHA:600519] still expects to reach its growth targets for this year as shares in the world's largest liquor maker continued to slide in trading today following yesterday's release of disappointing financials.

The firm has no plans to buy-back shares, a company insider told China Securities Journal, adding that production, operation, market and price all remain stable and the Guizhou-based firm still expects to hit its expected growth levels for the year.

Stocks were down 3.64 percent at CNY529.11 (USD76.1) as of 1.00 p.m. Beijing time after hitting the maximum 10 percent daily decline allowed in the country's A-share market yesterday for the first time ever since floating 17 years ago.

The company aims for a 15 percent increase in revenue this year, according to its 2017 annual report, which is about CNY67 billion (USD9.6 billion). It hit revenue of CNY52.2 billion in the first three quarters, CNY14.7 billion shy of the target. It achieved earnings of CNY15.8 billion in the fourth quarter 2017, more than enough to bridge the target gap for this year.

Moutai revealed yesterday that its annual revenue growth for the first three quarters this year had slumped to around half of the rate posted in the first half.

Net profit grew 23.8 percent to CNY24.7 billion for the first nine months, while it grew at 2.7 percent for the third quarter alone. Revenue increased 23.1 percent to CNY52.2 billion in the first three quarters, and by just 3.2 percent in the most recent three-month period.

In stark contrast, the firm's earnings increased at 59.4 percent in the first three quarters last year and 115.9 percent in the third quarter of 2017. It maintained a 40 percent expansion in the mid-year report of this year.

Editor: William Clegg