(Yicai Global) Nov. 22 -- Kweichow Moutai said sales revenue before tax has exceeded CNY100 billion (USD14 billion) to date this year, with total revenue at CNY89.4 billion (USD12.5 billion). Shares of the leading Chinese liquor maker rose.

Kweichow Moutai had revenue from sales of CNY100.6 billion between Jan. 1 and yesterday, mainly because of strong demand for Moutai-branded liquor, the Guizhou province-based firm said in a statement the same day. Last year, Moutai-branded products contributed over 90 percent of total sales.

Covid-19 flareups in China this year have impacted liquor sales. Tobacco and alcohol sales fell 8.8 percent to CNY46.5 billion in September from a year earlier, data from the National Bureau of Statistics showed. But Kweichow Moutai’s nine-month profit and revenue rose over 15 percent.

Kweichow Moutai [SHA: 600519] closed up 1.3 percent today at CNY1,539.95 (USD215.82) a share, giving the distiller a market capitalization of CNY1.97 trillion (USD276 billion). The benchmark Shanghai Composite Index rose 0.1 percent.

The company has made great efforts this year to bolster direct sales channels and launched digital sales platform iMoutai. It also introduced Moutai-branded products priced at between CNY200 and CNY2,000 (USD28 and USD280) a bottle.

Next month is peak season for baijiu consumption. Kweichow Moutai recently said it is confident of achieving this year’s CNY125.9 billion revenue target, an increase of 15 percent over last year. But that will be tough, given that monthly sales of Moutai-branded liquor averaged CNY8 billion (USD1.1 billion).

Editors: Shi Yi, Futura Costaglione