By Martin Mou

Kweichow Moutai Co.'s first-half net profit climbed 13%, supported by a change in its product mix that pushed overall revenue higher.

Net profit rose to 22.60 billion yuan ($3.23 billion), while revenue increased 11% to CNY43.95 billion, the Chinese liquor maker said Tuesday.

Sales of the premium Moutai Baijiu contributed the lion's share of its revenue for the period, Moutai said.

Chinese distilled liquor, or Baijiu, was among the first sectors to recover as China emerged from the coronavirus pandemic in March. Higher sales helped Moutai's first-quarter net profit grow 17%.

The Baijiu sector led by Moutai has rallied in recent months, outperforming major local stock-market benchmarks for the year. Alcoholic beverages, along with food staples, will likely experience stronger demand growth as the Chinese economy recovers from the first-quarter's contraction, analysts have said.

Shanghai-listed Kweichow Moutai has overtaken state-owned Industrial & Commercial Bank of China Ltd., the world's largest commercial bank by assets, as the most valuable company listed on a mainland Chinese exchange.

Kweichow Moutai shares are up about 43% this year, bringing its market capitalization to around $300 billion, which is larger than Coca-Cola Co.

The double-digit percentage growth in the main metrics for the period has laid a solid foundation for the company to meet its full-year targets, Moutai said. 



  Write to Martin Mou at martin.mou@wsj.com