By Sherry Qin

Chinese liquor giant Kweichow Moutai's first-quarter net profit rose 16% on strong sales despite lackluster consumer momentum in China.

China's most valuable liquor brand said late Friday that its first-quarter net profit came at 24.065 billion yuan ($3.32 billion).

Moutai's quarterly revenue reached CNY45.78 billion, up 18% on year, on track to achieve its 15% growth goal for 2024.

Its sales to distributors surged 26% on the year to CNY26.3 billion in the first quarter, outpacing direct sales growth of 8% for the first time in the past 18 quarters.

Write to Sherry Qin at

(END) Dow Jones Newswires

04-28-24 2029ET