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Largest Alcohol Public Companies in China
Benchmark revenue and EBITDA valuation multiples for public comps like
Kweichow Moutai, Wuliangye, Xinghuacun Fenjiu, Luzhou Laojiao and Eastroc Beverage.
 | Kweichow Moutai is one of China's leading liquor producers. The company was established in 1951 and its headquarters are located in Moutai Town, Guizhou province, southwest China. Its flagship product, 53-degree Feitian Moutai, is known as China's national drink and has been consumed during many high-profile historical and political events. Given its remarkable pricing power, premium product quality, and unparalleled brand strength, the company achieves the industry's highest retail prices and profit margins. The state-owned Assets Supervision and Administration Commission of Guizhou province through Moutai Group controls a 49% stake in Kweichow Moutai. | $194 | -5% | $242B | $235B | 9.2x | 13.6x | ||
| Wuliangye Yibin is China's second-largest baijiu producer by revenue, with sales of CNY 89 billion in 2024 compared with CNY 171 billion for Moutai. Founded in the 1950s, Wuliangye is located in Yibin, Sichuan province, in southwest China. Its core product, 52-degree Wuliangye, is widely known as the best rice-flavored baijiu in the market. The high-quality products, extensive history and brand strength have led to strong pricing power, allowing the company to enjoy high retail prices and profit margins. | $12 | -29% | $48B | $30B | 4.9x | 14.9x | ||
| Shanxi Fen Wine, or Fen Wine, is a typical light-flavored baijiu, featuring a fresher, lighter, and purer-taste compared with jiang-flavored and rich-flavored spirits. The company offers a comprehensive product portfolio, covering sub-premium, mid- to high range, and low-end products. The mid- to high-end baijiu contributed about 74% of the company’s sales revenue in 2024, including sub-premium brand Qinghua, midrange products Panama and Laobaifen. The State-Owned Assets Supervision and Administration Commission of Shanxi province controls 51% of Fen Wine. | $19 | -26% | $23B | $21B | 3.7x | 8.3x | ||
| Luzhou Laojiao, or Laojiao, is one of China’s leading premium baijiu producers. Its primary product, National Cellar 1573, is widely known as one of the best rich-flavored baijiu in the market, which together with Feitian Moutai and flagship Wuliangye are the top three premium products that dominate over 90% of the premium baijiu market in China. The high-quality products, extensive history, and brand strength have led to strong pricing power, allowing the company to enjoy high retail prices and profit margins. The State-Owned Assets Supervision and Administration Commission of Luzhou City controls 46% of Luzhou Laojiao. | $13 | -19% | $20B | $16B | 4.2x | 6.9x | ||
| Eastroc Beverage (Group) Co Ltd is engaged in research and development, production, and sales of beverages. The company offers beverages across three categories: energy drinks, non-energy drinks, and bottled water. Its brands include Eastroc Super Drink, Citrus Lemon Tea, Tangerine Peel Super Drink, and packaged water products. | $22 | -51% | $16B | $14B | 4.6x | 15.5x | ||
| With over 100 years of history, Tsingtao Brewery has become one of the leading brewers in China with its namesake Tsingtao brand. The company commands a dominant position in its core market, Shandong province, which contributed close to 60% of its revenue and net profit in 2024. Unlike other major brewers, Tsingtao Brewery’s brand umbrellas consist entirely of domestic brands. The Tsingtao brand has a mid-range to high-end market positioning and contributed over half of its volume whereas the mass market Laoshan brand targets the mainstream segment, with a declining volume mix as the company sought to premiumize its portfolio. | $8 | -8% | $11B | $7B | 1.5x | 6.5x | ||
| China Resources Beer, or CR Beer, was originally a conglomerate enterprise with operations across retail, beer, food, and beverage industries. In September 2015, the company disposed of all its non-beer businesses and became a pure beer producer. Through a series of mergers and acquisitions, the company achieved its leadership position in China’s beer industry. Amid the premiumization trend in the domestic beer market, CR Beer acquired Heineken China in 2019, which allows CR Beer access to a premium international beer brand and also leverages its sophisticated distribution network to grow Heineken’s sales and market share. CR Beer is now China’s largest brewer, with a volume share of about 26%, versus 15% of Tsingtao and 19% of Budweiser APAC, based on Euromonitor data. | $3 | -2% | $10B | $9B | 1.6x | 8.0x | ||
| Jiangsu Yanghe Brewery, founded in 2002, manufactures and markets baijiu (a distilled Chinese liquor) under the Yanghe, Shuanggou, and Sujiu brands. Yanghe's key products include the Blue Classic series, which accounted for about 80% of total sales, such as premium Dream Blue, mid- to high-end Sky Blue, and mass-market Ocean Blue. The company achieved revenue of CNY 29 billion in 2024, with more than half of sales from the non-Jiangsu market, leveraging its more than 8,800 distributors across China. | $7 | -28% | $10B | $7B | 2.4x | 11.1x | ||
| Anhui Gujing is one of the eight most famous baijiu brands in China and the largest baijiu distiller in Anhui province by sales in 2024. The company produces rich-flavored baijiu, with a colorful brand story tracing back 1,800 years to the Three Kingdoms period. Gujing is one of the leading players in the midrange to high-end market and enjoys high retail prices and profit margins, with its flagship Gujing Year Puree series contributing 77% of total sales in 2024. The State-Owned Assets Supervision and Administration Commission of Bozhou controls 28% of Gujing. | $12 | -31% | $7B | $5B | 1.6x | 5.2x | ||
| Jiangsu King's Luck Brewery Joint-Stock Co Ltd is a China-based company engaged in the manufacturing and distribution of liquor. The company markets its products under the Guoyuan, Jinshiyuan, and Gaogou brands. It also offers pre-packaged food. The company conducts its business mainly within Jiangsu province. | $4 | -22% | $6B | $4B | 3.0x | 8.2x | ||
| Beijing Yanjing Brewery Co Ltd is a China-based firm engaged in the brewing, sale, and distribution of beer. The company also makes soft drinks such as mineral water. Its product portfolio includes Yanjing puree white beer, Pure health beer series, and fresh beer series. | $2 | +2% | $5B | $5B | 2.1x | 10.4x | ||
| Anhui Yingjia, or Yingjia, is the second-largest baijiu distiller in Anhui province by sales revenue in 2024. The company produces rich-flavored baijiu, and it is one of the well-known brands in the mainstream market in Anhui and its surrounding provinces. Its flagship product, the Dongcang Yearly series, contributed about 50% of company sales in 2024. Yingjia is 72% held by Anhui Yingjia Group, following a management buyout in 1997, so ownership comprises mainly Yingjia’s management and core employees. | $6 | -3% | $4B | $4B | 4.2x | 8.7x | ||
| Established in 1958 in Chongqing city, Chongqing Brewery is one of the major beer brewers in China with a strong presence in the west. The company distributes a beer portfolio consisting of international brands, such as Carlsberg, Tuborg, 1664, and domestic brands such as Chongqing. In 2013, the company became a subsidiary of Carlsberg Group after the latter acquired a 60% stake in the company. It became the sole operating platform of Carlsberg Group’s China business in 2020, after the group injected all its China beer assets into Chongqing Brewery. | $8 | -1% | $4B | $3B | 1.6x | 6.0x | ||
| Zhenjiu Lidu is one of the leading non-state-owned baijiu distillers in China. It operates a portfolio of baijiu brands with aroma ranging across jiang, rich, and mixed flavors that include Zhen Jiu, Li Du, Xiang Jiao, and Kai Kou Xiao, which contributed 63%, 19%, 11%, and 5% of total revenue in 2024, respectively. ZJLD listed on the Hong Kong Stock Exchange in April 2023 and was the ninth-largest among the listed baijiu distillers in terms of revenue in 2023. Through Jindong Investment, Chair Wu Xiangdong controls 67% of the firm’s total equity stake as of December 2024. | $1 | +18% | $3B | $3B | 5.0x | 16.4x | ||
| Anhui Kouzi Distillery Co Ltd is a China-based wine brewing company. It is engaged in the production, manufacturing, and selling of wine and glass products. The company owns liquor series products under the brands of Kouzijiao, Laokouzi, Kouzifang, and Kouzimeijiu, among others. | $3 | -35% | $2B | $2B | 3.1x | 10.2x | ||
| Median | $8 | -19% | $10B | $7B | 3.1x | 8.7x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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