---
endpoint: analytics
pattern: Consumer
status: done
latency_ms: 119172
conversation_id: 906ce7ca-a2d4-4f9c-b489-ca30e4a4b0ed
citations: 4
created: 2026-05-31 19:57:10Z
---

# Who are the key customers and suppliers of Kweichow Moutai?

## Kweichow Moutai (600519.SH) — Key Customers & Suppliers

Kweichow Moutai sits in an unusual position for this question: it is a high-margin baijiu producer that sells almost entirely through a regulated distribution network into hundreds of thousands of end consumers, and it sources predominantly from local agricultural cooperatives and farmers in Guizhou. There are no Apple/TSMC-style named anchor customers or suppliers — the structure is a managed channel network on one side and a "company + local government + cooperative/farmer" agricultural supply chain on the other.

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### 1. Suppliers (Procurement structure)

Moutai's procurement is structured around two parallel models, both disclosed in the FY2024 and FY2025 annual reports:

- **Sorghum (the signature red glutinous "hong yingzi" sorghum) — "Company + Local Government + Supplier + Cooperative or Farmer" model.** This is the core raw input. Procurement is intermediated by the Guizhou provincial/county governments and routed through agricultural cooperatives and contracted farmers in and around the Chishui River basin in Renhuai, Guizhou. The local-government layer is what differentiates Moutai from peers — it functionally locks in regional supply and protects the geographical-indication moat [1].
- **Wheat (for qū / starter culture) — "Company + Supplier + Cooperative or Farm" model.** Same cooperative structure but without the local-government layer [1].
- **Other raw, auxiliary, and packaging materials** — sourced via centralized market procurement based on the annual production/sales plan; no single supplier is disclosed [1].

**Spend breakdown (FY2024 vs. FY2023, RMB '0,000)** [2][4]:

| Procurement category | FY2024 spend | FY2023 spend | % of total purchases (FY2024) |
|---|---:|---:|---:|
| Liquor brewing raw materials (sorghum, wheat) | 38,429.05 mn | 35,214.06 mn | 44.75% |
| Packaging materials (bottles, boxes, ceramics, ribbons, etc.) | 41,942.18 mn | 39,670.28 mn | 48.84% |
| Energy | 4,232.36 mn | 3,572.41 mn | 4.92% |
| Workshop auxiliary materials | 1,280.63 mn | 1,312.26 mn | 1.49% |

**Takeaway on suppliers**: packaging is actually a slightly larger spend bucket than the agricultural raw materials [2]. The packaging vendor pool is fragmented (bottles, lids, gift boxes, ribbons, Maotai-town ceramic specialists), and no individual supplier is disclosed as a >5% counterparty in the filing — Moutai's procurement disclosure deliberately stops at the category level [1][2].

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### 2. Customers (Sales channel structure)

Moutai does not sell to a finite set of corporate buyers; it sells through a **dual-channel system: Direct Sales + Wholesale Agency** [1].

**FY2024 channel split (RMB '0,000 / tonnes)** [2]:

| Channel | FY2024 revenue | FY2023 revenue | FY2024 volume (t) | FY2023 volume (t) |
|---|---:|---:|---:|---:|
| **Direct selling** (self-operated stores + "i-Moutai" digital platform) | 74,843.33 mn | 67,232.88 mn | 18,222 | 15,635 |
| **Wholesale agency** (social distributors, supermarkets, e-commerce, group-buying) | 95,768.51 mn | 79,986.12 mn | 65,111 | 57,639 |

- **Direct channels (~44% of FY2024 revenue)**:
  - **"i-Moutai" digital marketing platform** — Moutai's own app, used to allocate flagship 53° Feitian bottles via lottery to registered consumers. This is now the single largest individual "customer channel" by registered user count [1][2].
  - **Self-operated specialty stores** (Moutai-branded boutiques and direct-sales stores).
- **Wholesale agency channels (~56% of FY2024 revenue)** consist of [1][2]:
  - **Social distributors / dealers** — the historical, licensed regional dealer network (multi-thousand counterparties); these are the most economically important "customers" of the listed entity and the channel monitored by the market as the proxy for primary demand.
  - **Supermarkets / KA retailers** — large-format grocery and premium retail.
  - **E-commerce platforms** — JD.com, Tmall, and other major online platforms operate authorized Moutai flagship stores.
  - **Other channels** — includes group-buying, banquet/government/SOE banquet channels, duty-free, and overseas.

**Geographic reach**: the marketing network covers domestic China plus **66 countries and regions** at home and abroad as of the FY2025 annual report (up from 64 in FY2024) [3].

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### 3. Practical Read

- **There is no "anchor customer" risk** — Moutai's customer concentration is structurally low because the wholesale channel is fragmented across thousands of licensed distributors and the direct channel atomizes demand across millions of i-Moutai app users.
- **There is no "anchor supplier" risk on raw materials** — the cooperative-farmer model and local-government intermediation in Renhuai is by design a many-to-one structure protecting Moutai from any single counterparty.
- The **real "customer" question** for investors is the health of the **wholesale distributor channel** (channel inventory, ex-factory vs. wholesale price spread on Feitian Moutai, distributor profitability), not the identity of any single counterparty.
- The **real "supplier" question** is local sorghum yields, weather in the Chishui River basin, and packaging-cost inflation — again category-level, not name-level.

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**Sources**
[1] Kweichow Moutai Co., Ltd., Q4 2024 Report (press release / annual report business-scope section) — 600519
[2] Kweichow Moutai Co., Ltd., Q4 2024 Report (raw material purchase & sales channel tables) — 600519
[3] 贵州茅台2025年年度报告（英文版）/ Kweichow Moutai FY2025 Annual Report — 600519
[4] 贵州茅台2023年年度报告（英文版）/ Kweichow Moutai FY2023 Annual Report (FY2023 procurement table) — 600519

## Citations

- [1] **Kweichow Moutai Co., Ltd., Q4 2024 Report** · external
- [2] **Kweichow Moutai Co., Ltd., Q4 2024 Report** · external
- [3] **贵州茅台2025年年度报告（英文版）** · external
- [4] **贵州茅台2023年年度报告（英文版）** · external

