贵州茅台 (600519.SH) Financial Statements

Income statement

Metric	TTM	2025	2024	2023	2022
Revenue
Total Revenue	175.3B	172.1B	174.1B	150.6B	127.6B
Cost of Revenue	16.4B	14.9B	13.8B	11.9B	10.1B
Gross Profit	159.0B	157.2B	160.4B	138.7B	117.5B
Operating Expenses
R&D Expense	223.1M	190.1M	218.4M	157.4M	135.2M
SG&A Expense	—	15.6B	15.0B	14.4B	12.3B
General & Admin Expense	8.3B	8.3B	9.3B	9.7B	9.0B
Selling & Marketing Expense	7.4B	7.3B	5.6B	4.6B	3.3B
Other Expenses	—	—	—	—	—
Total Operating Expenses	43.8B	42.5B	40.7B	35.1B	29.7B
Cost and Expenses	60.1B	57.4B	54.5B	47.0B	39.7B
Operating Income (EBIT)	115.3B	114.8B	119.7B	103.7B	87.9B
Non-Operating
Interest Income	3.2B	3.2B	3.2B	2.9B	3.5B
Interest Expense	168.8M	175.8M	105.1M	113.5M	105.6M
Net Interest Income	—	—	—	—	—
Other Non-Op Income/Expense	—	—	—	—	—
Non-Operating Income (excl Interest)	—	—	—	—	—
EBT (Pre-Tax Income)	115.3B	114.8B	119.6B	103.7B	87.7B
Income Tax Expense	29.6B	29.4B	30.3B	26.1B	22.3B
Bottom Line
Net Income	82.7B	82.3B	86.2B	74.7B	62.7B
Earnings from Cont. Ops	85.7B	85.3B	89.3B	77.5B	65.4B
Earnings from Discont. Ops	—	—	—	—	—
Bottom Line Net Income	82.7B	82.3B	86.2B	74.7B	62.7B
Per Share
Basic EPS	CN¥65.99	CN¥65.66	CN¥68.64	CN¥59.49	CN¥49.93
Diluted EPS	CN¥65.99	CN¥65.66	CN¥68.64	CN¥59.49	CN¥49.93
Revenue Per Share	CN¥140.03	CN¥137.23	CN¥138.62	CN¥119.85	CN¥101.55
Shares
Basic Shares Outstanding	1.3B	1.3B	1.3B	1.3B	1.3B
Diluted Shares Outstanding	1.3B	1.3B	1.3B	1.3B	1.3B
Profitability Metrics
EBITDA	—	117.0B	121.7B	105.6B	89.5B
D&A	—	2.2B	2.0B	1.9B	1.6B
EBIT	—	114.8B	119.7B	103.7B	87.9B

As reported, in the filing currency · TTM sums the four latest quarters; MRQ is the latest quarter · Negatives in parentheses; a dash is a line the filing does not carry · Data as of Mar 1, 2026