Kweichow Moutai targets 110b yuan revenue in 2020

China's top liquor brand Kweichow Moutai has set a revenue target of 110 billion yuan (around US$15.78 billion) in 2020, up 10 percent year on year, the company said Thursday.

The company, which is based in southwest China's Guizhou Province, has also set a target of 50.5 billion yuan in net profit this year, up 10 percent compared with last year, according to a conference held by Kweichow Moutai Group.

It plans to sell 142,000 tons of products in 2020.

Kweichow Moutai reported that its revenue grew 17 percent year on year to 100.3 billion yuan in 2019. Its net profit surged to 46 billion yuan, up 16 percent year on year.

Kweichow Moutai Group Chairman Li Baofang said what the company needs is a sustainable and healthier development this year.

Moutai is a sorghum-based spirit produced by Kweichow Moutai and is China's top brand of baijiu (white alcohol). The liquor, often served on official occasions and at state banquets, is considered a luxury item and has long been a popular gift.