China's alcohol-making industry posts rising profits in first 11 months of 2020

BEIJING - China's major alcohol companies saw profits rise 8.6 percent year-on-year to 151.53 billion yuan ($23.3 billion) in the first 11 months of 2020, according to data from the Ministry of Industry and Information Technology.

During the same period, the major alcohol makers reported total revenue of 735.41 billion yuan, up 1.2 percent from a year earlier, the ministry said.

Major distilleries saw the output of Chinese Baijiu (distilled spirits) reach 6.18 million kiloliters in the January-November period, down 10.3 percent year-on-year.

The output of breweries fell 6.4 percent year-on-year, while that of wine-making companies rose 3.8 percent year-on-year in the same period.

Major alcohol companies refer to those with annual revenues of more than 20 million yuan.