China's leading liquor maker Kweichow Moutai posted a net profit of about 20.8 billion yuan (about 3 billion U.S. dollars) in the first quarter of 2023, up 20.59 percent year on year.

From January to March, its revenue climbed 20 percent year on year to approximately 38.76 billion yuan, according to the company's annual report released Tuesday.

The operating revenue of the alcohol maker reached 127.6 billion yuan in 2022. Its net profit rose 19.55 percent year on year to 62.7 billion yuan last year, according to the report.

Distilled in the town of Maotai in southwest China's Guizhou Province, this famed liquor is often served at state banquets.