China's leading liquor brand Kweichow Moutai said that its annual liquor output is expected to reach 55,300 tonnes in 2021.

In 2020, the company's revenue reached nearly 98 billion yuan (around 15.4 billion U.S. dollars), a year-on-year increase of 10.29 percent, said Gao Weidong, chairman of the board, at the company's 2020 annual general meeting of shareholders on Wednesday.

The net profit attributed to shareholders of the parent company reached nearly 46.7 billion yuan in 2020, an annual increase of 13.33 percent, said Gao.

In March, the liquor maker set its revenue growth target for 2021 at around 10.5 percent and planned to invest over 6.8 billion yuan in infrastructure construction this year.

A sorghum-based spirit, Moutai liquor is considered a luxury item in China.