Chinese liquor distiller Kweichow Moutai Co. Ltd. on Oct. 15 posted a 17.1% year-over-year increase in third-quarter earnings on the day its shares hit an all-time high.

For the quarter ended Sept. 30, the maker of the premium grain liquor baijiu reported GAAP net profit of 10.50 billion yuan, up from 8.97 billion yuan a year earlier.

Its GAAP EPS rose to 8.36 yuan from 7.14 yuan in the same period a year ago. Revenue rose year over year to 21.45 billion yuan from 18.84 billion yuan.

Renhuai, Guizhou-based Kweichow Moutai said it had 2,401 domestic distributors at the end of September. The company has shed 616 dealers through the first nine months of 2019 as it moves to trim its distribution network and set up its own sales offices to sell directly to consumers.

On the Shanghai Stock Exchange, Kweichow Moutai's shares closed Oct. 15 up 2.6% at 1,211 yuan. The stock has more than doubled since the start of 2019.

As of Oct. 14, US$1 was equivalent to 7.07 yuan.