Kweichow Moutai Co Ltd, China's leading liquor maker, has reported net profit of 13.3 billion yuan ($2.14 billion), up 51.86 percent year-on-year, for the 2012 fiscal year, according to its annual report.

Turnover increased 43.76 percent year-on-year to 26.46 billion yuan, the report said.

It said China's liquor industry is facing unprecedented pressure and will enter an era of moderate expansion amid overcapacity, falling demand and prices, and mounting stockpiles as economic growth declines.

The central government is promoting frugal dining, and has barred high-end liquor from banquets to curb corruption.