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Wuliangye's financial report yesterday, a perfect textbook-style financial wash.
They don't even bother with a fig leaf anymore.
Originally, the disclosed revenue for the first three quarters of 2025 was 60.9 billion,
But when the annual report was released, guess what, revenue was 40.5 billion?!
Yes, you read that right, revenue can also be deducted.
"The reason is an adjustment to some business revenue recognition based on the prudence principle."
And then they completely shifted the blame onto the former chairman who was caught.
Investments still need to go to proper markets.