Wuliangye caused a collective uproar among investors by extensively restating historical performance data in its 2025 annual report, slashing revenue for the first three quarters from 60.9 billion yuan to 30.6 billion yuan, and lowering net profit from 21.5 billion yuan to 6.5 billion yuan, raising suspicions that it used financial tricks to artificially create the illusion of a surge in performance in the first quarter of 2026.

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