Why is Wuliangye causing such a commotion/stir?
Wuliangye’s performance fluctuation this time was not merely an ordinary dip; it directly disrupted the long-held unspoken norms within the baijiu industry. According to its 2025 annual report, the company reported full-year revenue of 40.529 billion yuan and net profit attributable to owners of 8.954 billion yuan. What is even more striking is that the company also conducted prior accounting error corrections for the first quarter, half year, and third quarter of 2025. Simply put, many figures from 2025 that initially looked impressive were later recalculated.
My judgment on this matter is straightforward: It’s not simply an “earnings crash,” but rather Wuliangye telling the market that their past approach of relying on channel pressure and reporting through future reserves can no longer be sustained.