Financial expert Ma Jinghao has strongly criticized Wuliangye Yibin Co.,Ltd. for what he characterizes as deliberate financial statement manipulation disguised as accounting error corrections. The prominent tax and accounting specialist condemned the liquor company's substantial revisions to its previously reported financial figures.
Wuliangye announced on April 30, 2026, that it would make significant retrospective adjustments to its financial data for the first three quarters of 2025. The company described these changes as "corrections of prior accounting errors," but the scale of the adjustments has raised serious questions.
Revenue adjustments were substantial across all three quarters: first-quarter revenue was reduced by 198.54 billion yuan, second-quarter revenue decreased by 94.07 billion yuan, and third-quarter revenue lowered by 10.46 billion yuan. Cumulatively, revenue for the first three quarters disappeared by 303.07 billion yuan.
Profit figures saw even more dramatic revisions: first-quarter profits were reduced by 104.44 billion yuan, second-quarter profits decreased by 44.24 billion yuan, and third-quarter profits lowered by 1.68 billion yuan. Total profit for the first three quarters vanished by 150.36 billion yuan.
Ma questioned the timing of these adjustments, noting they occurred after the 2025 third-quarter results had already been published. He suggested the massive downward revisions to 2025 figures could be designed to create an illusion of dramatic earnings growth in 2026.
The distribution of adjustments also raised suspicions, with 99% of the profit reduction concentrated in the first half of the year while third-quarter adjustments were minimal. Ma argued that genuine accounting errors would typically be more evenly distributed rather than selectively timed.
While accounting standards permit error corrections, Ma emphasized that such adjustments require factual basis, reasonable explanation, and absence of ulterior motives. He questioned how a company could make errors totaling over 300 billion yuan in revenue and what constituted adequate justification for such massive revisions.
Wuliangye explained the adjustments resulted from applying more conservative revenue recognition principles, determining that revenue should not be recognized until products reached end consumers. Ma questioned why such significant issues weren't identified during the original audit processes.
As an industry leader, Wuliangye should exemplify accounting compliance, Ma stated. Instead, the company's actions represent not just an embarrassment to the accounting profession but a breach of investor trust.
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