In Chinese culture, 狼 often carries negative connotations. The idiom 狼心狗肺 (lángxīn gǒufèi) means 'cruel and ungrateful.' However, modern usage has shifted, with 狼性 (wolf spirit) used positively in business contexts.
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The character has the dog radical 犭 plus 良 (liáng, good). A wolf looks like a good dog — but isn’t!