提出读者中心的误导性分析框架，揭示话语如何通过隐含手法影响认知。

Influential public discourse shapes public beliefs and can also mislead, not only through what is stated, but also through how information is framed, omitted, contextualised, and communicated. Yet less research has focused on how such misleadingness arises and shapes the interpretations formed by readers. To address this gap, we introduce Reader-Centric Misleadingness Understanding (RCMN), a framework that operationalises misleadingness through five dimensions: misleading mechanism, likely reader interpretation, evidence-warranted interpretation, emotional arousal, and communicative intent. Based on this framework, we construct an evidence-grounded dataset of influential public discourse. Empirical findings show that misleadingness is diverse and extends well beyond fabrication, with unsupported inference, exaggeration, and omission among the prevalent mechanisms, and is frequently associated with heightened emotional arousal and distortive communicative intent. Moreover, we investigate whether lightweight claim-and-context representations retain sufficient cues for understanding reader-centric misleadingness without access to richer contextual, evidential, and multimodal information. Evaluation across five recent generative foundation models shows that reader-level interpretations can often be recovered from such limited representations, whereas identifying how misleadingness is produced remains considerably more challenging. These findings highlight the potential of lightweight representations for scalable misleadingness analysis, while reliable understanding of misleading mechanisms continues to require richer contextual and evidential grounding.