China Securities Regulatory Commission Releases 2025 Annual Financial Report Accounting Supervision Report of Listed Companies: 214 Companies Issued Non-standard Audit Opinions

The Zhitong Finance App learned that on August 14, the China Securities Regulatory Commission released the 2025 annual financial report accounting supervision report of listed companies. As of April 30, 2026, a total of 5,517 listed companies have disclosed their 2025 annual financial reports, including 3,201 on the Main Board, 1,397 on the GEM, 608 on the Science and Technology Innovation Board, and 311 on the Beijing Stock Exchange. Of the listed companies that disclosed their annual financial reports on schedule, 214 issued non-standard audit opinions. Of these, 109 were issued unqualified opinions with emphasis or continuing management issues, 87 were qualified, and 18 were unable to express opinions.

The China Securities Regulatory Commission organized a special team to sample and review the 2025 annual financial reports of listed companies, and formed the “Accounting Supervision Report for the 2025 Annual Financial Report of Listed Companies” on this basis. Overall, listed companies can better understand and implement corporate accounting standards and financial information disclosure rules, but some listed companies still have accounting processing or financial information disclosure errors in terms of revenue, financial instruments, long-term equity investments and corporate mergers, asset impairment, and R&D expenses. In response to the above issues, the next step of the China Securities Regulatory Commission will focus on advancing the following tasks: First, thoroughly implementing the decisions and arrangements of the Party Central Committee and the State Council, continuously improving the working mechanism for financial information disclosure and supervision of listed companies, and continuously improving the effectiveness of supervision. The second is to continue to follow up on the various issues found in the review of financial reports of listed companies, and carry out follow-up supervision and treatment according to law and regulations. The third is to strengthen supervision coordination and unify the caliber of supervision around key common issues discovered in the supervisory work. Fourth, strengthen practical guidance on hot and difficult accounting practice issues in the market, and continuously enhance the consistency and effectiveness of the capital market's implementation of corporate accounting standards and financial information disclosure rules.

Intermediaries such as listed companies and accounting firms should attach great importance to the issues revealed in accounting supervision reports, earnestly correct errors in financial reports, promptly grasp and correctly implement corporate accounting standards and financial information disclosure rules, do a solid job of disclosing financial report information, continuously improve the quality of accounting information disclosure, and jointly promote the high-quality development of the capital market.

This article was selected from the “China Securities Regulatory Commission” website, Zhitong Finance Editor: Li Fu.