The “Accounting Supervision Report for Listed Companies' 2025 Annual Financial Report” recently issued by the Securities Regulatory Commission set R&D expenditure as a separate supervision project for the first time, uncovered various biases in accounting processing by some enterprises, and squeezed moisture out of listed companies' innovative ledgers. The Economic Daily published a review article pointing out that true innovation depends on repeated verification in the laboratory over a thousand times, and continuous refinement day after day on the road to industrialization, rather than playing a flickering digital game on reports. Listed companies should set an example for scientific and technological innovation and a benchmark for compliant management. First, they must start by calculating innovation accounts.

The “Accounting Supervision Report for Listed Companies' 2025 Annual Financial Report” recently issued by the Securities Regulatory Commission set R&D expenditure as a separate supervision project for the first time, uncovered various biases in accounting processing by some enterprises, and squeezed moisture out of listed companies' innovative ledgers. The Economic Daily published a review article pointing out that true innovation depends on repeated verification in the laboratory over a thousand times, and continuous refinement day after day on the road to industrialization, rather than playing a flickering digital game on reports. Listed companies should set an example for scientific and technological innovation and a benchmark for compliant management. First, they must start by calculating innovation accounts.