The annual report is the most comprehensive "report card" of a listed company's operating performance for a year, and is also an important basis for investors to choose stocks. Currently,2013The annual report disclosure has come to an end. During the disclosure process, many listed companies have made "own mistakes", causing a lot of trouble to investors and attracting the attention of regulatory authorities.

　　Performance forecast changes frequently

●There are downward revisions and upward revisions. The performance keeps changing, sending wrong messages to the market, causing abnormal fluctuations in stock prices

The original intention of the performance forecast system is to improve the transparency and timeliness of listed company information and reduce unexpected "shock waves". However, this year, the performance forecasts of many listed companies have frequently changed, and even changed from profits to losses, causing drastic fluctuations in stock prices, which makes people feel overwhelmed.

Among them, the most typical one is the GEM companyBaode Shares(13.130,0.39,3.06%), provided one after another4Performance of versions——

Last year10In the third quarterly report released in March, Baode shares are expected to lose money for the full year80010,000—300Ten thousand yuan. this year1month28On the day of 14697_14715|, Baode Co., Ltd. issued its first revised announcement, saying2013Will be profitable in the year10010,000—600Ten thousand yuan. This good news did not make investors happy for long. One month later, the company's performance report showed a sharp reversal, and the full-year performance turned into a loss1300Ten thousand yuan. When the company released its final annual report, this figure turned into a loss1105Ten thousand yuan.

Compared with the frequent changes of Baode shares,Optoelectronics Co., Ltd.(19.59,0.62,3.27%)'s performance is like "bungee jumping"——

　　1month29On the day of 16161_16177|, Optoelectronics issued an announcement stating that it is expected2013Annual realized net profit8000Around 10,000 yuan, a big increase year-on-year25times, because the company divested itself of loss-making enterprises. However,3month2816352_163692013Annual net profit adjusted to loss1.66Billion yuan. Not only investors are dissatisfied with such drastic changes, but even company directors find it difficult to accept them. Liu Xianzhao, director of the company, responded to the relevant issues at the board meeting.2013Annual Report" and other motions abstained from voting.

A performance forecast like this that turns from profit to loss will bring a huge gap to investors' expectations and will also cause violent fluctuations in stock prices. Such asShandong Molong(6.51,0.01,0.15%), originally expected2013The net profit for the year is268510,000—9398Between ten thousand yuan.1month3017462_174811.2Billion—1.8Billion yuan. The company's stock closed above the daily limit that day. Same day,Luxiang Shares(13.86,0.00,0.00%)also issued a correction announcement from profit to loss, and the stock price also fell significantly.

In addition, some listed companies originally expected net profits to increase, but later revised them to decline; there are also some companies that originally forecast losses, but later revised them to further expand the losses. The "change" in the performance of these companies will undoubtedly disappoint investors.

There are downward revisions and upward revisions, the most conspicuous one is undoubtedlyBoshen Tools(8.16,0.03,0.37%). It turns out that the company predicted annual business growth in its third quarter reportPerformance dropped year-on-year30%To80%. After revision, year-on-year growth100%To150%. Performance exceeding expectations is naturally a good thing. But for those investors who stayed out of the market due to the initial poor earnings forecast, there is also a suspicion that they were misled.

Hao Xuguang, a professor at the International Business w88 casino of the w88 casino, analyzed that for listed companies whose main business is relatively stable and healthy, performance forecasts will be relatively accurate. However, companies that rely on non-recurring income such as government subsidies and asset disposals, or companies that make large one-time provisions, are prone to needing correction due to these larger uncertainties.

Performance changes constantly, sending wrong messages to the market, causing abnormal fluctuations in stock prices. How to ensure that investors’ interests are not deliberately infringed? w88 online casino betting believes that this aspect needs to be regulated through necessary rules, but investors should also note that changes in performance forecasts often indicate that there are more or less problems in the company's operation and management, and they need to be cautious about such companies.

Simple errors undermine seriousness

●To solve the various problems that arise in annual report disclosures, the key is not the internal control of the company, but the punishment of external supervision

　　4month22Day, isHuace Film and Television(26.600,0.40,1.53%)The date on which the annual report will be disclosed on the Shenzhen Stock Exchange. However, the company failed to disclose its annual report as scheduled that day and was suspended from trading for one day. The company's explanation for this is that the upload time was missed due to computer system problems.

Coincidentally, originally scheduled for4month11Baode shares, which disclosed its annual report on 22841_22933|, also missed the time. The reason given by the company was "power outage." According to its announcement, due to a sudden power outage in the area where the company is located, the network was interrupted for a long time, and relevant personnel were insufficiently prepared, resulting in the failure to upload the annual report information to the exchange's information disclosure system in a timely manner.

It is difficult to say whether there is such a strange situation in the annual report disclosure, whether it is due to objective reasons or subjective negligence. However,Zhonghong Shares(2.97,-0.03,-1.00%)Released a first-quarter performance forecast. Even though net profit obviously dropped significantly, the forecast type was written as "Profit increased significantly in the same direction." Such mistakes are entirely due to carelessness.

According to the tracking analysis of the China Securities Regulatory Commission, many companies have simple errors in their annual report disclosures, which to a certain extent affects the seriousness of the annual report information. For example, if the serial number of the annual report table of contents or the index of notes is wrong, the report and the notes or the information in the notes are inconsistent. The existence of these simple errors reflects the lack of seriousness of some companies in annual report disclosure, and may also mislead report users.

There are many companies that make mistakes in their annual reports, but it is rare for executives to be interviewed by regulatory authorities due to mistakes in their annual reports.4month10Day,SForward(19.25,0.03,0.16%)The announcement stated that it received a decision on administrative regulatory measures issued by the Sichuan Supervision Bureau of the China Securities Regulatory Commission. due to company disclosure2013The annual report contains many errors in data, proportions and textual expressions, which violates the relevant regulations on information disclosure of listed companies and requires the chairman, general manager, secretary and financial director4executives were interviewed. It is worth noting that this company also received a warning letter from the regulatory authorities last year due to problems with the quality of information disclosure in its annual report.

Analysis by the China Securities Regulatory Commission shows that in addition to some simple errors, there are various problems in annual report disclosures: improper classification of financial statement items, classifying financial products with floating income as held-to-maturity investments or identifying them as cash equivalents; some companies improperly judge whether long-term equity investments have a significant impact, and the applicable accounting treatment methods may be inappropriate; some companies do not fully disclose the reasons for large fluctuations in statement items as required, or fail to disclose detailed information on statement items as required.

w88 online casino betting believes that due to the virtuality and particularity of securities products, information must be the most valuable resource. Annual reports are an important part of information disclosure for listed companies. To solve various problems that arise in annual report disclosures, the key lies not in the internal control of the company, but in the punishment of external supervision.

　　STStock performance is difficult to grasp

●Loss-making companies make the company's book profits, circumventing delisting standards, affecting the effective implementation of the delisting system, and are also prone to insider trading and other behaviors

The first company to enter the delisting consolidation board, Changhang Shipping Oil Co., Ltd. has continuously fallen below the limit recently, and there is no suspense about its termination of listing. long oil from2010New Year's Eve2012It has been losing money for three consecutive years. Originally, the market expected the company to be successful in the future2013Turn losses into profits and get rid of the risk of delisting. However,2013This company suffered huge losses59billion yuan, "four consecutive losses" and was terminated from listing. especially2013The impairment provision for long-term oil is up to46100 million yuan, many people question, is this reasonable? Do you want to throw away the baggage at once and take a "big bath" to pave the way for re-listing in the future?

With the advancement of the delisting system,ST(Delisting risk warning)The annual report of the stock also attracted much attention. Especially those that have been losing money for two consecutive yearsSTIf the company makes a profit in its annual report, it can temporarily enter the "safe deposit box"; if it makes a loss, it will be suspended from listing and is only one step away from delisting. These companies use their own unique methods to protect their shells, making their performance difficult to control.

Huge losses in the past two years*STNanhua(5.95,0.02,0.34%)The annual report was recently released,2013Annual earnings per share reaches0.2Yuan. The rapid improvement in performance was not due to changes in the company's fundamentals, but from a financial subsidy. The company announced that it received operational financial subsidies from the Nanning Municipal Finance Bureau2.9billion yuan, this operating financial subsidy is included in the company2013Annual profit and loss, estimated2013The annual net profit and net assets at the end of the period are positive. Likewise,*STZhuye(5.64,-0.05,-0.88%)2013Annual report shows,2013Annual net profit2321.44Ten thousand yuan, and2012The net profit of this company is -6billion yuan, one of the main reasons for the turnaround is that "the company received subsidies for comprehensive environmental protection management8948.0010,000 yuan, VAT will be refunded upon receipt of comprehensive resource utilization products6443.63Ten thousand yuan. ”

In comparison,Chinese clothing(9.42,-0.06,-0.63%)'s situation is even more dramatic. this year3month27Japan, Chinese clothing just because2012Year,2013Having suffered losses for two consecutive yearsST, unexpectedly just10A few days later, this company canceled againST's hat. It turns out that the company is2013A thorough asset reorganization was implemented and this year2The asset replacement was completed in March. After the asset reorganization is completed, the company2013The net profit in the year suddenly becomes4.3100 million yuan.

w88 online casino betting believes that the current delisting standards are more important than performance factors. Some loss-making companies have used government subsidies or non-recurring income and other measures to make the company's book profits and circumvented the delisting standards. This practice of "protecting the shell" through accounting treatment has affected the effective implementation of the delisting system. In addition, in this process, insider trading and other behaviors are also prone to occur, harming the interests of small and medium-sized investors.

　　2024listed companies: net profit increased year-on-year14.94%(Extended reading)

　　WindInformation statistics show, as of4month22Day, shared by Shanghai and Shenzhen stock markets2024Listed companies disclosed annual reports and achieved net profits as a whole21111.77100 million yuan, year-on-year increase14.94%. Among them,1895Companies achieved profitability last year, proportion93.63%. Compare based on adjusted data,1275Companies’ net profit increased year-on-year last year, accounting for62.99%，151Home’s year-on-year increase exceeds100%. Among them, Shenzhen Guoshang’s net profit increased year-on-year last year126.61times;Yihua Real Estate(7.04,0.00,0.00%)Net profit increased year-on-year last year38.43times;Intime Resources(7.85,-0.06,-0.76%)Net profit increased year-on-year last year27.81Times. On the other hand,749Net profit of a company declined year-on-year, some129Companies suffered losses last year. Decommissioned Changyou’s net profit loss last year592158.1410,000 yuan;*STTianwei(4.84,0.11,2.33%)Net profit loss last year523334.710,000 yuan;CSCL(2.10,-0.02,-0.94%)Net profit loss last year264614.92Ten thousand yuan.

as of4month22Days, total1583HomeAListed companies have released annual report dividend plans or have implemented dividends,1551The company expects cash dividends, and the total dividends are6578.75Billion yuan. In terms of dividend yield, press4month21Calculation of daily closing price, total133The dividend rate of companies paying dividends exceeds3%. Among them, the top three dividend yields are:Anyuan Coal Industry(3.97,-0.01,-0.25%)(12.17%)；SAIC(14.40,-0.12,-0.83%)(8.52%)；ICBC(3.39,-0.05,-1.45%)(7.61%)。

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