The China Securities Regulatory Commission released the accounting regulatory report on the annual financial reports of listed companies for 2025: 214 companies received non-standard audit opinions.

On August 14, the China Securities Regulatory Commission (CSRC) released the Accounting Supervision Report for the 2025 Annual Financial Reports of Listed Companies. As of April 30, 2026, a total of 5,517 listed companies had disclosed their 2025 annual financial reports, including 3,201 on the Main Board, 1,397 on the Growth Enterprise Market, 608 on the Sci-Tech Innovation Board, and 311 on the Beijing Stock Exchange. Among the companies that disclosed their annual financial reports on time, 214 received non-standard audit opinions, including 109 with unqualified opinions that included emphasis of matter or going concern paragraphs, 87 with qualified opinions, and 18 with disclaimers. The CSRC organized a specialized team to conduct a sample review of the 2025 annual financial reports of listed companies, which formed the basis for the "Accounting Supervision Report for the 2025 Annual Financial Reports of Listed Companies." Overall, listed companies demonstrated a good understanding and execution of the Chinese Accounting Standards and financial information disclosure rules. However, some listed companies still exhibited accounting treatment or financial information disclosure errors regarding revenue, financial instruments, long-term equity investments and business combinations, asset impairment, and research and development expenditures. In response to these issues, the CSRC will focus on the following actions: First, thoroughly implement the decisions and deployments of the Central Committee of the Communist Party of China and the State Council, continuously improve the regulatory mechanism for financial information disclosure of listed companies, and enhance regulatory effectiveness. Second, continuously follow up on diverse issues identified during the review of financial reports, ensuring proper regulatory actions are taken in accordance with laws and regulations. Third, strengthen regulatory coordination around common key issues discovered in regulatory work and unify regulatory standards. Fourth, enhance practical guidance on accounting issues that are hot or challenging in the market, continuously improving the consistency and effectiveness of capital market enforcement of the Chinese Accounting Standards and financial information disclosure rules. Listed companies and intermediary institutions, such as accounting firms, should give high priority to the issues revealed in the Accounting Supervision Report, carefully correct errors in financial reports, and timely understand and correctly implement the Chinese Accounting Standards and financial information disclosure rules. They should solidly carry out financial report information disclosure work, continuously improve the quality of accounting information disclosure, and jointly promote the high-quality development of the capital market. This article is compiled from the official website of the China Securities Regulatory Commission, edited by GMTEight: Li Fo.