According to exchange regulations, A-share listed companies must disclose their annual reports within four months after the end of the fiscal year, with April 30 being the statutory deadline—commonly referred to as the "last-minute filing day." Many companies that were unable to complete auditing and compilation ahead of schedule crowded into this final window to release their annual reports. During the 2025 annual report season, 256 A-share listed companies chose to publish their annual reports on April 30. Some of these companies experienced prolonged negotiations during the auditing phase, with a few even reaching deadlocks during audit committee voting. For instance, Shanghai Supezet Engineering Technology Corp., Ltd. (688121.SH) could not submit its annual report proposal to the board for further review after the audit committee voted against it. Meanwhile, Shenyang Cuihua Gold And Silver Jewelry Co., Ltd. (002731.SZ) failed to disclose its report on time due to incomplete key information. This underscores that the ability to meet the statutory deadline for annual report disclosure is itself a critical stress test of a listed company’s governance standards, internal controls, and financial statement quality.
It is worth noting that last-minute filing is not necessarily indicative of poor operational performance. Among the companies that disclosed on the final day, several industry leaders with solid fundamentals were present. Large-cap quality names such as Baoshan Iron & Steel Co., Ltd. (600019.SH) and China Yangtze Power Co., Ltd. (600900.SH) opted for deadline filing due to objective factors like audit scheduling and internal process arrangements, challenging the market stereotype that last-minute filers are always under financial pressure.
From a financial health perspective, over 60% of last-minute filers experienced a decline in net profit. Excluding the two companies that failed to disclose their 2025 annual reports on time, among 5,510 A-share listed companies, 2,269 (41.18%) saw a year-on-year decrease in revenue, while 2,578 (46.79%) reported a drop in net profit, reflecting a clear divergence in overall A-share performance. Focusing on the 256 last-minute filers, the pressure on performance was significantly higher than the market average: 137 companies (53.52%) experienced a revenue decline, 163 (63.67%) saw net profit fall, and 129 (50.39%) reported net losses, indicating nearly half were in the red.
Despite the overall weaker performance, this group still included companies with robust fundamentals. Among the 256 firms, 16 (6.25%) achieved revenue growth exceeding 50%, and 45 (17.58%) recorded net profit growth above 50%. Notably, Chongqing Genrix Biopharmaceutical Co., Ltd. (688443.SH) led the sample with a 666.66% surge in 2025 revenue, alongside a 32.81% increase in net profit. As an innovation-driven biopharmaceutical firm focused on autoimmune diseases, infectious diseases, and oncology, the company’s revenue was only CNY 30.09 million in 2024. Its 2025 performance surge was mainly driven by recognized licensing income from the GR1803 injection authorization and commercialization agreement, coupled with steady sales growth of its first commercialized product, Sailiqi Monoclonal Antibody Injection (Jinlixi).
More representative cases include giants like Baoshan Iron & Steel Co., Ltd., China Yangtze Power Co., Ltd., China Cssc Holdings Limited (600150.SH), Inner Mongolia Yili Industrial Group Co., Ltd. (600887.SH), and Zhejiang Century Huatong Group Co., Ltd. (002602.SZ), which filed on the deadline due to audit schedules and procedural arrangements. All reported year-on-year net profit growth in 2025, with Zhejiang Century Huatong Group Co., Ltd. and China Cssc Holdings Limited posting increases of 447.24% and 104.23%, respectively, demonstrating the profit resilience of high-quality leaders.
From an industry perspective, sectors such as pharmaceuticals and biotechnology, as well as power equipment, were hotspots for losses. When industries face external shocks like demand contraction and intensified competition, the scale and scope of asset impairment provisions during annual report preparation often exceed expectations. This increases the complexity and duration of audit reviews and board approvals, delaying disclosure and leading many companies to file on April 30. Classified by Shenwan industry sectors, 129 (50.39%) of the 256 last-minute filers reported annual losses, with clear concentration in pharmaceuticals and biotechnology (15 companies), power equipment (14), and machinery (14). The computer, basic chemicals, and building decoration sectors followed with 11, 10, and 9 loss-making firms, respectively. These sectors are notably affected by cyclical fluctuations, policy adjustments, and market saturation.
In terms of loss magnitude, real estate and photovoltaic equipment were the hardest hit. Among the 256 companies, 10 reported 2025 losses exceeding CNY 20 billion, with real estate and photovoltaic equipment each contributing three firms, accounting for 60% of the total. Semiconductor, wind power equipment, rail transit, and home products sectors each had one company with substantial losses. China Fortune Land Development Co., Ltd. (600340.SH) and Tongwei Co., Ltd. (600438.SH) topped the loss list with net losses of CNY 23.476 billion and CNY 10.901 billion, respectively, both exceeding CNY 10 billion. China Fortune Land Development Co., Ltd. noted in its report that as real estate policies shift toward stimulating demand and optimizing supply, traditional development models are no longer sustainable, making the exploration of new models inevitable. The company plans to transition into an "industrial new town service provider," promoting light-asset operations and tapping into park resource value.
Although pharmaceuticals and biotechnology had the highest number of loss-making firms, the sector’s overall loss scale was relatively moderate. Heilongjiang Zbd Pharmaceutical Co., Ltd. (603567.SH), the sector’s largest loss-maker, reported a net loss of CNY 1.37 billion in 2025, ranking 16th in the sample. The company attributed the pressure to industry-wide challenges, stating that adjusted implementation timelines for centralized procurement policies delayed the rollout of the third round of traditional Chinese medicine procurement from late 2024 to mid-2025, slowing hospital procurement and causing temporary inventory buildup, which impacted short-term performance.
A clear divide was evident across listing boards. Among the 256 last-minute filers, 170 were on the main board, dominating the group, followed by 53 on the STAR Market, 21 on the Beijing Stock Exchange, and 12 on the ChiNext board. In terms of profitability, 127 companies were profitable, with six reporting net profits exceeding CNY 10 billion—all on the main board. China Yangtze Power Co., Ltd. led with a net profit of CNY 34.949 billion, followed by China National Nuclear Power Co., Ltd. (601985.SH), Sdic Power Holdings Co., Ltd. (600886.SH), Inner Mongolia Yili Industrial Group Co., Ltd., Baoshan Iron & Steel Co., Ltd., and China Cssc Holdings Limited.
Losses were also concentrated on the main board, which accounted for 82 of the 129 loss-making firms (over 60%). The STAR Market, ChiNext, and Beijing Stock Exchange had 26, 11, and 10 loss-makers, respectively, with decreasing loss scales. The main board was also the core hub for major losses: seven of the top ten loss-making companies were main board listings, with combined losses of CNY 53.236 billion. The remaining three were on the STAR Market—Trina Solar Co., Ltd. (688599.SH), Jinko Solar Co., Ltd. (688223.SH), and Beijing Tianyishangjia New Material Corp., Ltd. (688033.SH)—reporting losses of CNY 7.069 billion, CNY 6.897 billion, and CNY 2.245 billion, respectively. The two photovoltaic giants alone accounted for over CNY 13 billion in losses, making photovoltaic equipment a primary source of major losses on the STAR Market. Overall, the main board housed both the most profitable large-caps and the bulk of massive losses, highlighting extreme internal performance divergence.
Notably, 53 of the 256 last-minute filers carried ST or *ST risk labels, accounting for 20.70%—far above the 4.84% overall proportion of ST/*ST stocks in the A-share market, indicating significant risk concentration. These risk-labeled companies faced pronounced operational pressure: 43 (81.13%) of the 53 ST/*ST firms reported net losses in 2025, 30 (56.60%) saw revenue decline, and 33 (62.26%) experienced net profit decreases.
Beyond these, two companies failed to disclose their annual reports on time, triggering delisting-related regulatory procedures. Shenyang Cuihua Gold And Silver Jewelry Co., Ltd. announced on April 28 that it could not release its report by April 30 due to unresolved information verification issues, leading to a trading suspension effective May 6, 2026. If the report is not disclosed within two months of suspension, the company will face delisting risk warnings and potential termination. Similarly, Shanghai Supezet Engineering Technology Corp., Ltd. stated on April 29 that its audit committee voted 0 in favor, 3 against, and 0 abstaining on the 2025 annual report, preventing board review and likely causing missed disclosure. The company will be suspended after the deadline and may receive delisting warnings if it fails to report within two months.
Annual report preparation and audit disclosure for ST/*ST companies are inherently high-sensitivity, high-complexity compliance processes. These firms often require rigorous financial data audits, with audit opinions frequently including qualifications or disclaimers, increasing preparation difficulty and disclosure uncertainty—key reasons for their last-minute filings. For investors, the closure of the annual report window on April 30 is not the end of risk clearance but the starting point for governance improvement and operational recovery for these at-risk companies. After the reporting season, market focus shifts to whether these firms can genuinely overcome challenges and steadily resolve potential delisting risks.
Comments