What are the rules for the disclosure of performance forecasts of listed companies?

If it is necessary to disclose the performance forecast, the time requirements for the performance forecast are:

First quarter performance forecast: before April 15 of the reporting year.

Two. Semi-annual performance forecast: before July 15 of the reporting year.

3. Third quarter performance forecast: before October 15 of the reporting year.

Four. Annual performance forecast: performance express report before January 31 of the following year during the reporting period: Listed companies are encouraged to voluntarily disclose the performance express report of the periodic report before the disclosure of the periodic report.

Legal analysis: According to the Listing Rules of the Shanghai Stock Exchange, companies listed on the Shanghai Stock Exchange should make timely performance forecasts on January 31 after the end of the current year.

According to the Listing Rules of the Shenzhen Stock Exchange, the disclosure time of the performance forecast is: the first quarter forecast is before April 15 of the current year; The semi-annual report is announced before July 15 of the current year; The third quarter forecast is before October 15 of the same year; The annual notice is before January 31 of the following year.

Legal basis: "Shenzhen Stock Exchange** Listing Rules" Article 1 Listed companies and relevant information disclosure obligors shall disclose information in a timely and fair manner in accordance with laws, administrative regulations, departmental rules, normative documents, these rules and the rules, guidelines and notices issued by the Exchange, and ensure that the information disclosed is true, accurate and complete, and there shall be no false records, misleading statements or material omissions.

Shanghai **Stock Exchange Listing Rules》 Article 10 Listed companies shall, in accordance with relevant provisions, formulate and implement a management system for information disclosure affairs. After the information disclosure management system is deliberated and approved by the board of directors of the company, it shall be reported to the firm for the record in a timely manner and disclosed in the firm.

There are two ways to make a performance forecast: one is a performance forecast; One is the performance report. The performance express report mainly forecasts the current net profit of the company; The earnings report is more detailed, disclosing the company's key financial data.

Shanghai ** Exchange.

According to the Listing Rules of the Shanghai Stock Exchange, when making an annual report, the listed company expects to have a loss, turn into a profit or a net profit decrease or 50% compared with the previous year, and should make a performance forecast on January 31 after the end of the current year.

Without the above three circumstances, the annual report may not be disclosed in advance. Semi-annual and quarterly reports are not mandatory.

Shenzhen ** Exchange.

First, the main board market.

In the case of negative net profit, turnaround, profitability and net profit increased or decreased by 50% compared with the same period of the previous year, net assets at the end of the period were negative and annual revenue was less than 10 million yuan, performance forecast should be made, which is applicable to the first quarter, semi-annual, third quarter and annual reports.

Where there are no of the above circumstances, disclosure may not be made. The first quarterly report should be announced before April 15 of the current year; The semi-annual report should be announced before July 15 of the current year; The third quarterly report should be announced before October 15 of the current year; The annual report should be announced by January 31 of the following year.

Second, the small and medium-sized board market.

The company should disclose the performance forecast from the beginning of the year to the end of the next quarter report in the first, half-year and third quarters.

If the company turns profit into loss in the first quarter, net profit compared with the same period last year** or decreases by 50% and turns losses into profits, it should release a performance forecast no later than March 31.

3. GEM.

GEM listed companies should disclose their performance forecasts in a timely manner if they are expected to report for the current period in the last periodic report. Mandatory disclosures are implemented for all listed companies.

First Quarter Performance Forecast: If the scheduled disclosure time of the previous year's annual report is before March 31, the first quarter of the current year performance forecast shall be disclosed at the latest at the same time as the annual report; If the scheduled disclosure time of the annual report is in April, the first quarter performance forecast shall be disclosed before April 10. Huatai Sohe**'s one-stop wealth management platform - "Fortune Pass" provides a wealth of investment and wealth management courses.

Rules for Disclosure of A-share Earnings Forecasts, Shanghai Stock Exchange.

And the Shenzhen Stock Exchange is different:

1. Shanghai Stock Exchange.

Performance forecast: In accordance with the requirements of the "Shanghai **Stock Exchange** Listing Rules", for the annual report, if the listed company expects that there may be losses, turnarounds and net profits for the whole year.

In the case of an increase or decrease of more than 50% over the previous year (except for those with a small base), it shall be in the current fiscal year.

The earnings forecast will be disclosed by January 31 after the end of the year. If there are no of the above three types of circumstances, the annual performance forecast may not be disclosed. Semi-annual and quarterly reports are also not mandatory.

2. Shenzhen Stock Exchange.

1.Mainboard. Earnings Forecast:

It is expected that during the reporting period (first quarter, half year, third quarter and year), the following situations shall be forecasted: net profit is negative, losses are turned into profits, profits are realized, and net profit increases or decreases by more than 50 compared with the same period of the previous year (except for those with a small base), and net assets at the end of the period.

Negative, annual operating income.

Less than $10 million. If the above circumstances do not exist, the performance forecast may not be disclosed.

If it is necessary to disclose the performance forecast, the time requirements for the performance forecast are: before April 15 of the current year of the first quarter performance forecast reporting period; Before July 15 of the year in which the semi-annual results are announced; Before October 15 of the current year of the third quarter performance forecast; By January 31 of the following year for the reporting period of the annual results forecast.

2.Small and medium-sized boards.

"The company shall disclose the performance forecast from the beginning of the year to the end of the next reporting period in the first quarter report, semi-annual report and third quarter report. The company expects that the first quarter results will have a negative net profit attributable to the parent company, a net profit increase or decrease of more than 50 compared with the same period last year (except for those with a small base), and a turnaround, which should be no later than March 31 (in the annual report summary or temporary announcement) for performance forecasting. The performance forecast of the small and medium-sized board is mandatory to disclose, and all listed companies are required to carry out the performance forecast, but it is not mandatory for listed companies to disclose the first quarter performance forecast in the annual report, which is easy to ignore.

3.GEM.

Performance forecast: If the company does not make a performance forecast for the current reporting period in the previous periodic report, it shall disclose the performance forecast in the form of an interim report in a timely manner. The GEM performance forecast is mandatory to disclose, and all listed companies are required to make performance forecasts.

The time requirements for the performance forecast are: if the scheduled disclosure time of the annual report of the previous year is before March 31, the first quarter of the current year performance forecast shall be disclosed at the latest at the same time as the annual report; If the scheduled disclosure time of the annual report is in April, the first quarter performance forecast shall be disclosed before April 10. Before July 15 of the year in which the semi-annual results are announced; Before October 15 of the current year of the third quarter performance forecast; The annual results are announced before January 31 of the following year in the reporting period.

The disclosure rules of the A-share performance forecast system are as follows:

The performance forecast system refers to the disclosure system formulated by the ** exchange in accordance with the "** Law" in the economic law, the "Administrative Measures for Information Disclosure of Listed Companies" issued by the China Securities Regulatory Commission, and the "** Listing Rules" of the ** exchange, which is to standardize the disclosure of performance forecasts and promote the quality of information disclosure. Announcing future results in advance can buffer the excessive market reaction when the accounting report is officially announced, disperse the performance risk to a certain extent, and improve the disadvantaged position of small and medium-sized investors due to lack of information.

The scope of companies that must issue performance forecasts stipulated in the performance forecast system of each ** exchange is slightly different, <>

Companies listed on the GEM are required to issue performance forecasts;

Companies listed on the Shenzhen Main Board and the Small and Medium-sized Board are required to issue a performance forecast when the listed company has a negative net profit, a turnaround, a 50% change in net profit on the basis of profit, a negative net asset at the end of the period, and an operating income of less than 10 million;

The mandatory conditions for companies listed on the GEM are negative net profit, turnaround, 50% change in net profit and negative net assets at the end of the period;

Companies listed on the Shanghai Main Board and the Science and Technology Innovation Board are required to issue a negative net profit, a turnaround and a 50% change in net profit.

At the same time, the performance forecast system stipulates that the content of the issuance should include the time of the forecast, the type of forecast, the range of expected net profit changes, and the reason for the change in performance, and the listed companies that issue false performance forecasts with huge differences shall be subject to penalties such as circulating criticism, public condemnation, and inclusion in the list of dishonesty, and supervising and paying attention to the managers.

Theoretically speaking, there are three main types of performance forecast systems, which are mainly distinguished by the mandatory disclosure of performance forecasts by listed companies.

The first is the voluntary performance forecast system, where the disclosure of performance forecasts is not mandatory, and all companies can freely choose whether to issue them according to their wishes;

the second is the mandatory performance forecast system, and the mandatory disclosure of performance forecast is 100%;

The third is the semi-mandatory performance forecast system in between.

1.The difference between an earnings forecast, a performance flash and an official financial report.

A-share performance disclosure has a quarterly, interim, third quarterly and annual reports, in the form of performance forecasts, performance express reports and official financial reports. In a nutshell:

The performance forecast is a performance data estimated in advance by the listed company according to the information such as orders and accounts receivable, so it is generally disclosed before the end of each quarter, with the best timeliness, but the amount of information is less and the accuracy is relatively low;

2) The performance express report is the performance data preliminarily calculated by the listed company according to the existing operating and financial information after the end of each quarter, and the timeliness is better than that of the formal report, and the amount of information and accuracy are second only to the formal report;

3) The official financial report is a financial report of the listed company based on the business information, which is the most informative and accurate.

In short, the performance outlook looks at the forecast, and the performance details look at the official financial report. Timeliness: performance forecast > performance express report > official financial report; Accuracy: Official Financial Report Performance Express > Performance Forecast.

In addition, the performance forecast is currently conditionally compulsory, the performance express is voluntary, and the official report is mandatory.

2.Timeline of A-share performance disclosure.

January 31 is the deadline for the disclosure of the previous year's annual report forecast for all sectors (conditional mandatory disclosure).

April 15 is the deadline for the disclosure of the first quarterly report of the main board (including the small and medium-sized board) (conditional mandatory disclosure).

April 30 is the mandatory disclosure date for the annual report of the previous year and the first quarter of the current year for all sectors.

From May to June, the performance window period.

July 15 is the deadline for the disclosure of the interim report of the main board (including the small and medium-sized board) (conditional mandatory disclosure).

August 31 is the mandatory disclosure date for all sectors.

October 15 is the deadline for the disclosure of the third quarterly report of the main board (including the small and medium-sized board) (conditional mandatory disclosure).

October 31 is the mandatory disclosure date for the third quarterly report of all sectors.

From November to December, the performance window period.

3.What is Conditional Compelled Disclosure?

Only the main board of the Shenzhen Stock Exchange (including the small and medium-sized board) requires listed companies to make conditional performance forecasts, while the main board of the Shanghai Stock Exchange, the Science and Technology Innovation Board and the ChiNext Board of the Shenzhen Stock Exchange do not.

According to the "Shenzhen **Stock Exchange** Listing Rules" revised in December 2020, listed companies on the Shenzhen Main Board (including the small and medium-sized board) are expected to meet the following conditions in the full-year, semi-annual and first three quarters of the operating performance, and must make a performance forecast:

1) Net profit is negative;

2) Net profit increased or decreased by more than 50% compared with the same period last year;

3) Achieve a turnaround.

4.Recent changes to the results disclosure rules.

On March 18 this year, the China Securities Regulatory Commission issued [Order No. 182] "Administrative Measures for Information Disclosure of Listed Companies", pointing out that the periodic reports that listed companies should disclose only include annual reports and interim reports, excluding quarterly reports (1 quarterly report and 3 quarterly reports), which will be implemented from May 1.

First quarter performance forecast: If the scheduled disclosure time of the annual report of the previous year is before March 31, the first quarter of the current year performance forecast shall be disclosed at the latest at the same time as the annual report; If the scheduled disclosure time of the annual report is in April, the first quarter performance forecast shall be disclosed before April 10. Half-year results forecast:

Before July 15 of the reporting period. Before October 15 of the current year of the third quarter performance forecast;

By January 31 of the following year for the reporting period of the annual results forecast. In general, the annual report is the most important report of listed companies, generally before January 31, the annual report of the main board of Shanghai has a large range of changes, such as turning losses into profits, losses, and more than 50% of the upper and lower ranges, it is necessary to issue a performance forecast, and the gem must be disclosed.

Hope it helps, thanks.