B[446 companies received inquiry letters for 2025 annual reports, with intermediary verification coverage exceeding 90%] August 28, according to incomplete statistics, as of August 26, the Shanghai and Shenzhen Exchanges had issued inquiry letters for 2025 annual reports to 446 listed companies, an increase of 17.37% from 380 in the same period last year. Among them, the number of companies with special verification opinions issued by intermediaries accounted for 92.15%, an increase of nearly 10 percentage points year-on-year. "Inquiry letters are more focused on penetrating verification, and the focus of supervision has shifted from formal compliance to substantive verification." Liu Zhigeng, a well-known financial and tax audit expert and senior certified public accountant, analyzed that the number of inquiries for annual reports in 2025 has increased significantly, which is a comprehensive reflection of the improvement in the quality of information disclosure in the capital market and the upgrade of risk prevention and control systems. It marks that the annual report supervision of A-share companies has entered a stage of development in which the responsibilities of intermediaries are rigidized, hierarchical and classified supervision is precise, and penetrating verification is normalized. (Shanghai Securities News)
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