What are the contents of the annual report?

Before April 30th every year, listed companies must publish their annual reports. The annual report is the report materials of the enterprise's operating year and the summary of the operating conditions of the previous year, including the important information disclosed by the enterprise in the previous year, the shareholders and employees, the financial report, the discussion and analysis of corporate governance and operating conditions, etc. It is an important window for investors to understand the enterprise. Therefore, how to read the annual report is a basic skill of investors' research ability.

The annual report is roughly divided into three parts: basic information, financial report and important matters, the most important of which is the operation and financial report. These two parts are required reading, and other investors can read them selectively according to their own understanding, and do not need to read them carefully. Here is a brief introduction to the main contents of these three parts:

The basic information company profile is mainly a general description of the company's past history, present situation and future prospects, a simple summary of the company's business, finance and legal affairs, and a key introduction to the company's personnel, technology and resources.

Operating conditions are the management's summary and analysis of its past operating conditions, and the judgment and thinking of future business strategic planning is an important part of understanding the profit model, business structure and strategic direction of enterprises.

Shareholders mainly talk about the number of share capital, circulating share capital, the number of shareholders, the top ten shareholders and their changes. What is important in this part is to look at the changing trend, whether there are fewer and fewer shareholders, whether the top ten shareholders have changed, and who is increasing and who is decreasing? Is it more concentrated?

Employees include directors, supervisors, senior managers, R&D technicians and employees.

Governance is a description of corporate governance according to the requirements of exchange governance.

The conclusion of financial report is the final and conclusive audit report opinion made by accounting firm on the company's financial report. Generally, there are four opinions: whether there are reservations, reservations, negative opinions, and inability to express opinions. Investors should pay special attention to whether it is the first type, otherwise they should be careful. Financial reports are all three tables, and investors should grasp the internal relations through various indicators analysis.

The balance sheet mainly analyzes the company's solvency, which is judged by the company's asset structure, debt ratio, turnover rate and other indicators.

The income statement judges the profitability and management ability of the company through its profit rate.

Cash flow statement By analyzing the cash content of the company's cash flow statement, we can know the quality of the company's operation.

Important matters This is a general explanation, including explanations, special explanations and documents for future reference. Its importance is relatively low, and it can be skipped unless otherwise specified.