CSRC Publishes 2025 Accounting Supervision Report; 214 Listed Firms Get Non-Standard Audit Opinions
The China Securities Regulatory Commission has issued its accounting supervision report on the 2025 annual financial reports of listed companies. As of April 30, 2026, 5,517 companies had disclosed their 2025 annual reports, including 3,201 on the main board, 1,397 on ChiNext, 608 on the STAR Market and 311 on the Beijing Stock Exchange. Of these, 214 received non-standard audit opinions, comprising 109 unqualified opinions with emphasis-of-matter or going-concern paragraphs, 87 qualified opinions and 18 disclaimers of opinion. The regulator identified accounting errors in areas including revenue, financial instruments and asset impairment, and pledged to refine supervision mechanisms.
The China Securities Regulatory Commission (CSRC) has published its accounting supervision report on 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, comprising 3,201 on the main board, 1,397 on ChiNext, 608 on the STAR Market and 311 on the Beijing Stock Exchange. Among the companies that disclosed their annual financial reports on schedule, 214 received non-standard audit opinions, including 109 unqualified opinions with emphasis-of-matter or going-concern paragraphs, 87 qualified opinions and 18 disclaimers of opinion.
The CSRC organized dedicated teams to conduct sample reviews of the 2025 annual financial reports of listed companies, and on this basis produced the Accounting Supervision Report on the 2025 Annual Financial Reports of Listed Companies. Overall, listed companies were able to understand and implement the Accounting Standards for Business Enterprises and financial information disclosure rules fairly well, but some still had errors in accounting treatment or financial information disclosure in areas such as revenue, financial instruments, long-term equity investment and business combinations, asset impairment and research and development expenditure.
In response to the above issues, the CSRC will focus on the following work in the next stage. First, it will continuously improve the supervision mechanism for financial information disclosure by listed companies and enhance supervision effectiveness. Second, it will follow up on the various issues identified in the review of listed companies' financial reports and carry out subsequent regulatory handling in accordance with laws and regulations. Third, it will strengthen regulatory coordination on key common issues identified in supervision work and unify regulatory standards. Fourth, it will strengthen practical guidance on hot and difficult accounting issues in the market, and continuously enhance the consistency and effectiveness of the implementation of the Accounting Standards for Business Enterprises and financial information disclosure rules in the capital market.
Listed companies and intermediaries such as accounting firms should attach great importance to the issues revealed in the accounting supervision report, seriously correct errors in their financial reports, promptly master and correctly implement the Accounting Standards for Business Enterprises and financial information disclosure rules, and solidly carry out financial report information disclosure work to continuously improve the quality of accounting information disclosure.