According to the reporter's incomplete statistics, as of August 26, the Shanghai and Shenzhen North Stock Exchange had issued 2025 annual report inquiry letters to 446 listed companies, an increase of 17.37% over 380 companies in the same period last year. Among them, the number of companies with intermediaries issuing special inspection opinions accounted for 92.15%, an increase of nearly 10 percentage points over the previous year. “The inquiry letter placed more emphasis on penetrating inspection, and the focus of supervision was shifting from formal compliance to substantive inspection.” Liu Zhigeng, a well-known fiscal and taxation expert and senior certified public accountant, analyzed that the significant increase in the number of inquiries in the 2025 annual report is a comprehensive reflection of the improvement in the quality of capital market information disclosure and the upgrading of risk prevention and control systems. It marks that the supervision of A-share companies' annual reports has entered a stage of development of rigidity of intermediary agency responsibilities, precise hierarchical classification supervision, and normalization of penetrating inspection.

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