| Announcement of the China Securities Regulatory Commission | | 中国证券监督管理委员会公告 |
| (No. 31 [2016]) | | （〔2016〕31号） |
| Standards for the Contents and Formats of Information Disclosure by Companies Offering Securities to the Public No. 2 - Contents and Formats of Annual Reports (2016 Revision) is hereby issued and shall come into force on the date of issuance. | | 现公布《公开发行证券的公司信息披露内容与格式准则第2号--年度报告的内容与格式（2016年修订）》，自公布之日起施行。 |
| China Securities Regulatory Commission | | 中国证监会 |
| December 9, 2016 | | 2016年12月9日 |
| Annex: | | 附件： |
| Standards for the Contents and Formats of Information Disclosure by Companies Offering Securities to the Public No. 2 - Contents and Formats of Annual Reports (2016 Revision) | | 《公开发行证券的公司信息披露内容与格式准则第2号--年度报告的内容与格式（2016年修订）》 |
| Chapter I General Provisions | | 第一章 总则 |
| Article 1 To regulate the preparation of annual reports and information disclosure by listed companies, and protect the lawful rights and interests of investors, these Standards are developed in accordance with the Company Law, the Securities Law, other laws and regulations as well as the relevant provisions of the China Securities Regulatory Commission (hereinafter referred to as the “CSRC”). | | 第一条 为规范上市公司年度报告的编制及信息披露行为，保护投资者合法权益，根据《公司法》、《证券法》等法律、法规及中国证券监督管理委员会（以下简称中国证监会）的有关规定，制定本准则。 |
| Article 2 Joint stock limited companies that offer stocks to the public within the territory of the People's Republic of China and are listed on the stock exchanges in accordance with the Company Law and the Securities Law (hereinafter referred to as the “company”) shall prepare and disclose their annual reports in accordance with the requirements of these Standards. | | 第二条 根据《公司法》、《证券法》在中华人民共和国境内公开发行股票并在证券交易所上市的股份有限公司（以下简称公司）应当按照本准则的要求编制和披露年度报告。 |
| Article 3 The provisions of these Standards are the minimum requirements for the disclosure of information in a company's annual report. The company shall disclose all the information that may produce a significant impact on investors' investment decisions, no matter whether the requirements are clearly specified herein. | | 第三条 本准则的规定是对公司年度报告信息披露的最低要求；对投资者投资决策有重大影响的信息，不论本准则是否有明确规定，公司均应当披露。 |
| The company is encouraged to disclose information to investors, especially minority investors, in a way that is concise and easy to understand, in light of its own characteristics. However, continuity shall be maintained for the information disclosed and selective disclosure is not allowed. | | 鼓励公司结合自身特点，以简明易懂的方式披露对投资者特别是中小投资者决策有用的信息，但披露的信息应当保持持续性，不得选择性披露。 |
| Article 4 In the event that certain specific requirements of these Standards are by no means applicable to a company, the company may, in light of the actual circumstances, make appropriate amendments without affecting the integrity of the disclosed information, and justify the amendments. | | 第四条 本准则某些具体要求对公司确实不适用的，公司可以根据实际情况在不影响披露内容完整性的前提下做出适当修改，并说明修改原因。 |
| Article 5 In case some information specified by these Standards is by no means suitable for disclosure due to special reasons such as state secrets and business secrets, the company is not required to make the disclosure. However, the company shall, in relevant chapters and sections, give an explanation about its failure to make disclosure according to these Standards. The company shall disclose the relevant information if the disclosure is deemed necessary by the CSRC. A company shall prepare and disclose its annual reports in strict accordance with the laws and regulations of the state on confidentiality, and shall not divulge any confidential information of the state. | | 第五条 由于国家秘密、商业秘密等特殊原因导致本准则规定的某些信息确实不便披露的，公司可以不予披露，但应当在相关章节详细说明未按本准则要求进行披露的原因。中国证监会认为需要披露的，公司应当披露。公司在编制和披露年度报告时应当严格遵守国家有关保密的法律法规，不得泄露国家保密信息。 |
| Article 6 In order to avoid unnecessary repetition and keep the reports concise, a company may adopt interdependent quotations to conduct appropriate technical treatment of the relevant parts of the annual report, provided that the integrity of the information disclosed and readability of the report is not affected. | | 第六条 在不影响信息披露完整性和不致引起阅读不便的前提下，公司可以采取相互引证的方法，对年度报告相关部分进行适当的技术处理，以避免不必要的重复和保持文字简洁。 |
| Article 7 The full text of a company's annual report shall be prepared and disclosed according to the requirements of Chapter II of these Standards. | | 第七条 公司年度报告的全文应当遵循本准则第二章的要求进行编制和披露。 |
| The summary of the company's annual report shall be prepared and disclosed in the format as set forth in the Annex according to the requirements of Chapter III of these Standards. | | 公司年度报告摘要应当遵循本准则第三章的要求，并按照附件的格式进行编制和披露。 |
| Article 8 For a company listed both on domestic and overseas stock exchanges, if the requirements for the preparation and disclosure of annual reports as set forth by the overseas stock exchange are different with these Standards, the company shall publicize the annual report at home and abroad on the same day under the principles of more detailed contents and stricter rules. | | 第八条 同时在境内和境外证券市场上市的公司，如果境外证券市场对年度报告的编制和披露要求与本准则不同，应当遵循报告内容从多不从少、报告要求从严不从宽的原则，并应当在同一日公布年度报告。 |
| The company that offers B-shares and their derivative securities and has been listed on the stock exchange shall also prepare foreign language versions of the annual report at the same time. | | 发行境内上市外资股及其衍生证券并在证券交易所上市的公司，应当同时编制年度报告的外文译本。 |
| Article 9 The financial report in the company's annual report shall have been audited by an accounting firm with relevant securities and futures business practice qualification and signed by two certified public accountants of that accounting firm. | | 第九条 公司年度报告中的财务报告应当经具有证券期货相关业务资格的会计师事务所审计，审计报告应当由该所至少两名注册会计师签字。 |
| Article 10 A company shall observe the following general requirements when preparing the annual report: | | 第十条 公司在编制年度报告时应当遵循如下一般要求： |
| (1) The numbers cited in the annual report shall be in Arabic numerals and the amounts are expressed in RMB with the monetary unit of yuan, 1,000 yuan, 10,000 yuan, one million yuan or 100 million yuan, unless otherwise specified. | | （一）年度报告中引用的数字应当采用阿拉伯数字，货币金额除特别说明外，通常指人民币金额，并以元、千元、万元、百万元或亿元为单位。 |
| (2) The company may prepare foreign language versions of the annual report in accordance with the relevant provisions or other needs, and shall, at the same time, guarantee the consistency between the Chinese version and foreign language versions, and indicate in the foreign language versions that: “This report is prepared in both Chinese and English (or Japanese, French, Russian, etc.) languages. In the case of any inconsistent understanding between the Chinese version and the foreign language version, the Chinese version shall prevail.” | | （二）公司可以根据有关规定或其他需求，编制年度报告外文译本，同时应当保证中外文文本的一致性，并在外文文本上注明：“本报告分别以中、英（或日、法、俄）文编制，在对中外文文本的理解上发生歧义时，以中文文本为准。” |
| (3) The cover of the annual report shall indicate the company's Chinese name, words of “annual report,” the reporting year, and may indicate the company's foreign name, badge and logo, etc. | | （三）年度报告封面应当载明公司的中文名称、“年度报告”字样、报告期年份，也可以载明公司的外文名称、徽章、图案等。 |
| The catalogue of the annual report shall be made available at an eye-catching position. | | 年度报告的目录应当编排在显著位置。 |
| (4) The annual report may contain photos, charts, or letters to investors for the publicity of the company, but shall not include any congratulating, flattering or recommending words, inscriptions, or photos, or any exaggerated, fraudulent, misleading, inaccurate, or non-objective language. | | （四）公司可以在年度报告正文前刊载宣传本公司的照片、图表或致投资者信，但不得刊登任何祝贺性、恭维性或推荐性的词句、题字或照片，不得含有夸大、欺诈、误导或内容不准确、不客观的词句。 |
| (5) The company may, when preparing the annual report, use diagrams, histograms, pie charts and other statistical charts, and necessary photos on products, services and business activities to illustrate or offer supplementary explanations so as to make the report more readable. | | （五）公司编制年度报告时可以图文并茂，采用柱状图、饼状图等统计图表，以及必要的产品、服务和业务活动图片进行辅助说明，提高报告的可读性。 |
| (6) When the company prepares the annual report, it shall abide by the CSRC's provisions on the industry classification of listed companies, and may use additional data and materials on other industry classifications in the disclosure as a reference. | | （六）公司编制年度报告应当遵循中国证监会上市公司行业分类的有关规定，公司可以增加披露所使用的其他的行业分类数据、资料作为参考。 |
| Article 11 A company listed on the main board (including small- and medium-sized enterprises board) shall, within four months as of the end of each accounting year, publish the full annual report on the website designated by the CSRC; and at the same time, publish a summary of the annual report on at least one newspaper designated by the CSRC, which shall not exceed 1/4 page of the newspaper in principle, or publish the summary on the website designated by the CSRC. | | 第十一条 主板（含中小企业板）公司应当在每个会计年度结束之日起4 个月内将年度报告全文刊登在中国证监会指定网站上；同时将年度报告摘要刊登在至少一种中国证监会指定报纸上，刊登篇幅原则上不超过报纸的1/4 版面，也可以刊登在中国证监会指定网站上。 |
| A company listed on ChiNext shall, within four months as of the end of each accounting year, publish the full annual report and its summary on the website designated by the CSRC; and at the same time, make an announcement on at least one newspaper designated by the CSRC, indicating: “The annual report for Year ×××× of this company and its summary has been disclosed on the websites designated by the CSRC for the disclosure of information on × Month × Day × Year, for the reference of investors.” | | 创业板公司应当在每个会计年度结束之日起4 个月内将年度报告全文和摘要刊登在中国证监会指定网站上；同时在至少一种中国证监会指定报纸上刊登“本公司××××年度报告及摘要已于×年×月×日在中国证监会指定的信息披露网站上披露，请投资者注意查阅”的提示性公告。 |
| The company may publish the annual report on other media no earlier than the time of disclosure on the media designated by the CSRC. | | 公司可以将年度报告刊登在其他媒体上，但不得早于在中国证监会指定媒体披露的时间。 |
| Article 12 Before the disclosure of the annual report, no person with access to insider information may disclose any relevant insider information or seek improper profits with such insider information. | | 第十二条 在年度报告披露前，内幕信息知情人不得泄露内幕信息，或利用内幕信息牟取不正当利益。 |
| Article 13 A company shall, after disclosing the annual report, place the original of the annual report or the photocopy with legal effect at the domicile of the company and the stock exchange for the reference of the public. | | 第十三条 公司应当在年度报告披露后，将年度报告原件或具有法律效力的复印件同时置备于公司住所、证券交易所，以供社会公众查阅。 |
| Article 14 The board of directors, the board of supervisors, directors, supervisors and senior executives of a company shall ensure the truthfulness, accuracy and integrity of the contents of the annual report, undertake that the report contains no false record, misleading statement, or material omission, and assume joint and several legal liabilities arising therefrom. | | 第十四条 公司董事会、监事会及董事、监事、高级管理人员应当保证年度报告内容的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 |
| Where any director, supervisor or senior executive has any objection to, or is unable to guarantee, the truthfulness, accuracy and integrity of the content of the annual report, he or she shall state the reason separately. | | 如有董事、监事、高级管理人员对年度报告内容存在异议或无法保证其真实、准确、完整的，应当单独陈述理由。 |
| Article 15 Where the information disclosure of a company in a special industry is otherwise provided for by the CSRC, the company shall abide by such provisions. | | 第十五条 中国证监会对特殊行业公司信息披露另有规定的，公司应当遵循其规定。 |
| Where the company's information disclosure is otherwise provided for by the competent department in charge of the industry, the company shall abide by such provisions when preparing and publishing the annual report. | | 行业主管部门对公司另有规定的，公司在编制和披露年度报告时应当遵循其规定。 |
| Chapter II Body of Annual Report | | 第二章 年度报告正文 |
| Section 1 Important Notice, Table of Contents and Definitions | | 第一节 重要提示、目录和释义 |
| Article 16 A company shall publish the following important notice on the title page of the annual report: the board of directors, the board of supervisors, directors, supervisors and senior executives of the company undertake that the content of the annual report is true, accurate and complete, and contains no false record, misleading statement, or major omission, and assume joint and several legal liabilities arising therefrom. | | 第十六条公司应当在年度报告文本扉页刊登如下重要提示：公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 |
| The person in charge of the company, the person in charge of the accounting work and the person in charge of the accounting institution (accountant in charge) shall declare and ensure the truthfulness, accuracy and integrity of the financial report in the annual report. | | 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）应当声明并保证年度报告中财务报告的真实、准确、完整。 |
| Where any director, supervisor or senior executive has any objection to or is unable to ensure the truthfulness, accuracy and integrity of the content of the annual report, the company shall declare that ×× is unable to guarantee the truthfulness, accuracy and integrity of the content of the report, and explain the reasons to investors for their particular attention. At the same time, it shall list separately the names of the directors that fail to attend the meeting of the board of directors to deliberate the annual report, and explain the reasons for absence. | | 如有董事、监事、高级管理人员对年度报告内容存在异议或无法保证其真实、准确、完整的，应当声明××无法保证本报告内容的真实、准确、完整，并说明理由，请投资者特别关注。同时，单独列示未出席董事会审议年度报告的董事姓名及原因。 |
| In case the auditing accounting firm has issued a non-standard audit report on the company, the following statement shall be added to the important notes that XX, the accounting firm, has provided an audit report containing clean opinions, qualified opinions, negative opinions, or inexpressible opinions attached by explanatory notes on the company. The board of directors and the board of supervisors of the company also have provided a detailed description about the relevant matter. And investors shall pay special attention to this. | | 如执行审计的会计师事务所对公司出具了非标准审计报告，重要提示中应当声明××会计师事务所为本公司出具了带强调事项段或其他事项段的无保留意见、保留意见、否定意见或无法表示意见的审计报告，本公司董事会、监事会对相关事项已有详细说明，请投资者注意阅读。 |
| Where the annual report involves any future plan or any other forward-looking statement, and is attached with the corresponding warning statement concurrently, the company shall declare that the plan does not constitute any material commitment of the company to investors. Investors and relevant persons shall be sufficiently mindful of risks, and understand the differences of plans, predictions, and commitments. | | 如年度报告涉及未来计划等前瞻性陈述，同时附有相应的警示性陈述，则应当声明该计划不构成公司对投资者的实质承诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当理解计划、预测与承诺之间的差异。 |
| Article 17 A company shall remind investors of the major risks to which investors need to pay particular attention, and recommend them of reading it. | | 第十七条 公司应当提示需要投资者特别关注的重大风险，并提示投资者注意阅读。 |
| Article 18 A company shall offer a reminder on the preliminary plan for profit distribution or common reserves capitalization in the reporting period as deliberated by the board of directors. | | 第十八条 公司应当提示经董事会审议的报告期利润分配预案或公积金转增股本预案。 |
| Article 19 A company shall provide simple definitions to the terms which may be difficult to understand by investors and have specific meanings. The definitions in the annual report shall be printed on the next page of the table of contents of the report. | | 第十九条 公司应当对可能造成投资者理解障碍以及具有特定含义的术语作出通俗易懂的解释，年度报告的释义应当在目录次页排印。 |
| The table of contents of the annual report shall specify the title and corresponding page number of each chapter and section. | | 年度报告目录应当标明各章、节的标题及其对应的页码。 |
| Section 2 Company Profile and Financial Highlights | | 第二节 公司简介和主要财务指标 |
| Article 20 A company shall disclose the following contents: | | 第二十条 公司应当披露如下内容： |
| (1) The company's Chinese name and its short form, and its foreign name and abbreviation (if any). | | （一）公司的中文名称及简称，外文名称及缩写（如有）。 |
| (2) The company's legal representative. | | （二）公司的法定代表人。 |
| (3) The name, address, telephone number, fax number and e-mail address of the secretary of the company's board of directors and the company's securities affairs representative. | | （三）公司董事会秘书及证券事务代表的姓名、联系地址、电话、传真、电子信箱。 |
| (4) The company's registered address, business address, postal code, website and e-mail address. | | （四）公司注册地址，公司办公地址及其邮政编码，公司网址、电子信箱。 |
| (5) The media for information disclosure selected by the company, the website designated by the CSRC for publishing the annual report, and the place to obtain the company's annual report. | | （五）公司选定的信息披露媒体的名称，登载年度报告的中国证监会指定网站的网址，公司年度报告备置地。 |
| (6) The stock exchange where the company's stocks are listed, the ticker symbol and stock code. | | （六）公司股票上市交易所、股票简称和股票代码。 |
| (7) Other relevant information: the name and office address of the accounting firm hired by the company, and the names of the signatory accountants; the name and office address of the sponsor or financial advisor hired by the company to fulfill continuous supervision responsibilities during the reporting period, and the names of the signatory sponsor representatives and the signatories of the financial advisor, and the continuous supervision period. | | （七）其他有关资料：公司聘请的会计师事务所名称、办公地址及签字会计师姓名；公司聘请的报告期内履行持续督导职责的保荐机构或财务顾问的名称、办公地址以及签字的保荐代表人或财务顾问主办人的姓名，以及持续督导的期间。 |
| Article 21 A company shall disclose in a tabular form its major accounting data and financial indicators of the recent three years as of the end of the reporting period, including but not limited to the total assets, operating revenue, net profits attributable to the shareholders of the listed company, net profits attributable to the shareholders of the listed company after deduction of non-recurring profits and losses, net assets attributable to shareholders of the listed company, net cash flow arising from business operations, rate of return on common shareholders' equity, and earnings per share. | | 第二十一条 公司应当采用数据列表方式，提供截至报告期末公司近3 年的主要会计数据和财务指标，包括但不限于：总资产、营业收入、归属于上市公司股东的净利润、归属于上市公司股东的扣除非经常性损益的净利润、归属于上市公司股东的净资产、经营活动产生的现金流量净额、净资产收益率、每股收益。 |
| Where there is any significant difference between the net profits and net assets attributable to shareholders of the listed company calculated based on different accounting rules, the company that has offered RMB common shares and B-shares or (and) overseas listed foreign shares at the same time shall disclose in the tabular form the differences and state the major reasons. | | 同时发行人民币普通股及境内上市外资股或（和）境外上市外资股的公司，若按不同会计准则计算的净利润和归属于上市公司股东的净资产存在重大差异的，应当列表披露差异情况并说明主要原因。 |
| A company shall disclose in a tabular form and on a quarterly basis its operating revenue, net profits attributable to the shareholders of the listed company, net profits attributable to the shareholders of the listed company after deduction of non-recurring profits and losses, and net cash flow arising from operations. Where there is any major discrepancy between the aforesaid financial indicators or the sum and the relevant financial indicators in the quarterly reports and semi-annual reports that have been disclosed, the main reasons shall be explained. | | 公司应当采用数据列表方式，分季度提供营业收入、归属于上市公司股东的净利润、归属于上市公司股东的扣除非经常性损益后的净利润、经营活动产生的现金流量净额。如上述财务指标或其加总数与公司已披露季度报告、半年度报告相关财务指标存在重大差异的，应当说明主要原因。 |
| The company shall, when disclosing the “net profits attributable to the shareholders of the listed company after deduction of non-recurring profits and losses,” state at the same time the items and amount of non-recurring profits and losses in the reporting period. | | 公司在披露“归属于上市公司股东的扣除非经常性损益后的净利润”时，应当同时说明报告期内非经常性损益的项目及金额。 |
| Article 22 The calculation and disclosure of major accounting data and financial indicators of the Company shall meet the following requirements: | | 第二十二条 公司主要会计数据和财务指标的计算和披露应当遵循如下要求： |
| (1) If retroactive adjustment or restatement of accounting data for the previous year is made due to revision of accounting policies or correction of accounting errors, etc., the reasons for the revision of accounting policies and correction of accounting errors shall be disclosed, and the data both before and after adjustment shall be simultaneously disclosed. | | （一）因会计政策变更及会计差错更正等追溯调整或重述以前年度会计数据的，应当披露会计政策变更的原因及会计差错更正的情况，并应当同时披露调整前后的数据。 |
| (2) Where there are different provisions of the CSRC regarding the determination and calculation of non-recurring profits and losses, rate of return on common shareholders' equity, and earnings per share, such provisions shall be followed. | | （二）对非经常性损益、净资产收益率和每股收益的确定和计算，中国证监会另有规定的，应当遵照执行。 |
| (3) The Company that formulates consolidated financial statements shall fill in or calculate the aforesaid data and indicators with the data in the consolidated financial statements. | | （三）编制合并财务报表的公司应当以合并财务报表数据填列或计算以上数据和指标。 |
| (4) If the Company has been established for less than three years, it shall disclose the aforesaid accounting data and financial indicators for all the whole accounting years after its establishment. | | （四）如公司成立未满3 年，应当披露公司成立后完整会计年度的上述会计数据和财务指标。 |
| (5) The financial data shall be arranged from left to right in chronological order; the data in the left are those for the reporting period; and the data listed in the right are those for the previous term. | | （五）财务数据按照时间顺序自左至右排列，左起为报告期的数据，向右依次列示前一期的数据。 |
| Section 3 Basic Summary of the Company | | 第三节 公司业务概要 |
| Article 23 A company shall give a brief introduction to its main business within the reporting period, including but not limited to: | | 第二十三条 公司应当简要介绍报告期内公司从事的主要业务，包括但不限于以下内容： |
| (1) The main business, main products and their purposes, operation patterns, main performance-driven factors, etc., in which the major changes occurred in the reporting period shall be highlighted. | | （一）报告期内公司所从事的主要业务、主要产品及其用途、经营模式、主要的业绩驱动因素等内容，应当重点突出报告期内发生的重大变化。 |
| (2) The development stages and the periodic nature of the company's industry, the industry position of the company, etc. | | （二）报告期内公司所属行业的发展阶段、周期性特点以及公司所处的行业地位等。 |
| Article 24 A company shall give a brief introduction to the major changes to the main assets of the company in the reporting period, including but not limited to, the equity assets, fixed assets, intangible assets, ongoing construction projects, etc. If foreign assets account for a material proportion, the reason for the formation of foreign assets, the asset size, operating model, earning position, etc. shall be disclosed. | | 第二十四条 公司应当简要介绍报告期内公司主要资产发生的重大变化，包括但不限于股权资产、固定资产、无形资产、在建工程等。若境外资产占比较高的，应当披露境外资产的形成原因、资产规模、运营模式、收益状况等。 |
| Article 25 A company should disclose the major changes in the core competitiveness (including the core management team, key technicians, special equipment, patents, know-how, franchises, land use rights, water breeding rights, exploration rights, mining rights, unique mode of operation and profit model, allowing others to use all of their resource factors, or using others' resource factors as a licensee, etc.) and the impact on the company in the reporting period. | | 第二十五条 公司应当披露报告期内核心竞争力（包括核心管理团队、关键技术人员、专有设备、专利、非专利技术、特许经营权、土地使用权、水面养殖权、探矿权、采矿权、独特经营方式和盈利模式、允许他人使用自己所有的资源要素或作为被许可方使用他人资源要素等）的重要变化及对公司所产生的影响。 |
| If the company's core competitiveness is seriously affected due to dimission of the core management team or crucial technicians, the upgrading or updating of equipment or technologies, or forfeiture of franchise right, etc., the company shall analyze the reasons in detail, and state the corresponding measures to be taken. | | 如发生因核心管理团队或关键技术人员离职、设备或技术升级换代、特许经营权丧失等导致公司核心竞争力受到严重影响的，公司应当详细分析，并说明拟采取的相应措施。 |
| Section 4 Discussion and Analysis of the Business Operation | | 第四节 经营情况讨论与分析 |
| Article 26 A company shall, in the discussion and analysis of its business operation, discuss and analyze the data of financial reports, other necessary statistical data as well as important matters that occurred in the reporting period and that are likely to occur in the future, so as to help investors understand its operating results, financial status, and future possible changes. The company may list the relevant matters in the form of year-by-year comparison, list of data or other means to enhance investors' understanding. Disclosure shall be conducted under the following principles: | | 第二十六条 公司经营情况讨论与分析中应当对财务报告数据与其他必要的统计数据，以及报告期内发生和未来将要发生的重大事项，进行讨论与分析，以有助于投资者了解其经营成果、财务状况及未来可能的变化。公司可以运用逐年比较、数据列表或其他方式对相关事项进行列示，以增进投资者的理解。披露应当遵守以下的原则： |
| (1) The disclosed contents shall be sufficiently reliable. Sufficient basis shall be provided for the data and materials quoted. If third-party data or materials are quoted as basis for discussion and analysis, the source of data shall be indicated, and a judgment on whether third-party data and materials are sufficiently authoritative shall be made. | | （一）披露内容应当具有充分的可靠性。引用的数据、资料应当有充分的依据，如果引用第三方的数据、资料作为讨论与分析的依据，应当注明来源，并判断第三方的数据、资料是否具有足够的权威性。 |
| (2) The disclosed contents shall be sufficiently correlative. The company shall give full consideration to and respect the investment needs of investors, and the disclosed contents shall be able to help investors better understand the trend of the company's future trend. The company shall focus on discussion and analysis of the implementation and future plans of major investment projects, asset purchase, merger and reorganization, ongoing construction projects, research and development projects, talents training and reserves, and other respects in the reporting period. | | （二）披露内容应当具有充分的相关性。公司应当充分考虑并尊重投资者的投资需要，披露的内容应当能够帮助投资者更加充分地理解公司未来变化的趋势。公司应当重点讨论和分析重大的投资项目、资产购买、兼并重组、在建工程、研发项目、人才培养和储备等方面在报告期内的执行情况和未来的计划。 |
| (3) The disclosed contents shall be sufficiently relevant. When analysis and discussion is conducted on the company's external environment, market structure, risk factors, etc., the contents stated shall be sufficiently relevant with the operating results and financial condition of the company, full consideration shall be given to the company's external business environment (including but not limited to, the economic environment, industry environment, etc.), and the internal resource conditions (including but not limited to assets, technology, personnel, power of management, etc.), targeted discussion and analysis shall be conducted in combination with the company's policy, marketing, and other management policies, and the company's business features, and logical coherence shall be maintained. | | （三）披露内容应当具有充分的关联性。分析与讨论公司的外部环境、市场格局、风险因素等内容时，所述内容应当与公司的经营成果、财务状况具有足够的关联度，应当充分考虑公司的外部经营环境（包括但不限于经济环境、行业环境等）和内部资源条件（包括但不限于资产、技术、人员、经营权等），结合公司的战略和营销等管理政策，以及公司所从事的业务特征，进行有针对性的讨论与分析，并且保持逻辑的连贯性。 |
| (4) The company shall be encouraged to disclose the key performance indicators used by the management in the operating management activities. The company may disclose the assumptions and calculation methods of the indicators, and the basis for choosing these indicators, and focus on the discussion and analysis of the reasons and trend of the changes in the indicators. Key performance indicators shall be determined by the company according to the industry and its own characteristics. Factors that have high performance sensitivity and over which the company has certain controllability shall be chosen for determination. | | （四）鼓励公司披露管理层在经营管理活动中使用的关键业绩指标。可以披露指标的假定条件和计算方法以及公司选择这些指标的依据，重点讨论与分析指标变化的原因和趋势。关键业绩指标由公司根据行业、自身特点，选择对业绩敏感度较高且公司有一定控制能力的要素确定。 |
| (5) In the discussion and analysis, the company shall, from the business perspective, fully explain the fundamental reasons leading to changes in financial data and the possible trend reflected therein, instead of just simply repeating the contents of the financial reports. | | （五）讨论与分析应当从业务层面充分解释导致财务数据变动的根本原因及其反映的可能趋势，而不能只是重复财务报告的内容。 |
| (6) The company shall maintain consistent and comparable statistical caliber of business data. If it is indeed necessary to make an adjustment, the company shall disclose the reasons for the change of caliber, and concurrently provide the correlation data of the previous year after adjustment. | | （六）公司应当保持业务数据统计口径的一致性、可比性，如确需调整的，公司应当披露变更口径的理由，并同时提供调整后的过去1 年的对比数据。 |
| (7) The disclosure shall be made in natural, clear and understandable language and expression rather than empty words or templates. | | （七）语言表述平实，清晰易懂，力戒空洞、模板化。 |
| Article 27 A company shall make a retrospective analysis on its main lines of business in the reporting period. Important matters shall be fully rather than selectively disclosed. The company shall disclose the matters that have produced a significant impact in the reporting period and the matters that have no impact in the reporting period but may have a significant impact in the future, etc., including but are not limited to: | | 第二十七条 公司应当回顾分析在报告期内的主要经营情况。对重要事项的披露应当完整全面，不能有选择地披露。公司应当披露已对报告期产生重要影响以及未对报告期产生影响但对未来具有重要影响的事项等。内容包括但不限于： |
| (1) Main lines of business, including (but not limited to) revenues, costs, expenses, research and development investment, cash flow, etc., with the changes to be indicated and reasons for change to be analyzed. In the case of any significant change in the company's business type, profit composition or profit sources, the company shall state the relevant information in detail. | | （一）主要经营业务。应当包括（但不限于）收入、成本、费用、研发投入、现金流等项目，需要提示变化并分析变化的原因。若公司业务类型、利润构成或利润来源发生重大变动，应当详细说明。 |
| a. Revenues and costs: The company shall, in combination with the industry characteristics and its practical situation, state the composition of its operating revenue in the reporting period by industry, product, and region. | | 1. 收入与成本：公司应当结合行业特征和自身实际情况，分别按行业、产品及地区说明报告期内公司营业收入构成情况。 |
| For industries, products or regions accounting for more than 10% of the company's operating revenue or profit, the company shall list item by item their operating revenue, operating cost, and gross profit rate, and analyze their changes. A company whose sales income from material objects is higher than that from services shall disclose the production volume, sales volume, and inventory volume in the reporting period based on the industry. If the relevant data change by over 30% on a year-on-year basis, the reasons shall be explained. The company shall disclose the fulfillment of the major sales contracts that have been signed as of the reporting period. | | 对于占公司营业收入或营业利润10%以上的行业、产品或地区，应当分项列示其营业收入、营业成本、毛利率，并分析其变动情况。对实物销售收入大于劳务收入的公司，应当按行业口径，披露报告期内的生产量、销售量和库存量情况。若相关数据同比变动在30%以上的，应当说明原因。公司应当披露已签订的重大销售合同截至本报告期的履行情况。 |
| The company shall disclose the main items constituting operating costs in the current year, such as the proportions of raw materials, wages of employees, depreciation, energy, power, etc. to the total costs. Where trade secrets are involved, the company may just disclose the individual items with the highest proportion or the main individual items. | | 公司应当披露本年度营业成本的主要构成项目，如原材料、人工工资、折旧、能源和动力等在成本总额中的占比情况。如果涉及商业秘密的，公司可以仅披露占比最高或最主要的单个项目。 |
| If the consolidation scope changes due to stock right transfer of its subsidiaries, the data of the same standard in the previous year shall be provided to investors for reference. If any significant change or adjustment occurs to the business, product or service in the reporting period, the company shall introduce the new products or services that have been launched or announced to be launched, and explain its impact on the company's business and performances. | | 如果因子公司股权变动导致合并范围变化的，应当提供上年同口径的数据供投资者参考。若报告期内业务、产品或服务发生重大变化或调整，公司应当介绍已推出或宣布推出的新产品及服务，并说明对公司经营及业绩的影响。 |
| The company shall disclose the main customers and main suppliers, and shall summarize and disclose the proportion of volume of sales to the top five customers to the total annual sales volume, the proportion of the value of procurement from the top five suppliers to the total annual value of procurement, the proportion of volume of sales to affiliated parties in the volume of sales to the top five customers to the total annual sales volume, and the proportion of the value of procurement from the affiliated parties in the value of procurement from the top five suppliers to the total annual value of procurement. The company shall be encouraged to disclose the names and the sales volume of the top five clients, the names and the purchasing value of the top five suppliers, and whether they have any affiliation relationship with the listed company. A client or supplier controlled by a same controller shall be listed in a consolidated manner as a same client or supplier, unless they are controlled by a same state-owned asset management institution. | | 公司应当披露主要销售客户和主要供应商的情况，以汇总方式披露公司向前5 名客户销售额占年度销售总额的比例，向前5名供应商采购额占年度采购总额的比例，以及前5 名客户销售额中关联方销售额占年度销售总额的比例和前5 名供应商采购额中关联方采购额占年度采购总额的比例。鼓励公司分别披露前5名客户名称和销售额，前5 名供应商名称和采购额，以及其是否与上市公司存在关联关系。属于同一控制人控制的客户或供应商视为同一客户或供应商合并列示，受同一国有资产管理机构实际控制的除外。 |
| b.Expenses: In the case of any significant change in the selling expenses, administrative expenses, financial expenses and other financial data on a year-on-year basis in the reporting period, the company shall, in combination with the business model and cost composition, explain the main driving factors that lead to the changes. | | 2. 费用：若报告期内公司销售费用、管理费用、财务费用等财务数据同比发生重大变动的，应当结合业务模式和费用构成，说明产生变化的主要驱动因素。 |
| c. Research and development investment: The company shall explain the purposes, progress, and objectives intended to be achieved of the research and development projects in the reporting period, and the estimated impact on the future development. The company shall disclose the amount, proportion, and change of research and development personnel; indicate the total amount of research and development investment and proportion to the operating revenue in the current year, and explain the reasons for such changes, in the case of any significant changes in the data from the previous year; and disclose the proportion and change of capitalization of research and development investment, and analyze its rationality. | | 3. 研发投入：公司应当说明本年度所进行研发项目的目的、项目进展和拟达到的目标，并预计对公司未来发展的影响。公司应当披露研发人员的数量、占比及其变动情况；说明本年度研发投入总额及占营业收入的比重，如数据较上年发生显著变化，还应当解释变化的原因；应当披露研发投入资本化的比重及变化情况，并对其合理性进行分析。 |
| d.Cash flow: The company shall, in combination with the relevant data on the company's cash flow statement, explain the composition of the cash flow generated from the company's operating activities, investment activities and capital raising activities; and if there is any significant change in relevant data with on a year-on-year basis, the company shall analyze the main influencing factors. Where there is any significant difference between the cash flow generated from the company's business activities and the net profits in the reporting period, the company shall explain the reasons. | | 4. 现金流：结合公司现金流量表相关数据，说明公司经营活动、投资活动和筹资活动产生的现金流量的构成情况，若相关数据同比发生重大变动，公司应当分析主要影响因素。若报告期公司经营活动产生的现金净流量与报告期净利润存在重大差异的，公司应当解释原因。 |
| (2) If the significant change in the company's profit composition or profit sources in the reporting period arises from non-main business, including but not limited to, return on investment, profits and losses from the changes in fair value, impairment of assets, non-operating revenue and expenditure, etc., the company shall explain the amount involved, the cause of the change, and whether they are sustainable in detail. | | （二）若本期公司利润构成或利润来源的重大变化源自非主要经营业务，包括但不限于投资收益、公允价值变动损益、资产减值、营业外收支等，应当详细说明涉及金额、形成原因、是否具有可持续性。 |
| (3) Assets and liabilities. If the company's assets composition (proportions of monetary funds, accounts receivable, inventories, investment real properties, long-term equity investment, fixed assets, ongoing construction projects, short-term loans, long-term loans, etc. to total assets) significantly changes on a year-on-year basis, the company shall explain the main influence factors that lead to the change. The company shall be encouraged to conduct analysis in combination with all financial indicators of the operation capacity and solvency. | | （三）资产及负债状况。若报告期内公司资产构成（货币资金、应收款项、存货、投资性房地产、长期股权投资、固定资产、在建工程、短期借款、长期借款等占总资产的比重）同比发生重大变动的，应当说明产生变化的主要影响因素。鼓励公司结合各项营运能力和偿债能力的财务指标进行分析。 |
| A company shall disclose the information that major assets have been seized, detained, frozen, mortgaged or pledged, are realizable under certain conditions, are unable to be realized, or are unable to be used to repay debts until the end of the reporting period, and the circumstances and arrangements on the restriction of rights to occupy, use, obtain benefits from and dispose of the assets. Where relevant matters have been disclosed it in the interim report but there is no progress in follow-up activities, only a summary of the matters is required to be disclosed, and a link to the website on which the interim report is disclosed shall be provided. | | 公司应当披露截至报告期末的主要资产被查封、扣押、冻结或者被抵押、质押，必须具备一定条件才能变现、无法变现、无法用于抵偿债务的情况，以及该等资产占有、使用、受益和处分权利受到限制的情况和安排。如相关事项已在临时报告披露且无后续进展的，仅需披露该事项概述，并提供临时报告披露网站的相关查询索引。 |
| (4) Investments. The company shall introduce the investment made in current year and analyze the year-on-year changes in the amount of investment in the reporting period. | | （四）投资状况。公司应当介绍本年度投资情况，分析报告期内公司投资额同比变化情况。 |
| a. For significant equity investments acquired in the reporting period, the company shall disclose the name of the invested company, the main lines of business, the investment shares and shareholding percentages, source of funds, cooperators, investment terms, categories of products, estimated income, current investment gains and losses, legal actions, etc. | | 1. 对报告期内获取的重大的股权投资，公司应当披露被投资公司名称、主要业务、投资份额和持股比例、资金来源、合作方、投资期限、产品类型、预计收益、本期投资盈亏、是否涉诉等信息。 |
| b. For significant non-equity investments made in the reporting period, the company shall disclose the actual investments in the year, the actual accumulated investments, the source of funds, the project progress, and the anticipated proceeds. If the proceeds have already been generated from the project, the company shall indicate the proceeds; and in the case of failure to attain the scheduled progress or the anticipated proceeds, an explanation shall be made. | | 2. 对报告期内正在进行的重大的非股权投资，公司应当披露项目本年度和累计实际投入情况、资金来源、项目的进度及预计收益。若项目已产生收益，应当说明收益情况；未达到计划进度和收益的，应当说明原因。 |
| c. The company shall disclose the initial investment costs of funds, bonds, trust products, futures, financial derivatives and other financial assets measured at arm's length and held in the reporting period, source of funds, purchase or sale and return on investment in the reporting period, changes in fair value, etc. | | 3. 对报告期内持有的以公允价值计量的境内外股票、基金、债券、信托产品、期货、金融衍生工具等金融资产的初始投资成本、资金来源、报告期内购入或售出及投资收益情况、公允价值变动情况等进行披露。 |
| (5) Sale of significant assets and equity. The company shall briefly analyze the impact of significant assets and sale of equity on continuity of business and stability of management. A company shall explain whether the aforesaid matters are implemented as scheduled. If these matters are implemented, the company shall explain their impact on the financial conditions and operating results, as well as the amount involved, and the proportion to total profits; in the event of failure to implement the plan as scheduled, the company shall explain the reasons and the measures which have been adopted by the company. | | （五）重大资产和股权出售。公司应当简要分析重大资产和股权出售事项对公司业务连续性、管理层稳定性的影响。公司应当说明上述事项是否按计划如期实施，如已实施完毕，应当说明其对财务状况和经营成果的影响，以及所涉及的金额及其占利润总额的比例；如未按计划实施，应当说明原因及公司已采取的措施。 |
| (6) Analysis on the holding company and shareholding companies. The company shall give a detailed introduction to the main business lines, registered capital, total assets, net assets and net profits of its main subsidiaries; and the conditions about acquisition and disposal of subsidiaries in the current year, including the methods of the said acquisition and disposal as well as their impact on the company's overall production, operation and performances. If the net profits from a single subsidiary or the return on investment from a single shareholding company reach 10% or more of the company's total net profits, the company shall introduce its main operating revenue, main operating profits, and other data. If the operating performance of a single subsidiary or shareholding company fluctuates sharply and has caused a significant impact on the company's consolidated operating performance, the company shall analyze the fluctuations of performance and the causes of change. | | （六）主要控股参股公司分析。公司应当详细介绍主要子公司的主要业务、注册资本、总资产、净资产、净利润，本年度取得和处置子公司的情况，包括取得和处置的方式及对公司整体生产经营和业绩的影响。如来源于单个子公司的净利润或单个参股公司的投资收益对公司净利润影响达到10%以上，还应当介绍该公司主营业务收入、主营业务利润等数据。若单个子公司或参股公司的经营业绩同比出现大幅波动，且对公司合并经营业绩造成重大影响的，公司应当对其业绩波动情况及其变动原因进行分析。 |
| The business operations of a main subsidiary or shareholding company shall be disclosed with reference to the requirements on discussion and analysis of the business operations of the listed company. For the subsidiaries with less relevance to the company's main business, the company shall disclose the purpose of holding and future business plan; and for a company whose return on investment in this year accounts for over 50%, the company shall disclose the equity investment projects whose return on investment accounts for over 10%. | | 主要子公司或参股公司的经营情况的披露应当参照上市公司经营情况讨论与分析的要求。对于与公司主业关联较小的子公司，应当披露持有目的和未来经营计划；对本年度内投资收益占净利润比例达50%以上的公司，应当披露投资收益中占比在10%以上的股权投资项目。 |
| If no dramatic fluctuation has occurred to the operating performance of a main subsidiary or shareholding company, but significant change occurs to its asset size, composition, or other main financial indicators, and which may impact the company's future performance, the company shall analyze the change and make an explanation. | | 若主要子公司或参股公司的经营业绩未出现大幅波动，但其资产规模、构成或其他主要财务指标出现显著变化，并可能在将来对公司业绩造成影响，也应当对变化情况和原因予以说明。 |
| (7) Structured entities controlled by the company. When the company has any structured entities under its control, it shall introduce the method and content of its controlling right as well as its interests and risks arising therefrom. Moreover, the company shall also introduce the relevant financing, commodities or labor services provided by the structured entities to support its own business activities. Structured entities controlled by the company are “structured entities” as specified in Accounting Standards for Business Enterprises No. 41 ——Disclosure of Interests in Other Subjects. | | （七）公司控制的结构化主体情况。公司存在其控制下的结构化主体时，应当介绍公司对其控制权方式和控制权内容，并说明公司从中可以获取的利益和对其所承担的风险。另外，公司还应当介绍结构化主体对其提供融资、商品或劳务以支持自身主要经营活动的相关情况。公司控制的结构化主体为《企业会计准则第41 号--在其他主体中权益的披露》中所规定的“结构化主体”。 |
| Article 28 The company shall speculate on the future development. The company shall discuss and analyze its future development strategy, the next year's business plan and the challenges that it may face, and is encouraged to make a quantitative analysis, including but not limited to: | | 第二十八条 公司应当对未来发展进行展望。应当讨论和分析公司未来发展战略、下一年度的经营计划以及公司可能面对的风险，鼓励进行量化分析，主要包括但不限于： |
| (1) Industry structure and trend. The company shall, in combination with its business size, business area, product categories, competitors, etc., introduce the development trend of the macro-economy or the industry environment of business relevance with the company, and the changing trend of this company's position in the industry or regional market position. The company shall, in combination with the market changes in the main business, changes in the composition of business costs, changes in market share, and other factors, analyze the main industrial advantages and challenges of the company, and explain the impact of the changes on the future business performance and profitability of the company. | | （一）行业格局和趋势。公司应当结合自身的业务规模、经营区域、产品类别以及竞争对手等情况，介绍与公司业务关联的宏观经济层面或行业环境层面的发展趋势，以及公司的行业地位或区域市场地位的变动趋势。公司应当结合主要业务的市场变化情况、营业成本构成的变化情况、市场份额变化情况等因素，分析公司的主要行业优势和困难，并说明变化对公司未来经营业绩和盈利能力的影响。 |
| (2) The company's development strategy. The Company shall disclose the Company's future development opportunities and challenges in terms of industrial barriers, replacement or spreading of core technologies, integration of industrial chain, price competition, fluctuations in cost, etc., to investors, disclose the Company's development strategies, as well as the new businesses and new products to be developed and the new projects it plans to invest in. If the Company has plural kinds of business, it shall also explain the development plans for each lines of business. Analysis and discussion shall be based on data and the source shall be specified. | | （二）公司发展战略。公司应当围绕行业壁垒、核心技术替代或扩散、产业链整合、价格竞争、成本波动等方面向投资者提示未来公司发展机遇和挑战，披露公司发展战略，以及拟开展的新业务、拟开发的新产品、拟投资的新项目等。若公司存在多种业务的，还应当说明各项业务的发展规划。分析和讨论应当提供数据支持，并说明数据来源。 |
| The company shall disclose the future development strategies, in combination with the problems to which investors pay much attention, the specific environment that the company faces at the current stage, as well as the industry and the business features of the company. In targeted description, priority shall be given to whether significant changes will occur to the main business model or business mode, the development plans and progress of new technologies and new products, production capacity expansion, assets acquisition, and other major investment plans, arrangements for investor returns and other development strategies, and development steps, etc., so as to help investors understand the company's future development direction and management style. | | 公司对未来发展战略的披露，应当结合投资者关注较多的问题，以及公司现阶段所面临的特定环境、公司所处行业及所从事业务特征来进行。重点对公司未来主要经营模式或业务模式是否会发生重大变化，新技术、新产品的开发计划及进展，产能扩张、资产收购等重大投资计划，投资者回报安排等发展战略、发展步骤进行有针对性的描述，以助于投资者了解公司未来发展方向及经营风格。 |
(3) Business plan. The company shall review and summarize the development strategies and the progress of the business plan disclosed in the prior stage within the reporting period, and explain why it failed to reach the objective in the plan. If the company's actual operating performance is more than 20% higher or lower than the profit estimates that have been publicly disclosed, it shall explain the cause of such difference from the perspective of revenues, costs, expenses, burden of taxation, etc. The company shall disclose the business plan for the next year, including (but not limited to) revenues, expenses, cost budget, and the business targets for the next year, such as increase in sales volume, expansion of market shares, decrease in costs, research and development plans, etc.; as well as the strategies and actions to be adopted for meeting the said business targets. The company shall concurrently state that the business plan does not constitute a commitment to investors on the company's performance, suggest that investors should maintain adequate risk awareness therefor, and understand the difference between the business plan and performance commitment. The company shall disclose the funds required for the maintenance of the current business and the completion of the investment projects under construction, and briefly explain the source, costs, and use of investment funds involved in the company's business plan.
．．．．．． | | （三）经营计划。公司应当回顾总结前期披露的发展战略和经营计划在报告期内的进展，对未达到计划目标的情况进行解释。若公司实际经营业绩低于或高于曾公开披露过的本年度盈利预测20%以上的，应当从收入、成本、费用、税负等相关方面说明造成差异的原因。公司应当披露下一年度的经营计划，包括（但不限于）收入、费用、成本计划，及下一年度的经营目标，如销售额的提升、市场份额的扩大、成本下降、研发计划等，为达到上述经营目标拟采取的策略和行动。公司应当同时说明该经营计划并不构成公司对投资者的业绩承诺，提示投资者对此保持足够的风险意识，并且应当理解经营计划与业绩承诺之间的差异。公司应当披露维持公司当前业务并完成在建投资项目所需的资金需求，对公司经营计划涉及的投资资金的来源、成本及使用情况进行简要说明。
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