HFM(SH:603011) Zheng Quan Zhi Xing·2025-08-01 16:13General Principles - The purpose of the information disclosure management system is to standardize the behavior of information disclosure obligors, enhance management of information disclosure affairs, and protect the legitimate rights and interests of investors [1] - Information disclosure obligors must fulfill their disclosure obligations in a timely manner, ensuring that the information is true, accurate, complete, and easy to understand, without any false records or misleading statements [1][2] - Information must be disclosed simultaneously to all investors, and no advance disclosure to any individual or entity is allowed, except as provided by law or regulations [1][2] Voluntary Disclosure - Information obligors may voluntarily disclose information relevant to investors' value judgments and investment decisions, provided it does not conflict with legally required disclosures [2] - Voluntary disclosures must adhere to the principles of fairness, continuity, and consistency, and must not be used to manipulate market prices [2] Reporting Requirements - The main types of information disclosure documents include periodic reports, temporary reports, prospectuses, fundraising explanations, listing announcements, and acquisition reports [2][3] - Legally required disclosures must be published on the Shanghai Stock Exchange website and in media that meet the criteria set by the China Securities Regulatory Commission (CSRC) [3] Periodic Reports - Companies are required to disclose annual and semi-annual reports, which must include significant information affecting investors' value judgments and investment decisions [4] - Annual reports must be completed and disclosed within four months after the end of the fiscal year, while semi-annual reports must be completed within two months after the end of the first half of the fiscal year [4] Content of Reports - Annual reports must include company basic information, major accounting data, stock and bond issuance and changes, shareholder information, management discussions, and significant events during the reporting period [4][5] - Companies must disclose risk factors that may significantly impact their core competitiveness, operations, and future development [5] Temporary Reports - Companies must immediately disclose significant events that may have a substantial impact on the trading price of their securities when investors are not yet aware of them [7] - Significant events include major legal liabilities, asset impairment, changes in major debtors' financial status, and other events specified by law [7][8] Disclosure Procedures - The procedures for preparing, reviewing, and disclosing periodic reports involve senior management, the audit committee, and the board of directors [33] - The company secretary is responsible for organizing the disclosure of both periodic and temporary reports [34] Confidentiality and Accountability - Company directors and senior management have a duty to maintain confidentiality regarding undisclosed information and must not engage in insider trading [44][46] - The company implements a responsibility accountability system for information disclosure obligors who fail to fulfill their duties, leading to significant errors or economic losses [46][47]