从“开了会”到“开好会” A股公司业绩说明会量质提升

Core Insights - The frequency and quality of earnings presentations by listed companies have significantly increased since the China Securities Regulatory Commission (CSRC) initiated reforms in January 2020, transforming them from a "selective" practice to a "standard" one [2][4] Group 1: Evolution of Earnings Presentations - Before 2020, less than 50% of listed companies held earnings presentations, with only 1,792 companies doing so in 2019, representing 47.66% of the total [2] - Following the CSRC's encouragement, the proportion of companies holding earnings presentations exceeded 50% in 2020, with 3,756 companies participating in 2021, accounting for 87.41% of those disclosing annual reports [3][4] - By 2023, the percentage of companies conducting earnings presentations remained stable at over 90%, with projections indicating it could reach approximately 94.7% by 2025, nearly doubling from 2019 levels [4] Group 2: Quality and Format Improvements - The focus has shifted from merely holding meetings to enhancing their quality, with regulatory bodies emphasizing effective communication and interaction [3][8] - Earnings presentations have evolved from traditional formats to include online and hybrid models, utilizing live streaming, pre-recorded videos, and interactive Q&A sessions [6][7] - The participation of top executives, including chairpersons and general managers, has increased to over 99%, ensuring comprehensive communication of corporate value [4] Group 3: Impact on Investor Relations - Earnings presentations serve as a crucial platform for companies to address investor concerns, enhance transparency, and clarify business operations, thus improving investor understanding of company value [5][7] - The regularity of these presentations has made them a vital tool for investor relations management, allowing for direct engagement and feedback from investors [5][8] - The CSRC's guidelines emphasize the importance of these presentations in enhancing communication with shareholders and fostering long-term investment [8][9] Group 4: Future Directions - There is a call for further improvement in the quality of earnings presentations, focusing on substantive exchanges and broader participation from smaller companies [8][9] - Innovations in interaction formats, including the use of AI for better investor matching, are suggested to enhance the effectiveness of these presentations [8] - The establishment of a long-term evaluation mechanism for the quality of earnings presentations is recommended to elevate them from a standard practice to a benchmark for high-quality development in the capital market [8]