Core Viewpoint - The revised "Information Disclosure Management Measures" aims to enhance the quality of information disclosure by listed companies, aligning with the new Company Law and the capital market's "1+N" policy framework, thereby improving transparency and protecting investors' rights [1][3]. Group 1: Key Information Disclosure Requirements - The revised measures strengthen the disclosure of risk factors that may significantly impact a company's core competitiveness and future development, especially for companies that are unprofitable at the time of listing [3]. - Companies are required to disclose industry-specific operational information relevant to their business, facilitating informed decision-making by investors [3]. - The annual report format guidelines have been refined to include detailed financial indicators, such as revenue deductions and the impact of share-based payments on net profit [3][4]. Group 2: Management Discussion and Analysis Enhancements - The annual report format now mandates enhanced disclosure of significant non-core business activities, including strategic considerations and sustainability of operations [4]. - Companies must disclose the names and transaction amounts of their top five customers and suppliers, particularly those with high trade volumes or under special treatment [4]. - There are new requirements for disclosing performance commitments, including details on commitment periods, targets, actual amounts, and completion rates [4]. Group 3: Adjustments to Supervisory Structures - The revised measures eliminate previous regulations regarding the supervisory board and shift responsibilities to the audit committee for overseeing periodic report preparation [6]. - The guidelines also remove the requirement to disclose details of board and shareholder meetings, streamlining the reporting process [6]. Group 4: New Disclosure Regulations - The measures introduce a system for deferring and exempting disclosures, ensuring compliance with legal and regulatory requirements [7]. - There are new regulations prohibiting the outsourcing of information disclosure tasks to non-licensed entities, thereby enhancing the quality of disclosures [9][10]. - Companies are allowed to release significant information during non-trading hours, provided they announce it before the next trading session begins [10]. Group 5: Implementation Timeline - The revised measures and reporting guidelines will take effect on July 1, 2025, allowing companies to prepare adequately and minimizing disruptions to the 2024 annual report disclosures [11].

文/梧桐小新 12月27日，为完善上市公司信息披露制度，优化披露内容，增强信息披露的针对性和有效性，证监会拟对《上市公司信息披露管理办法》进行修订。主要修订内 容为： 一、吸收近年来信息披露监管的实践经验 将近年来信息披露监管方面一些新的实践经验纳入《信披办法》。 一是风险揭示。 明确公司应当充分披露可能对公司核心竞争力、经营活动和未来发展产生重大 不利影响的风险因素。上市时未盈利且上市后也尚未盈利的，应当充分披露尚未盈利的成因，以及对公司现金流、业务拓展、人才吸引、团队稳定性、研发投 入、战略性投入、生产经营可持续性等方面的影响。 二是行业经营信息。 明确上市公司应当结合所属行业的特点，充分披露行业经营性信息，针对性披露技术、 产业、业态、模式等能够反映行业竞争力的信息，便于投资者合理决策。 三是非交易时间发布信息。 明确在非交易时段，上市公司和相关信息披露义务人确有需 要的，可以对外发布重大信息，但应当在下一交易时段开始前披露相关公告。四是增加可持续发展信息披露、信息披露暂缓与豁免相关条款。沪深北交易所已出 台上市公司可持续发展报告自律监管指引，为健全可持续信息披露制度，拟在本办法中增加相关条款；结合监管 ...