Want to know when listed companies are required to proactively disclose their financials to investors? The trigger conditions vary across different sectors.

On the main board, once net profit turns negative or the year-over-year fluctuation exceeds 50%, the exchange will require disclosure (of course, cases with very small bases can be exempted). The Shenzhen Main Board and ChiNext are even stricter—besides the net profit requirement, if the end-of-period net assets turn negative or annual revenue drops below 10 million, companies must proactively explain.

The Sci-Tech Innovation Board has its own standards—if, after excluding non-recurring gains and losses, net profit is negative and revenue has not exceeded 100 million, then the situation must be fully disclosed. These rules may seem strict, but they are actually designed to protect investors' right to information.