Are you familiar with the disclosure requirements for listed companies’ earnings forecasts, earnings flash reports, and annual report release timelines?

According to relevant regulations, listed companies must disclose periodic reports. Periodic reports include: annual reports, semi-annual reports, first-quarter reports, and third-quarter reports. Annual reports must be prepared by listed companies within four months after the end of each fiscal year (i.e., January–April); semi-annual reports must be completed within two months after the end of the first half of the fiscal year (i.e., July and August); quarterly reports must be prepared within thirty days after the end of the first three months and the first nine months of the fiscal year (i.e., the first-quarter report in April, and the third-quarter report in October). The disclosure requirement for periodic reports is to publish their summaries in designated newspapers and simultaneously post their full texts on websites designated by the China Securities Regulatory Commission (CSRC). What are earnings forecasts and earnings flash reports? Stock investors may have noticed that some listed companies issue earnings forecasts or earnings flash reports, while others disclose financial results directly—without issuing either. Why is this? Listed companies have two types of preliminary earnings disclosures: earnings forecasts and earnings flash reports. (Jin Tuo Co., Ltd. 2020 Annual Earnings Forecast) (SENMA Fashion 2020 Annual Earnings Flash Report) An earnings forecast primarily estimates the company’s net profit for the current period; an earnings flash report is more comprehensive, generally disclosing key financial data. Disclosure Rules for Earnings Forecasts and Earnings Flash Reports The Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE) apply different disclosure rules for earnings forecasts and flash reports. Shanghai Stock Exchange — Earnings Forecast Requirements Per the "Shanghai Stock Exchange Stock Listing Rules," for annual reports, listed companies must issue an earnings forecast before January 31 following the end of the fiscal year if they anticipate any of the following three scenarios: (1) full-year net loss; (2) turning from loss to profit; or (3) net profit increasing or decreasing by more than 50% year-on-year (excluding cases where the base figure is extremely small). Interpretation: If none of the above three conditions applies, an annual earnings forecast is not mandatory. No mandatory earnings forecast is required for semi-annual or quarterly reports. Shanghai Stock Exchange — Earnings Flash Report Requirements If a company has already compiled its current-period financial data but its annual report remains incomplete, it may voluntarily issue an earnings flash report ahead of schedule. That is, issuance of an earnings flash report is at the company’s discretion—not mandatory. Shenzhen Stock Exchange — Earnings Forecast Requirements (I) SZSE Main Board Earnings forecasts must be issued if, during any reporting period (first quarter, semi-annual, third quarter, or annual), the company expects any of the following: — Net profit to be negative; — Turning from loss to profit; — Positive net profit with a year-on-year increase or decrease of more than 50% (excluding cases where the base figure is extremely small); — Negative net assets at period-end; — Annual operating revenue below RMB 10 million. Timing requirements for earnings forecast disclosures are as follows: (II) SZSE ChiNext (Growth Enterprise Market) If a company did not provide an earnings forecast for the current reporting period in its previous periodic report, it must promptly disclose such a forecast via a temporary announcement. Interpretation: Earnings forecasts are mandatory for all ChiNext-listed companies. Timing requirements for earnings forecasts are: 1. First-quarter earnings forecast: If the scheduled disclosure date for the prior year’s annual report falls before March 31, the first-quarter earnings forecast must be disclosed no later than simultaneously with the annual report; if the scheduled annual report disclosure date falls in April, the first-quarter earnings forecast must be disclosed by April 10.

Practical Guide: Trading Plan for August 21, 2026

I. News Summary Alibaba Data Centers: Alibaba’s Q2 Capital Expenditure Surges — Up 75% Year-on-Year, 151% Quarter-on-Quarter Alibaba released its financial results: capital expenditure (CapEx) for Q1 FY2027 totaled RMB 67.678 billion, up 75% year-on-year and 151% quarter-on-quarter. CEO Wu Yongming stated that AI infrastructure investment has reached RMB 190 billion, and CapEx is expected to recoup within three years. — Q1 FY2027 CapEx: RMB 67.678 billion — Q1 FY2026 CapEx: RMB 38.676 billion — Q4 FY2026 CapEx: RMB 26.887 billion CPO (Co-Packaged Optics): SK Hynix Unveils Next-Generation CPO Roadmap — Extending Optical Interconnects to Memory Interfaces SK Hynix, together with researchers from the University of Virginia, MIT, and Nanyang Technological University, published a review paper titled “Co-Packaged Optics for High-Performance Computing and Artificial Intelligence” in Nature Electronics, outlining a long-term roadmap to extend optical interconnects all the way to memory interfaces. Currently, CPO is mainly used for high-speed interconnects between chips. In traditional architectures, data must first travel electrically from the chip to an optical module located at the device edge, then be converted into optical signals for transmission. CPO places optical components directly adjacent to the chip, minimizing the distance over which high-speed electrical signals must travel—thus reducing power consumption and increasing bandwidth. SK Hynix’s next step is to push this optical pathway even further inward. II. U.S. Markets Overnight Last night, all three major U.S. indices closed lower: the Dow Jones Industrial Average fell 1.32%, and the Nasdaq Composite dropped 1.0%. Large-cap tech stocks showed mixed performance: the Philadelphia Semiconductor Index rose 0.53%; NVIDIA declined 0.33%; Oracle fell over 1%; Tesla and Apple each dropped nearly 2%; Google fell over 1%; Intel declined 0.72%; Broadcom rose 0.43%; SanDisk surged over 2%; SK Hynix jumped over 4%; Seagate Technology rose over 2%; Western Digital gained over 1%; Micron Technology rose nearly 4%; SpaceX fell over 4%; and biotech giant Moderna plunged 23%. This suggests today’s pharmaceutical sector may face divergence and adjustment, while tech stocks could see partial capital inflows. III. Today’s Strategy Yesterday’s market rallied early but reversed later in the day. Although all three major indices closed green at the close, the overall rebound was weak and the market’s profitability remained modest. The Shanghai Composite remained above both its 20-day and 30-day moving averages, whereas the ChiNext and STAR Market indices were comparatively weaker, facing resistance from the 20-day and 30-day moving averages overhead. In the short term, failure to decisively reclaim the 20-day MA may trigger further downward adjustments. Yesterday’s total market turnover declined by over RMB 400 billion compared to the prior trading day, remaining just above RMB 2 trillion—indicating strong investor caution and a predominantly range-bound, zero-sum market. Sector-wise, biomedical stocks surged across the board yesterday, while precious metals and real estate also performed actively. Conversely, the broader tech sector saw pronounced divergence: CPO stocks posted localized rebounds, while semiconductor equipment stocks led declines. Overall, market risk appetite remains unrecovered, and the market is still in a consolidation phase. Without meaningful volume expansion, traditional defensive sectors remain relatively strong—but trading remains challenging. It is advisable to observe more and act less.

Balchem Corporation Reports Second Quarter 2026 Financial Results

Jul 31, 2026

Balchem Corporation reported record Q2 2026 net sales of $284.0 million, an 11.2% increase year-over-year. The company amended its credit agreement and repurchased $29 million in stock reflecting confidence in growth.

GlobeNewswire

Balchem Corporation Reports Record Second Quarter 2026 Net Sales, Earnings and Adjusted EBITDA

Quiver Quantitative

Balchem Corporation Reports Second Quarter 2026 Financial Results

GlobeNewswire

2026-07-17

Balchem Corporation to announce Q2FY26 results on July 31

2026-07-23

Balchem Earnings Up Next: Can Specialty Ingredients Sustain Growth?

2026-07-27

Balchem (BCPC) Q2 2026 Preview: EPS Est. $1.43, Reports July 31