Knowledge Base Update (I): Disclosure of 2026 Annual Reports and Exchange Inquiry Responses by Listed Companies

Table of Contents 01 Knowledge Base Update 02 How to Use 03 Annual Report Inquiries and Responses 04 Join Us [Annual Report Season] We are now entering late April—just before the most intensive period for listed companies to disclose their annual reports. The hectic annual report season is finally approaching its conclusion, and some outstanding project teams may already be winding down. Yet this may not be the end… I did a quick tally of annual report revisions and exchange inquiries over the past two years: • Approximately 1–2% of listed companies across all exchanges issued revised or corrected versions of their annual reports for various reasons; • Around 10% of listed companies received annual report inquiry letters from stock exchanges (figures vary slightly by year; historically, the proportion of companies receiving such inquiries has ranged from 10% to 15% of the entire market). Roughly speaking, for at least 500–800 A-share listed companies, the annual report process does *not* truly conclude on April 30. 01 Knowledge Base Update Accordingly, we have urgently compiled and organized the latest annual reports of listed companies across four exchanges in mainland China and Hong Kong (Shanghai Stock Exchange, Shenzhen Stock Exchange, Beijing Stock Exchange, and Hong Kong Exchanges and Clearing Limited) and seven market segments (main boards of the four exchanges plus ChiNext, STAR Market, and GEM in Hong Kong), enabling users to instantly access and compare corporate performance changes—and understand accounting policies and regulatory disclosure requirements. In addition to the full text of the latest annual reports, the knowledge base also specially includes annual report inquiry response documents from A-share listed companies for the past decade (2015–2025), revealing each year’s common information disclosure violations and key regulatory focus areas. All materials updated in this round have been uploaded to the following sub-libraries: ‘CPA Certification Knowledge Base’, ‘Investment & Investment Banking’, and ‘Listed Companies’ Annual Reports’. Due to capacity limitations of the shared knowledge base, Hong Kong-listed companies’ annual reports have been uploaded *only* to the ‘Listed Companies’ Annual Reports’ sub-library. Users without subscriptions can access them directly via the pinned navigation note. 02 How to Use The IMA knowledge base supports folder-specific Q&A mode. For example, if you want to identify which companies listed on the Beijing Stock Exchange received qualified audit opinions—and what types—they received, simply open the corresponding folder and ask your question within that context; the system will return answers based solely on files in that folder. Note, however, that the output above is *not entirely accurate*. First, it fails to list *all* types of qualified audit opinions—for instance, unqualified opinions with an emphasis-of-matter paragraph (e.g., Kangle Weishi, stock code 833575) or with a going-concern explanatory paragraph (e.g., Kaida Catalysis, stock code 830974); Second, Tonghui Information (stock code 430090), which received a qualified opinion, is also omitted. AI Hallucination This reflects a current limitation of AI: constrained by model context length and computational resources, large language models easily lose focus or drop data when processing massive volumes of information.

Q2 2026 Earnings Season Is Here! Decipher Core Financial Information to Uncover High-Quality Investment Opportunities!

• Strong earnings + beating expectations → high probability of price increase • Strong earnings + meeting expectations → modest rise possible, or no reaction • Strong earnings + missing expectations → high probability of price decline • Weak earnings + worse than expected → high probability of price decline • Weak earnings + slightly better than expected → potential rebound Why does a stock price fall despite excellent (beat) earnings? • Reason 1: Downgraded Forward Guidance This is the most common cause. Even if current-quarter results look stellar, if management states in the earnings release—“We expect revenue growth to slow next quarter”—the market may sell off immediately. Stock prices reflect *future* expectations, not past performance. An earnings beat belongs to the past; the downward revision to next quarter’s outlook is the dominant signal *now*. • Reason 2: Market Anticipation & Profit-Taking Before the earnings release, the market may have already priced in strong results, pushing the stock significantly higher ahead of time. Once the good news is confirmed, investors often take profits—turning a positive catalyst into a negative one upon confirmation (“buy the rumor, sell the news”). • Reason 3: Underperformance in a Key Metric Even if overall EPS beats expectations, the market may react negatively if a critical sub-metric falls short—e.g., user growth rate, subscription renewal rate, or revenue from a core business line. Investors zoom in on that specific weakness. For example, capital expenditures by tech firms in Q1 2026 illustrate this well. What are “pre-market” and “after-hours” releases? U.S. regular trading hours run from 9:30 a.m. to 4:00 p.m. Eastern Time. Most companies release earnings outside these hours—either pre-market or after-hours. • Pre-market releases occur before 9:30 a.m. ET, typically between 7:00–9:00 a.m. ET. This gives the market time to digest the information before the open, so the stock price at market open often already reflects the earnings content. • After-hours releases occur after 4:00 p.m. ET, usually between 4:00–4:30 p.m. ET. Regular trading has ended, but after-hours trading remains active—though with lower liquidity and heightened volatility. Even minor news can trigger outsized price moves. Companies generally follow their own established timing conventions for releases. Investors should check release schedules ahead of earnings season to avoid being caught off guard by sudden, sharp price swings. What risks should investors watch for during earnings season? • Risk 1: Surge in Volatility Stock price swings around earnings releases are dramatically larger than usual. Moves of ±10%, ±20%, or even ±30% overnight are not uncommon. • Risk 2: Relying Solely on Headlines Media outlets rush to publish headlines like “Earnings Beat!” or “Profit Soars!” immediately after releases. But investors must dig deeper: *By how much* was the beat? Which metrics missed? What did management say about forward guidance? These details matter most. • Risk 3: Impact of the Earnings Call Financial figures tell only part of the story. Management commentary on the earnings call often carries greater weight. How CEOs and CFOs describe the current market environment, express confidence in the future, or shift tone (e.g., using more cautious language than last quarter) can profoundly shape market perception. It’s common for stocks to decline *after* a solid earnings call ends—if management’s wording unsettles investors. • Risk 4: Sector-Wide Contagion Effects Within an industry, one company’s earnings can ripple across the entire sector. For instance, if a leading semiconductor firm issues a pessimistic industry outlook, the whole semiconductor sector may fall—even if other firms’ individual earnings are strong. Such interdependence intensifies during earnings season; monitor whether peer companies in your portfolio’s sector report earlier. How to obtain timely earnings data and analysis? Key earnings data for major U.S. stocks is available instantly on MSX and official English-language Twitter accounts. Investors are encouraged to follow these channels for real-time updates and market interpretation. Finally, MSX continues to onboard high-quality on-chain assets—currently covering 300+ premium securities—to help you seize every critical opportunity during earnings season. Download the official MSX app today to begin your U.S. equity trading journey!

Koppers Holdings Schedules Next Earnings Date for November 6, 2026

Oct 15, 2026

Koppers Holdings, a specialty chemicals and treated wood producer, is scheduled to report earnings on November 6, 2026. The company currently holds a market capitalization of USD 821.5 million with shares trading near USD 43.44.

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