How do I read a company's financial statements?

I. Table of Contents of Financial Statements Section 1: Definitions and Significant Risk Disclosures Section 2: Company Profile Section 3: Summary of Accounting Data and Financial Indicators Section 4: Board of Directors’ Report Section 5: Material Events Section 6: Share Capital Changes and Shareholder Information Section 7: Directors, Supervisors, Senior Management, and Employee Information Section 8: Corporate Governance Section 9: Internal Controls Section 10: Financial Accounting Reports Section 11: List of Documents Available for Inspection If you are reading the company’s financial statements for the first time, it is advisable to go through all sections in order. If you have previously reviewed the company’s financial statements for a prior year—or are already very familiar with the company—you may focus only on the sections relevant to your specific interests. II. Differences Among Quarterly, Semi-Annual, and Annual Reports Financial statements are issued as follows: — First-quarter report (released by end of April) — Semi-annual report (also called the mid-year report; released by end of August) — Third-quarter report (released by end of October) — Annual report (released by end of April) The annual report must be audited; thus, it is generally regarded as the most analytically valuable financial statement. This does not mean the other three reports are unimportant—rather, the annual report tends to be more reliable, comprehensive, detailed, and research-worthy. In terms of detail, the annual report is the most thorough, followed by the semi-annual report, then the first- and third-quarter reports. Quarterly reports are not without value: for listed companies whose operations exhibit pronounced seasonality, quarterly reports are especially critical. For example, some firms maintain steady sales across quarters—e.g., generating roughly RMB 100 million in revenue each quarter. Others may earn the entire RMB 100 million in Q1 alone, with no further profit thereafter. For such companies, quarterly reports warrant close attention, particularly to assess performance during the profitable quarter(s). Earnings预告 Rules (Earnings Forecast Requirements): — Starting January 31: Annual earnings forecasts begin. ChiNext-listed companies are required to issue an annual earnings forecast. — Other exchanges (e.g., Shanghai, Shenzhen Main Board) require forecasts only if earnings undergo significant changes—for instance, turning from profit to loss, from loss to profit, or changing by more than ±50% YoY in net profit—or if the company voluntarily chooses to disclose one. — February 28: ChiNext and STAR Market companies must release earnings “fast reports” (preliminary financial results). The key difference between a forecast and a fast report is accuracy: forecasts may be imprecise, whereas fast reports are typically ~80–90% accurate. Some companies exploit this distinction—issuing optimistic forecasts, then revising downward in their fast reports. Such behavior is typical of low-quality firms; high-quality firms usually issue highly accurate forecasts. — March: No mandatory disclosure requirements. — April 10: ChiNext companies must issue first-quarter earnings forecasts. — April 15: For other Shenzhen-listed companies, first-quarter forecasts are mandatory only if material changes occur. — April 30: All exchanges publish annual reports and first-quarter reports. Many stocks release both simultaneously on this date. — May–June: No mandatory disclosure requirements. — July 15: Shenzhen-listed companies must issue semi-annual earnings forecasts if material changes occur; ChiNext companies are required to do so regardless. — August 31: All exchanges publish semi-annual reports. — September: No mandatory disclosure requirements. — October 15: Shenzhen-listed companies must issue third-quarter forecasts if volatility is significant; ChiNext companies are required to do so regardless. — October 31: All exchanges publish third-quarter reports. — November–December: No mandatory disclosure requirements. Outside these mandated periods, companies may still voluntarily issue earnings updates. For instance, Main Board companies often face no obligation to issue forecasts unless changes are substantial—but they retain the option to do so voluntarily.

How should we interpret media reports stating that Anthropic has filed its IPO prospectus, reporting 12-fold revenue growth by 2025 and a net loss of USD 42 billion?

This prospectus holds limited interpretive value. It primarily summarizes revenue and expenditure figures up to the end of 2025. In 2026, the agent market exploded, driving a marked surge in revenue—especially in Q1 and Q2, which saw explosive growth and even brief periods of monthly profitability. What is complex—and most critical—is Q3 2026. As previously noted, Anthropic’s growth curve began flattening toward the end of Q2 2026 (including ARR data for July). Thus, Anthropic’s Q3 2026 financial report will serve as the true litmus test: Will the growth curve steepen again—or continue flattening? That trajectory reveals Anthropic’s current ‘vital sign.’ The USD 51.8 billion in committed compute contracts is another noteworthy figure. (A large portion of these contracts spans 3–6 years; others extend to 7, 10, or even 20 years.) Anthropic’s full-year revenue for this year is projected to reach approximately USD 50–60 billion at most.

Onterris Scheduled to Release Q3 Fiscal 2026 Results on November 4

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Onterris is scheduled to release third-quarter fiscal 2026 results on November 4 after the NYSE close. The company has a market cap of USD 492 million and a negative P/E ratio.

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Onterris Scheduled to Release Q3 Fiscal 2026 Results on November 4

Onterris Scheduled to Release Q3 Fiscal 2026 Results on November 4

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