The China Securities Regulatory Commission intends to revise the "Administrative Measures for Information Disclosure by Listed Companies" and the "Content and Format Guidelines No. 2 for Information Disclosure by Companies Issuing Securities to the Public - Content and Format of Annual Reports" and the "Content and Format Guidelines No. 3 for Information Disclosure by Companies Issuing Securities to the Public - Content and Format of Semi-Annual Reports", and is now seeking public opinions. This revision aims to: 1. Implement strong regulatory requirements to prevent risks by strengthening disclosure requirements for key information such as client suppliers, corporate governance, and fundraising; 2. Optimize the structure and content of periodic reports, reduce redundant information, and highlight key content; 3. Supplement information disclosure on sustainable development, exemptions from information disclosure, and relevant provisions for deferrals; 4. Adjust and improve certain content in line with the latest laws, regulations, and regulatory practices; 5. Coordinate with the newly revised "Company Law" to adjust the responsibilities of supervisors and supervisory committees, as well as related expressions concerning the shareholders' meeting.