Annual Report vs. 10-K: An Overview

年度报告与10-K报告：概述

Publicly traded companies in the U.S. are required to file a host of documents with the Securities and Exchange Commission (SEC). These filings include data and information about their most recent profits, cash flow, operations, and finances—as well as future plans and projections.

美国上市公司需要向美国证券交易委员会（SEC）提交大量文件。文件包括有关其最近利润、现金流、运营和财务的数据和信息，以及未来的计划和预测。

 

Two of the most important of these documents are the annual report and the Form 10-K. Similar in many ways, both are designed to help inform current shareholders or potential investors—along with research analysts, money managers, and other financial professionals—about the company's performance. Despite their overlaps, however, they do have significant differences.

其中最重要的两份文件是年度报告（“年报”）和10-K报告。两份文件有很多类似的方面，都想帮助现有股东或潜在投资者以及研究分析师、基金经理和其他金融专业人士了解公司的业绩。然而，尽管两份文件有相似之处，但也存在一些显著差异。

 

KEY TAKEAWAYS

要点

·Publicly traded companies will complete both an annual report and 10-K yearly.

·上市公司将完成年度报告和10-K年度报告。

·Both should include information about the company and the financial performance over the last year.

·两者均应包括公司相关信息和上一年的财务业绩信息。

·The 10-K is generally more detailed than the annual report but lacks photos and graphics.

·10-K报告通常比年报更详细，但缺少图片和图表。

·The annual report is a user-friendly publication, while the 10-K is intended for investors and analysts.

·年报是一份对用户友好的出版物，而10-K报告则面向投资者和分析师。

·The 10-K can be found on the SEC website, while the annual report should be readily available on the company’s website.

·10-K报告可以在SEC网站上找到，而年报可以在公司网站上获取。

 

Annual Report

年报

A corporation's annual report is usually an illustrated, thick booklet. It is a professionally bound but flexible publication, often resembling a printed magazine. It is intended for—and distributed to—shareholders, but is also freely given to anyone interested in the company. It acts as a reference yearbook for the firm.

公司的年报通常是一本有插图的厚册子，是一本专业但灵活的出版物，通常类似于印刷杂志。年报是为股东准备并分发给股东的，但也免费提供给任何对公司感兴趣的人，可作为该公司的参考年鉴。

 

Annual reports typically including a letter from the company's chief executive officer (CEO) and chair of the board of directors, a review of the company's history, and brief overviews of major company divisions and subsidiaries, operations, and various initiatives over the preceding fiscal year. It is often lavishly illustrated with professionally shot photos and includes charts, diagrams, maps, and other visuals.

年度报告通常包括公司首席执行官（CEO）和董事会主席的致辞，公司历史回顾，以及上一财年公司主要部门和子公司、运营和各种计划的简要概述。通常配有大量专业拍摄的图片，包括表格、图表、地图和其他视觉效果。

 

The annual report also includes, generally towards the back, significant financial statements, including the balance sheet, income statement, and cash flow statement, offering a snapshot of the company's financial performance over the last year (often in comparison to past years). Backing up this material are notes, explaining the accounting methodology, and the Auditor's Report—a statement from the outside accounting firm that reviews the documents, and attests to their accuracy.

年报通常还包括重要的财务报表，包括资产负债表、损益表和现金流量表，提供了公司过去一年（通常与过去几年相比）财务业绩的简要说明。解释会计方法的注释，以及审计报告（外部会计师事务所的一份声明）来审查这些文件，并证明其准确性。

 

10-K

10-K报告

Public companies are also required to submit a 10-K report every year. While it is officially filed with the SEC, it is also available to the public.

上市公司还需要每年提交一份10-K报告。该文件已正式提交给SEC，但公众也可以查阅。

 

Visually, the Form 10-K is a bare-bones document, compared to the annual report. The SEC has very strict guidelines on what information must be included and how it must be organized. This generic format contains no pictures or charts.

从视觉上看，与年报相比，10-K报告是一份简单的文件。SEC对必须包含哪些信息以及如何组织这些信息有非常严格的指导方针。通用格式不包含图片或图表。

 

The 10-K includes five distinct sections. The first three provide an overview of the company’s main operations, including its products and services; any and all risks the company faces; and specific financial information about the company over the last five years. The fourth has senior management's explanation of its financial results. The final section furnishes the numbers themselves: the company’s audited financial statements including the income statement, balance sheets, and statement of cash flows.

10-K报告包括五个不同的部分。前三部分概述了公司的主要业务，包括其产品和服务；公司面临的所有风险；以及该公司过去五年的具体财务信息。第四部分是高级管理层对其财务业绩的解释。最后一部分提供数字：公司经审计的财务报表，包括损益表、资产负债表和现金流量表。

 

Ultimately, a 10-K report is a full description of the company's financial activity during a given fiscal year and a full rundown of risks, legalities, liabilities, corporate agreements, operations, and market performance. Also, 10-K reports provide a full analysis of the relevant industry, the marketplace as a whole, and individual business operations.

归根结底，10-K报告是对公司在给定财年的财务活动，以及对风险、法律、负债、公司协议、运营和市场表现的全面概述。此外，10-K报告还提供了对相关行业、整体市场和个别业务运营的全面分析。

 

Key Differences

关键区别

The annual report is sent to shareholders each year ahead of the annual shareholder meeting and voting for the board of directors. The deadline for filing a 10-K is between 60 and 90 days after the end of the company’s fiscal year, depending on the size of the company.

年报在每年的年度股东大会和董事会投票之前分发给股东。提交10-K报告的截止日期为公司财政年度结束后60至90天，具体取决于公司规模。

 

Generally, 10-Ks are found on the SEC website, while the annual report should be available on the company’s website—usually under the investor relations section. Where an annual report may include company information, financials, and a letter from the CEO, the 10-K will include various risks and a detailed discussion of operations.

一般来说，10-k报告可以在SEC网站上找到，而年报可以在公司网站上获取，通常在投资者关系部分。年报可能包括公司信息、财务信息和首席执行官的致辞，10-K报告包括各种风险和运营的详细讨论。

 

Important： Both documents are important when analyzing a company, although the 10-K is usually preferred by analysts, given its more comprehensive nature.

重要提示：在分析一家公司时，这两份文件都很重要，但鉴于10-K报告更全面的性质，分析师通常更青睐它。

 

The design and the intent of the annual report are distinctly separate from the 10-K. The annual report is more of a glossy and user-friendly publication, intended for the layperson to understand—and, hopefully. be impressed by. It has something of a public relations function.

年报的设计和意图与10-K报告截然不同。年报更像是一份精美且用户友好的出版物，旨在让外行理解，以给人留下深刻印象，具有某种公共关系功能。

 

By contrast, 10-Ks tend to be very lengthy and more difficult to digest than annual reports. They are not designed for easy consumption by the average individual.

相比之下，10-K报告往往非常冗长，也比年报更难理解。因为它并不是为普通消费者编制的。

 

In terms of hard-core financials. the annual report offers a shorter version of the 10-K report—the highlights, so to speak. That said, an investor or analyst will still find the details of a company’s finances in the annual report, including the balance sheet and income statement, as well as other useful financial data.

就核心财务而言，年报提供了10-K报告的一个简短版本，可以说是重点。尽管如此，投资者或分析师仍然可以在年报中找到公司财务的细节，包括资产负债表和损益表，以及其他有用的财务数据。

 

英文来源：

https://www.investopedia.com/ask/answers/102714/what-are-differences-between-10k-report-and-firms-own-annual-report.asp