中文版

为什么我们只能看到近三年的财报？

在关注一个公司的财务状况时，我们通常只能获取到其近三年的财报。这一现象可能会让投资者或分析者感到困惑，为何不能查看更长时间跨度的财务数据呢？

首先，我们要明白财报是公司财务状况和经营成果的重要体现，也是投资者和分析师了解公司的重要依据。然而，财报并非永久保存，其保存期限受到多种因素的影响。一方面，随着时间的推移，公司的经营环境、业务模式、甚至整个行业都可能发生巨大的变化，这使得过时的财报对于当前决策的价值大大降低。

另一方面，财报的保存也涉及到成本问题。长时间的保存需要耗费大量的物理空间和人力资源进行管理和维护。随着科技的发展，虽然电子存储逐渐取代了纸质存储，但即使是电子数据，也存在备份、更新和维护的需求，这同样需要投入成本。

此外，从投资者的角度来看，近三年的财报通常能够反映公司最近的经营状况、发展趋势以及市场环境，这对于投资者来说是最具参考价值的信息。过于久远的财报虽然可能包含一些历史数据，但对于当前的投资决策来说，其参考意义有限。

因此，我们只能看到近三年的财报，这既是出于对数据时效性和相关性的考虑，也是受到成本和实际需求的制约。投资者在分析公司财务状况时，应重点关注近三年的财报，并结合其他信息进行综合判断。

英文版

Why Can We Only See Financial Reports for the Last Three Years?

When focusing on a company's financial health, we often find that we can only access its financial reports for the past three years. This phenomenon may puzzle investors or analysts, wondering why they cannot view financial data spanning a longer period.

Firstly, it's crucial to understand that financial reports are vital reflections of a company's financial condition and operating results, serving as a crucial basis for investors and analysts to understand the company. However, financial reports are not permanently preserved, and their retention period is influenced by various factors. On the one hand, as time passes, a company's operating environment, business model, and even the entire industry may undergo significant changes, reducing the value of outdated financial reports for current decision-making.

On the other hand, the preservation of financial reports also involves cost considerations. Long-term storage requires significant physical space and human resources for management and maintenance. Although technological advancements have gradually replaced paper storage with electronic storage, even electronic data requires backup, updating, and maintenance, which also involves costs.

From an investor's perspective, financial reports for the past three years typically reflect a company's recent operating performance, development trends, and market environment, making them the most valuable information for investors. While older financial reports may contain historical data, their relevance to current investment decisions is limited.

Therefore, the reason we can only see financial reports for the past three years is due to considerations of data timeliness and relevance, as well as constraints of cost and practical needs. When analyzing a company's financial health, investors should focus on financial reports for the past three years and make comprehensive judgments by combining other information.