Using the data of 102 Chinese energy listed companies in Shanghai and Shenzhen Stock Exchange during 2004 to 2006, the empirical study shows that: corporate performance has a significant positive correlation with timeliness of annual report; financial risk significantly positive correlates with timeliness of annual report; financial risk has a further influence on timeliness of annual report through corporate performance, which is an intermediary variable; financial risk also interferes the relationship between corporate performance and timeliness of annual report.