Combining traditional management and text analysis methods, taking the 2011—2019 annual report tone of a sample of China’s A share non financial industry as the object, we make a survey of the impact of annual report tone on the financial performance based on the model of OLS regression. The results found that as the optimistic tone of the annual report increased, the financial performance of the company showed a trend of “increasing first and then decreasing”, that is, there is a significant “inverted U shaped” relationship between the two, this relationship is more pronounced in sample companies that are not state owned, tracked by high analysts, start up, growth, and decline. Further research also found that the level of market valuation and operating uncertainty will strengthen the “inverted U shaped” relationship between the tone of the annual report and the financial performance of the company. This article enriches and expands the research on the impact of annual report tone on the economic consequences of enterprises, and provides important theoretical references for information users to make rational use of text information to make scientific decisions.