Under the securities issuance and trading system centered on information disclosure, whether the registration system can help stimulate the high-quality audit demand of listed firms has a significant impact on the success of the system reform. This paper takes the initial public offerings firms of Shanghai and Shenzhen A-share from 2019 to 2022 as the research sample to examine the impact of registration-based listing approach on the high-quality audit demand for annual reports of listed firms. The study found that the registration-based listing approach has significantly increased the demand of listed firms for high-quality audit of annual reports, that is, firms listed through the registration system, compared to those through the authorization system, are more inclined to hire international “Big Four” firms to audit or pay higher audit fees to obtain high-quality audit services during the annual report audit process. The mechanism testing found that the intensified stock market competition and improved corporate governance are important channels for the registration-based listing approach to enhance the high-quality audit demand for annual reports of listed firms; The heterogeneity test found that the promotion effect of the registration-based listing approach on the demand for high-quality audit was more significant in firms with better development prospects, higher media attention and higher agency costs. The research conclusions further reveal the policy effect of the registration system reform and provide a new theoretical perspective and empirical basis for enhancing the demand for high-quality audit of annual reports of listed firms under the comprehensive implementation of the registration system.