Previous studies on the impact of corporate information disclosure on stock price crash risk have largely focused on financial statements. In contrast, China’s unique monthly operating report disclosure system—featuring high frequency and realtime operational data—offers a distinct information channel. Using data from A-share listed firms from 2010 to 2021, we find that monthly operating report disclosures significantly reduce stock price crash risk by alleviating information asymmetry between firms and external stakeholders. The underlying mechanisms involve restraining managerial opportunism and correcting investor expectation biases. Further analysis shows that firms’ official responses to investor inquiries has no significant effect on crash risk once monthly operational disclosures are accounted for, underscoring that the quality of information disclosed is as important as its frequency. The risk-reducing effect is more pronounced among firms with greater business complexity, weaker internal controls, and lower institutional ownership.