I think the report is so fair.The second one normally is better than the first one to show the progress.
The report card is one piece of paper and good for copy.
That's the way to prepare the portfolio.
I have seen the other schools (No comparsion, too complicated).
Personal speaking, I would like to see the weak point of my daughter's report rather than excellent. And, the comments from the teachers is very important.
More outside certs. in the portfolio is better than the school result.
Of course, not that bad on the school result is acceptable.