Golden Tax Phase IV Supervision Under the Wave of Large Tax Payments by Pharmaceutical Companies

On June 26 after market close, BeiGene Ltd. (688235.SH) announced that its domestic wholly-owned subsidiary recently received a notice from the local competent tax authority: The company agreed to make certain adjustments to previously filed tax returns and has completed confirmation with the tax authority on related tax matters. It will pay the tax and penalties as required, totaling approximately 446 million yuan. This amount is about 30% of its 2025 net profit.

BeiGene's previously disclosed 2025 annual report showed that the company achieved operating revenue of 38.225 billion yuan in 2025, up 40.46% year-on-year; net profit attributable to parent was 1.461 billion yuan, turning from a loss of 4.978 billion yuan into profit; non-recurring net profit was 1.420 billion yuan, turning from a loss of 5.379 billion yuan into profit.

BeiGene told Blue Whale News that it received a notice from the local competent tax authority on related tax matters, making certain adjustments to previous tax returns. It communicated with the tax authority on technical determinations and tax-accounting treatment differences, and will pay the amount as required. This matter does not involve administrative penalties. Based on accounting standards, it is not a prior-period accounting error and does not involve retrospective adjustments to earlier financial data.

The company expects to record it in 2026 current period profit or loss, with the specific impact on net profit subject to audited financial statements. The matter is not expected to have a material adverse effect on the company's financial condition, going concern, or normal operations.

Concentrated Tax Payments by Pharmaceutical Companies This Year: From Aier Eye Hospital to Multiple Firms

In addition to BeiGene, several pharmaceutical companies have issued tax payment announcements this year. Aier Eye Hospital (300015.SZ) announced on May 20 that after a self-inspection of tax matters, it confirmed the need to pay back taxes of 348 million yuan and penalties of 176 million yuan, totaling 524 million yuan.

China Medicine (600056.SH) announced on January 1 that its wholly-owned subsidiaries Sanyang Pharmaceutical and Kangli Pharmaceutical received tax notices requiring a combined payment of approximately 65.2178 million yuan in back taxes and penalties, of which Sanyang paid 21.4862 million yuan in tax and 10.7429 million yuan in penalties; Kangli paid 21.2826 million yuan in tax and 11.7061 million yuan in penalties.

Jiasitang (002462.SZ), Blue Sail Medical (002382.SZ), and Chongyao Holding (000950.SZ) also issued tax payment announcements.

Scope of Tax Payments Expands: At Least 80 Listed Companies Disclose Tax Adjustments

According to Wind data, as of June 25, at least 80 listed companies have disclosed tax payments or related adjustments this year, approaching the total of 89 for all of 2025. The cumulative amount involved exceeds 6 billion yuan in back taxes, penalties, and fines.

Lawyer's Interpretation: Golden Tax Phase IV 'Data-Driven Taxation' Drives Centralized Clearance of Historical Risks

Gui Xin, a senior partner at Tahota (Shanghai) Law Firm, told Blue Whale News that the recent tax payments by pharmaceutical listed companies like BeiGene and Aier Eye Hospital after annual reports essentially reflect the concentrated exposure of historical compliance issues under Golden Tax Phase IV's strict supervision, including tax preferences for high R&D investment and diverse business models (such as high-tech qualifications and R&D super deductions), tax-accounting differences, and related-party transactions. Tax payments often occur after annual reports: companies proactively conduct tax self-inspections after completing tax settlements and audits to avoid penalty scrutiny; it also reflects the natural difference between auditing (financial truthfulness) and taxation (tax law application). The lawyer believes that tax payments are usually due to policy caliber adjustments rather than financial fraud, representing the normalization of tax compliance in capital markets and 'mine-clearing' self-correction.

Asked whether this round of tax payments will only affect this year, Gui said no. His judgment follows two levels: the large concentrated payments in 2026 are one-time clearances of historical stock risks accumulated over several years (typically 3-5 years). As proactive self-inspections advance, such massive retrospective tax payments will gradually decrease in the next 1-2 years. However, routine tax adjustments will persist long-term. Golden Tax Phase IV's 'data-driven taxation' is a permanent infrastructure, and strict supervision of tax preferences (high-tech annual reviews, real-time verification of R&D super deductions) will become the norm. In the future, annual tax settlements may still generate tax payments due to policy caliber refinements or related-party pricing adjustments, but amounts will return to normal levels, without concentrated 'huge historical bills' clearance. Tax compliance will transition from occasional 'mine-clearing events' to a rigid daily operating cost for enterprises.