Golden Tax Phase IV Drives Pharma Tax Supplement Wave: BeiGene & Others Pay Over 446 Million Yuan

On June 26 after market close, BeiGene (688235.SH) announced that its domestic wholly-owned subsidiary recently received a notice from the local competent tax authority, and the company agreed to certain adjustments to previously filed tax returns. The company has confirmed with the authority and paid supplementary taxes and late payment penalties totaling approximately 446 million yuan. This amount is about 30% of its 2025 net profit.

According to BeiGene's 2025 annual report, the company's 2025 revenue was 38.225 billion yuan, up 40.46% year-on-year; net profit attributable to shareholders was 1.461 billion yuan, turning from a loss of 4.978 billion yuan; recurring net profit was 1.420 billion yuan, turning from a loss of 5.379 billion yuan.

BeiGene stated externally that the company received a notice from the local competent tax authority regarding relevant tax matters, requiring adjustments to prior tax returns. The company fully communicated with the authority regarding technical determinations and differences between accounting and tax treatment, and will pay the amount as required. This matter does not involve administrative penalties. Based on accounting standards, this matter does not constitute a prior period accounting error and does not require retrospective adjustment of prior financial data.

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

Multiple Pharma Companies Report Large Tax Supplements This Year

Aier Eye Hospital (300015.SZ) announced on May 20 that after conducting a self-examination of tax matters in accordance with relevant laws and regulations, it confirmed an additional tax payment of 348 million yuan and late payment penalties of 176 million yuan, totaling 524 million yuan.

China Meheco (600056.SH) announced on January 1 that its wholly-owned subsidiaries Sanyao Pharmaceutical and Kangli Pharmaceutical received tax notices requiring total supplementary tax and penalties of approximately 65.2178 million yuan. Specifically, Sanyao 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.

Additionally, Jiashi Tang (002462.SZ), Blue Sail Medical (002382.SZ), and Chongqing Pharm (000950.SZ) also issued tax supplement announcements.

Number and Amount of Tax Supplements This Year Near Historical Highs

According to incomplete statistics from Wind, as of June 25, at least 80 listed companies have disclosed tax supplement or tax adjustment announcements this year, approaching the total of 89 for the full year 2025. Cumulative supplementary taxes, penalties, and fines exceeded 6 billion yuan.

Lawyer Analysis: Golden Tax Phase IV Strict Supervision and Tax Preference Differences Lead to Centralized Clearing

Lawyers believe the tax supplements by pharma companies like BeiGene and Aier after annual reports reflect the concentrated exposure of historical compliance issues under Golden Tax Phase IV strict supervision, such as the application of tax preferences for high R&D investment, business model diversity causing tax accounting differences, and related party transactions. Tax supplements often occur after annual reports, indicating that companies conduct proactive self-checks after final settlement and auditing, while also reflecting differences in audit focus (financial accuracy) vs. tax focus (tax law application). Supplements usually result from policy interpretation adjustments rather than financial fraud, marking a normalization of tax compliance in capital markets and self-correction.

The lawyer further stated that the full implementation of Golden Tax Phase IV, enabling multi-agency data penetration, combined with stricter supervision of tax preferences and the implementation of the VAT Law, forces companies to conduct centralized clearance of historical tax risks spanning five or even ten years. Listed companies, seeking to avoid high fines and disclosure risks, actively 'clear mines' and announce after annual audits and final settlements, causing historical issues to erupt in 2026 and forming a tax supplement wave.

Will the Impact Continue: Possible Return to Normal Levels After Clearance

The lawyer believes this round of massive tax supplements is not limited to 2026 alone. The clustering of large supplements in 2026 mainly reflects a one-time centralized clearance of multi-year historical issues. As proactive self-checks progress, such large retrospective supplements may gradually decrease in the next 1-2 years. However, routine tax adjustments will persist long-term. Golden Tax Phase IV's 'data-driven tax administration' is a long-term infrastructure, with strict supervision of tax preferences becoming the norm. Annual final settlements may still result in supplementary taxes due to refined policy interpretations and related party pricing adjustments, but amounts should return to normal levels, with tax compliance becoming a fixed routine operating cost.