Golden Tax Phase IV Drives Pharma Tax Replenishment Wave: BeiGene Pays 446M

## BeiGene subsidiary pays ~446 million yuan in back taxes and penalties On June 26 after market close, BeiGene, Ltd. (688235.SH) announced: one of its wholly-owned domestic subsidiaries recently received notice from the local competent tax authority. The company agreed to certain adjustments to previously filed tax returns and will promptly pay back taxes and penalties totaling approximately 446 million yuan. The amount represents about 30% of its 2025 net profit. According to BeiGene's previously released 2025 annual report, the company achieved operating revenue of 38.225 billion yuan in 2025, up 40.46% year-on-year; net profit attributable to the parent was 1.461 billion yuan, turning from a loss of 4.978 billion yuan to profit; non-GAAP net profit was 1.420 billion yuan, turning from a loss of 5.379 billion yuan to profit. BeiGene stated that the company recently received a notice from the local competent tax authority regarding relevant tax matters, requiring adjustments to previous tax returns; it fully communicated with the tax authority on technical determinations and differences in tax and accounting treatment, and will complete the payment. This matter does not involve administrative penalties; according to relevant accounting standards, it is not a prior-period accounting error and does not require retrospective adjustment of prior financial data. The company expects to record it in 2026 current period profit or loss; the specific impact will be based on audited financial statements. The company also stated that this matter is not expected to have a material adverse impact on its financial condition, ongoing operations, or normal business. ## Multiple pharmaceutical companies disclose massive tax payments this year In addition to BeiGene, several other pharmaceutical companies have also experienced unexpected large tax payments this year. - May 20: Aier Eye Hospital (300015.SZ) announced that after self-inspection of tax matters, it confirmed back taxes of 348 million yuan and penalties of 176 million yuan, totaling 524 million yuan. - January 1: China Medicine (600056.SH) announced that its wholly-owned subsidiaries Sanyo Pharmaceutical and Kangli Pharmaceutical received tax notices requiring total back taxes and penalties of about 65.2178 million yuan, including Sanyo back taxes 21.4862 million yuan and penalties 10.7429 million yuan; Kangli back taxes 21.2826 million yuan and penalties 11.7061 million yuan. In addition, Jiashitang (002462.SZ), Lanfan Medical (002382.SZ), and Zhongyao Holdings (000950.SZ) also issued tax payment announcements. According to Wind data, as of June 25, at least 80 listed companies have disclosed tax payment or related tax adjustment announcements this year, approaching the total of 89 for the full year 2025; cumulative back taxes, penalties, and fines exceed 6 billion yuan. ## Lawyer: Golden Tax Phase IV and Post-annual Report 'Mine Clearance' Gui Xin, senior partner at Tahota (Shanghai) Law Firm and initiator of Tianmu Venture Capital Ecology, told Blue Whale News: The recent wave of tax payments by pharmaceutical listed companies like BeiGene and Aier after annual reports is essentially a concentrated exposure of historical compliance issues under Golden Tax Phase IV's strict supervision, including tax incentive applicability (e.g., high-tech qualification, R&D super deduction), tax-accounting differences, and related-party transactions in the pharmaceutical industry. Tax payments mostly occur after annual reports: companies proactively conduct tax self-inspections after completing annual tax settlement and audits, to avoid audit penalties – this is a compliance choice. It also reflects the difference between audit focusing on financial truthfulness and tax focusing on tax law application. Lawyers believe tax payments are usually due to policy scope adjustments rather than financial fraud, reflecting normalization of tax compliance in capital markets and 'mine clearance' self-correction. The lawyer further points out: The frequent large tax payments in pharmaceutical and other sectors, far exceeding previous years, are mainly due to the full implementation of Golden Tax Phase IV enabling multi-department data penetration, combined with strict tax incentive supervision and the implementation of the Value-Added Tax Law, forcing companies to centrally settle historical tax risks over the past five or even ten years. Meanwhile, listed companies, to avoid high fines and information disclosure risks, choose to proactively 'clear mines' and announce after annual audits and tax settlements; the lawyer believes that this triple resonance of technology-driven enforcement, policy tightening, and proactive compliance will cause previously hidden stock problems to erupt in 2026, forming a concentrated tax payment trend. ## Is the Impact Limited to This Year? Future will gradually return to normal levels Regarding whether this round of tax payments is only for this year or will become a normal phenomenon, lawyer Gui Xin believes that the massive payments are not limited to 2026. Two layers of logic: - The concentrated large tax payments in 2026 are primarily a one-time settlement of historical stock problems over many years (usually retroactively checked for 3-5 years); as proactive self-inspection proceeds, this kind of large retroactive tax payment will gradually decrease in the next 1-2 years. - Normalized tax adjustments will exist long-term: Golden Tax Phase IV's 'taxation by data' is a permanent infrastructure; strict supervision of tax incentives (annual high-tech review, real-time R&D super deduction review) becomes normal. In the future, annual tax settlements may still generate tax payments due to policy scope refinement or transfer pricing adjustments, but the amounts will return to normal levels, and tax compliance will solidify from occasional 'mine clearance events' into daily rigid operating costs for enterprises.