Golden Tax Phase IV Forces Pharma Tax Supplement Wave: BeiGene Supplements 446 Million Yuan

On June 26 after market close, BeiGene (688235.SH) announced that its wholly-owned domestic 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 relevant tax matters, and will promptly pay back taxes and penalties totaling approximately 446 million yuan. This amount represents about 30% of its 2025 net profit.

According to BeiGene's previously published 2025 annual report, the company achieved revenue of 38.225 billion yuan in 2025, up 40.46% YoY; net profit attributable to parent reached 1.461 billion yuan, turning from a loss of 4.978 billion yuan to profit; net profit after deductions 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 tax authority regarding certain tax matters, made some adjustments to prior tax returns, fully communicated with the tax authority on technical determinations and tax-accounting differences, and will complete the payment. This matter does not involve administrative penalties. Based on relevant accounting standards, the matter is not considered a prior period accounting error and does not require retrospective adjustment of prior financial data.

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

Multiple Pharma Companies Reported Huge Tax Supplements This Year

In addition to BeiGene, several other pharma companies have also announced tax supplements or tax-related adjustments this year. On May 20, Aier Eye Hospital (300015.SZ) announced that after conducting a self-examination 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.

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

In addition, Jiashi Tang (002462.SZ), Blue Sail Medical (002382.SZ), and Chongqi Holding (000950.SZ) also announced tax supplements.

Lawyer: Golden Tax Phase IV Strengthens Supervision, Drives Centralized Clearing of Historical Hidden Risks

According to incomplete statistics from Wind data, as of June 25, at least 80 listed companies had disclosed tax supplements or tax-related adjustments this year, approaching the full-year total of 89 in 2025; cumulative back taxes, penalties, and fines exceeded 6 billion yuan.

Gui Xin, initiator of Tianmu Venture Capital Ecosystem and senior partner at Tahota (Shanghai) Law Firm, said that the recent spate of pharma listed companies like BeiGene and Aier Eye Hospital supplementing taxes after annual reports is essentially a concentrated exposure of historical compliance issues in the pharma industry under the strong supervision of Golden Tax Phase IV. These issues include the application of preferential tax policies, tax-accounting differences, and related-party transactions, particularly in sectors with high R&D investment and diverse business models. Tax supplements often occur after annual reports, reflecting companies' choice to conduct tax self-examinations after completing tax settlement and audit to avoid penalty audits; it also reflects the difference between audit focusing on financial truthfulness and tax focusing on tax law application. Tax supplements are usually due to policy scope adjustments rather than financial fraud, representing a normalized 'de-risking' self-correction of tax compliance in the capital market.

Gui Xin believes that the frequent occurrence of huge tax supplements in the pharma industry this year, far exceeding past amounts, is mainly due to the full implementation of Golden Tax Phase IV, enabling multi-department data penetration, combined with strict supervision of tax incentives and the implementation of the VAT Law. This forces companies to centrally clear historical tax risks from the past five or even ten years. To avoid high fines and information disclosure risks, listed companies choose to voluntarily 'de-risk' and announce after annual report audits and tax settlements, causing previously hidden stock issues to break out centrally in 2026, forming a concentrated tax supplement phenomenon.

Will Tax Supplements Be Limited to 2026? Normalized Tax Adjustments May Persist Long-Term

Regarding whether this wave of tax supplements will only occur this year or become normalized, Gui Xin said it is not limited to 2026 alone. The large-scale tax supplements in 2026 mainly represent a one-time centralized clearing of historical hidden risks accumulated over multiple years (typically looking back 3-5 years). As proactive self-examinations advance, such large retrospective tax supplements may gradually decrease in the next 1-2 years. However, normalized tax adjustments will persist long-term: Golden Tax Phase IV's 'tax governance based on data' is a permanent infrastructure, and strict supervision of tax incentives (annual review of high-tech enterprises, real-time review of R&D super-deductions) becomes normal. In the future, companies may still face tax supplements during annual tax settlements due to policy scope refinements and related-party transaction pricing adjustments, but the amounts will return to normal levels, no longer involving concentrated 'astronomical historical debts.' Tax compliance will evolve from an occasional event to a rigid routine operating cost for companies.