Golden Tax Phase IV forces medical tax payment wave: BeiGene pays 446 million in back taxes
Source: Visual China
Blue Whale News, June 29 (Reporter Tu Jun) On June 26, after market close, BeiGene, Ltd. (hereinafter "BeiGene," 688235.SH) announced that one of its domestic wholly-owned subsidiaries recently received a notice from the local competent tax authority. The company agreed to make certain adjustments to previously filed tax returns and will pay back taxes and surcharges totaling approximately 446 million yuan as required.
This amount is about 30% of its 2025 net profit. According to BeiGene's 2025 annual report, the company achieved operating revenue of 38.225 billion yuan in 2025, a year-on-year increase of 40.46%; net profit attributable to parent was 1.461 billion yuan, turning from a loss of 4.978 billion yuan to profit; net profit after deducting non-recurring gains and losses was 1.420 billion yuan, also turning from a loss of 5.379 billion yuan to profit.
BeiGene stated that it recently received a notice from the local competent tax authority regarding relevant tax matters, making certain adjustments to previous tax returns, and communicated with the tax authority on technical identifications and tax-accounting differences. The company will complete the payment. This matter does not involve administrative penalties. Based on the judgment of relevant accounting standards, this matter does not constitute a prior accounting error and does not involve retrospective adjustment of previous financial data.
The company expects to account for it in 2026 current period profit or loss, and the specific impact on net profit will be subject to audited financial statements. The company stated that this matter is not expected to have a material adverse impact on its financial position, continuous operation, or normal business.
Multiple medical companies disclose huge back taxes or tax adjustments this year
In addition to BeiGene, several medical companies have also suddenly faced large tax payments this year.
On May 20, Aier Eye Hospital (300015.SZ) announced that after conducting a self-inspection of tax matters in accordance with laws and regulations, it confirmed a need to pay back taxes of 348 million yuan and a surcharge of 176 million yuan, totaling 524 million yuan.
On January 1, China Medicine Corporation (600056.SH) announced that its wholly-owned subsidiaries Sanyang Pharmaceutical and Kangli Pharmaceutical received tax notices requiring a total of approximately 65.2178 million yuan in back taxes and surcharges, with Sanyang Pharmaceutical paying 21.4862 million yuan in taxes and 10.7429 million yuan in surcharges, and Kangli Pharmaceutical paying 21.2826 million yuan in taxes and 11.7061 million yuan in surcharges.
In addition, Jiashitang (002462.SZ), Blue Sail Medical (002382.SZ), and Chongqing Pharmaceutical Holding (000950.SZ) also issued back tax announcements.
Lawyer interpretation: Golden Tax Phase IV strong supervision and centralized liquidation of historical hidden risks
It is not just the medical industry. According to incomplete statistics from Wind data, as of June 25, at least 80 listed companies have disclosed back taxes or tax adjustment announcements this year, approaching the total of 89 for the full year 2025, with accumulated back taxes, surcharges, and fines exceeding 6 billion yuan.
Gui Xin, a senior partner at Tahota (Shanghai) Law Firm and initiator of Tianmu Venture Capital Ecosystem, told Blue Whale News that the recent back tax payments by medical listed companies such as BeiGene and Aier Eye Hospital after annual reports essentially reflects the concentrated exposure of historical compliance issues in the medical industry under the strong supervision of Golden Tax Phase IV, including high R&D investment, diverse business models leading to tax preference applicability (such as high-tech qualifications, R&D super-deductions), tax-accounting differences, and related party transactions.
Back taxes often occur after annual reports, as companies proactively conduct tax self-inspections after completing final settlement and audit to avoid investigation penalties, reflecting compliance choices. It also shows the difference between audit focusing on financial authenticity and tax focusing on tax law applicability. The lawyer believes that back taxes usually result from policy scope adjustments rather than financial fraud, representing the normalization of tax compliance in capital markets and self-correction of "minefields."
Regarding whether the impact is limited to 2026 only, Gui Xin believes that this round of huge back taxes is not limited to 2026 alone. It has two layers of logic: the large-scale back taxes concentrated in 2026 mainly represent a one-time centralized liquidation of historical hidden problems over multiple years (usually back-checking 3-5 years); as proactive self-inspections advance, such large-scale retrospective back taxes may gradually decrease in the next 1-2 years.
However, normalized tax adjustments will exist long-term. Golden Tax Phase IV's "data-based tax governance" is a permanent infrastructure, and strict supervision of tax preferences (annual review of high-tech qualifications, real-time review of R&D super-deductions) becomes normal. In the future, annual final settlement may still result in tax payments due to refined policy scope adjustments and related party transaction pricing adjustments, but the amounts will return to normal levels, without concentrated "sky-high old account" liquidations. Tax compliance will transform from an occasional "mine-clearance event" into a rigid daily operating cost for enterprises.
