Summary of Key Points
Recently, there has been a surge in A-share companies paying back taxes: nearly 60 companies have issued tax payment announcements since March, with 23 A-share companies and 2 A+H companies doing so in June alone, resulting in a total tax payment and late fee of over 3.5 billion yuan. In some cases, the amount of taxes paid exceeds the company's annual profits (for example, Beidahuang had to pay back 1.41 billion yuan, which exceeded its net profit for the previous year). The industries most affected by these tax payments include pharmaceuticals and biotechnology, automobiles, and machinery equipment. The reason behind this is the upgrade in regulatory measures such as "Jinshui Phase IV" and the "Strengthening Foundations Project," which have made tax non-compliance impossible to hide. Tax payments directly affect company performance (for instance, Zhenbaodao went from profit to loss in 2025) and stock prices (Beidahuang's stock price fell by two limits in a row). In the future, this situation may become the norm.
I. Scale of the Tax Payment Surge: Nearly 60 Companies Paying Taxes in Three Months
In the past three months (March to June), nearly 60 A-share companies have had to pay back taxes, with 25 companies doing so in June alone (23 A-share companies and 2 A+H companies), totaling over 3.5 billion yuan in tax payments and late fees. Seven of these companies had to pay more than 100 million yuan each. The most significant case was Beidahuang, which had to pay 1.024 billion yuan in corporate income taxes for 2021-2025 plus a late fee of 386 million yuan, amounting to a total of 1.41 billion yuan—more than its net profit for the entire previous year (1.166 billion yuan). Hualing Steel paid 696 million yuan, Aishide paid 308 million yuan, and a subsidiary of BeiGene paid 446 million yuan. These amounts are substantial and have a direct impact on the companies' financial situations.
II. Industries Most Affected by Tax Payments: Pharmaceuticals and Biotechnology
By industry, pharmaceuticals and biotechnology were the sectors with the highest number of tax payments (8 companies), followed by automobiles and machinery equipment (5 companies each). Why are pharmaceutical companies particularly affected? On one hand, these companies have high gross margins, which can lead to issues with the allocation of research and development expenses and non-compliant deductions. On the other hand, some pharmaceutical companies previously enjoyed tax incentives but were later found not to meet the requirements. For example, a subsidiary of Zhenbaodao had to pay taxes for 2019-2024, and a subsidiary of Kangmei Pharmaceutical had to pay taxes for 2020-2024, indicating that previous tax issues have been brought to light.
III. Reasons for Tax Payments: The Upgrade in Regulatory Measures
The sudden increase in tax payments is due to the enhancement of regulatory efforts:
1. Jinshui Phase IV + Strengthening Foundations Project: Previous tax regulations were like "360P low-definition images," but now they have been upgraded to "4K high-definition surveillance." The system automatically scans companies' contracts, invoices, financial transactions, and logistics data, catching any non-compliant activities.
2. Self-inspections + Tax Notifications: Some companies identified their issues on their own and paid the taxes voluntarily, while others received notifications from the tax authorities (for example, Beidahuang was informed that its land lease fees were not eligible for tax incentives).
3. High-risk Groups for Tax Payments: High-tech companies with non-compliant research and development expenses, restructured companies with inadequate asset transfers, and companies involved in supply chain finance or bulk trading with mismatched financial records are all under increased scrutiny.
IV. Impact of Tax Payments
Tax payments have a direct and significant impact on company performance and stock prices:
- Performance: Tax payments and late fees are included in the current period's earnings, reducing net profits. For example, Beidahuang's 1.41 billion yuan in tax payments will be reflected in its 2026 financials, and Zhenbaodao went from profit to loss in 2025 due to these payments (a loss of 1.367 billion yuan). Minmetals Capital expects its net profit for 2026 to decrease by 94 million yuan.
- Stock Prices: As soon as Beidahuang announced its tax payment, its stock price fell by two limits, dropping by 20% in two days. The stock prices of other companies that also had to pay taxes were affected to varying degrees.
- Increased Investor Concerns: Investors are wondering if the companies they own will also be required to pay taxes. For instance, someone asked whether Longping High-tech would face the same situation, and Longping High-tech responded that it does not have land leasing business and is therefore not at risk.
V. Future Trend: Tax Payments May Become the Norm
Experts like Wang Weiqing predict that tax payments by listed companies will become common in the future. The reason is that tax risks are no longer determined by manual inspections but are automatically identified by systems that generate work orders. To avoid such payments, companies must ensure compliance with regulations, such as clearly allocating research and development expenses and preparing properly for restructurings to ensure that financial records are consistent. Investors should pay close attention to companies' tax announcements and avoid those with potential tax risks.
In summary, this surge in tax payments is not an accident but a natural outcome of enhanced regulatory measures. Companies must adapt to the new era of stricter oversight, and investors need to be vigilant and avoid companies with tax non-compliance issues.