Over $38 Million in Tariff Refunds Flow into Chinese Listed Companies
0xBroomberg
U.S. Customs has refunded over $38 million in tariffs and interest to five Chinese A-share listed companies, with the largest payout covering more than half of one firm's annual net profit — adding a tangible new variable to export-sector earnings recovery in H2.
Who got the money, and how much?
Since last month, five Chinese A-share companies have received a combined $38 million-plus in tariff refunds and accrued interest through their U.S. subsidiaries — roughly $7.64 million each on average.
All five operate in auto parts or healthcare.
The refunds range from 13.12% to 53.58% of each company's 2025 net profit. This means → for some firms, a single refund rivals half a year's earnings.
Which company received the most, and what does it mean?
Zhejiang Huahai Pharmaceutical's U.S. unit received the largest payout — over $14.2 million, equal to 36.36% of its 2025 full-year net profit.
Huahai stated in an exchange filing that the refund will "affect the company's profits in the second half of this year."
Guizhou Tyre's U.S. unit received over $11.98 million. More than 45% of the company's revenue last year came from overseas — mainly trailer and off-road tyres — and the funds will be booked in its 2026 financials.
Is the refund wave over?
Far from it. Wind data shows over ten mainland Chinese firms have disclosed filings or confirmed refund applications.
In plain terms = the five companies paid so far are just the first batch; a longer queue is forming behind them.
Whether total refund volume keeps growing — and when remaining applicants get paid — will be a key variable for gauging export-sector profit recovery in H2.
Can Chinese firms without a U.S. subsidiary benefit too?
Analyst Zhou Zheng at Shanghai Aijian Securities notes that beneficiaries extend beyond companies with U.S. units — OEMs (original equipment manufacturers — Chinese factories producing goods under foreign brands) also stand to gain.
This means → refunds boost U.S. importers' restocking appetite and cash position, while reducing their incentive to squeeze prices in negotiations.
In plain terms = U.S. buyers end up with more money and less reason to haggle — improving both order flow and margins for Chinese contract manufacturers.
Content is for reference only, not financial advice.