补税还是免税？罗牛山陷4000万元涉税“拉锯战”！

Core Viewpoint - The company, Roniushan, is facing a tax dispute exceeding 40 million yuan, with its administrative review application rejected by the tax authority [1][2]. Tax Dispute - The Haikou City Meilan District Tax Bureau has determined that the company should pay 40.54 million yuan in corporate income tax related to the equity disposal during the restructuring of Hainan Rural Commercial Bank [2]. - The company disagrees with this tax authority's assessment, arguing that the equity disposal is eligible for tax exemption policies and should not incur additional tax payments [2]. - The company has applied for an administrative review after securing a tax guarantee, but the tax bureau has refused to accept the application [3]. Legal Actions - The company plans to file an administrative lawsuit against the decision of the Haikou City Tax Bureau regarding the rejection of its administrative review application [3]. Financial Impact - The tax matter will not involve retrospective adjustments according to the relevant accounting standards, but the potential tax payment will affect the company's profit and loss for the fiscal year 2025 [3]. - The exact impact on the net profit attributable to shareholders will be determined based on audited financial statements [3]. Sales Performance - In December 2025, the company sold 58,600 pigs, representing a 10.46% decrease month-on-month and an 11.46% decrease year-on-year, with sales revenue of 99.62 million yuan, down 10.55% month-on-month and 25.55% year-on-year [3]. - For the entire year of 2025, the company sold 685,600 pigs, a slight decrease of 0.75% year-on-year, with total sales revenue of 1.244 billion yuan, down 4.74% year-on-year [3]. Financial Results - For the first three quarters of 2025, the company reported revenue of 1.629 billion yuan, a year-on-year decline of 34.67%, and a net profit attributable to shareholders of 2.7993 million yuan, down 99.18% year-on-year [4]. - The decline in revenue and net profit is attributed to pressures on both of the company's main business segments, with reduced income from real estate and low prices in the pig farming sector [4]. Market Position - As of January 9, the company's stock price was 8.55 yuan per share, with a total market capitalization of 9.845 billion yuan [5].