Wave of US tariff refunds flows back to Chinese firms, buoying profits by millions

The wave of US tariff refunds is reaching Chinese companies. More than US$38 million in tariff rebates, plus accrued interest, from US Customs and Border Protection (CBP) has landed in the bank accounts of five listed Chinese firms since last month, providing a windfall that is expected to bolster their earnings.The five listed firms primarily operate in the automotive and healthcare sectors. Each secured an average tariff refund of US$7.64 million, representing between 13.12 per cent and 53.58 per cent of their 2025 net profit, according to the companies’ annual reports and filings. The funds were disbursed through accounts held by their US subsidiaries.The largest payout went to the US subsidiary of Zhejiang-based Huahai Pharmaceutical, which has received more than US$14.2 million in tariff refunds. The sum is substantial for the drug maker, equivalent to 36.36 per cent of its full-year 2025 net profit. In its exchange filing, the firm noted that the refunds would “impact its profit in the second half of this year”.