Company: HMDCF
Filing Date: 2025-03-19
Form Type: 20-F
Source: 0001410578-25-000377
Chunk: 711

Company: HUTCHMED (China) Ltd
Filing Date: 2025-03-19
Form: 20-F
Item: Item 16K
Chunk 711
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──────────────────────────────────────────────────────────────────────
                                              (in US$ ’ 000)                           
  Current tax (Note 19)                               15,753      17,197       18,082  
  Deferred income tax (Note 16)                          242       (175)      (1,344)  
  Taxation charge                                     15,995      17,022       16,738  

The taxation charge on the Group’s profit before taxation differs from the theoretical amount that would arise using the Group’s weighted average tax rate as follows:

                                                                         Year Ended December 31,                              
                                                                                            2024          2023          2022  
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
                                                                                  (in US$ ’ 000)                              
  Profit before taxation                                                                 108,924       112,485       116,421  
  Tax calculated at the statutory tax rates of respective companies                       27,231        28,121        29,105  
  Tax effects of:                                                                                                             
  Expenses not deductible for tax purposes                                                 1,094         1,628         1,397  
  Utilization of unrecognized temporary differences                                            —         (518)         (898)  
  Tax concession (note)                                                                 (12,279)      (12,540)      (13,000)  
  (Over)/under provision in prior years                                                     (51)           331           134  
  Taxation charge                                                                         15,995        17,022        16,738  

F-75

Table of Contents

Note: The Company has been granted the High and New Technology Enterprise (“ HNTE”) status. The Company successfully renew the HNTE status in 2023, and the status is valid until 2025. Accordingly, the Company is subject to a preferential income tax rate of 15% in 2024 (2023: 15%; 2022: 15%). Certain research and development expenses are also eligible for super-deduction such that 200% of qualified expenses incurred are deductible against taxable profits for tax purposes (2023: 200%; 2022: 200%).

The weighted average tax rate calculated at the statutory tax rates of respective companies was 25%. The effective tax rate for the year ended December 31, 2024 was 14.7% (2023: 15.1%; 2022: