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Taxation (Tables)

12 Months Ended

Dec. 31, 2019

Taxation

Schedule of components of income/(loss) before tax

		For the year ended December 31,
		2017				2018				2019
		RMB				RMB				RMB
Income/(loss) before tax
Income/(loss) from China operations			3,681,735				(578,300	)			14,177,105
Loss from non-China operations			(3,560,775	)			(1,795,378	)			(484,573	)
Total income/(loss) before tax			120,960				(2,373,678	)			13,692,532
Income tax benefits/(expenses) applicable to China operations
Current income tax expenses			(360,603	)			(437,326	)			(1,269,323	)
Deferred tax benefits/(expenses)			221,010				10,454				(533,117	)
Subtotal income tax expenses applicable to China operations			(139,593	)			(426,872	)			(1,802,440	)
Total income tax expenses			(139,593	)			(426,872	)			(1,802,440	)

Schedule of reconciliation of the differences between statutory income tax rate and the effective income tax rate

		For the year ended December 31,
		2017				2018				2019
Statutory income tax rate			25.0	%			25.0	%			25.0	%
Tax effect of preferential tax rates and tax holiday			(942.7	)%			8.3	%			(8.1	)%
Tax effect of tax-exempt entities			588.6	%			(1.9	)%			3.7	%
Effect on tax rates in different tax jurisdiction			30.5	%			2.2	%			(3.9	)%
Tax effect of non-deductible expenses			536.0	%			(42.4	)%			5.7	%
Tax effect of non-taxable income			(14.0	)%			3.8	%			(1.0	)%
Tax effect of Super Deduction and others			—				53.9	%			(13.2	)%
Changes in valuation allowance			(120.8	)%			(66.7	)%			5.0	%
Expiration of loss carry forwards			12.8	%			(0.2	)%			—
Effective tax rates			115.4	%			(18.0	)%			13.2	%

Summary of income tax holiday

		For the year ended December 31,
		2017				2018				2019
		RMB				RMB				RMB
Tax holiday effect			1,140,251				198,118				1,115,598
Effect of tax holiday on basic net income/(loss) per share			0.40				0.07				0.38
Effect of tax holiday on diluted net income/(loss) per share			0.39				0.07				0.38

Schedule of deferred tax assets and deferred tax liabilities

		As of December 31,
		2017				2018				2019
		RMB				RMB				RMB
Deferred tax assets
- Net operating loss carry forwards			1,162,287				2,028,350				2,775,074
- Deferred revenues			299,723				283,824				137,128
- Inventory valuation allowance			124,693				217,215				271,605
- Allowance for doubtful accounts			52,117				88,036				214,932
- Unrealized fair value losses for certain investments			—				482,027				356,259
Less: valuation allowance			(1,480,570	)			(2,996,294	)			(3,674,442	)
Net deferred tax assets			158,250				103,158				80,556
Deferred tax liabilities
- Intangible assets arisen from business combination			882,248				819,032				748,691
- Accelerated tax depreciation and others			—				9,441				590,297
Total deferred tax liabilities			882,248				828,473				1,338,988

Schedule of movement of valuation allowance

		For the year ended December 31,
		2017				2018				2019
		RMB				RMB				RMB
Balance at beginning of the year			1,626,680				1,480,570				2,996,294
Additions			807,558				2,755,222				7,635,196
Reversals			(953,668	)			(1,239,498	)			(6,957,048	)
Balance at end of the year			1,480,570				2,996,294				3,674,442

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the income tax exemptions and reductions which have been granted by taxing authorities for a specified period, applicable term of the exemptions and reductions, estimated dollar value of tax benefits, and per share benefits.

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