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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

INCOME TAXES

Summary of income (loss) before income taxes

​

​	​	​	​	​	​	​
​	​	Years Ended December 31,
​		2022		2023		2024
PRC including Hong Kong and Taiwan	​	(483)	​	5,833	​	5,414
Germany		(410)		(463)		(857)
Other		(713)		(21)		248
Total		(1,606)		5,349		4,805

Schedule of tax expense (benefit)

​

​	​	​	​	​	​	​
​	​	Years Ended December 31,
​		2022		2023		2024
Current Tax		475		1,175		1,549
Deferred Tax		(268)		29		113
Total		207		1,204		1,662

Schedule of a reconciliation between the effective income tax rate and PRC statutory income tax rate

​

​	​	​	​	​	​	​	​
​	​	Years Ended December 31,					​
​		2022		2023		2024	​
PRC statutory tax rate		25	%	25	%	25	%
Tax effect of non-deductible expenses and non-taxable income in determining taxable profit		(8)	%	2	%	4	%
Effect of different tax rate of group entities operating in other jurisdictions		(10)	%	(4)	%	(2)	%
Effect of change in valuation allowance		(15)	%	(0)	%	1	%
Effect of tax holiday		1	%	(1)	%	(1)	%
Effect of cash dividends		(6)	%	1	%	8	%
Effective tax rate		(13)	%	23	%	35	%

Schedule of the aggregate amount and per share effect of the tax holidays

​

​	​	​	​	​	​	​
​	​	Years Ended December 31,
​		2022		2023		2024
Aggregate amount		22		60		47
Per share effect—basic		0.01		0.02		0.02
Per share effect—diluted		0.01		0.02		0.02

Schedule of the principal components of the Group's deferred income tax assets and liabilities

​

​	​	​	​	​
​	​	As of December 31,
​		2023		2024
Deferred tax assets:
Net loss carryforward		1,289		1,091
Deferred revenue		454		562
Long-term assets		399		485
Bad debt provision		80		80
Accrued payroll		(10)		110
Other accrued expenses		74		(12)
Others		231		133
Valuation allowance		(675)		(718)
Total deferred tax assets, net of valuation allowance		1,842		1,731
Deferred tax liabilities:		​		​
Fair value adjustment for building, land use rights and identified intangible assets due to acquisition		1,593		1,400
Others		51		5
Withholding tax	​	—	​	191
Total deferred tax liabilities	​	1,644		1,596
Net deferred tax assets	​	198	​	135
Analysis as:	​	​	​	​
Deferred tax assets	​	1,043	​	1,054
Deferred tax liabilities	​	845	​	919
Net deferred tax assets		198	​	135

Summary of movement of the valuation allowance

​

​	​	​	​	​	​	​
​	​	Years Ended December 31,
​		2022		2023		2024
Balance at the beginning of the year	​	(466)	​	(731)	​	(675)
Provided		(338)		(145)		(271)
Reversed		41		165		177
Written off		32		36		51
Balance at the end of the year		(731)		(675)		(718)

Schedule of unrecognized tax benefits

​

​	​	​	​	​	​	​
​	​	Years Ended December 31,
​		2022		2023		2024
Balance at the beginning of the year		60		65		67
Addition for tax positions		5		2		18
Balance at the end of the year		65		67		85

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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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 change in unrecognized tax benefits.

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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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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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