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TAXATION (Tables) | 6 Months Ended
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Jun. 30, 2022
TAXATION |
Schedule of components of loss before tax | ​
​ | ​ | ​ | ​ | ​
​ |  | For the six months ended June 30,
​ | ​ | 2021 | ​ | 2022
​ | ​ | RMB | ​ | RMB
(Loss)/income from PRC entities |  | (40,300) |  | 177,153
Loss from overseas entities |  | (1,550,012) |  | (82,709)
Total (loss)/income before income tax |  | (1,590,312) |  | 94,444
Schedule of components of income tax expenses | ​
​ | ​ | ​ | ​ | ​
​ |  | For the six months ended June 30,
​ | ​ | 2021 | ​ | 2022
​ | ​ | RMB | ​ | RMB
Current income tax expense |  | — |  | 14,123
Schedule of reconciliation between the PRC statutory income tax rate and effective income tax rate | ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | For the six months ended June 30, |
​ | ​ | 2021 | ​ | 2022 |
​ |  | RMB |  | RMB |
PRC statutory income tax rate |  | 25.00 | % | 25.00 | %
Tax rate difference from statutory rate in other jurisdictions(1) |  | (23.84) | % | 5.83 | %
Permanent difference(2) |  | 0.46 | % | (6.53) | %
Effect of preferential tax rates |  | (0.41) | % | (17.76) | %
Changes in valuation allowance |  | (7.72) | % | 10.57 | %
Others |  | 6.51 | % | (2.16) | %
Effective tax rate |  | — |  | 14.95 | %
| (1) | The tax rate difference for the six months ended June 30, 2021 was mainly attributed to net loss of the Company, which is located in the Cayman Islands and exempted from income tax.
| (2) | The permanent difference was primarily related to additional tax deductions for qualified research and development expenses offset by non-deductible share-based compensation expenses.
Summary of net deferred tax assets | ​
​ | ​ | ​ | ​ | ​
​ |  | As of December 31, |  | As of June 30,
​ | ​ | 2021 | ​ | 2022
​ | ​ | RMB | ​ | RMB
Net operating loss carry-forwards | ​ | 70,985 | ​ | 82,028
Deductible advertising expenses |  | 262,801 |  | 262,797
Others |  | 1,062 |  | —
Total deferred tax assets |  | 334,848 |  | 344,825
Less: valuation allowance |  | (334,848) |  | (344,825)
Total deferred tax assets, net of valuation allowance |  | — |  | —
Schedule of movements of valuation allowance | ​
​ | ​ | ​ | ​ | ​
​ |  | As of December 31, |  | As of June 30,
​ | ​ | 2021 | ​ | 2022
​ | ​ | RMB | ​ | RMB
Balance at beginning of the year/period |  | 250,032 |  | 334,848
Additions |  | 84,816 |  | 9,977
Balance at end of the year/period |  | 334,848 |  | 344,825

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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