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TAXATION (Tables)

6 Months Ended

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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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 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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