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Taxation (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Income before Income/(Loss) Tax Expenses | The Company had minimal operations in jurisdictions other than the PRC. Income/(loss) before income tax expense consists of:
|  | Year ended December 31, |
|  | 2019 |  |  | 2020 |  |  | 2021 |
|  | RMB |  |  | RMB |  |  | RMB |  |  | US$ |
PRC |  |  | 3,647,316 |  |  |  | 3,770,148 |  |  |  | 2,328,917 |  |  |  | 365,458 |
Non-PRC |  |  | 53,690 |  |  |  | (101,636 | ) |  |  | (151,759 | ) |  |  | (23,815 | )
|  |  | 3,701,006 |  |  |  | 3,668,512 |  |  |  | 2,177,158 |  |  |  | 341,643 |
Income Tax Expense | The income tax expense is comprised of:
|  | Year ended December 31, |
|  | 2019 |  |  | 2020 |  |  | 2021 |
|  | RMB |  |  | RMB |  |  | RMB |  |  | US$ |
Current |  |  | 355,398 |  |  |  | 283,372 |  |  |  | 185,194 |  |  |  | 29,061 |
Deferred |  |  | 144,963 |  |  |  | (22,427 | ) |  |  | (151,188 | ) |  |  | (23,725 | )
|  |  | 500,361 |  |  |  | 260,945 |  |  |  | 34,006 |  |  |  | 5,336 |
Reconciliation of Income Tax Expense | The reconciliation of income tax expense for the years ended December 31, 2019, 2020 and 2021 is as follows:
|  | Year ended December 31, |
|  | 2019 |  |  | 2020 |  |  | 2021 |
|  | RMB |  |  | RMB |  |  | RMB |  |  | US$ |
Income before income tax expense |  |  | 3,701,006 |  |  |  | 3,668,512 |  |  |  | 2,177,158 |  |  |  | 341,643 |
Income tax expense computed at PRC statutory tax rates (25%) |  |  | 925,253 |  |  |  | 917,128 |  |  |  | 544,290 |  |  |  | 85,411 |
Non-deductible expenses |  |  | 27,333 |  |  |  | 22,063 |  |  |  | 28,725 |  |  |  | 4,508 |
Research and development expenses super-deduction |  |  | (194,000 | ) |  |  | (225,715 | ) |  |  | (185,801 | ) |  |  | (29,156 | )
Change in valuation allowances |  |  | 16,420 |  |  |  | (5,285 | ) |  |  | 50,473 |  |  |  | 7,920 |
Outside basis difference |  |  | (7,727 | ) |  |  | 142 |  |  |  | (1,111 | ) |  |  | (174 | )
Effect of international tax rate difference |  |  | (14,440 | ) |  |  | 8,682 |  |  |  | 37,940 |  |  |  | 5,954 |
Effect of preferential tax rate |  |  | (323,534 | ) |  |  | (463,819 | ) |  |  | (552,567 | ) |  |  | (86,712 | )
Effect of withholding tax on dividend |  |  | 71,056 |  |  |  | 76,610 |  |  |  | 164,946 |  |  |  | 25,884 |
Other adjustments (Note) |  |  | — |  |  |  | (68,861 | ) |  |  | (52,889 | ) |  |  | (8,299 | )
Income tax expense |  |  | 500,361 |  |  |  | 260,945 |  |  |  | 34,006 |  |  |  | 5,336 |
Note: This amount mainly represents tax savings relating to share-based compensation exercised in 2019 and 2020, which can be recognized under US GAAP when realized at the time of filing of the Company’s tax returns, in 2020 and 2021, respectively.
Components of Deferred Taxes | Deferred tax The significant components of deferred taxes are as follows:
|  | As of December 31, |
|  | 2020 |  |  | 2021 |
|  | RMB |  |  | RMB |  |  | US$ |
Deferred tax assets |  |  |  |  |  |  |  |  |  |  |  |
Allowance for doubtful accounts |  |  | 22,343 |  |  |  | 35,359 |  |  |  | 5,549 |
Accrued staff cost and expenses |  |  | 42,091 |  |  |  | 97,883 |  |  |  | 15,360 |
Deferred revenue |  |  | 11,214 |  |  |  | 5,551 |  |  |  | 871 |
Tax losses |  |  | 404,178 |  |  |  | 489,664 |  |  |  | 76,839 |
VAT refund |  |  | 2,032 |  |  |  | 351 |  |  |  | 55 |
Less: Valuation allowances |  |  | (402,197 | ) |  |  | (452,670 | ) |  |  | (71,034 | )
Total deferred tax assets |  |  | 79,661 |  |  |  | 176,138 |  |  |  | 27,640 |
Deferred tax liabilities |  |  |  |  |  |  |  |  |  |  |  |
Identifiable intangible assets arising from acquisition |  |  | 63,570 |  |  |  | 52,460 |  |  |  | 8,232 |
Intangible assets and internally-developed software |  |  | 39,306 |  |  |  | 32,540 |  |  |  | 5,106 |
Outside basis difference and others |  |  | 452,023 |  |  |  | 437,963 |  |  |  | 68,726 |
Withholding income tax |  |  | 76,610 |  |  |  | 53,835 |  |  |  | 8,448 |
Total deferred tax liabilities |  |  | 631,509 |  |  |  | 576,798 |  |  |  | 90,512 |

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