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Taxation (Tables)

12 Months Ended

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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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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