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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Taxes |
Schedule of income before income taxes | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, |
​ | ​ ​ ​ | 2023 | ​ ​ ​ | 2024 | ​ ​ ​ | 2025 |
​ | ​ | (In US$ thousands, except percentage) |
Loss from non-China operations | ​ | $ | (145,244) | ​ | $ | (148,862) | ​ | $ | (1,076) | ​
Income from China operations | ​ | ​ | 648,026 | ​ | ​ | 569,517 | ​ | ​ | 606,672 | ​
Total income before income tax expenses | ​ | $ | 502,782 | ​ | $ | 420,655 | ​ | $ | 605,596 | ​
Income tax expenses applicable to non-China operations | ​ | $ | 45,441 | ​ | $ | 22,671 | ​ | $ | 43,867 | ​
Income tax expenses applicable to China operations | ​ | ​ | 99,846 | ​ | ​ | 87,879 | ​ | ​ | 100,654 | ​
Total income tax expenses | ​ | $ | 145,287 | ​ | $ | 110,550 | ​ | $ | 144,521 | ​
Effective tax rate for China operations | ​ | ​ | 15.4 | % | ​ | 15.4 | % | ​ | 16.6 | %
Effective tax rate for the Group | ​ | ​ | 28.9 | % | ​ | 26.3 | % | ​ | 23.9 | %
Schedule of current and deferred portion of income tax expense | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ ​ ​ | 2023 | ​ ​ ​ | 2024 | ​ ​ ​ | 2025
​ | ​ | ​ | (In US$ thousands)
Current income tax expense | ​ | $ | 121,249 |  | $ | 92,823 |  | $ | 88,647
Deferred tax expense | ​ | ​ | 24,038 | ​ | ​ | 17,727 | ​ | ​ | 55,874
Income tax expense | ​ | $ | 145,287 |  | $ | 110,550 |  | $ | 144,521
Schedule of reconciliation between the statutory EIT rate and the effective tax rate for China operations | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, |
​ | ​ ​ ​ | 2023 | ​ ​ ​ | 2024 |
PRC Statutory EIT rate(1) |  | 25.0 | % | 25.0 | %
Effect on tax holiday and preferential tax treatment |  | (9.5) | % | (11.0) | %
Research and development super-deduction |  | (4.4) | % | (5.3) | %
Non-deductible expenses and non-taxable income and others |  | (3.5) | % | (1.0) | %
Change in valuation allowance |  | 5.0 | % | 4.4 | %
Effect of PRC withholding tax |  | 8.7 | % | 5.2 | %
Tax rate difference from statutory rate in other jurisdictions |  | 7.6 | % | 9.0 | %
Effective tax rate for the Group |  | 28.9 | % | 26.3 | %
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, 2025 | ​
​ | ​ | (In US$ thousands, except percentages) | ​
PRC Statutory EIT rate(1) | ​ ​ ​ | $ | 151,399 | ​ ​ ​ | 25.0 | %
Foreign Tax Effects | ​ | ​ | ​ | ​ | ​ | ​
Cayman | ​ | ​ | 14,766 | ​ | 2.4 | %
Hong Kong | ​ | ​ | (12,915) | ​ | (2.1) | %
Other foreign jurisdictions | ​ | ​ | 310 | ​ | 0.1 | %
Changes in Valuation Allowances | ​ | ​ | 6,278 | ​ | 1.0 | %
Nontaxable and Nondeductible Items | ​ | ​ | ​ | ​ | ​ | ​
Effect on tax holiday and preferential tax treatment | ​ | ​ | (37,011) | ​ | (6.1) | %
Research and development tax credits |  | ​ | (18,172) | ​ | (3.0) | %
Investment-related gain | ​ | ​ | (6,608) | ​ | (1.1) | %
Other | ​ | ​ | 1,696 | ​ | 0.3 | %
Changes in Unrecognized Tax Benefits | ​ | ​ | ​ | ​ | ​ | ​
Stock-based compensation | ​ | ​ | (646) | ​ | (0.1) | %
Other Adjustments | ​ | ​ | ​ | ​ | ​ | ​
Effect of PRC withholding tax | ​ | ​ | 41,897 | ​ | 6.9 | %
Other Adjustments |  | ​ | 3,527 | ​ | 0.6 | %
Effective tax rate for the Group |  | $ | 144,521 | ​ | 23.9 | %
(1) | The PRC statutory income tax rate is used for the reconciliation as the majority of the Group’s operations are based in the PRC.
Schedule of significant components of deferred tax assets and liabilities for China operations | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31,
​ | ​ ​ ​ | 2024 | ​ ​ ​ | 2025
​ | ​ | (In US$ thousands)
Deferred tax assets: | ​ | ​ | ​ | ​ | ​ | ​
Net operating loss carry forwards | ​ | $ | 53,713 | ​ | $ | 60,196
Investment-related impairment | ​ | ​ | 55,730 | ​ | ​ | 62,100
Depreciation, accounts receivable, accrued and other liabilities | ​ | ​ | 78,202 | ​ | ​ | 73,809
Valuation allowance | ​ | ​ | (147,678) | ​ | ​ | (153,956)
Net deferred tax assets | ​ | $ | 39,967 | ​ | $ | 42,149
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Acquired intangible assets | ​ | $ | 21,283 | ​ | $ | 19,462
Depreciation | ​ | ​ | 1,541 | ​ | ​ | 1,591
Unrealized investment-related gain | ​ | ​ | 12,171 | ​ | ​ | 30,155
Withholding tax | ​ | ​ | 25,422 | ​ | ​ | 67,369
Others | ​ | ​ | 635 | ​ | ​ | 725
Total deferred tax liabilities | ​ | $ | 61,052 | ​ | $ | 119,302

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