v3.25.1

Taxation (Tables)

12 Months Ended

Dec. 31, 2024

Taxation

Schedule of Loss before income tax expenses

​

​	​	​	​	​	​	​
​		For the year ended December 31,
​	​	2022	​	2023	​	2024
​		RMB		RMB		RMB
PRC entities		(492,143)		(406,503)		(233,630)
Non-PRC entities		(30,646)		215,199		199,175
Total		(522,789)		(191,304)		(34,455)

Schedule of current and deferred portion of income tax expenses included in the consolidated statements of comprehensive income

​

​	​	​	​	​	​	​
​		For the year ended December 31,
​	​	2022	​	2023	​	2024
​		RMB		RMB		RMB
Income tax expenses applicable to China operations
Current income tax expenses		—		—		518
Deferred income tax expenses		19,987		—		—
Subtotal income tax expenses applicable to China operations		19,987		—		518
Income tax expenses applicable to Non-PRC operations
Current income tax expenses		6,864		17,222		17,023
Deferred income tax benefits		(2,487)		(4,007)		(4,041)
Subtotal income tax expenses applicable to Non-PRC operations		4,377		13,215		12,982
Total income tax expenses		24,364		13,215		13,500

Schedule of reconciliation between the statutory income tax rate and the effective tax rate

​

​	​	​	​	​	​	​	​
​		For the year ended December 31,
​		2022		2023		2024
PRC Statutory income tax rate		25.0	%	25.0	%	25.0	%
Effect of tax holiday and preferential tax benefits		(8.4)	%	(19.1)	%	(42.9)	%
Effect of varying tax rates available in different jurisdictions (i)		2.0	%	22.8	%	64.8	%
Permanent differences (ii)		(6.3)	%	(10.3)	%	10.5	%
Change in valuation allowance		(27.8)	%	(58.7)	%	(241.8)	%
Effect of Super Deduction available to the Group		10.8	%	33.4	%	145.2	%
Effective income tax rate		(4.7)	%	(6.9)	%	(39.2)	%
Effect of tax holidays inside the PRC on basic earnings per share/ADS (RMB)		0.28	​	0.28	​	(0.19)	​

(i) For the years ended December 31, 2022, 2023 and 2024, the effect of varying tax rates in different jurisdictions is mainly driven by the interest income derived from short-term deposits and long-term deposits which are subject to an income tax rate of 0% under the tax laws of Cayman Islands, partially offset by the loss arising from overseas business which is subject to an income tax rate of 17% under the tax laws of Singapore for 2022 and 2023, while the impact of tax arising from overseas business was not material for 2024.

(ii) Permanent differences mainly arise from expenses not deductible for tax purposes including primarily share-based compensation costs and expenses incurred by subsidiaries and VIEs.

Schedule of tax effects of temporary differences that give rise to deferred tax asset balances

​

​	​	​	​	​
​		December 31,
​	​	2023	​	2024
​		RMB		RMB
Tax loss carried forwards		387,083		455,210
Impairment loss of investments		29,570		47,920
Unrealized profit arising from elimination of inter-company transactions		6,326		4,478
Deferred revenue		2,302		1,856
Others		3,428		2,557
​		428,709		512,021
Less: Valuation allowance (i)		(428,709)		(512,021)
Total deferred tax assets		—		—
Deferred tax liabilities
Identifiable intangible assets arising from the Acquisition	​	(21,784)	​	(18,025)
Unrealized gains on investments		(20,533)		(5,380)
Total deferred tax liabilities		(42,317)		(23,405)
Net deferred tax liabilities		(42,317)		(23,405)

(i) Valuation allowance is provided against deferred tax assets when the Group determines that it is more likely than not that the deferred tax assets will not be utilized in the future. In making such determination, the Group considered factors including operating losses incurred in recent periods, future taxable income exclusive of reversing temporary differences and tax loss carry forwards. Valuation allowances as of December 31, 2023 and 2024 were provided for net operating loss carry forwards, because such deferred tax assets are not more likely than not to be realized based on the Group’s estimate of the future taxable income to be derived by the subsidiaries. If events including (i) future reversals of existing taxable temporary differences; (ii) future taxable income exclusive of reversing temporary differences and carry forwards; and (iii) tax planning strategies occur in the future that allow the Group to realize more of its deferred income tax than the presently recorded amounts, an adjustment to the valuation allowances will result in a decrease in tax expense when those events occur.

Schedule of movement of valuation allowance

​

​	​	​	​	​	​	​
​		For the year ended December 31,
​		2022		2023		2024
​	​	RMB	​	RMB	​	RMB
Balance at beginning of the year	​	171,236	​	316,469	​	428,709
Additions	​	146,749	​	114,815	​	85,458
Reversals	​	(1,516)	​	(2,575)	​	(2,146)
Balance at end of the year	​	316,469	​	428,709	​	512,021

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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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