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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Summary of current and deferred components of income tax expense

​

​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2021		2022		2023
​	​	RMB	​	RMB	​	RMB
Current income tax		3,974		1,150		2,697
Deferred income tax		(224,961)		21,826		(2,142)
Income tax (benefit)/expense		(220,987)		22,976		555

Summary of reconciliation between the income tax (benefit)/expense computed by applying the EIT tax rate to (loss)/profit before income tax and income tax expense/(benefit)

​

​	​	​	​	​	​	​
​		For the Year ended December 31,
​		2021		2022		2023
​	​	RMB	​	RMB	​	RMB
(Loss)/profit before income tax	​	(1,795,067)		630,693		164,240
Tax benefit at EIT tax rate of 25%(1)	​	(448,767)		157,673		41,044
Expenses not deductible for tax purposes		52,051		23,294		108
Research and development super deduction		(37,492)		(43,017)		(55,169)
Effect of different tax rates of subsidiaries operating in other jurisdictions		4,149		3,192		5,653
Effect of PRC preferential tax rates		52,502		(46)		25,534
Changes in valuation allowance		156,570		(118,120)		(16,615)
Income tax (benefit)/expense		(220,987)		22,976		555

(1) The Group’s major operations during the years ended December 31, 2021, 2022 and 2023 were conducted in PRC. Accordingly, the Group prepared its tax rate reconciliation starting with the PRC statutory tax rate during the years ended December 31, 2021, 2022 and 2023.

Summary of deferred tax assets and deferred tax liabilities

​

​	​	​	​	​
​		As of December 31,
​		2022		2023
​	​	RMB	​	RMB
Deferred tax assets	​
Deductible advertising expenses exceeding the tax limit(2)	​	18,945		6,988
Accrued expenses	​	50,516		54,496
Other deductible expenses exceeding the tax limit(2)	​	448		—
Provisions for the prepayments and other non-current assets	​	14,761		16,212
Operating loss carry forward and others	​	431,335		472,608
Less: valuation allowances	​	(378,815)		(378,851)
Total deferred tax assets	​	137,190		171,453
​	​	​	​	​
Deferred tax liabilities	​
Intangible assets	​	13,551		43,801
Contract assets	​	138,419		176,767
Advance from customer	​	8,757		—
Total deferred tax liabilities	​	160,727		220,568

​

​	​	​	​	​
​		As of December 31,
​		2022		2023
​	​	RMB	​	RMB
Classification in the consolidated balance sheets:	​
Deferred tax assets	​	6,166		24,190
Deferred tax liabilities	​	29,703		73,305

(2) Deferred income tax assets are recognized for advertising expenses and other deductible expenses that exceeds the tax deduction limit in a particular tax year to the extent that the realization of the related tax benefits through future taxable income is probable. Advertising expenses carry-forwards are permanently available for use by the Group. Other deductible expenses (mainly charitable donations) carry forwards generally expire within 3 years.

Summary of valuation allowance

​

​	​	​	​	​
​		As of December 31,
​		2022		2023
​	​	RMB	​	RMB
Balance at the beginning of the year	​	499,090		378,815
Additions	​	25,295		47,941
Reversals	​	(145,570)		(47,905)
Balance at end of the year	​	378,815		378,851

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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 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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