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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes

Summary of current and deferred components of income tax expense

​

​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2022		2023		2024
​	​	RMB	​	RMB	​	RMB
Current income tax		1,150		2,697		1,665
Deferred income tax		21,826		(2,142)		8,042
Income tax expense		22,976		555		9,707

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,
​		2022		2023		2024
​	​	RMB	​	RMB	​	RMB
Profit before income tax	​	630,693	​	164,240	​	360,590
Tax benefit at EIT tax rate of 25%(1)	​	157,673	​	41,044	​	90,148
Expenses not deductible for tax purposes		23,294	​	108	​	634
Research and development super deduction		(43,017)	​	(55,169)	​	(42,866)
Effect of different tax rates of subsidiaries operating in other jurisdictions		3,192	​	5,653	​	(17,080)
Effect of PRC preferential tax rates		(46)	​	25,534	​	13,091
Changes in valuation allowance		(118,120)	​	(16,615)	​	(34,220)
Income tax expense		22,976	​	555	​	9,707

(1) The Group’s major operations during the years ended December 31, 2022, 2023 and 2024 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, 2022, 2023 and 2024.

Summary of deferred tax assets and deferred tax liabilities

​

​	​	​	​	​
​		As of December 31,
​		2023		2024
​	​	RMB	​	RMB
Deferred tax assets	​
Deductible advertising expenses exceeding the tax limit(2)	​	6,988		2,268
Accrued expenses	​	54,496		55,012
Other deductible expenses exceeding the tax limit(2)	​	—		78
Provisions for the doubtful accounts	​	16,212		19,117
Operating loss carry forward	​	472,608		455,358
Less: valuation allowances	​	(378,851)		(358,569)
Total deferred tax assets	​	171,453		173,264
​	​	​	​	​
Deferred tax liabilities	​			​
Intangible assets	​	43,801		37,734
Contract assets	​	176,767		192,687
Total deferred tax liabilities	​	220,568		230,421

​

​	​	​	​	​
​		As of December 31,
​		2023		2024
​	​	RMB	​	RMB
Classification in the consolidated balance sheets:	​
Deferred tax assets	​	24,190		27,028
Deferred tax liabilities	​	73,305		84,185

(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,
​		2023		2024
​	​	RMB	​	RMB
Balance at the beginning of the year	​	378,815		378,851
Additions	​	47,941		54,097
Reversals	​	(47,905)		(74,379)
Balance at end of the year	​	378,851		358,569

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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.

+ References

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-Topic 740
-SubTopic 10
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-Section 50
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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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-Section 50
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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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