| Summary of Income Tax Expense |
The following table sets forth the income tax expense of the Group for the years ended December 31, 2022, 2023 and 2024:
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For the year ended December 31, |
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(Restated) |
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(Restated) |
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Current income tax |
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4,516,637 |
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1,414,224 |
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2,725,341 |
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Deferred income tax |
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(328,861 |
) |
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(778,857 |
) |
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(1,200,511 |
) |
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| Summary of Reconciliation from Income Tax Calculated Based on the Applicable Tax Rates and Profit before Income Tax Expenses |
The following table sets forth the reconciliation from income tax calculated based on the applicable tax rates and profit before income tax expenses presented in the consolidated financial statements to the income tax expenses:
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For the year ended December 31, |
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(Restated) |
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(Restated) |
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Profit/(loss) before income tax expenses |
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12,045,862 |
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1,588,465 |
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(2,078,685 |
) |
Income tax calculated at the PRC statutory tax rate of 25% |
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3,011,466 |
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397,116 |
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(519,671 |
) |
Tax effect of: |
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Differential income tax rates applicable to subsidiaries (a)(b)(c) |
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513,516 |
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249,204 |
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209,802 |
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Expenses and losses not deductible for tax purposes (g) |
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479,986 |
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196,361 |
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200,893 |
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Reversal of deferred tax assets recognized in prior years |
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56,843 |
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87,926 |
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261,749 |
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Deductible temporary differences and tax losses for which no deferred tax asset was recognized (f) |
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278,439 |
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71,351 |
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328,476 |
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Research and development tax credit |
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(59,535 |
) |
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(58,109 |
) |
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(15,594 |
) |
Income not subject to tax |
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(5,949 |
) |
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(4,350 |
) |
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(3,608 |
) |
Withholding taxes related to dividend distributions to foreign parent company (e) |
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— |
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— |
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1,050,000 |
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Adjustments in respect of current income tax of previous years |
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(31,455 |
) |
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(89,745 |
) |
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30,043 |
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Utilization of previously unrecognized deferred tax assets |
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(123,741 |
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(72,803 |
) |
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(47,716 |
) |
Effect of tax rate changes on deferred income taxes |
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(8,601 |
) |
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(117,913 |
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2,167 |
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Others |
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76,807 |
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(23,671 |
) |
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28,289 |
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Income tax expenses |
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