Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
| Income Tax Disclosure [Abstract] |
|
| Summary of Income or (Loss) Before Income Taxes |
The Group’s income/(loss)before income taxes consists of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
|
|
2023 |
|
|
2024 |
|
|
2025 |
|
|
2025 |
|
|
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
|
(In thousands) |
|
Non-Chinese mainland |
|
|
(366,657 |
) |
|
|
(445,424 |
) |
|
|
(43,145 |
) |
|
|
(6,170 |
) |
Chinese mainland |
|
|
2,399,258 |
|
|
|
1,297,103 |
|
|
|
(16,356 |
) |
|
|
(2,339 |
) |
|
|
|
2,032,601 |
|
|
|
851,679 |
|
|
|
(59,501 |
) |
|
|
(8,509 |
) |
|
| Components of Income Tax Expense |
Income tax expense for the years ended December 31, 2023, 2024 and 2025 consists of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
|
|
2023 |
|
|
2024 |
|
|
2025 |
|
|
2025 |
|
|
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
|
(In thousands) |
|
Current income tax expense |
|
|
81,055 |
|
|
|
85,450 |
|
|
|
141,779 |
|
|
|
20,274 |
|
Deferred income tax expense/(benefit) |
|
|
(1,008 |
) |
|
|
(24,360 |
) |
|
|
2,763 |
|
|
|
395 |
|
|
|
|
80,047 |
|
|
|
61,090 |
|
|
|
144,542 |
|
|
|
20,669 |
|
|
| Summary of Reconciliation of Tax Expense Computed by Applying Statutory Income Tax Rate to Pre-Tax Loss or Income |
The reconciliation of total tax expense computed by applying the respective statutory income tax rate to pre-tax loss or income is as follows:
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
|
|
2023 |
|
|
2024 |
|
|
|
RMB |
|
|
RMB |
|
|
|
(In thousands) |
|
Income tax expense at PRC statutory rate |
|
|
508,150 |
|
|
|
212,920 |
|
Effect of differing tax rates in different jurisdictions |
|
|
98,963 |
|
|
|
139,126 |
|
Nondeductible expenses and nontaxable income, net |
|
|
119,442 |
|
|
|
33,714 |
|
Research and development super-deduction |
|
|
(141,454 |
) |
|
|
(140,153 |
) |
Effect of PRC preferential tax rates |
|
|
(169,264 |
) |
|
|
(111,365 |
) |
Other adjustments |
|
|
14,692 |
|
|
|
8,962 |
|
Change in valuation allowance |
|
|
(350,482 |
) |
|
|
(82,114 |
) |
Income tax expense |
|
|
80,047 |
|
|
|
61,090 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
|
|
2025 |
|
|
2025 |
|
|
Percent |
|
|
|
RMB |
|
|
US$ |
|
|
% |
|
|
|
(In thousands) |
|
|
|
|
Income tax benefit at PRC statutory rate |
|
|
(14,875 |
) |
|
|
(2,127 |
) |
|
|
25 |
% |
Effect of PRC preferential tax rates |
|
|
64,902 |
|
|
|
9,281 |
|
|
|
(109 |
)% |
Foreign tax effects |
|
|
22,863 |
|
|
|
3,269 |
|
|
|
(38 |
)% |
Research and development super-deduction |
|
|
(116,810 |
) |
|
|
(16,704 |
) |
|
|
196 |
% |
Change in valuation allowance |
|
|
15,721 |
|
|
|
2,248 |
|
|
|
(26 |
)% |
Nontaxable or nondeductible items |
|
|
|
|
|
|
|
|
|
Share-based compensation expense |
|
|
156,169 |
|
|
|
22,332 |
|
|
|
(262 |
)% |
Others |
|
|
29,717 |
|
|
|
4,249 |
|
|
|
(50 |
)% |
Other adjustments |
|
|
(13,145 |
) |
|
|
(1,879 |
) |
|
|
22 |
% |
Income tax expense |
|
|
144,542 |
|
|
|
20,669 |
|
|
|
(242 |
)% |
|
| Summary of Tax Effects of Temporary Differences to Deferred Tax Balances |
The tax effects of temporary differences that give rise to the deferred tax balances at December 31, 2024 and 2025 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, |
|
|
|
2024 |
|
|
2025 |
|
|
2025 |
|
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
|
(In thousands) |
|
Deferred tax assets: |
|
|
|
|
|
|
|
|
|
Accrued expenses and others |
|
|
620,639 |
|
|
|
558,550 |
|
|
|
79,872 |
|
Bad debt provision |
|
|
69,182 |
|
|
|
95,107 |
|
|
|
13,600 |
|
Net operating losses carried forward |
|
|
1,561,051 |
|
|
|
1,920,820 |
|
|
|
274,674 |
|
Recorded cost relating to capitalized assets |
|
|
3,406,425 |
|
|
|
3,069,829 |
|
|
|
438,980 |
|
Operating lease liabilities |
|
|
81,807 |
|
|
|
62,028 |
|
|
|
8,870 |
|
Fixed assets depreciation |
|
|
11,836 |
|
|
|
11,908 |
|
|
|
1,701 |
|
Valuation allowance |
|
|
(5,604,755 |
) |
|
|
(5,613,637 |
) |
|
|
(802,739 |
) |
Deferred tax assets, net |
|
|
146,185 |
|
|
|
104,605 |
|
|
|
14,958 |
|
Deferred tax liabilities: |
|
|
|
|
|
|
|
|
|
Long term investment fair value change |
|
|
40,842 |
|
|
|
21,804 |
|
|
|
3,118 |
|
Operating lease assets |
|
|
81,807 |
|
|
|
62,028 |
|
|
|
8,870 |
|
|
|
|
122,649 |
|
|
|
83,832 |
|
|
|
11,988 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, |
|
|
|
2024 |
|
|
2025 |
|
|
2025 |
|
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
|
(In thousands) |
|
Classification in the consolidated balance sheets: |
|
|
|
|
|
|
|
|
|
Deferred tax assets, net |
|
|
23,536 |
|
|
|
20,773 |
|
|
|
2,970 |
|
Deferred tax liabilities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|