v3.26.1
Deferred income taxes
12 Months Ended
Dec. 31, 2025
Deferred income taxes  
Deferred income taxes

20. Deferred income taxes

Significant components of the Group’s deferred tax balances are as follows:

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​

​

​

​

​

​

​

​

​

As of December 31, 

​

  ​ ​ ​

2023

  ​ ​ ​

2024

  ​ ​ ​

2025

​

​

RMB

​

RMB

​

RMB

Total gross deferred tax assets

 

609,230

​

1,002,397

​

3,479,063

Total gross deferred tax liabilities

​

(495,264)

​

(531,529)

​

(881,298)

​

​

​

​

​

​

​

Offsetting amounts

 

(329,766)

​

(388,337)

​

(622,460)

​

​

​

​

​

​

​

Net deferred tax assets

 

279,464

​

614,060

​

2,856,603

Net deferred tax liabilities

 

(165,498)

​

(143,192)

​

(258,838)

​

The movement on the gross deferred tax assets is as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Asset

  ​ ​ ​

​

​

​

  ​ ​ ​

​

  ​ ​ ​

​

​

​

 impairment

​

​

​

Tax losses

​

Accrued

​

​

​

​

 and allowances 

​

Lease

​

carry

​

 expenses and 

​

​

​

  ​ ​ ​

for credit losses

  ​ ​ ​

Liabilities

  ​ ​ ​

forwards

  ​ ​ ​

others

  ​ ​ ​

Total

​

​

RMB

​

RMB

​

RMB

​

RMB

​

RMB

As of January 1, 2023

​

114,222

​

281,803

​

105,582

​

184,190

​

685,797

Credited (charged) to consolidated income statements

 

82,741

 

(88,418)

​

(18,650)

​

(76,594)

​

(100,921)

Credited (charged) to other reserves

 

946

 

—

​

11,832

​

11,576

​

24,354

As of December 31, 2023

 

197,909

 

193,385

​

98,764

​

119,172

​

609,230

Credited (charged) to consolidated income statements

 

275,339

 

18,015

​

86,227

​

24,566

​

404,147

Credited (charged) to other reserves

 

(2,673)

 

—

​

(5,825)

​

(2,482)

​

(10,980)

As of December 31, 2024

 

470,575

 

211,400

​

179,166

​

141,256

​

1,002,397

Credited (charged) to consolidated income statements

 

256,543

 

20,197

​

1,546,360

*

613,775

​

2,436,875

Credited (charged) to other reserves

 

44,476

 

(42)

​

(2,078)

​

(2,565)

​

39,791

As of December 31, 2025

 

771,594

 

231,555

​

1,723,448

​

752,466

​

3,479,063

*

It was mainly due to the recognition of previously unrecognized tax losses to the extent that it is probable that future taxable profit will be available to utilize those tax losses.

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The Group only recognizes deferred tax assets if it is probable that future taxable profit will be available to utilize. Management will continue to assess the recognition of deferred tax assets in future reporting periods. As of December 31, 2025, the amount of temporary differences for which the Group has not recognized deferred tax assets is RMB61,064 million (2024: RMB77,570 million, 2023: RMB84,117 million), of which the cumulative losses available for utilization amounted to RMB39,398 million (2024: RMB54,407 million, 2023: RMB61,929 million). The cumulative tax losses as of December 31, 2025 amounted to RMB41,653 million ( 2024: RMB51,011 million, 2023: RMB53,697 million) in Chinese Mainland will expire from one to ten years, and the cumulative tax losses amounted to RMB7,783 million (2024: RMB4,173 million, 2023: RMB8,742 million) outside the Chinese Mainland generally can be carried forward indefinitely.

20. Deferred income taxes (Continued)

The movement on the gross deferred tax liabilities is as follows:

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

  ​ ​ ​

​

  ​ ​ ​

​

​

​

Right-of-

​

Contract assets

​

​

​

  ​ ​ ​

use assets

  ​ ​ ​

and others

  ​ ​ ​

Total

​

​

RMB

​

RMB

​

RMB

As of January 1, 2023

​

(288,386)

​

(467,888)

​

(756,274)

Credited (charged) to consolidated income statements

​

90,219

​

156,335

​

246,554

Credited (charged) to other reserves

​

—

​

14,456

​

14,456

As of December 31, 2023

​

(198,167)

​

(297,097)

​

(495,264)

Credited (charged) to consolidated income statements

​

(12,668)

​

(51,893)

​

(64,561)

Credited (charged) to other reserves

​

—

​

28,296

​

28,296

As of December 31, 2024

​

(210,835)

​

(320,694)

​

(531,529)

Credited (charged) to consolidated income statements

​

(25,903)

​

(173,059)

​

(198,962)

Credited (charged) to other reserves

​

—

​

(150,807)

​

(150,807)

As of December 31, 2025

​

(236,738)

​

(644,560)

​

(881,298)

​

The Group didn’t recognize deferred tax liabilities in relation to withholding tax on undistributed earnings of the subsidiaries located in the Chinese Mainland as of the end of each reporting period as the Group is able to control the timing of distributions and does not have any plan in the foreseeable future to distribute the profits.

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