Taxation (Tables)
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12 Months Ended |
Dec. 31, 2024 |
Taxation |
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Schedule of composition of income tax expense/(benefit) |
| | | | | | | | | For the Year Ended December 31, | | | 2022 | | 2023 | | 2024 | Current income tax expense | | 1,331 | | 446,225 | | 1,320,181 | Deferred income tax benefit | | (128,338) | | (1,803,587) | | (49,807) | Income tax (benefit)/expense | | (127,007) | | (1,357,362) | | 1,270,374 |
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Schedule of reconciliations of the income tax expense/(benefit) |
| | | | | | | | | For the Year Ended December 31, | | | 2022 | | 2023 | | 2024 | (Loss)/Income before income tax | | (2,159,355) | | 10,451,763 | | 9,315,624 | Income tax (benefit)/expense computed at PRC statutory income tax rate of 25% | | (539,839) | | 2,612,941 | | 2,328,906 | Tax effect of tax‑exempt entity and preferential tax rate | | (321,507) | | (1,613,371) | | (797,326) | Tax effect of Super R&D Deduction and others | | (648,317) | | (1,055,404) | | (954,781) | Non‑deductible expenses | | 566,597 | | 512,572 | | 611,424 | Change in valuation allowance | | 816,059 | | (1,814,100) | | 82,151 | Income tax (benefit)/expense | | (127,007) | | (1,357,362) | | 1,270,374 |
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Schedule of income tax holiday tax rates |
| | | | | | | | | For the Year Ended December 31, | | | 2022 | | 2023 | | 2024 | Tax effect of tax‑exempt entity and preferential tax rate | | 321,507 | | 1,613,371 | | 797,326 | Effect of tax holiday on basic net income per share | | 0.17 | | 0.82 | | 0.40 | Effect of tax holiday on diluted net income per share | | 0.17 | | 0.76 | | 0.37 |
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Schedule of components of the group's deferred tax assets (liabilities) |
| | | | | | | As of December 31, | | | 2023 | | 2024 | Deferred tax assets: | | | | | Net operating loss carryforwards | | 1,782,118 | | 1,564,993 | Warranty reserves | | 872,976 | | 1,397,501 | Others | | 262,167 | | 378,106 | Total deferred tax assets | | 2,917,261 | | 3,340,600 | Less: Valuation allowance | | (299,355) | | (381,506) | Deferred tax assets, net of valuation allowance | | 2,617,906 | | 2,959,094 | Deferred tax liabilities: | | | | | Accelerated tax depreciation and others | | (783,206) | | (1,264,976) | Fair value change of certain investments | | (45,332) | | (16,937) | Total deferred tax liabilities | | (828,538) | | (1,281,913) | Deferred tax assets, net | | 1,789,368 | | 1,677,181 |
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Schedule of movement of valuation allowance |
| | | | | | | As of December 31, | | | 2023 | | 2024 | Valuation allowance | | | | | Balance at beginning of the year | | 2,113,455 | | 299,355 | Additions | | 176,145 | | 88,236 | Reversals | | (1,990,245) | | (6,085) | Balance at end of the year | | 299,355 | | 381,506 |
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