v3.25.1
Taxation (Tables)
12 Months Ended
Dec. 31, 2024
Taxation  
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

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

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

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

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