Share-based payments (Tables)
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12 Months Ended |
Dec. 31, 2024 |
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| Share-based payments |
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| Summary of number and weighted average exercise prices and movements in the share incentive plan |
The following table illustrates the number and weighted average exercise prices of, and movement in the New 2022 Share Incentive Plan during the years ended December 31, 2023 and 2024: | | | | | | | | | | Weighted | | | | | | average | | | | Number of | | exercise | | | | options | | prices | | | | | | US$ | | Outstanding as of December 31, 2022 | | 210,114,428 | | 0.00 | * | Granted | | 199,457,890 | | 0.08 | | Forfeited | | (27,590,368) | | 0.10 | | Exercised | | (48,463,868) | | 0.01 | | Outstanding as of December 31, 2023 | | 333,518,082 | | 0.04 | | Exercisable as of December 31, 2023 | | 204,896,622 | | 0.00 | * |
* Representing amount less than US$0.01. | | | | | | | | | | | | | | | | | | | | Number of | | Weighted average | | | | options | | exercise prices | | | | | | US$ | | Outstanding as of December 31, 2023 | | 333,518,082 | | 0.04 | | Granted | | 378,054,660 | | 0.00 | * | Forfeited | | (147,021,300) | | 0.02 | | Exercised | | (226,848,352) | | 0.04 | | Outstanding as of December 31, 2024 | | 337,703,090 | | 0.03 | | Exercisable as of December 31, 2024 | | 191,253,800 | | 0.01 | |
* | Representing amount less than US$0.01. |
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| Summary of inputs to the models used for the valuation of the share options |
The fair value of the share options was determined using the binomial valuation model. The inputs to the valuation model as of December 31, 2023 and 2024 are set out below: | | | | | | | | | | | As of December 31, | | | | | 2023 | | | 2024 | | | | | | | | | | Weighted average fair value at the measurement date | | | US$0.46 | | | US$0.01 | | Expected volatility | | | 66.48%-67.66 | % | | 71.93%-73.45 | % | Risk–free interest rate | | | 3.48%-4.59 | % | | 3.74%-4.48 | % | Expected life of share options (years) | | | 9.85 | | | 9.88 | | Weighted average share price | | | US$0.52 | | | US$0.13 | |
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| Summary of share-based compensation expense |
| | | | | | | | | Year ended December 31, | | | 2022 | | 2023 | | 2024 | | | RMB’000 | | RMB’000 | | RMB’000 | Cost of revenues | | 5,322 | | 8,895 | | 6,661 | Selling and marketing expenses | | 27,846 | | 63,766 | | 25,835 | Administrative expenses | | 170,145 | | 316,762 | | 117,474 | Research and development expenses | | 10,519 | | 9,653 | | 10,451 | | | 213,832 | | 399,076 | | 160,421 |
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| Newlink share incentive plan |
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| Share-based payments |
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| Summary of number and weighted average exercise prices and movements in the share incentive plan |
The following table illustrates the number and weighted average exercise prices of, and movement in, the Newlink 2020 Share Incentive Plan during the years ended December 31, 2023 and 2024: | | | | | | | | | | | | Year ended December 31, 2023 | | Year ended December 31, 2024 | | | | Number of | | Weighted average | | Number of | | Weighted average | | | | options | | exercise prices | | options | | exercise prices | | | | | | US$ | | | | US$ | | Outstanding as of January 1 | | 3,856,621 | | 0.08 | | 3,248,246 | | 0.00 | * | Granted | | 103,610 | | 0.00 | * | — | | N/A | | Forfeited | | (711,985) | | 0.42 | | (415,407) | | 0.20 | | Exercised | | — | | N/A | | — | | N/A | | Outstanding as of December 31 | | 3,248,246 | | 0.00 | * | 2,832,839 | | 0.00 | * | Exercisable as of December 31 | | 2,426,789 | | 0.00 | * | 2,742,781 | | 0.00 | * |
* | Representing amount less than US$0.01. |
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