| SUMMARY OF COMPENSATION EXPENSE RECOGNIZED FOR SHARE-BASED AWARDS |
Compensation
expense recognized for share-based awards was as follows:
SUMMARY
OF COMPENSATION EXPENSE RECOGNIZED FOR SHARE-BASED AWARDS
| | |
2023 | | |
2024 | | |
2025 | |
| | |
Year ended December 31, | |
| | |
2023 | | |
2024 | | |
2025 | |
| | |
RMB | | |
RMB | | |
RMB | |
| Share-based compensation expenses | |
| | | |
| | | |
| | |
| —Share options(a) | |
| 106 | | |
| 16,450 | | |
| 14,080 | |
|
| SUMMARY OF ASSUMPTIONS USED TO DETERMINE THE FAIR VALUE OF SHARE OPTIONS GRANTED |
The
Group calculated the estimated fair value of the options on the respective grant dates using the binomial option pricing model. Assumptions
used to determine the fair value of share options granted during 2024 and 2025 are summarized in the following table:
SUMMARY
OF ASSUMPTIONS USED TO DETERMINE THE FAIR VALUE OF SHARE OPTIONS GRANTED
| | |
Year ended December 31, | |
| | |
2024 | | |
2025 | |
| Risk-free interest rate | |
| 3.90%-4.38 | % | |
| 4.35%-4.40 | % |
| Expected volatility | |
| 59.20%-59.21 | % | |
| 60.31%-61.13 | % |
| Expected life of option (years) | |
| 20 | | |
| 20 | |
| Expected dividend yield | |
| - | | |
| - | |
| Fair value per ordinary share | |
| 0.13-0.53 | | |
| 0.45-1.01 | |
|
| SUMMARY OF STOCK OPTION ACTIVITY |
A
summary of the stock option activity under the 2015 Share Incentive Plan and 2018 Share Incentive Plan for the years ended December 31,
2023, 2024, and 2025 is included in the table below.
SUMMARY
OF STOCK OPTION ACTIVITY
| | |
Number of options | | |
Weighted
average exercise price (US$) | | |
Weighted
average remaining contractual life (years) | | |
Aggregate intrinsic value (US$) | |
| Outstanding at December 31, 2022 | |
| 19,742,616 | | |
| 0.81 | | |
| 6.49 | | |
| 22,974 | |
| Granted | |
| | | |
| | | |
| | | |
| | |
| Forfeited | |
| (5,047,307 | ) | |
| 0.78 | | |
| | | |
| | |
| Exercised | |
| (176,883 | ) | |
| 0.03 | | |
| | | |
| | |
| Outstanding at December 31, 2023 | |
| 14,518,426 | | |
| 0.83 | | |
| 5.58 | | |
| 15,553 | |
| Granted | |
| 11,920,000 | | |
| 0.11 | | |
| | | |
| | |
| Forfeited | |
| (1,642,047 | ) | |
| 0.54 | | |
| | | |
| | |
| Exercised | |
| (355,543 | ) | |
| 0.04 | | |
| | | |
| | |
| Outstanding at December 31, 2024 | |
| 24,440,836 | | |
| 0.51 | | |
| 11.43 | | |
| 19,794 | |
| Granted | |
| 4,880,000 | | |
| 0.11 | | |
| - | | |
| - | |
| Forfeited | |
| (3,065,568 | ) | |
| 0.17 | | |
| - | | |
| - | |
| Exercised | |
| (1,218,363 | ) | |
| 0.82 | | |
| - | | |
| - | |
| Outstanding at December 31, 2025 | |
| 25,036,905 | | |
| 0.46 | | |
| 11.73 | | |
| 21,353 | |
| Exercisable as of December 31, 2025 | |
| 11,366,907 | | |
| 0.82 | | |
| 3.48 | | |
| 12,840 | |
| Expected to vest as of December 31, 2025 | |
| 13,557,594 | | |
| 0.15 | | |
| 18.59 | | |
| 8,328 | |
|