Share-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Summary of assumptions used for grant date fair value under binomial tree option pricing model |
The grant date fair value of each share-based award is estimated on the date of grant using the binomial tree option pricing model with the following assumptions used for years presented:
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Year ended
December 31, 2023 |
|
Year ended
December 31, 2024 |
|
Year ended
December 31, 2025 |
|
Fair value per option granted (US$) |
|
|
0.81 |
|
|
- |
|
|
0.76 |
|
Risk-free interest rates |
|
|
3.80 |
% |
|
- |
|
|
1.83 |
% |
Expected volatility |
|
|
55.10 |
% |
|
- |
|
|
61.10 |
% |
Expected dividend yield |
|
|
0.00 |
% |
|
- |
|
|
0.00 |
% |
|
| Schedule of share-based compensation expenses by function |
The following table summarizes the share-based compensation expenses of subsidiaries’ share-based awards recognized by the Group:
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|
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For the year ended December 31, |
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|
2023 |
|
2024 |
|
2025 |
|
|
RMB |
|
RMB |
|
RMB |
|
US$ |
Cost of revenues |
|
251 |
|
65 |
|
— |
|
— |
Research and development |
|
(703) |
|
1,115 |
|
1,260 |
|
180 |
Selling and marketing |
|
104 |
|
(1,232) |
|
56 |
|
8 |
General and administrative |
|
8,372 |
|
10,075 |
|
7,853 |
|
1,123 |
Total |
|
8,024 |
|
10,023 |
|
9,169 |
|
1,311 |
|
| Schedule of share-based compensation expense by function |
Total share-based compensation expenses recorded by the Group are as follows:
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|
|
|
|
|
|
|
|
|
For the year ended December 31, |
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|
2023 |
|
2024 |
|
2025 |
|
|
RMB |
|
RMB |
|
RMB |
|
US$ |
Cost of revenues |
|
370 |
|
81 |
|
16 |
|
2 |
Research and development |
|
580 |
|
1,924 |
|
1,193 |
|
171 |
Selling and marketing |
|
509 |
|
(662) |
|
773 |
|
111 |
General and administrative |
|
32,095 |
|
24,758 |
|
17,858 |
|
2,554 |
Total |
|
33,554 |
|
26,101 |
|
19,840 |
|
2,838 |
|
| 2023 Incentive Plan [Member] |
|
| Restricted shares activity |
The following table summarizes the restricted shares activity pursuant to the 2023 Incentive Plan for the years ended December 31, 2024 and 2025:
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|
|
|
Number of Shares |
|
Weighted average grant date fair value (US$) |
Outstanding at January 1, 2023 |
|
- |
|
- |
Granted |
|
103,270,550 |
|
0.05 |
Vested |
|
(36,941,200) |
|
0.05 |
Forfeited |
|
- |
|
- |
Unvested at December 31, 2023 |
|
66,329,350 |
|
0.04 |
Granted |
|
- |
|
- |
Vested |
|
(9,472,450) |
|
0.05 |
Forfeited |
|
(1,710,900) |
|
0.05 |
Unvested at December 31, 2024 |
|
55,146,000 |
|
0.05 |
Granted |
|
- |
|
- |
Vested |
|
(24,257,650) |
|
0.05 |
Forfeited |
|
- |
|
- |
Unvested at December 31, 2025 |
|
30,888,350 |
|
0.05 |
|
| 2014 Restricted Share Plan |
|
| Restricted shares activity |
The following table summarizes the restricted shares activity pursuant to the 2014 Restricted Shares Plan for the years ended December 31, 2023, 2024 and 2025, respectively:
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|
|
|
|
|
|
Number of shares |
|
Weighted average
grant date
fair value (US$)
after modification |
Unvested at January 1, 2023 |
|
4,028,550 |
|
0.14 |
Granted |
|
31,580,058 |
|
0.04 |
Vested |
|
(6,629,200) |
|
0.06 |
Forfeited |
|
(2,993,700) |
|
0.05 |
Unvested at December 31, 2023 |
|
25,985,708 |
|
0.05 |
Granted |
|
30,808,300 |
|
0.09 |
Vested |
|
(10,016,440) |
|
0.06 |
Forfeited |
|
(14,183,788) |
|
0.05 |
Unvested at December 31, 2024 |
|
32,593,780 |
|
0.08 |
Granted |
|
2,540,800 |
|
0.14 |
Vested |
|
(10,964,214) |
|
0.08 |
Forfeited |
|
(3,868,698) |
|
0.05 |
Unvested at December 31, 2025 |
|
20,301,668 |
|
0.10 |
|
| 2013 Incentive Scheme |
|
| Restricted shares activity |
The following table summarizes the restricted shares activity pursuant to the 2013 Incentive Scheme for the years ended December 31, 2023, 2024 and 2025, respectively:
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|
|
|
|
|
|
Number of
shares |
|
Weighted average
grant date
fair value (US$)
after modification |
Outstanding at January 1, 2023 |
|
5,086,990 |
|
0.17 |
Granted |
|
641,412 |
|
0.05 |
Vested |
|
(1,038,123) |
|
0.27 |
Forfeited |
|
(975,867) |
|
0.13 |
Unvested at December 31, 2023 |
|
3,714,412 |
|
0.12 |
Granted |
|
- |
|
- |
Vested |
|
(2,128,853) |
|
0.12 |
Forfeited |
|
(209,499) |
|
0.17 |
Unvested at December 31, 2024 |
|
1,376,060 |
|
0.12 |
Granted |
|
- |
|
- |
Vested |
|
(922,354) |
|
0.15 |
Forfeited |
|
(133,000) |
|
0.17 |
Unvested at December 31, 2025 |
|
320,706 |
|
0.05 |
|
| 2011 Share Award Scheme |
|
| Restricted shares activity |
The following table summarizes the restricted shares activity pursuant to the 2011 Share Award Scheme for the years ended December 31, 2023, 2024 and 2025, respectively:
|
|
|
|
|
|
|
Number of shares |
|
Weighted average
grant date
fair value (US$) |
Unvested at January 1, 2023 |
|
87,175 |
|
0.26 |
Granted |
|
- |
|
- |
Vested |
|
(87,175) |
|
0.26 |
Forfeited |
|
- |
|
- |
Unvested at December 31, 2023 |
|
- |
|
- |
Granted |
|
- |
|
- |
Vested |
|
- |
|
- |
Forfeited |
|
- |
|
- |
Unvested at December 31, 2024 |
|
- |
|
- |
Granted |
|
- |
|
- |
Vested |
|
- |
|
- |
Forfeited |
|
- |
|
- |
Unvested at December 31, 2025 |
|
- |
|
- |
The fair value of the restricted shares was determined based on the price of the Company’s publicly traded ADSs. As of December 31, 2025, all of the restricted shares awarded have been vested. The total fair value of vested restricted shares on their respective vesting dates for the years ended December 31, 2023, 2024 and 2025 were RMB23, nil and nil, respectively.
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