For the years ended December 31, 2024 and 2025, total share-based compensation expenses were nil and US$14, respectively. For the year ended December 31, 2023, the reversal of share-based compensation expense was US$972.

Starting from 2014, Jimu Parent granted multiple tranches of share options with tiered vesting commencement dates to employees, including employees of the Company. The options are generally scheduled to be vested over four years, one-fourth of the awards shall be vested upon the end of the calendar year in which the awards were granted or the first anniversary dates of the grants, and the remaining of the awards shall be vested on straight line basis. Options granted typically expire in ten years from the respective vesting commencement date as stated in the grant letters.

A summary of activities of the service-based share options granted to the employees of the predecessor operations of the Company for the year ended December 31, 2025 is presented below:

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For the years ended December 31, 2023, 2024 and 2025, no share-based compensation expenses were recognized associated with the service-based share options granted to employees of the predecessor operations of the Company and allocated to the Company.

As of December 31, 2025, there was no unrecognized share-based compensation expenses related to the share options granted to employees of the predecessor operations of the Company and allocated to the Company.

The Company granted 1,863,043 restricted shares on June 28, 2019 to its employees and management. The shares subject to vesting thereafter in 4 equal and continuous yearly installments following the grant date provided that the employees’ and managements’ continuous service. The fair value of the restricted shares on the grant date equal to the market price of the Company’s ordinary shares, which was US$0.42 per share.

The fair value of the ordinary shares at the grant date is recognized as compensation expenses using graded vesting method over the requisite service period, which is the vesting period.

There are no activities of the total restricted ordinary shares for the year ended December 31, 2025.

For the years ended December 31, 2023, 2024 and 2025, share-based compensation expenses recognized associated with the restricted ordinary shares and allocated to the Company were US$1, nil and nil, respectively. As of December 31, 2025, there was no unrecognized compensation cost related to non-vested service-based restricted ordinary shares.

The Group granted 16,042,500 share options and 740,000 share options on May 31, 2018 and July 31, 2018, respectively, to its employees and directors of the Company under the First Plan with an exercise price of US$0.000125. The fair value of the Company’s options was estimated to be $1.2785 per option granted on May 31, 2018, and $1.4506 per option granted on July 31, 2018 under the plan. These awards have a service condition and an initial public offering performance condition. For share options granted with performance condition, the share-based compensation expenses are recorded when the performance condition is considered probable. As a result, the cumulative share-based compensation expenses for these options that have satisfied the service condition was recorded upon the completion of the IPO.

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In 2018, the Company created a second share incentive plan (the “Second Plan”) under which the maximum aggregate number of shares which may be issued under the Second Plan shall initially equal to 2.0% of the total number of shares issued and outstanding as of the effective date, plus an annual increase on September 1 of each year during the ten-year term of this Second Plan commencing with September 1, 2019, by an amount equal to 2.0% of the total number of shares issued and outstanding on August 31 of each year. Share options under this plan may vest over a service period, performance condition or market condition, as specified in each award. Share options expire ten years from the grant date.

A summary of activities of the service and performance-based share options granted to the employees and directors of the Company for the year ended December 31, 2025 are presented below:

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For the years ended December 31, 2024 and 2025, share-based compensation expenses recognized associated with share options granted by the company were nil. For the year ended December 31, 2023, the reversal of share-based compensation expense recognized associated with share options granted by the company was US$973. As of December 31, 2025, there was no unrecognized share-based compensation related to the share options granted to the Group’s employees and directors. There were no new granted options for the years ended December 31, 2023, 2024 and 2025. The total intrinsic value of options exercised during the years ended December 31, 2023, 2024 and 2025, was US$1, nil and nil, respectively.

(d)Class C shares options granted by Ziitech to employees

Ziitech granted 89,442 Class C shares options of Ziitech on July 1, 2024 to its employees. The shares subject to vesting thereafter in 4 equal and continuous yearly installments following the grant date provided that the employees’ continuous service. The fair value of the options with exercise price of nil on the grant date was US$2.19 per share options.

The fair value of the Class C ordinary share options at the grant date recognized as compensation expenses using graded vesting method over the requisite service period, which is the vesting period.

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For the years ended December 31, 2023, 2024 and 2025, share-based compensation expenses recognized associated with the Class C share options were nil, nil and US$14, respectively. As of December 31, 2025, unrecognized compensation cost was US$55, which was expected to be recognized in a weighted average period of 2.5 years.

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The estimated fair value of Class C shares options granted by Ziitech to employees was determined using the binomial option valuation model, with the assistance from an independent third-party appraiser. The binomial model requires the input of highly subjective assumptions, including the expected share price volatility. The key inputs are summarized below:

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