v3.26.1
Share-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2025
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]  
Summary of stock options valuation assumptions
The assumptions used to estimate the fair values of the share options granted are as follows:
 
    
For the years ended December 31,
    
2023
 
2024
 
2025
Risk-free interest rate
  
3.48%-4.61%
 
3.70%-4.57%
 
3.97%-4.23%
Dividend yield
   0%   0%   0%
Expected volatility range
  
47.9%-50.69%
 
47.83%-52.04%
 
48.47%-51.33%
Contractual life
   10 years   10 years   10 years
Fair market value per ordinary share as at valuation dates
  
US$0.93-3.11
 
US$0.28-0.76
 
US$0.29-1.35
Summary of share options activity
The following table summarizes the share option activities for the year ended December 31, 2025:
 
    
Number of

options
   
Weighted-
average

exercise

price
    
Weighted-

average

grant

date

fair value
    
Weighted

average

remaining

contractual

term
    
Aggregate
intrinsic
value
 
          
US$ per
option
    
US$ per
option
    
Years
    
US$
 
Outstanding, January 1, 2025
  
 
14,939,945
 
 
 
2.2266
 
  
 
2.43
 
  
 
7.72
 
  
 
4,238
 
  
 
 
            
Granted
     1,349,580       0.0002        0.30        
Exercised
     (1,074,846     0.0002        9.49        
Reversal
 
 
 
 
3,506,228
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Forfeited
     (1,238,454     1.5632        1.15        
  
 
 
            
Outstanding, December 31, 2025
  
 
17,482,453
 
 
 
1.7921
 
  
 
6.67
 
  
 
6.49
 
  
 
18,711
 
  
 
 
            
Vested and expected to vest at December 31, 2025
  
 
17,482,453
 
 
 
1.7921
 
  
 
6.67
 
  
 
6.49
 
  
 
18,711
 
  
 
 
            
Exercisable at December 31, 2025
  
 
5,626,253
 
 
 
0.6555
 
  
 
19.48
 
  
 
4.97
 
  
 
11,456
 
  
 
 
            
Summary of share-based compensation expenses
Total share-based compensation expenses recognized for the years ended December 31, 2023, 2024 and 2025 were as follows:
 
    
For the years ended December 31,
 
    
2023
    
2024
    
2025
 
    
RMB
    
RMB
    
RMB
    
US$
 
Cost of revenues
     2,313        1,869        1,189        170  
Research and development expenses
     53,474        30,677        1,862        266  
Selling and marketing expenses
     9,658        5,010        2,761        395  
General and administrative expenses
     195,274        118,066        8,064        1,153  
  
 
 
    
 
 
    
 
 
    
 
 
 
Total
  
 
260,719
 
  
 
155,622
 
  
 
13,876
 
  
 
1,984