v3.26.1
Share-Based Compensation
 12 Months Ended
Dec. 31, 2025
Share-Based Compensation [Abstract]  
Share-based compensation
18.Share-based compensation

 

On December 21, 2018, the Group adopted the 2018 Share Incentive Plan (“2018 Plan”).

 

Under the 2018 Plan, the Board of Directors has approved that a maximum aggregate number of shares that may be issued pursuant to all awards under the 2018 Plan, as amended, shall be 2,231 shares, which was retrospectively restated to reflect the 2025 Share Consolidation.

 

All stock options granted under the 2018 Plan are not exercisable until the consummation of the Group’s IPO and certain of the option granted to employees are required to render service to the Group in accordance with a stipulated service schedule under which an employee earns an entitlement to vest in 30% of his option grants at the end of each of the first two years and 40% at the end of the third year of completed service.

 

The stock options granted to the employees and directors shall be forfeited upon the termination of employment of the employees and directors.

 

Options granted under the 2018 Plan during the year of 2021, grantees are entitled to vest the option at the end of the first year of completed service.

The following table sets forth the stock options activities for the years ended December 31, 2023, 2024 and 2025:

 

   Number of
shares*		   Weighted average
exercise price*		   Weighted average
remaining contractual
term (in years)		   Weighted average
grant date fair
value*		 
       US$       US$ 
Outstanding as of December 31, 2022   824    0.009    2.69    53,100 
-Exercised   (62)   0.009           
-Forfeited   (31)   0.009           
Outstanding as of December 31, 2023   731    0.009    1.85    46,800 
-Exercised   (6)   0.009           
-Forfeited   (1)   0.009           
Outstanding as of December 31, 2024   724    0.009    1.21    46,395 
Outstanding as of December 31, 2025   724    0.009    0.56    46,395 
Exercisable as of December 31, 2025   724    0.009    0.56    46,395 

 

*Retrospectively restated to reflect the 2025 Share Consolidation.

 

Options granted to Grantees were measured at fair value on the dates of grant using the Binomial Option Pricing Model with the following assumptions:

 

   2019   2021 
Expected volatility   60.00%   48.56%
Risk-free interest rate (per annum)   2.80%   1.25%
Exercise multiple   2.20%   2.20%
Expected dividend yield   0.00%   0.00%
Contractual term (in years)   5.0    5.0 

 

The expected volatility was estimated based on the historical volatility of the Company and comparable peer public companies with a time horizon close to the expected term of the Group’s options. The risk-free interest rate was estimated based on the yield to maturity of U.S. treasury bonds denominated in US$ for a term consistent with the expected term of the Group’s options in effect at the option valuation date. The exercise multiple is estimated as the ratio of fair value of underlying shares over the exercise price as of the time the option is exercised, based on a consideration of empirical studies on the actual exercise behavior of employees. The expected dividend yield is zero as the Group has never declared or paid any cash dividends on its shares, and the Group does not anticipate any dividend payments in the foreseeable future. The expected term is the contract life of the option.

 

On April 28, 2020, the Group and all Grantees entered into certain agreements pursuant to which Grantees agreed not to exercise any stock option, in whole or in part, for a 12-month period commencing from April 28, 2020. There were no other changes to the terms of the relevant stock option grants. The Group determined that the agreements between the Group and the Grantees constitutes a modification to the terms of the option grants with no incremental fair value for the underlying awards. Accordingly, there was no impact on the total compensation cost or the pattern for which the relevant compensation charges are recognized.

 

For the years ended December 31, 2023 and 2024, the Group recognized RMB105 and RMB18 share-based compensation expenses relating to the 2018 Plan, respectively. All compensation expenses related to non-vested share options were recognized in full by the end of December 31, 2024.