Share-based Compensation (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Summary of RSUs activity under the Share Incentive Plan |
The following table summarizes the Company’s RSUs activity under the Plans:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Number of RSUs |
|
|
Weighted average
grant date fair
value |
|
|
Weighted average
remaining
contractual life |
|
| |
|
|
|
|
(US$ per share) |
|
|
(Years) |
|
| Unvested, December 31, 2022 |
|
|
2,678,000 |
|
|
|
8.8740 |
|
|
|
1.90 |
|
| Granted |
|
|
6,114,000 |
|
|
|
8.9809 |
|
|
|
|
|
| Vested |
|
|
(2,255,250 |
) |
|
|
7.8054 |
|
|
|
|
|
| Forfeited |
|
|
(9,000 |
) |
|
|
3.8500 |
|
|
|
|
|
| Unvested, December 31, 2023 |
|
|
6,527,750 |
|
|
|
9.3503 |
|
|
|
3.12 |
|
| Granted |
|
|
2,305,100 |
|
|
|
7.1700 |
|
|
|
|
|
| Vested |
|
|
(2,460,000 |
) |
|
|
9.4054 |
|
|
|
|
|
| Forfeited |
|
|
(4,000 |
) |
|
|
2.3500 |
|
|
|
|
|
| Unvested, December 31, 2024 |
|
|
6,368,850 |
|
|
|
8.5449 |
|
|
|
2.09 |
|
| Granted |
|
|
2,030,000 |
|
|
|
8.1417 |
|
|
|
|
|
| Vested |
|
|
(2,292,025 |
) |
|
|
8.2877 |
|
|
|
|
|
| Forfeited |
|
|
(25,000 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unvested, December 31, 2025 |
|
|
6,081,825 |
|
|
|
8.2322 |
|
|
|
2.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Expected to vest as of December 31, 2025 |
|
|
6,081,825 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Summary Of Share option Activity |
The following table summarizes the Company’s share options activity under the 2015 Plan:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Number of
share options |
|
|
Weighted average
grant date fair value |
|
|
Weighted average
exercise price |
|
| |
|
|
|
|
(US$ per share) |
|
|
(US$ per share) |
|
| Outstanding as of January 1 2023, 2024 and 2025 |
|
|
53,737 |
|
|
|
2.2624 |
|
|
|
5.8853 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Vested as of December 31, 2023, 2024 and 2025 |
|
|
53,737 |
|
|
|
2.2624 |
|
|
|
5.8853 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Exercisable as of December 31, 2025 |
|
|
53,737 |
|
|
|
2.2624 |
|
|
|
5.8853 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Summary of Share-based Compensation Expenses Relating to RSUs Recognized |
Total share-based compensation expenses relating to RSUs and share options granted to employees recognized for the years ended December 31, 2023, 2024 and 2025 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the year ended December 31, |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of revenues |
|
|
— |
|
|
|
— |
|
|
|
416 |
|
|
|
59 |
|
| Sales and marketing expenses |
|
|
18,958 |
|
|
|
65,597 |
|
|
|
45,537 |
|
|
|
6,512 |
|
| General and administrative expenses |
|
|
79,327 |
|
|
|
134,984 |
|
|
|
154,838 |
|
|
|
22,142 |
|
| Research and development expenses |
|
|
53,200 |
|
|
|
72,543 |
|
|
|
45,367 |
|
|
|
6,487 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Share Incentive Plan 2023 [Member] |
|
| Summary Of Share option Activity |
The following table summarizes the Company’s share options activity under the 2023 Plan:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Number of
options |
|
|
Weighted average
grant date fair value |
|
|
Weighted average
exercise price |
|
| |
|
|
|
|
(US$ per share) |
|
|
(US$ per share) |
|
| Unvested, December 31, 2023 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Granted |
|
|
5,519,320 |
|
|
|
5.1312 |
|
|
|
0.0001 |
|
| Vested |
|
|
(2,413,570 |
) |
|
|
5.1487 |
|
|
|
0.0001 |
|
| Forfeited |
|
|
(34,500 |
) |
|
|
4.7675 |
|
|
|
0.0001 |
|
| Unvested, December 31, 2024 |
|
|
3,071,250 |
|
|
|
5.0436 |
|
|
|
0.0001 |
|
| Granted |
|
|
2,370,000 |
|
|
|
7.2700 |
|
|
|
0.0001 |
|
| Vested |
|
|
(1,299,150 |
) |
|
|
5.5448 |
|
|
|
0.0001 |
|
| Forfeited |
|
|
(216,500 |
) |
|
|
5.5364 |
|
|
|
0.0001 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unvested, December 31, 2025 |
|
|
3,925,600 |
|
|
|
6.1375 |
|
|
|
0.0001 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Expected to vest as of December 31, 2025 |
|
|
3,925,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] |
The Group calculated the estimated fair value of the share options under the 2023 Plan on the grant date using the Black-Scholes valuation model. Assumptions used to determine the fair value of the share options granted under the 2023 Plan are summarized in the following table:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the year ended December 31, |
|
| |
|
2024 |
|
|
2025 |
|
| |
|
Batch 1 |
|
|
Batch 2 |
|
|
Batch 3 |
|
| Term in years |
|
|
9.9 |
|
|
|
9.3 |
|
|
|
9.7 |
|
| Volatility |
|
|
78.00 |
% |
|
|
74.30 |
% |
|
|
79.70 |
% |
| Discount rate |
|
|
4.20 |
% |
|
|
3.70 |
% |
|
|
4.40 |
% |
| Fair value per ordinary share (US$ per share) |
|
|
4.77 |
|
|
|
7.17 |
|
|
|
7.27 |
|
|