v3.26.1
Share Based Compensation
 6 Months Ended
Jun. 30, 2026
Disclosure of terms and conditions of share-based payment arrangement [abstract]  
Share based compensation
20.
Share based compensation
 
 
(a)
Share-based compensation plans of the Company
The Group has adopted four share-based compensation plans, namely, the 2014 Share Incentive Plan, the 2017 Restricted Share Scheme, the 2017 Option Plan and the 2024 Share Incentive Plan. The Group adopted 2024 Share Incentive Plan in May 2024. According to the 2024 Share Incentive Plan, 228,775,377 ordinary shares have been reserved to be issued to any qualified employees, directors,
non-employee
directors, and consultants as determined by the board of directors of the Company. Upon the adoption of the 2024 Share Incentive plan, the outstanding options and RSUs under previous plans were all transferred to the 2024 Share Incentive plan and the previous plans ceased to be of any effect.
Movements in the number of RSUs for the six months ended June 30, 2025 and 2026 are as follows:
 
    
Number of awarded shares
Six months Ended June 30,
  
    
2025
     
2026
  
Outstanding as at January 1
     
38,249,608
 
  
 
32,548,726
 
Granted
     
3,432,584
 
  
 
11,957,716
 
Vested
     
(3,030,558
) 
  
 
(8,119,322
) 
Forfeited
     
(1,397,634
) 
  
 
(690,248
) 
  
 
 
     
 
 
  
Outstanding as at June 30
     
37,254,000
 
  
 
35,696,872
  
  
 
 
     
 
 
  
Expected to vest as at June 30
     
33,139,401
 
  
 
32,612,967
  
The fair value of the restricted shares was calculated based on the fair value of ordinary shares of the Company. The weighted average fair value of restricted shares granted during the six months ended June 30, 2025 and 2026 was US$5.81 per share (equivalent to approximately RMB41.64 per share) and US$5.77 per share (equivalent to approximately RMB39.14 per share), respectively.
Movements in the number of share options for the six months ended June 30, 2025 and 2026 are as follows:
 
    
Number of
options
     
Weighted-
average
exercise
price
(US$)
     
Weighted-
average
grant
date fair
value
(US$)
  
Outstanding as at January 1, 2025
     
36,755,376
 
  
 
3.92
 
  
 
2.06
Granted
     
2,583,444
 
  
 
5.53
 
  
 
3.21
Exercised
     
(9,152,516
) 
  
 
4.22
 
  
 
2.13
Forfeited
     
(1,254,192
) 
  
 
8.39
 
  
 
2.04
  
 
 
        
Outstanding as at June 30, 2025
     
28,932,112
 
  
 
3.77
 
  
 
2.14
  
 
 
        
Vested and expected to vest as at June 30, 2025
     
21,223,234
 
  
 
3.76
 
  
 
2.15
Exercisable as at June 30, 2025
     
16,727,874
 
  
 
3.43
 
  
 
2.22
Non vested as at June 30, 2025
     
4,756,408
 
  
 
4.95
 
  
 
2.02
Outstanding as at January 1, 2026
     
21,835,852
 
  
 
3.72
 
  
 
2.12
Granted
     
58,722
 
  
 
8.47
 
  
 
4.07
Exercised
     
(381,388
) 
  
 
1.51
 
  
 
1.81
Forfeited
     
(28,904
) 
  
 
7.43
 
  
 
4.35
  
 
 
        
Outstanding as at June 30, 2026
     
21,484,282
 
  
 
3.77
 
  
 
2.13
 
 
        
Vested and expected to vest as at June 30, 2026
     
21,223,234
 
  
 
3.76
 
  
 
2.12
Exercisable as at June 30, 2026
     
16,727,874
 
  
 
3.43
 
  
 
1.93
Non vested as at June 30, 2026
     
4,756,408
 
  
 
4.95
 
  
 
2.84
 
 
The weighted average price of the shares at the time these options were exercised was US$8.18 per share (equivalent to approximately RMB58.61) and US$5.91 per share (equivalent to approximately RMB40.12) during the six months ended June 30, 2025 and 2026, respectively.
 
 
(b)
Fair value of options
The fair value of share options was valued using the Binomial option-pricing model as at the respective grant dates.
Assumptions used in the Binomial option-pricing model are presented below:
 
    
Six months ended June 30,
  
    
2025
    
2026
  
Risk free interest rate
      4.65 %      4.17 % 
Expected dividend yield
      0.13 %      1.50 % 
Expected volatility
      60 %      55 % 
Exercise multiples
     
2.2-2.8
      
2.2-2.8
  
Contractual life
      10 years       10 years  
 
 
(c)
Outstanding share options
Share options
outstanding
as at December 31, 2025 and June 30, 2026 have the following expiry date and exercise prices:
 
Expiry date
   
Exercise price
     
December 31,
2025
     
June 30,
2026
  
10 years commencing from the date of grant of options
      US$0.27        380,740        185,344  
     US$1.93        8,027,128        7,901,208  
     US$2.24
 
~
 
US$2.32		        4,124,428        4,115,062  
     US$3.32
 
~
 
US$3.82		        909,652        909,652  
     US$4.24        204,952        194,952  
     US$5.26
 
~
 
US$5.29		        2,519,978        2,487,182  
     US$5.53        2,424,808        2,415,976  
     US$6.20
 
~
 
US$6.37		        529,400        529,400  
     US$7.05 ~ US$7.61        1,997,160        1,969,178  
     US$8.47 ~ US$9.53        169,080        227,802  
     US$10.65        548,526        548,526  
     
 
 
     
 
 
  
Total
         21,835,852        21,484,282  
     
 
 
     
 
 
  
Weighted average remaining contractual life of options outstanding:
 
      5.99        5.53  
  
 
 
     
 
 
  
 
 
(d)
Expected retention rate of grantees
The Group has to estimate the expected yearly percentage of grantees that will stay within the Group at the end of the vesting periods of the options and awarded shares (the “Expected Retention Rate”) in order to determine the amount of share-based compensation expenses charged to the condensed consolidated income statement. As at December 31, 2025 and June 30, 2026, the Expected Retention Rate of the Group was assessed to be
 
87
%-
96
%.