| Schedule of Option Pricing Model and Adopted Fair Value Per Share |
The
Group uses binomial option pricing model and adopts fair value per share of ordinary share to determine fair value of the share-based
awards. The estimated fair value of each option or each restricted share granted is estimated on the date of grant using the binomial
option-pricing model or fair value per share of ordinary share with the following assumptions:
Schedule
of Option Pricing Model and Adopted Fair Value Per Share
| | |
For the six months ended | |
| | |
June 30, | |
| Options | |
2025 | | |
2026 | |
| Fair value per share (US$)* | |
| 23.80~26.60 | | |
| 27.44 | |
| Discount rate (after tax) | |
| Not applicable | | |
| Not applicable | |
| Risk-free interest rate | |
| 4.23%~4.24% | | |
| 4.30 | % |
| Expected volatility | |
| 59.65%~60.29% | | |
| 73.05 | % |
| Contractual term (in years) | |
| 10 | | |
| 10 | |
| Discount for lack of marketability (“DLOM”) | |
| Not applicable | | |
| Not applicable | |
| * |
The
fair value of underlying ordinary shares is presented on a retroactive basis to reflect the Company’s Share Consolidation on
July 20, 2026 (Note 15). |
|
| Schedule of stock options activities |
The
following table presents a summary of the Company’s stock options activities for the six months ended June 30, 2025 and 2026.
Schedule of stock options activities
| | |
| | |
| | |
| | |
| | |
Weighted | | |
| |
| | |
| | |
| | |
| | |
Weighted | | |
average | | |
| |
| | |
| | |
| | |
| | |
Average | | |
remaining | | |
Aggregated | |
| | |
| | |
| | |
| | |
exercise | | |
contractual | | |
intrinsic | |
| | |
Number
of Options Outstanding* | | |
price* | | |
life | | |
value | |
| | |
Employees | | |
Consultant | | |
Total | | |
| | |
| | |
RMB in | |
| | |
| | |
| | |
| | |
US$ | | |
(in
years) | | |
thousands | |
| Outstanding
at January 1, 2025 | |
| 40,048 | | |
| - | | |
| 40,048 | | |
| 6.2475 | | |
| 9.32 | | |
| 7,990 | |
| Granted | |
| 9,229 | | |
| - | | |
| 9,229 | | |
| 3.5000 | | |
| - | | |
| - | |
| Exercised | |
| (1,452 | ) | |
| - | | |
| (1,452 | ) | |
| - | | |
| - | | |
| - | |
| Forfeited | |
| (266 | ) | |
| - | | |
| (266 | ) | |
| 3.5000 | | |
| - | | |
| - | |
| Outstanding
at June 30, 2025 | |
| 47,559 | | |
| - | | |
| 47,559 | | |
| 5.8065 | | |
| 9.01 | | |
| 8,052 | |
| Exercisable
as of June 30, 2025 | |
| 27,752 | | |
| - | | |
| 27,752 | | |
| 7.4550 | | |
| 8.92 | | |
| 4,672 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Outstanding
at January 1, 2026 | |
| 44,383 | | |
| 12,306 | | |
| 56,689 | | |
| 4.7530 | | |
| 8.81 | | |
| 10,332 | |
| Granted | |
| 2,829 | | |
| - | | |
| 2,829 | | |
| 3.5000 | | |
| - | | |
| - | |
| Forfeited | |
| (601 | ) | |
| - | | |
| (601 | ) | |
| 3.5000 | | |
| - | | |
| - | |
| Outstanding
at June 30, 2026 | |
| 46,611 | | |
| 12,306 | | |
| 58,917 | | |
| 4.7040 | | |
| 8.38 | | |
| 6,364 | |
| Exercisable
as of June 30, 2026 | |
| 37,944 | | |
| 12,306 | | |
| 50,250 | | |
| 4.9140 | | |
| 8.45 | | |
| 5,461 | |
| * |
The
shares is presented on a retroactive basis to reflect the Company’s Share Consolidation on July 20, 2026 (Note 15). |
|
| Schedule of restricted share activities |
The
following table sets forth the summary of restricted share activities for the six months ended June 30, 2025 and 2026:
Schedule of restricted share activities
| | |
Number of | | |
Weighted-Average | |
| | |
Restricted | | |
Grant Date | |
| | |
Shares Granted* | | |
Fair Value* | |
| | |
| | |
(US$) | |
| Unvested as of January 1, 2025 | |
| 3,057 | | |
| 164.1640 | |
| Awarded | |
| 37,910 | | |
| 30.2925 | |
| Vested | |
| (39,392 | ) | |
| 34.8285 | |
| Outstanding at June 30, 2025 | |
| 1,575 | | |
| 176.1795 | |
| Unvested as of January 1, 2026 | |
| 563 | | |
| 116.0425 | |
| Vested | |
| (348 | ) | |
| 113.2040 | |
| Outstanding at June 30, 2026 | |
| 215 | | |
| 120.6310 | |
| * |
The
shares is presented on a retroactive basis to reflect the Company’s Share Consolidation on July 20, 2026 (Note 15). |
|