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Share-based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2021
Share-based Payment Arrangement [Abstract] |
Summary of Assumptions Used to Value the Share Options Granted to Employees | The Company uses the binomial tree option pricing model to estimate the fair value of share options with the assistance of an independent third-party valuation firm. The assumptions used to value the share options granted to employees were as follows:
|  | As of May 25, 2018, |  |  | As of February 15, 2019, |  |  | As of October 15, 2020, |  |  | As of May 1, 2021, |
|  | (date of inception) |  |  | (date of inception) |  |  | (date of inception) |  |  | (date of inception) |
|  | Batch 1 |  |  | Batch 2 |  |  | Batch 3 |  |  | Batch 4 |
Risk-free interest rate (%) |  |  | 2.93 |  |  |  | 2.66 |  |  |  | 0.74 |  |  |  | 0.74 |
Volatility (%) |  |  | 38.70 |  |  |  | 38.70 |  |  |  | 37.60 |  |  |  | 38.00 |
Expected exercise multiple |  |  | 2.80 |  |  |  | 2.30 |  |  |  | 2.30 |  |  |  | 2.30 |
Dividend yield |  |  | Nil |  |  |  | Nil |  |  |  | Nil |  |  |  | Nil |
Expected life (in years) |  |  | 10.00 |  |  |  | 10.00 |  |  |  | 10.00 |  |  |  | 10.00 |
Exercise price (US$) |  |  | 1.7951 |  |  |  | 1.7951 |  |  |  | 1.7951 |  |  |  | 1.2951 |
Fair value of ordinary shares (RMB) |  |  | 37.82 |  |  |  | 26.80 |  |  |  | 19.03 |  |  |  | 21.72 |
Summary of Option Activity under ESOP | A summary of option activity under the ESOP is as follows:
|  |  |  |  | Weighted |  |  |  |  |  |  |
|  | Number of |  |  | average exercise |  |  | Weighted average |  |  | Aggregate Intrinsic |
|  | options |  |  | price |  |  | Grant date fair value |  |  | Value |
|  |  |  |  | RMB |  |  | RMB |  |  | RMB |
Balance, May 25, 2018 (date of inception) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Granted |  |  | 5,569,105 |  |  |  | 12 |  |  |  | 38 |  |  |  |  |
Balance, December 31, 2018 |  |  | 5,569,105 |  |  |  | 12 |  |  |  | 38 |  |  |  | 83,277,751 |
Granted |  |  | 5,569,105 |  |  |  | 12 |  |  |  | 27 |  |  |  |  |
Exercised |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  |
Forfeited |  |  | (311,213 | ) |  |  | — |  |  |  | 34 |  |  |  |  |
Balance, December 31, 2019 |  |  | 10,826,997 |  |  |  | 12 |  |  |  | 32 |  |  |  | 209,536,040 |
Granted |  |  | 8,353,658 |  |  |  | 12 |  |  |  | 19 |  |  |  |  |
Exercised |  |  | (600,014 | ) |  |  | 12 |  |  |  | 38 |  |  |  |  |
Forfeited |  |  | (69,914 | ) |  |  | 12 |  |  |  | 24 |  |  |  |  |
Balance, December 31, 2020 |  |  | 18,510,727 |  |  |  | 12 |  |  |  | 26 |  |  |  | 205,922,073 |
Granted |  |  | 8,454,422 |  |  |  | 8 |  |  |  | 22 |  |  |  |  |
Exercised |  |  | (737,228 | ) |  |  | 11 |  |  |  | 30 |  |  |  |  |
Forfeited |  |  | (281,151 | ) |  |  | 9 |  |  |  | 22 |  |  |  |  |
Balance, December 31, 2021 |  |  | 25,946,770 |  |  |  | 8 |  |  |  | 25 |  |  |  | 45,454,271 |
Vested or expected to vest at December 31, 2021 |  |  | 24,030,153 |  |  |  | 8 |  |  |  | 26 |  |  |  |  |
Exercisable at December 31, 2021 |  |  | 4,816,748 |  |  |  | 8 |  |  |  | 33 |  |  |  |  |
Summary of Allocated Share-based Compensation Expense | For the years ended December 31, 2019, 2020 and 2021, the Company allocated share-based compensation expense as follows:
|  | For the year s ended December 31, |
|  | 2019 |  |  | 2020 |  |  | 2021 |
|  | RMB |  |  | RMB |  |  | RMB |  |  | US$ |
Cost of revenue |  |  | 3,372,908 |  |  |  | 3,075,317 |  |  |  | 4,927,484 |  |  |  | 773,230 |
Sales and marketing |  |  | 17,522,654 |  |  |  | 16,003,486 |  |  |  | 15,311,101 |  |  |  | 2,402,646 |
General and administrative |  |  | 57,092,589 |  |  |  | 55,590,630 |  |  |  | 63,035,444 |  |  |  | 9,891,637 |
Research and development |  |  | 4,277,840 |  |  |  | 4,085,395 |  |  |  | 4,360,806 |  |  |  | 684,306 |
|  |  | 82,265,991 |  |  |  | 78,754,828 |  |  |  | 87,634,835 |  |  |  | 13,751,819 |

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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