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SHARE-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2025

SHARE-BASED COMPENSATION

Schedule of assumptions used to value the share options granted to employees

​

​	​	​	​	​
​		As of	​	As of
​	​	January 2, 2025,	​	April 15, 2025,
​	​	(date of	​	(date of
​		inception)		inception)
​	​	Batch 7	​	Batch 8
Risk-free interest rate (%)	​	4.53	​	4.53
Volatility (%)	​	50.0	​	50.0
Expected exercise multiple	​	2.80	​	2.80
Dividend yield		Nil	​	Nil
Expected life (in years)		10.00	​	10.00
Exercise price (US$)		0.2951	​	0.2951
Fair value of ordinary shares (US$)		2.06	​	1.92

Summary of option activity under the ESOP

​

​	​	​	​	​	​	​	​	​
​	​	​	​	​		Weighted average		Aggregate
​	​	Number of		Weighted average	​	Grant date	​	Intrinsic
​		options		exercise price		fair value		Value
Balance, December 31, 2024	​	32,470,780	​	0.30	​	3.00	​
Granted	​	1,711,356	​	0.30	​	2.06	​
Exercised		(254,188)		0.30		3.39		455,826
Forfeited		(7,868)		0.30		3.36
Vested or expected to vest at June 30, 2025		33,920,080		0.30		​		72,246,378
Exercisable at June 30, 2025		33,920,080		0.30		​		72,246,378

Summary of allocated share-based compensation expense

​

​	​	​	​	​
​	​	For the six months ended June 30
​		2024		2025
Continuing operations	​	​	​	​
General and administrative	​	1,079,112	​	3,697,862
​	​	​	​	​
Discontinued operations	​	​	​	​
Cost of revenue	​	66,229	​	(55,868)
Sales and marketing	​	263,531	​	47,086
Research and development		30,971		—
​		1,439,843		3,689,080

​

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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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.

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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.

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