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v3.25.1

Share-based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Schedule of service-based RSUs activities | The following table presents a summary of the Group’s service-based RSUs activities for the years ended December 31, 2022, 2023 and 2024:
|  | Employees |  |  | Consultants |  |  | Total |  |  | Weighted Average Granted fair value |
|  | (In thousands) |  |  | (In thousands) |  |  | (In thousands) |  |  | US$ |
Outstanding at January 1, 2022 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Granted |  |  | 1,932 |  |  |  | 35 |  |  |  | 1,967 |  |  |  | 24.59 |
Vested |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Forfeited |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Unvested at December 31, 2022 |  |  | 1,932 |  |  |  | 35 |  |  |  | 1,967 |  |  |  | 24.59 |
Outstanding at January 1, 2023 |  |  | 1,932 |  |  |  | 35 |  |  |  | 1,967 |  |  |  | 24.59 |
Granted |  |  | 8,796 |  |  |  | — |  |  |  | 8,796 |  |  |  | 18.72 |
Vested |  |  | — |  |  |  | (23 | ) |  |  | (23 | ) |  |  | 24.59 |
Forfeited |  |  | (1,059 | ) |  |  | — |  |  |  | (1,059 | ) |  |  | 22.10 |
Unvested at December 31, 2023 |  |  | 9,669 |  |  |  | 12 |  |  |  | 9,681 |  |  |  | 19.53 |
Outstanding at January 1, 2024 |  |  | 9,669 |  |  |  | 12 |  |  |  | 9,681 |  |  |  | 19.53 |
Granted |  |  | 10,841 |  |  |  | 1 |  |  |  | 10,842 |  |  |  | 17.14 |
Vested |  |  | (689 | ) |  |  | (12 | ) |  |  | (701 | ) |  |  | 24.59 |
Forfeited |  |  | (2,547 | ) |  |  | — |  |  |  | (2,547 | ) |  |  | 17.37 |
Unvested at December 31, 2024 |  |  | 17,274 |  |  |  | 1 |  |  |  | 17,275 |  |  |  | 18.14 |
Schedule of binomial option-pricing model | The estimated fair value of each share option granted is estimated on the date of grant using the binomial option-pricing model with the following assumptions:
|  | For the Year Ended December 31, |
|  | 2022 |  |  | 2023* |  |  | 2024* |
Expected volatility |  |  | 57.6%-58.0 | % |  |  | N/A |  |  |  | N/A |
Weighted average volatility |  |  | 57.9 | % |  |  | N/A |  |  |  | N/A |
Expected dividends |  |  | — |  |  |  | N/A |  |  |  | N/A |
Risk-free rate |  |  | 2.7%-3.6 | % |  |  | N/A |  |  |  | N/A |
Contractual term (in years) |  |  | 6-7 |  |  |  | N/A |  |  |  | N/A |
* | No further options would be granted under the 2018 Share Incentive Plan after the Primary Conversion Effective Date.
Schedule of share options activities | The following table presents a summary of the Group’s share options activities for the years ended December 31, 2022, 2023 and 2024:
|  | Employees |  |  | Consultants |  |  | Total |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life |  |  | Aggregate Intrinsic Value |
|  | (In thousands) |  |  | (In thousands) |  |  | (In thousands) |  |  | US$ |  |  | (In years) |  |  | (RMB in thousands) |
Outstanding at January 1, 2022 |  |  | 22,327 |  |  |  | 183 |  |  |  | 22,510 |  |  |  | 2.0010 |  |  |  | 5.01 |  |  |  | 6,372,503 |
Granted |  |  | 5,667 |  |  |  | 162 |  |  |  | 5,829 |  |  |  | 0.0036 |  |  |  |  |  |  |  |  |
Exercised |  |  | (3,779 | ) |  |  | (150 | ) |  |  | (3,929 | ) |  |  | 0.0001 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (2,500 | ) |  |  | — |  |  |  | (2,500 | ) |  |  | 0.2331 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2022 |  |  | 21,715 |  |  |  | 195 |  |  |  | 21,910 |  |  |  | 2.0283 |  |  |  | 4.70 |  |  |  | 3,305,336 |
Outstanding at January 1, 2023 |  |  | 21,715 |  |  |  | 195 |  |  |  | 21,910 |  |  |  | 2.0283 |  |  |  | 4.70 |  |  |  | 3,305,336 |
Granted |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Exercised |  |  | (2,147 | ) |  |  | (64 | ) |  |  | (2,211 | ) |  |  | 0.0001 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (1,760 | ) |  |  | — |  |  |  | (1,760 | ) |  |  | 0.1443 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2023 |  |  | 17,808 |  |  |  | 131 |  |  |  | 17,939 |  |  |  | 2.4701 |  |  |  | 3.79 |  |  |  | 1,232,411 |
Outstanding at January 1, 2024 |  |  | 17,808 |  |  |  | 131 |  |  |  | 17,939 |  |  |  | 2.4701 |  |  |  | 3.79 |  |  |  | 1,232,411 |
Granted |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Exercised |  |  | (3,689 | ) |  |  | (7 | ) |  |  | (3,696 | ) |  |  | 0.3911 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (1,119 | ) |  |  | (14 | ) |  |  | (1,133 | ) |  |  | 0.6909 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2024 |  |  | 13,000 |  |  |  | 110 |  |  |  | 13,110 |  |  |  | 1.6543 |  |  |  | 2.85 |  |  |  | 1,550,782 |
Exercisable at December 31, 2024 |  |  | 6,897 |  |  |  | 76 |  |  |  | 6,973 |  |  |  | 1.8474 |  |  |  | 2.64 |  |  |  | 907,766 |

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