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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Share-Based Compensation Expenses | Share-based compensation expenses recognized during the years presented are as follows:
|  | Year ended December 31,
|  | 2021 |  | 2022 |  | 2023
|  | RMB |  | RMB |  | RMB
Share-based compensation expenses |  |  |  |  |  |
- Related to accelerated vesting of share options (a) |  | 66,429 |  | (64,660) |  | (1,905)
- Related to modification of exercise price of share options on modification day |  | - |  | 12,793 |  | -
- Related to vesting of share options (b) |  | 464,011 |  | 392,727 |  | 79,407
Total |  | 530,440 |  | 340,860 |  | 77,502
Movement in Number of Share Options Granted and Related Weighted Average Exercise Prices | Movements in the number of share options granted and their related weighted average exercise prices are as follows:
|  | Number of options |  | Weighted average exercise price (US$) |  | Weighted average remaining contractual life (years) |  | Aggregate intrinsic value (US$’000)
As of January 1, 2021 |  | 185,907,876 |  | 0.2179 |  | 13.73 |  |
Granted |  | 55,388,338 |  | 0.8790 |  |  |  |
Forfeited |  | (4,570,510) |  | 0.8782 |  |  |  |
Exercised |  | (7,686,832) |  | 0.0392 |  |  |  |
As of December 31, 2021 |  | 229,038,872 |  | 0.3706 |  | 12.98 |  | 38,230
Granted |  | 85,357,994 |  | 0.0250 |  |  |  |
Forfeited |  | (27,297,153) |  | 0.0250 |  |  |  |
As of December 31, 2022 |  | 287,099,713 |  | 0.0448 |  | 11.99 |  | 91,942
Granted |  | 110,582,949 |  | 0.0250 |  |  |  |
Forfeited |  | (36,543,665) |  | 0.0254 |  |  |  |
Exercised |  | (37,080,608) |  | 0.0248 |  |  |  |
As of December 31, 2023 |  | 324,058,389 |  | 0.0407 |  | 11.11 |  | 53,820
Exercisable as of December 31, 2023 |  | 129,585,857 |  |  |  |  |  | 41,190
Schedule of Key Assumptions Used to Determine Fair Value of Share Options | The Company has used binomial option-pricing model to determine the fair value of the share options as of the grant dates. Key assumptions are set as below:
|  | Year ended December 31,
|  | 2021 |  | 2022 |  | 2023
|  | RMB |  | RMB |  | RMB
Weighted average fair value per option granted |  | 1.3882 |  | 0.2562 |  | 0.2839
Weighted average exercise price |  | 5.6699 |  | 0.1659 |  | 0.1747
Risk-free interest rate (1) |  | 1.45%-1.97% |  | 1.56%-4.04% |  | 3.49%-4.75%
Expected term (in year) (2) |  | 14 |  | 14 |  | 14
Expected volatility (3) |  | 54.69%-57.00% |  | 53.62%-68.75% |  | 65.49%-68.03%
Dividend yield (4) |  | 0% |  | 0% |  | 0%
(1) The risk-free interest rates of periods within the contractual life of the share option are based on the daily treasury long-term rate of U.S. Department of the Treasury as of the valuation dates. (2) The expected term is the contract life of the option. (3) Expected volatility is estimated based on the average of historical volatilities of the comparable companies in the same industry as at the valuation dates. (4) The Company has no history or expectation of paying dividend on its ordinary shares. The expected dividend yield was estimated based on the Company’s expected dividend policy over the expected term of the option.
Schedule of Share-Based Compensation Expenses included in Statement of Operations | For the years ended December 31, 2021, 2022 and 2023, share-based compensation expenses have been included in the following accounts in the consolidated statement of operations:
|  | Year ended December 31,
|  | 2021 |  | 2022 |  | 2023
|  | RMB |  | RMB |  | RMB
Fulfilment expenses |  | 13,122 |  | 4,267 |  | 2,055
Selling and marketing expenses |  | 80,558 |  | 62,231 |  | 23,518
General and administrative expenses |  | 418,823 |  | 248,400 |  | 46,902
Research and development expenses |  | 17,937 |  | 25,962 |  | 5,027

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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 -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + 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 -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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