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Share-Based Compensation (Tables)

12 Months Ended

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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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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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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