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Share based compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Share-Based Payment Arrangement, Activity | The following table summarizes activities of the Company’s RSUs for the years ended December 31, 2022 and 2023:
| Number of RSUs |  | Weighted Average Exercise Price |  | Weighted Average Fair value at grant date |  | Weighted remaining contractual years |  | Aggregate intrinsic value
|  |  | US$ |  | US$ |  |  |  |
Outstanding at January 1, 2022 | 18,995,595 |  | 0.23 |  |  | 5.10 |  |  | — |  | — |
Granted (new RSUs) | 6,680,560 |  | 0.56 |  |  | 6.92 |  |  | — |  | — |
Granted (replacement RSUs) | 3,419,811 |  | 0.13 |  |  | 1.47 |  |  | — |  | — |
Forfeited | (1,244,394) |  | 0.54 |  |  | 4.97 |  |  | — |  | — |
Replaced | (3,419,811) |  | 1.24 |  |  | 1.47 |  |  | — |  | — |
Outstanding at December 31, 2022 | 24,431,761 |  | 0.15 |  |  | 5.60 |  |  | — |  | — |
Granted (new RSUs) | 4,803,035 |  | 1.98 |  |  | 1.65 |  |  | — |  | — |
Granted (replacement RSUs) | 4,175,352 |  | 0.21 |  |  | 4.88 |  |  | — |  | — |
Forfeited | (1,336,110) |  | 0.29 |  |  | 5.13 |  |  | — |  | — |
Replaced | (4,175,352) |  | 0.63 |  |  | 4.11 |  |  | — |  | — |
Exercised | (12,864,832) |  | 0.05 |  |  | — |  |  | — |  | — |
Outstanding at December 31, 2023 | 15,033,854 |  | 0.69 |  |  | 4.91 |  |  | — |  | — |
Vested and expected to vest as of December 31, 2023 | 15,033,854 |  | 0.69 |  |  | 4.91 |  |  | 8.66 |  | 60,132 |
Exercisable as of December 31, 2023 | 13,571,754 |  | 0.42 |  |  | 5.36 |  |  | 8.53 |  | 60,959 |
The following table summarizes activities of the options for the years ended December 31, 2022 and 2023:
| Number of options |  | Weighted Average Exercise Price |  | Weighted Average Fair value at grant date |  | Weighted remaining contractual years |  | Aggregate intrinsic value
|  |  | US$ |  | US$ |  |  |  |
Outstanding at January 1, 2022 | 13,281,043 |  | 9.70 |  |  | 2.92 |  |  |  |  |
Granted | 2,354,744 |  | 9.70 |  |  | 3.39 |  |  |  |  |
Forfeited | (2,782,423) |  | 9.70 |  |  | 2.31 |  |  |  |  |
Outstanding at December 31, 2022 | 12,853,364 |  | 9.70 |  |  | 3.14 |  |  |  |  |
Granted | 157,368 |  | 4.21 |  |  | 3.12 |  |  |  |  |
Forfeited | (1,750,014) |  | 9.70 |  |  | 3.32 |  |  |  |  |
Outstanding at December 31, 2023 | 11,260,718 |  | 9.62 |  |  | 3.11 |  |  |  |  |
Vested and expected to vest as of December 31, 2023 | 11,260,718 |  | 9.62 |  |  | 3.11 |  |  | 7.73 |  | — |
Exercisable as of December 31, 2023 | 8,815,574 |  | 9.60 |  |  | 2.94 |  |  | 7.72 |  | — |
Summary of fair value of options granted that are estimated using the binomial model | The fair value of the RSUs granted in 2021, 2022 and 2023 under the 2019 RSU Plan was estimated using the binomial model with the following assumptions used:
| Year ended December 31,
| 2021 |  | 2022 |  | 2023
Risk-free rate of return | 0.35% – 2.70% |  | 1.61% - 4.12% |  | 2.65% - 4.25%
Volatility | 41.13% – 50.60% |  | 44.15% - 48.12% |  | 44.58% - 44.73%
Expected dividend yield | 0.0 | % |  | 0.0 | % |  | 0.0 | %
Fair value of underlying ordinary share | US$4.26-US$7.45 (equivalent to RMB27.97-RMB47.51) |  | US$7.57-US$9.05 (equivalent to RMB48.29-RMB64.98) |  | US$3.68 - US$6.91 (equivalent to RMB26.46-RMB49.90)
Expected terms | 10 years |  | 10 years |  | 10 years
The fair value of the options granted in 2021, 2022 and 2023 was estimated using the binomial model with the following assumptions used:
| Year ended December 31,
| 2021 |  | 2022 |  | 2023
Risk-free rate of return | 1.20% – 1.65% |  | 1.63% – 3.83% |  | 3.79% – 3.88%
Volatility | 44.03% – 44.47% |  | 44.18% – 45.07% |  | 44.37% – 44.95%
Expected dividend yield | 0.0 | % |  | 0.0 | % |  | 0.0 | %
Fair value of underlying ordinary share | US$6.99 – US$7.55 |  | US$7.57 – US$9.30 |  | US$3.16 – US$8.02
Expected terms | 10 years |  | 10 years |  | 10 years
Summary of compensation expense recognized for RSUs | Compensation expense recognized for RSUs for the years ended December 31, 2021, 2022 and 2023 is allocated as follows:
| Year ended December 31,
| 2021 |  | 2022 |  | 2023
| RMB |  | RMB |  | RMB
Research and development expenses | 80,872 |  |  | 42,986 |  |  | 26,590 |
Selling, general and administrative expenses | 76,085 |  |  | 481,567 |  |  | 139,340 |
Cost of revenues | 6,524 |  |  | — |  |  | — |
Total | 163,481 |  |  | 524,553 |  |  | 165,930 |
Compensation expense recognized for options for the years ended December 31, 2022 and 2023 is allocated as follows.
| Year ended December 31,
| 2022 | 2023
| RMB | RMB
Research and development expenses | 93,824 |  | 1,205 |
Selling, general and administrative expenses | 107,274 |  | 6,890 |
Total | 201,098 |  | 8,095 |

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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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