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Share based compensation (Tables)

12 Months Ended

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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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 of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, 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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