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Share based compensation (Tables) | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Summary of share-based payment arrangement activity | The following table summarizes activities of the Company's RSUs for the six months ended June 30, 2024:
| 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, 2024 | 15,033,854 |  |  | 0.69 |  |  | 4.91 |  |  |  |  |
Granted (new RSUs) | 117,250 |  |  | — |  |  | 3.51 |  |  |  |  |
Exercised | (4,039,195) |  |  | 0.03 |  |  | — |  |  |  |  |
Outstanding at June 30, 2024 | 11,111,909 |  |  | 0.92 |  |  | 4.31 |  |  |  |  |
Vested and expected to vest as of June 30, 2024 | 11,111,909 |  |  | 0.92 |  |  | 4.31 |  |  | 8.81 |  | 38,054 |
Exercisable as of June 30, 2024 | 9,185,844 |  |  | 0.92 |  |  | 4.26 |  |  | 8.93 |  | 31,602 |
The following table summarizes activities of the options for the six months ended June 30, 2024:
| 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, 2024 | 11,260,718 |  |  | 9.62 |  |  | 3.11 |  |  |  |  |
Granted | 4,960,570 |  |  | 0.50 |  |  | 1.21 |  |  |  |  |
Forfeited | (195,628) |  |  | 7.36 |  |  | 2.86 |  |  |  |  |
Outstanding at June 30, 2024 | 16,025,660 |  |  | 6.82 |  |  | 2.52 |  |  |  |  |
Vested and expected to vest as of June 30, 2024 | 16,025,660 |  |  | 6.82 |  |  | 2.52 |  |  | 8.02 |  | — |
Exercisable as of June 30, 2024 | 10,884,902 |  |  | 8.66 |  |  | 2.76 |  |  | 7.49 |  | — |
Summary of fair value of options granted that are estimated using the binomial model | The fair value of the options granted for the six months ended June 30, 2023 and 2024 are estimated using the binomial model with the following assumptions used:
| Six Months Ended June 30,
| 2023 |  | 2024
Risk-free rate of return | 3.79 | % |  | 4.69 | %
Volatility | 44.95 | % |  | 47.25 | %
Expected dividend yield | 0.0 | % |  | 0.0 | %
Fair value of underlying ordinary share | US$8.02 |  | US$1.64
Expected terms | 10 years |  | 10 years
Summary of compensation expense recognized for RSUs | Compensation expenses recognized for RSUs and options for the six months ended June 30, 2023 and 2024 were allocated as follows.
| Six Months Ended June 30,
| 2023 |  | 2024
| RMB |  | RMB
Selling, general and administrative expenses | 32,565 |  |  | 55,066 |
Research and development expenses | 19,661 |  |  | 15,859 |
Total | 52,226 |  |  | 70,925 |

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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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