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Share based compensation | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Share based compensation | Share based compensation (a) Restricted Share Unit (“RSU”) 2022 Share Incentive Plan In February 2024, the Company granted an aggregated number of 117,250 RSUs to employee s, which were immediately fully vested upon the grants and these RSUs had been fully exercised as of February 29, 2024. 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 |
Total intrinsic value of RSUs exercised was RMB22,449 for the six months ended June 30, 2024. The fair value of the RSUs granted in 2024 under 2022 Share Incentive Plan is estimated using the closing price as of the grant dates of listed trading price of the Company. (b) Options 2022 Share Incentive Plan In April 2024, the Company granted an aggregate number of 4,960,570 share options to employees. The share options vest under one of the following two approaches: •fully vested on the date of grant. •25% of the grants vest every twelve-month service period since the service commencement of the employees. 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 |  | — |
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
The expected volatility was estimated based on the historical volatility of comparable peer public companies with a time horizon close to the expected term of the option awards. The risk-free interest rate was separately estimated based on the yield to maturity of U.S. Treasury bonds for a term consistent with the expected term of the options in effect at the valuation date. Expected dividend yield is zero as the Group does not anticipate any dividend payments in the foreseeable future. Expected term is the contract life of the option awards. 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 |
As of June 30, 2024, US$9,290 (equivalent to RMB66,196) of the total unrecognized compensation expense related to RSUs and options is expected to be recognized over a weighted-average period of 1.2 years. The unrecognized compensation cost may be adjusted for actual forfeitures occurring in the future.

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