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Share based compensation (Tables)

6 Months Ended

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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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.

+ References

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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
-Publisher FASB
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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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