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Share-based compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-based compensation

Schedule of share based compensation stock options activity

​

​	​	​	​	​	​	​	​	​
​	​ ​ ​	​	​ ​ ​	​	​ ​ ​	Weighted	​ ​ ​	​
​	​	​	​	Weighted	​	average	​	Aggregate
​	​	​	​	average	​	remaining	​	intrinsic
​	​	Number of	​	exercise	​	contractual life	​	value
​	​	options	​	price (US$)	​	(years)	​	(US$)
As of December 31, 2022		126,002		2.5500		4.60		176
Forfeited		—		—		—		—
Exercised		(7,000)		2.5500		—		—
As of December 31, 2023		119,002		2.5500		3.60		132
Forfeited		—		—		—		—
Exercised		(37,502)		2.5500		—		—
As of December 31, 2024		81,500		2.5500		2.60		42
Granted	​	4,562,919	​	2.3000	​	—	​	—
Forfeited		—		—		—		—
Exercised		—		—		—		—
As of December 31, 2025		4,644,419		2.3044		9.49		2,673
Unvested at December 31, 2025	​	4,562,919	​	2.3000	​	9.64	​	2,646
Vested and exercisable as of December 31, 2025	​	81,500	​	2.5500	​	1.60	​	27

Share based payment award stock options valuation assumptions

​

​	​	​	​	​	​	​	​	​
​	​ ​ ​	2018			​ ​ ​	2025		​
Weighted average fair value per option granted	​ ​ ​	US$	5.2130	​	​	US$	1.7740	​
Weighted average exercise price	​	US$	2.47	​	​	US$	2.30	​
Risk-free interest rate(1)	​	​	2.83	%	​	​	4.52	%
Expected term (in year)(2)	​	​	10	​	​	​	10	​
Expected volatility(3)	​	​	55	%	​	​	62	%
Dividend yield(4)	​	​	—	​	​	​	2.47	%

(1) The risk-free interest rate of periods within the contractual life of the share option is based on the China Government Bond yield for the year of 2018 and US Government Bond yield for the year of 2025 as at the valuation dates.

(2) The expected term is the contract life of the option.

(3) Expected volatility is estimated based on the average of historical volatilities of the comparable companies in the same industry as at the valuation dates.

(4) The expected dividend yield was estimated based on the Company’s expected dividend policy over the expected term of the option.

Summary of restricted share units activity

​

​	​	​	​	​
​	​ ​ ​	​	​ ​ ​	Weighted
​	​	Number of	​	average
​	​	restricted	​	grant-date
​	​	share units	​	fair value (US$)
Outstanding, December 31, 2022	​	7,272,469		7.8046
Granted		2,787,407		2.8824
Forfeited		(1,365,256)		7.2654
Vested		(3,546,222)		8.5540
Outstanding, December 31, 2023		5,148,398		4.7664
Granted		2,732,585		4.1986
Forfeited		(459,733)		4.6775
Vested		(3,139,694)		4.7799
Outstanding, December 31, 2024		4,281,556		4.4037
Granted		4,972,103		1.3082
Forfeited		(292,445)		3.4153
Vested		(3,214,736)		3.0354
Outstanding, December 31, 2025		5,746,478		2.5411
Expected to vest at December 31, 2025		5,473,862		2.4913

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, 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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