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Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Share Based Compensation Expense Recognized Related To Share Options Granted And Ordinary Shares

​

​	​	​	​	​	​	​
​	​	Year ended December 31,
​		2022		2023		2024
​	​	RMB	​	RMB	​	RMB
Sales and marketing expenses	​	16,120	​	35,352	​	6,825
General and administrative expenses	​	80,448	​	85,335	​	69,245
Research and development expenses	​	15,458	​	13,182	​	10,802
​	​	112,026	​	133,869	​	86,872

Summary of Company's Share Options

​

​	​	​	​	​	​	​	​	​	​	​
​		​		​		Weighted		Weighted		​
​	​	​	​	Weighted	​	Average	​	Average	​	​
​	​	​	​	Average	​	remaining	​	Grant-	​	Aggregate
​	​	Number of	​	Exercise	​	contractual	​	date Fair	​	Intrinsic
​	​	Options	​	Price	​	life	​	Value	​	Value
​		​		RMB		RMB		RMB		RMB
Outstanding as of December 31, 2021	​	247,008,342	​	0.29	​	7.94	​	2.10	​	543,248
Granted		800,000	​	0.54	​	—	​	0.70	​	—
Exercised		(27,750,770)	​	0.39	​	—	​	1.20	​	—
Forfeited		(30,645,015)	​	0.31	​	—	​	3.52	​	—
Outstanding as of December 31, 2022	​	189,412,557	​	0.28	​	6.95	​	2.14	​	452,543
Granted	​	281,250	​	0.57	​	—	​	0.57	​	—
Exercised	​	(72,294,940)	​	0.14	​	—	​	1.52	​	—
Forfeited	​	(11,127,905)	​	0.46	​	—	​	4.11	​	—
Outstanding as of December 31, 2023		106,270,962	​	0.36	​	6.19	​	2.56	​	276,835
Exercised		(16,036,480)	​	0.47	​	—	​	2.53	​	—
Forfeited		(3,312,540)	​	0.57	​	—	​	4.18	​	—
Outstanding as of December 31, 2024		86,921,942	​	0.37	​	5.19	​	2.55	​	226,780
Exercisable as of December 31, 2024		79,366,900	​	0.35	​	5.09	​	2.29	​	186,936

Summary of Estimated Fair Value of Share Options

​

​	​	​	​	​
​		Year Ended
​	​	December 31		​
​	​	2023		​
Risk free rate of interest		​	2.55%‑2.94	%
Volatility		​	28	%
Dividend yield		​	—
Exercise multiples		​	2.2
Life of options (years)		​	10
Fair value of underlying ordinary shares	​	$	0.11~$0.29	​

2018 Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of the Restricted Share Units

​

​	​	​	​	​
​		​		Weighted Average
​	​	​	​	Grant-date
​	​	Number of RSUs	​	Fair Value
​		​		RMB
As of January 1, 2022		—		—
Granted		112,336,970		0.83
Vested		(10,141,620)		0.74
Forfeited or cancelled		(425,000)		0.75
As of December 31, 2022	​	101,770,350		0.84
Granted	​	69,910,980	​	1.41
Vested	​	(22,617,630)	​	0.91
Forfeited or cancelled	​	(44,548,350)	​	0.94
Unvested as of December 31, 2023	​	104,515,350	​	1.22
Granted	​	22,140,000	​	0.78
Vested	​	(30,681,250)	​	1.14
Forfeited or cancelled	​	(23,152,890)	​	1.44
Unvested as of December 31, 2024		72,821,210		1.08

2021 Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of the Restricted Share Units

​

​	​	​	​	​
​	​	​	​	Weighted Average
​	​	​	​	Grant-date
​		Number of RSUs		Fair Value
​	​	​	​	RMB
As of January 1, 2024	​	—	​	—
Granted	​	48,636,040	​	0.83
Vested		—		—
Forfeited or cancelled		(2,000,000)		0.84
Unvested as of December 31, 2024		46,636,040		0.83

Employee Stock Option

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Company's Share Options

​

​	​	​	​	​	​	​	​	​	​	​
​		​		​		Weighted		Weighted
​	​	​	​	Weighted	​	Average	​	Average	​	​
​	​	​	​	Average	​	remaining	​	Grant-	​	Aggregate
​	​	Number of	​	Exercise	​	contractual	​	date Fair	​	Intrinsic
​	​	Options	​	Price	​	life	​	Value	​	Value
​	​	​		RMB		RMB		RMB		RMB
Outstanding as of the acquisition date		450,246	​	15.90	​	7.68	​	24.81	​	7,162
Forfeited		(19,438)	​	23.57	​	—	​	21.41	​	—
Outstanding as of December 31, 2023		430,808	​	15.55	​	7.69	​	24.96	​	6,921
Forfeited		(91,563)	​	15.48	​	—	​	28.84	​	—
Outstanding as of December 31, 2024		339,245	​	16.01	​	6.54	​	23.91	​	5,266
Exercisable as of December 31, 2024		291,402	​	16.21	​	6.37	​	22.63	​	3,848

Summary of Estimated Fair Value of Share Options

​

​	​	​	​
​		Year Ended December 31
​	​	2023
Risk free rate of interest		2.64%-3.01	%
Volatility		29.8%-44.2	%
Dividend yield		—	​
Exercise multiples		2.2-2.8	​
Life of options (years)		10	​
Fair value of underlying ordinary shares		13.37~36.29	​

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