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Share-based compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-based compensation

Schedule of share-based compensation recognized in operating expenses

​

​	​	​	​	​	​	​
​	​	Year ended
​	​	December 31,
​		2021		2022		2023
​	​	RMB	​	RMB	​	RMB
Fulfillment		2,154		585		195
Sales and marketing		8,204		5,935		4,682
Research and development		10,134		3,883		3,070
General and administrative		162,857		21,496		9,446
Total share-based compensation expenses		183,349		31,899		17,393

Schedule of changes in share options relating to ordinary shares granted

​

​	​	​	​	​	​	​
​	​	​	​	Weighted-average	​	Weighted-average
​	​	Options granted	​	exercise	​	grant date fair
​		share number		price (US$)		value (US$)
Outstanding as of January 1, 2021		189,927,968		0.0205		0.1136
Granted		18,200,000		0.1079		0.1177
Cancelled/Forfeited	​	(9,163,845)	​	0.0993	​	0.1201
Outstanding as of December 31, 2021		198,964,123		0.0227		0.1137
Granted		56,222,658		0.0861		0.1417
Cancelled/Forfeited		(72,438,216)		0.0520		0.1080
Outstanding as of December 31, 2022		182,748,565		0.0306		0.1245
Granted		80,907,443		0.1306		0.3169
Cancelled/Forfeited		(14,700,489)		0.0579		0.1580
Outstanding as of December 31, 2023		248,955,519		0.0615		0.1851

Schedule of information regarding share options outstanding

​

​	​	​	​	​	​	​	​	​
​	​	As of December 31, 2022
​	​	​	​	​	​	Weighted-average	​	​
​	​	​	​	​	​	remaining	​	​
​	​	​	​	Weighted-average	​	exercise	​	​
​	​	Options	​	exercise price	​	contractual	​	Aggregate
​		number		per option		life (years)		intrinsic value
​	​	​	​	US$	​	​	​	US$ in thousands
Options outstanding		182,748,565		0.03		7.91		47,615
Exercisable		120,164,340		0.01		7.32		34,611
Expected to vest		62,584,225		0.08		9.04		13,398

​

​	​	​	​	​	​	​	​	​
​	​	As of December 31, 2023
​	​	​	​	​	​	Weighted-average	​	​
​	​	​	​	​	​	remaining	​	​
​	​	​	​	Weighted-average	​	exercise	​	​
​	​	Options	​	exercise price	​	contractual	​	Aggregate
​		number		per option		life (years)		intrinsic value
​	​	​	​	US$	​	​	​	US$ in thousands
Options outstanding		248,955,519		0.06		7.80		100,501
Exercisable		133,762,513		0.02		6.49		60,138
Expected to vest		115,193,006		0.12		9.32		40,363

Schedule of assumptions used to value the fair value of each option granted

​

​	​	​	​	​	​	​	​
​	​	Year ended December 31
​	​	2021	​	2022	​	2023
​		RMB		RMB		RMB
Exercise price		RMB0.70		RMB0.00 – 1.80		RMB0.00-1.80	​
​		(USD$0.11)		(USD$0.00 – 0.26)		(USD$0.00-0.25)	​
Fair value of the ordinary shares on the		RMB1.31		RMB1.35 – 1.40		RMB2.04-3.10	​
date of option grant		(USD$0.20)		(USD$0.19 – 0.21)		(USD$0.30-0.43)	​
Risk-free interest rate		3.09	%	2.70% – 2.88	%	2.64%-3.84	%
Contractual life		10 years		10 years		10 years	​
Expected forfeiture rate (post-vesting)		16	%	16	%	16	%
Exercise multiples		2.8		2.8		2.8	​
Expected dividend yield		—		—		—	​
Expected volatility		32.00	%	29.77% – 30.16	%	30.09% – 30.41	%

​

(i)Risk-free interest rate is based on the yields of China Government Bonds with maturities similar to the expected life of the share options in effect at the time of grant.

20.  Share-based compensation (continued)

Share options with employee termination compensation (continued)

(ii)Expected dividend yield is assumed to be nil as the Group has no history or expectation of paying a dividend on its ordinary shares.

(iii)The exercise multiples were estimated based on the vesting and contractual terms of the awards and management’s expectation of exercise behaviour of the grantees.

(iv)Expected volatility is assumed based on the historical volatility of the Group and the Group’s comparable companies in the period equal to the expected life of each grant.

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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.

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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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Tabular disclosure of number, weighted-average exercise price or conversion ratio, aggregate intrinsic value, and weighted-average remaining contractual term for outstanding and exercisable options that are fully vested and expected to vest. Includes, but is not limited to, unvested options for which requisite service period has not been rendered but that are expected to vest based on achievement of performance condition, if forfeitures are recognized when they occur.

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