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SHARE-BASED COMPENSATION

12 Months Ended

Dec. 31, 2023

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION

15. SHARE-BASED COMPENSATION

Share options and restricted share units

a) 2016 Global Share Incentive Plan

In January 2016, the Company’s Shareholders and Board of Directors approved 2016 Global Share Incentive Plan and amended it in March 2018 (the “Amended 2016 Plan”). Under the Amended 2016 Plan, a maximum aggregate number of 5,861,480 ordinary shares may be issued pursuant to all awards granted. Share options or restricted share unites expire 10 years from the grant date.

b) 2018 Share Incentive Plan

In September 2018, the Company’s Shareholders and Board of Directors approved the 2018 Share Incentive Plan (the “2018 Plan”). Under the 2018 Plan, the maximum aggregate number of ordinary shares available for issuance is 6,733,703 ordinary shares, which shall be increased by a number equal to 1.5% of the total number of ordinary shares issued and outstanding on the last day of the immediately preceding fiscal year, each fiscal year during the term of the 2018 Plan, if determined and approved by the Board of Directors for the relevant fiscal year. The Board of Directors has approved annual increases of 2,285,407, 2,305,212 and 2,313,923 ordinary shares for the years ended December 31, 2021, 2022 and 2023, representing 1.5% of total issued and outstanding shares as of December 31, 2020, 2021 and 2022, respectively, pursuant to the 2018 Share Incentive Plan.

A summary of the share options activities under the Amended 2016 Plan and the 2018 Plan for the year ended December 31, 2023 was presented below:

​

​	​	​	​	​	​	​	​	​
​		​		Weighted		Weighted		​
​	​	​	​	average	​	remaining	​	Aggregate
​	​	Number of	​	exercise	​	contractual	​	intrinsic
​		shares		price		years		value
​	​	​	​	US$	​	​	​	US$
Outstanding at January 1, 2023	​	4,414,608	​	2.11	​	—	​	—
Exercised	​	(464,300)	​	0.20	​	—	​	—
Forfeited/Expired	​	(7,250)	​	0.20	​	—	​	—
Outstanding at December 31, 2023	​	3,943,058	​	2.34	​	4.56	​	1,190,466
Exercisable as of December 31, 2023	​	3,943,058	​	2.34	​	4.56	​	1,190,466

​

Compensation expenses recognized for share options for the years ended December 31, 2021, 2022 and 2023 were allocated to the following expense items:

​

​	​	​	​	​	​	​
​		For the Year Ended
​		December 31,
​		2021		2022		2023
​		RMB	​	RMB		RMB
Cost of revenues		8,318	​	—	​	—
Selling and marketing expenses		2,235,102	​	1,936,414	​	905,764
Research and development expenses		4,018,126	​	3,862,189	​	2,191,242
General and administrative expenses		6,649,255	​	5,008,382	​	3,047,542
Total share options compensation expenses		12,910,801	​	10,806,985	​	6,144,548

​

No share options had been granted for the years ended December 31, 2021, 2022 and 2023. The total intrinsic value of share options exercised for the years ended December 31, 2021, 2022 and 2023, were RMB77,271,754, RMB3,708,615 and RMB4,799,425, respectively. The total fair value of shares vested for the years ended December 31, 2021, 2022 and 2023 were RMB15,732,201, RMB10,976,490 and RMB11,027,023, respectively.

​

As of December 31, 2023, total unrecognized compensation expense related to share options was nil.

A summary of the restricted share units activities for the year ended December 31, 2023 was presented below:

​	​	​	​	​
​		​		Weighted
​	​	​	​	average grant
​	​	Number of	​	date fair
​	​	shares	​	value
​	​	​	​	US$
Unvested as of January 1, 2023		3,890,658	​	4.59
​	​	​	​	​
Granted		232,000	​	2.31
Vested	​	(1,507,862)	​	4.44
Forfeited	​	(611,722)	​	4.30
​	​	​	​	​
Unvested as of December 31, 2023		2,003,074	​	4.53

​

The restricted share units are generally scheduled to be vested over four equal annual installments, except 128,000 restricted share units were granted in 2022 with vesting in two equal annual installments under the 2018 Plan. For the year ended December 31, 2023, 232,000 restricted share units were granted with vesting in four equal annual installments.

Compensation expenses recognized for restricted share units for the years ended December 31, 2021, 2022 and 2023 were allocated to the following expense items:

​

​	​	​	​	​	​	​
​	​	For the Year Ended
​	​	December 31,
​		2021		2022		2023
​		RMB	​	RMB	​	RMB
Cost of revenues		838,515	​	1,224,796	​	1,237,902
Selling and marketing expenses		11,057,530	​	13,497,270	​	9,085,924
Research and development expenses		13,043,898	​	18,499,553	​	19,462,704
General and administrative expenses		9,367,412	​	14,190,582	​	11,728,226
Total restricted share units compensation expenses		34,307,355	​	47,412,201	​	41,514,756

​

As of December 31, 2023, RMB48,330,116 of total unrecognized compensation expense related to restricted share units was expected to be recognized over a weighted average period of approximately 1.92 years.

Total share-based compensation expenses recognized for the years ended December 31, 2021, 2022 and 2023 were allocated to the following expense items:

​

​	​	​	​	​	​	​
​		For the Year Ended
​	​	December 31,
​		2021		2022		2023
​		RMB		RMB		RMB
Cost of revenues		846,833	​	1,224,796	​	1,237,902
Selling and marketing expenses		13,292,632	​	15,433,684	​	9,991,688
Research and development expenses		17,062,024	​	22,361,742	​	21,653,946
General and administrative expenses		16,016,667	​	19,198,964	​	14,775,768
Total share-based compensation expense		47,218,156	​	58,219,186	​	47,659,304

​

X

- Definition

The entire disclosure for share-based payment arrangement.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-URI https://asc.fasb.org/topic&trid=2228938

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
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-Section 50
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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