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Share Incentive Plan (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Option Activities and Changes

A summary of option activities during the year ended December 31, 2022 were presented below:

										Weighted- average								Weighted-
						Weighted-				remaining				Aggregated				average
		Number of				average				contractual				intrinsic				grant date
Share options		shares				exercise price				term(years)				value				fair value
						RMB								RMB				RMB
Outstanding, December 31, 2021			31,931				560.95				5.81				—				271.90
Granted			375,000				26.94				5.00				2,273				18.51
Exercised			(375,000	)			26.94				5.00				(2,273	)			18.51
Forfeited			(381	)			560.95				—				—				271.90
Outstanding, December 31, 2022			31,550				560.95				4.81				—				271.90

Schedule of Estimated Fair Value of Options Granted Using Black-Scholes Model

The Company calculated the estimated fair value of the options on the grant date using Black-Scholes option pricing model, with the following assumptions used:

		May 10,
Grant Dates		2022
Risk-free interest rate (1)		2.9%
Volatility (2)		73.2%
Expected dividend yield (3)		0%
Exercise price			26.94
Expected life (years) (4)			5.00
Fair value of underlying ordinary share			33.00

(1)Risk-free interest rate was estimated based on the US Treasury constant maturity yield curve with a maturity that matches the expected term of the option.

(2)The volatility was estimated based on historical volatility of the Company's share price applying the guidance provided by ASC 718 and the daily share price volatility of comparable companies for an observation period that matches the life of options.

(3)Expected dividend yield was estimated by the Group based on its expected dividend policy over the expected term of the options.

(4)Expected life was calculated based on the vesting period and contractual terms of the options.

Schedule of Share-based Compensation Expense Recognized

Total share-based compensation expense of share-based awards granted to employees, certain directors and management recognized for the years ended December 31, 2020, 2021 and 2022 were as follows:

		Years ended December 31,
		2020				2021				2022
		RMB				RMB				RMB
Cost of revenues			146				101				33
Sales and marketing expenses			14,278				(14	)			4,166
General and administrative expenses			15,324				681				2,982
			29,748				768				7,181

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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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

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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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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

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-Publisher FASB
-Name Accounting Standards Codification
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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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-Name Accounting Standards Codification
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-SubTopic 10
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