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Share-based compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Option Pricing Model and Adopted Fair Value Per Share

The Group uses binomial option pricing model and adopted fair value per share of ordinary share to determine fair value of the share-based awards. The estimated fair value of each option or each restricted share granted is estimated on the date of grant using the binomial option-pricing model or fair value per share of ordinary share with the following assumptions:

 

   For the years ended December 31, 
Options  2023   2024   2025 
Fair value per share (US$)  6.33-6.37   0.79~0.80   0.68~1.04 
Discount rate (after tax)   Not applicable    Not applicable    Not applicable 
Risk-free interest rate   3.88%   4.58%   

4.11%~4.24%

 
Expected volatility   64.2%   65.7%   

59.65%~73.81%

 
Contractual term (in years)   10    10    10 

 

 

18. Share-based compensation (Continued)

 

(b) Valuation assumptions (Continued)

 

   For the years ended December 31,
Restricted shares  2023(prior to the Business Combination)  2024  2025
Fair value per share (US$)  4.90-5.45  Not applicable  Not applicable
Discount rate (after tax)  15.0%-16.0%  Not applicable  Not applicable
Discount for lack of marketability (“DLOM”)  5%-10%  Not applicable  Not applicable
Schedule of Stock Options Activities

The following table presents a summary of the Company’s stock options activities for the years ended December 31, 2023, 2024 and 2025.

 

   Number of Options Outstanding*   Weighted
Average exercise		   Weighted average
remaining
contractual		   Aggregated 
   Employees   Consultant   Total   price   life   intrinsic value 
   (in thousands)   (in thousands)   (in thousands)   US$   (in years)   RMB in thousands 
                         
Outstanding at January 1, 2023   7,618    331    7,949    1.7905    4.67    65,572 
Replacement   (7,545)   (331)   (7,876)   1.3119    -    - 
Granted   528    -    528    0.1000    -    - 
Forfeited   (28)   -    (28)   8.1954    -    - 
Outstanding at December 31, 2023   573    -    573    0.6675    9.73    23,775 
Exercisable as of December 31, 2023   295    -    295    1.1978    9.48    11,367 
                               
Outstanding at January 1, 2024   573    -    573    0.6675    9.73    23,775 
Replacement   (22)   -    (22)   7.3437    -    - 
Granted   899    -    899    0.1000    -    - 
Exercised   (1)   -    (1)   0.1000    -    - 
Forfeited   (47)   -    (47)   0.9706    -    - 
Outstanding at December 31, 2024   1,402    -    1,402    0.1785    9.32    7,990 
Exercisable as of December 31, 2024   733    -    733    0.2498    9.27    4,147 
                               
Outstanding at January 1, 2025   1,402    -    1,402    0.1785    9.32    7,990 
Granted   323    431    754    0.0486    -    - 
Exercised   (148)   -    (148)   0.1000    -    - 
Forfeited   (24)   -    (24)   0.1000    -    - 
Outstanding at December 31, 2025   1,553    431    1,984    0.1358    8.81    10,332 
Exercisable as of December 31, 2025   1,076    431    1,507    0.1471    8.86    7,894 

 

* Shares outstanding for all periods reflect the adjustment for Reverse Recapitalization (Note 3).
Schedule of Restricted Share Activities

The following table sets forth the summary of restricted share activities for the years ended December 31, 2023, 2024 and 2025:

   Number of Restricted
Shares Granted*		  

Weighted-Average

Grant Date

Fair Value

 
   (in thousands)   (US$) 
Unvested as of January 1, 2023   786    4.8435 
Replacement   7,876    4.9821 
Awarded   703    6.4017 
Vested   (8,938)   5.0743 
Forfeited   (97)   5.5168 
Outstanding at December 31, 2023   330    5.0233 
Unvested as of January 1, 2024   330    5.0233 
Replacement   22    4.2700 
Awarded   1,589    1.6553 
Vested   (1,757)   1.9938 
Forfeited   (77)   4.9078 
Outstanding at December 31, 2024   107    4.6904 
Unvested as of January 1, 2025   107    4.6904 
Awarded   1,835    0.9875 
Vested   (1,191)   1.3719 
Forfeited   (731)   0.8407 
Outstanding at December 31, 2025   20    3.3155 

 

* Shares outstanding for all periods reflect the adjustment for Reverse Recapitalization (Note 3).