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Share-Based Compensation | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation | 19. SHARE-BASED COMPENSATION On September 10, 2021, the Company adopted 2021 Share Incentive Plan (“the 2021 Plan”) with the purpose of providing incentives and rewards to its managements and employees. Under the 2021 Plan, the Company’s Board of Directors has approved that a maximum aggregate number of shares that may be issued pursuant to all awards granted shall be 11,258,693 shares . 4,378,011 shares have been granted under the 2021 plan since adoption day. Compensation expenses recognized for share-based awards granted by the Company were as follows:
|  | Year ended December 31, |
|  | 2022 |  |  | 2023 |  |  | 2024 |
|  | RMB |  |  | RMB |  |  | RMB |
General and administrative expenses |  |  | 71,815 |  |  |  | 26,123 |  |  |  | 5,879 |
|  | Year ended December 31, |
|  | 2022 |  |  | 2023 |  |  | 2024 |
|  | RMB |  |  | RMB |  |  | RMB |
Share-based compensation expenses |  |  |  |  |  |  |  |  |  |  |  |
-Related to management’s restricted shares (a) |  |  | 33,105 |  |  |  | 9,865 |  |  |  | — |
-Related to management’s RSUs (b) |  |  | 38,710 |  |  |  | 16,258 |  |  |  | 5,879 |
Total |  |  | 71,815 |  |  |  | 26,123 |  |  |  | 5,879 |
There was no income tax benefit recognized in the Consolidated Statements of Comprehensive Loss for share-based compensation expenses and the Company did not capitalize any of the share-based compensation expenses as part of the cost of any assets for years ended December 31, 2022, 2023 and 2024, respectively. (a) Management’s Restricted Shares As further discussed in Note 17 , on September 10, 2021, the Company granted 1,478,415 restricted ordinary shares at par value US$0.0001 to Zuniform Limited, owned by the CEO. The restricted ordinary shares had been vested in two tranches, i.e., 739,207 and 739,208 ordinary shares and no longer be deemed restricted shares on July 5, 2022 and July 5, 2023, respectively. The movement of the restricted shares during the year ended December 31, 2023, was as follow:
|  | Number of restricted shares |  |  | Weighted average grant date fair value (US$) |
Unvested as of January 1, 2022 |  |  | 1,478,415 |  |  |  | 5.7072 |
Vested |  |  | (739,207 | ) |  |  | 5.7072 |
Unvested as of December 31, 2022 |  |  | 739,208 |  |  |  | 5.7072 |
Unvested as of January 1, 2023 |  |  | 739,208 |  |  |  | 5.7072 |
Vested |  |  | (739,208 | ) |  |  | 5.7072 |
Unvested as of December 31, 2023 |  |  | — |  |  |  | — |
The fair value of the management’s restricted shares was determined at the respective grant date by the Company and was amortized over the respective vesting period on graded vesting method. The share-based compensation expenses related to management’s restricted shares for the years ended December 31, 2022, 2023 and 2024 were RMB 33,105, RMB 9,865 and RMB nil, respectively. (b) Management’s RSUs On October 5, 2022, 1,421,181 RSUs representing 1,421,181 ordinary shares of the Company with par value US$0.0001 were granted to certain director, executive officer and management of the Company. 745,164 RSUs have immediately vested due to the service inception date preceded the grant date and the Company recognized RMB 33,600 on the grant date. 234,005 RSUs vested in 2023 and 2024. 208,007 RSUs shall vest in 2025. The movement of the RSUs during the years ended December 31, 2022, 2023 and 2024, was as follow s :
|  | Number of RSUs |  |  | Weighted average grant date fair value (US$) |
Unvested as of January 1, 2022 |  |  | 1,421,181 |  |  |  | 6.3515 |
Vested |  |  | (745,164 | ) |  |  | 6.3515 |
Unvested as of December 31, 2022 |  |  | 676,017 |  |  |  | 6.3515 |
Unvested as of January 1, 2023 |  |  | 676,017 |  |  |  | 6.3515 |
Vested |  |  | (234,005 | ) |  |  | 6.3515 |
Unvested as of December 31, 2023 |  |  | 442,012 |  |  |  | 6.3515 |
Unvested as of January 1, 2024 |  |  | 442,012 |  |  |  | 6.3515 |
Vested |  |  | (234,005 | ) |  |  | 6.3515 |
Unvested as of December 31, 2024 |  |  | 208,007 |  |  |  | 6.3515 |
The fair value of the management’s RSUs was determined at the respective grant date by the Company and was amortized over the respective vesting period on graded vesting method. The share-based compensation expenses related to management’s RSU for the years ended December 31, 2022, 2023 and 2024 were RMB 38,710, RMB 16,258 and RMB 5,879, respectively. As of December 31, 2024, there was RMB 997 of unamortized stock-based compensation expense related to unvested awards which is expected to be recognized over a weighted-average period of 0.26 years.

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