Net (Loss)/Earnings Per Share

12 Months Ended

Dec. 31, 2024

20. NET (LOSS)/EARNINGS PER SHARE

Basic and diluted net (loss)/earnings per share for each of the years presented were calculated as follows:


	Year ended December 31,
	2022			2023			2024
	RMB			RMB			RMB
Numerator:
Net loss		(640,295	)		(229,838	)		(92,053	)

Net loss attributable to non-controlling interests shareholders		25,520			9,383			300
Deemed contribution to ordinary shareholders due to modifications and extinguishment on convertible redeemable preferred shares		—			—			672,170
Deemed dividend to convertible redeemable preferred share shareholders due to modifications		—			—			(5,940	)
Net accretion on convertible redeemable preferred shares to redemption value		(396,716	)		(9,452	)		(290,543	)

Net (loss)/income attributable to ordinary shareholders – Basic		(1,011,491	)		(229,907	)		283,934
Dilution effect from deemed contribution to ordinary shareholders due to modifications and extinguishment on convertible redeemable preferred shares		—			—			(672,170	)
Dilution effect from deemed dividend to convertible redeemable preferred share shareholders due to modifications		—			—			5,940
Dilution effect from net accretion on convertible redeemable preferred shares to redemption value		—			—			290,543

Net loss attributable to ordinary shareholders - dilute d		(1,011,491	)		(229,907	)		(91,753	)
Denominator:
Weighted average number of ordinary shares - basic		47,315,140			48,781,392			97,788,561
Weighted average number of ordinary shares from assumed conversion of the convertible redeemable preferred shares		—			—			70,363,864

Weighted average number of ordinary shares - diluted		47,315,140			48,781,392			168,152,425

Net (loss)/income per share attributable to ordinary shareholders:
- Basic		(21.38	)		(4.71	)		2.90
- Diluted		(21.38	)		(4.71	)		(0.55	)

Basic net (loss)/earnings per share is computed using the weighted average number of ordinary shares outstanding and vested RSUs during the period. Diluted net (loss)/earnings per share is computed using the weighted average number of ordinary shares, vested RSUs and dilutive potential ordinary shares outstanding during the period.

For the years ended December 31, 2022, 2023 and 2024, the Company had potential ordinary shares, including convertible redeemable preferred shares, restricted shares and RSUs. Assumed conversion of the restricted shares and RSUs have not been reflected in the dilutive calculations for the years ended December 31, 2022, 2023 and 2024, pursuant to ASC 260, “Earnings Per Share”, due to the anti-dilutive effect. The weighted-average numbers of restricted shares excluded from the calculation of diluted net (loss)/income per share of the Company were

1,115,899

376,692

and

nil

for the years ended December 31, 2022, 2023 and 2024, respectively (Note 19). The weighted-average numbers of RSUs excluded from the calculation of diluted net (loss)/income per share of the Company were

161,133

and

516,522

and

325,010

for the years ended December 31, 2022, 2023 and 2024, respectively (Note 19). Assumed conversion of the convertible redeemable preferred shares have not been reflected in the dilutive calculations for the years ended December 31, 2022 and 2023, pursuant to ASC 260, “Earnings Per Share”, due to the anti-dilutive effect. The weighted-average numbers of convertible redeemable preferred shares excluded from the calculation of diluted net (loss)/income per share of the Company were 109,481,969 and 109,481,969 for the years ended December 31, 2022 and 2023 (Note 1