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STOCK-BASED COMPENSATION

12 Months Ended

Sep. 30, 2024

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

15.         STOCK-BASED COMPENSATION

On Jan 3, 2022 the Company granted its employees options to purchase 40,000 ordinary shares at the price of US$7.23. On May 22, 2023, the Company granted its employees options to purchase 38,000 ordinary shares at the price of US$6.79. On March 1, 2024, the Company granted its employees options to purchase 20,000 ordinary shares at the price of US$2.15.

All the options have an expiration date that is 5 to 10 years from the date of grant and vest immediately or over a period of 1 to 5 years. -nil- and -nil- options under the 2009 Plan, and 224,700 and 187,000 options under the 2014 Plan, 3,600 and 5,600 options under the 2021 Plan were outstanding as of September 30, 2023 and 2024, respectively.

All the option awards have an exercise price of US$2.1 to US$20.7 and expire 5 to 10 years from the date of grant and vest immediately or over a period of 1 to 10 years.

For the options outstanding at September 30, 2023 and 2024, the weighted average remaining contractual lives are–nil- and -nil- years, respectively.

The Company recorded share-based compensation expense for share options of RMB 1.16 million and RMB0.3 million for the years ended September 30, 2023 and 2024 respectively. As of September 30, 2023 and 2024, there were RMB-nil- million and RMB-nil- of total unrecognized compensation expense related to non-vested share-based compensation arrangement under the 2014 Plan.

​

Under the term of the 2014 Plan, on March 1, 2018, June 1, 2018 and September 1, 2018 the Company granted total of 22,500 restricted shares to its management at an aggregate value of US$167,925, based on the stock closing price of US$8.6, US$7.2 and US$6.6 at March 1, 2018, June 1, 2018 and September 1, 2018, respectively. The vesting period of these shares was 1 year from the grant date, which is March 1, 2019, June 1, 2019 and September 1, 2019, respectively. The Company issued a total of 320,000 restricted shares to its management and employees during the year ended September 30, 2020. The Company issued a total of 240,000 restricted shares to its management and employees during the year ended September 30, 2024.The Company recorded share-based compensation expense for restricted shares of RMB -nil- and RMB 4.93 million for the years ended September 30, 2023 and 2024, respectively.

During the fiscal year ended September 30, 2020, we awarded an aggregate of 30,000 treasury stock shares to its employees and recorded share-based compensation expense of RMB1,595, and resulted in decrease RMB7,212 cost of treasury stocks.

During the fiscal year ended September 30, 2022, we awarded an aggregate of 14,386 treasury stock shares to its employees, and resulted in decrease RMB4,223 cost of treasury stocks. We didn’t award any treasury stock shares in the fiscal year ended September 30, 2024.

A summary of the stock option activity under the 2009 and 2014 Plans is as follows:

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​		Tranche		Tranche		Tranche		Tranche		Tranche		Tranche		Tranche		Tranche		Tranche		Tranche		Tranche
​	​	15	​	16	​	17	​	18	​	19	​	20	​	21	​	22	​	23	​	24	​	25
​	​	January 3,	​	October 2,	​	December 22,	​	January 2,	​	March 1,	​	January 2,	​	January 2,	​	April 14,	​	January 3,	​	May 22,	​	March 1,
Grant date	​	2017	​	2017	​	2017	​	2018	​	2018	​	2019	​	2020	​	2021	​	2022	​	2023	​	2024
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Outstanding as of September 30, 2021		18,000		—		1,800		19,000		20,000		36,000		38,000		139,070		—	​	—	​	—
Number of options granted	​	—	​	—	​	—	​	—	​	—	​	—	​	—	​	—	​	40,000	​	—	​	—
Options exercised	​	—	​	—	​	(1,000)	​	—	​	—	​	—	​	—	​	(15,510)	​	—	​	—	​	—
Options cancelled/expired	​	(4,000)	​	—	​	(800)	​	—	​	—	​	—	​	—	​	—	​	—	​	—	​	—
Outstanding as of September 30, 2022	​	14,000	​	—	​	—	​	19,000	​	20,000	​	36,000	​	38,000	​	123,560	​	40,000	​	—	​	—
Number of options granted		—		—		—		—		—		—		—		—		—	​	36,000	​	—
Options exercised		—		—		—		—		(10,503)		—		—		—		—	​	—	​	—
Options cancelled/expired	​	(14,000)	​	—	​	—	​	(19,000)	​	(5,497)	​	—	​	—	​	(14,860)	​	(2,000)	​	—	​	—
Outstanding as of September 30, 2023		—		—		—		—		4,000		36,000		38,000		108,700		38,000	​	36,000	​	—
Number of options granted	​	—	​	—	​	—	​	—	​	—	​	—	​	—	​	—	​	—	​	—	​	20,000
Options exercised	​	—	​	—	​	—	​	—	​	—	​	—	​	—	​	—	​	—	​	—	​	—
Options cancelled/expired	​	—	​	—	​	—	​	—	​	—	​	(36,000)	​	—	​	(1,700)	​	—	​	—	​	—
Outstanding as of September 30, 2024	​	—	​	—	​	—	​	—	​	4,000	​	—	​	38,000	​	107,000	​	38,000	​	36,000	​	20,000
Options vested and exercisable	​	—	​	—	​	—	​	—	​	—	​	—	​	—	​	—	​	—	​	—	​	—
At September 30, 2022	​	14,000	​	—	​	—	​	19,000	​	20,000	​	36,000	​	38,000	​	123,560	​	40,000	​	—	​	—
At September 30, 2023	​	—	​	—	​	—	​	—	​	4,000	​	36,000	​	38,000	​	108,700	​	38,000	​	36,000	​	—
At September 30, 2024	​	—	​	—	​	—	​	—	​	4,000	​	—	​	38,000	​	107,000	​	38,000	​	36,000	​	20,000
Weighted average fair value at the grant date (US$)		4.0		7.7		4.4		5.1		5.1		4.0		2.5		12.5		5.4		4.6	​	2.1

​

The fair value of each option granted is estimated on the date of grant using the Black-Scholes Option Pricing Model:

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​		Tranche		Tranche		Tranche		Tranche		Tranche		Tranche		Tranche		Tranche		Tranche		Tranche		Tranche	​
​	​	15	​	16	​	17	​	18	​	19	​	20	​	21	​	22	​	23	​	24	​	25	​
Exercise price (US$)	​	20.7	​	16.5	​	8	​	9.1	​	8.2	​	5.19	​	5.3	​	15.85	​	7.23	​	6.79	​	2.15	​
Average risk-free interest rate	​	1.94	%	1.94	%	2.26	%	2.25	%	2.58	%	2.49	%	1.67	%	0.87	%	1.37	%	3.77	%	4.17	%
Expected option life (year)	​	5	​	5	​	5	​	5	​	5	​	5	​	5	​	5	​	5	​	10	​	5	​
Volatility rate	​	63.87	%	52.40	%	63.20	%	64.60	%	68.20	%	103	%	52.60	%	109.90	%	100.95	%	73.64	%	96.80	%
Dividend yield	​	—	​	—	​	—	​	—	​	—	​	—	​	—	​	—	​	—	​	—	​	—	​

​

The aggregate intrinsic value as of September 30, 2024, 2023 and 2022 is US$18, US-nil- and US$319, respectively.

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- Definition

The entire disclosure for share-based payment arrangement.

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