Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

The following table sets forth the summary of option activity for the year ended December 31, 2025:


	Options Outstanding			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
				(US$)		(In years)		(US$ in thousands)
Outstanding, December 31, 2024		578,455,922			0.28
Granted (i)		76,706,000			0.01
Forfeited/Expired		(26,876,122	)		0.24
Exercised		(14,490,399	)		0.00
Outstanding, December 31, 2025		613,795,401			0.25		5.96		81,954
Vested and expected to vest as of December 31, 2025		597,060,358			0.26		5.87		77,511
Exercisable as of December 31, 2025		419,870,276			0.36		4.84		31,363

(i)

It consists a total of 15,162,000 options granted with an exercise price of US$0 each that will reduce the number of ordinary shares under the 2021 Plan available for future grants by 1.3 ordinary shares.

Schedule of Assumptions Used to Value Share Options Granted to Employees and Non-Employees

The assumptions used to value the share options granted to employees and non-employees were as follows:


	Year Ended December 31,
	2023		2024		2025
Fair value of ordinary shares (US$)		0.64		0.72	0.23~0.32
Risk-free interest rate (%)		3.70		4.61	4.16~4.50
Expected volatility (%)		79.2		75.7	74.7~75.0
Expected dividend yield		—		—		—
Expected exercise multiple		2.8		2.8		2.8

Schedule of Share-based Compensation Expense Included in Relevant Financial Statement

The following table sets forth the amount of share-based compensation expense included in each of the relevant financial statement line items:


	Year ended December 31,
	2023		2024		2025		2025
	RMB		RMB		RMB		US$
	(In thousands)
Cost of revenues		133,160		121,048		112,822		16,133
Selling, general and administrative		314,788		273,330		163,585		23,393
Research and development		188,784		150,017		127,018		18,163
		636,732		544,395		403,425		57,689