SHARE BASED COMPENSATION (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| SHARE BASED COMPENSATION |
|
| Schedule of share-based compensation expenses were allocated in operating expenses by function |
| | | | | | | | | | | For the year ended | | | December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | | US$ | Sales and marketing expenses | | 11,422 | | 19,207 | | 30,584 | | 4,365 | General and administrative expenses(1) | | 228,084 | | 345,639 | | 542,564 | | 77,440 | | | 239,506 | | 364,846 | | 573,148 | | 81,805 |
| (1) | Includes share based compensation expenses of RMB40.9 million, RMB74.0 million and RMB114.8 million (US$16.4 million) in “research and development expenses”, which was a component of “General and administrative expenses”, for the years ended December 31, 2023, 2024 and 2025, respectively. |
|
| 2019 Plan |
|
| SHARE BASED COMPENSATION |
|
| Summary of the employee equity award activity |
| | | | | | | | | | | | | | | Weighted- | | | | | | | | | average | | | | | | | Weighted- | | remaining | | Aggregate | | | Number of | | average | | contractual | | intrinsic | | | options | | exercise price | | term | | Value | | | | | US$ | | Years | | US$ | Outstanding as of December 31, 2022 | | 28,444,511 | | 0.0002 | | 7.24 | | | Granted | | — | | — | | | | | Exercised | | (24,108,314) | | 0.0002 | | | | 82,205 | Forfeit | | (243,016) | | 0.0002 | | | | | Outstanding as of December 31, 2023 | | 4,093,181 | | 0.0002 | | 6.34 | | | Granted | | — | | — | | | | | Exercised | | (2,749,765) | | 0.0002 | | | | 86,175 | Forfeit | | — | | 0.0002 | | | | | Outstanding as of December 31, 2024 | | 1,343,416 | | 0.0002 | | 4.28 | | | Granted | | — | | — | | | | | Exercised | | (1,343,416) | | 0.0002 | | | | 5,816 | Forfeit | | — | | 0.0002 | | | | | Outstanding as of December 31, 2025 | | — | | 0.0002 | | — | | | Fully vested and exercised as of December 31, 2025 | | 66,695,568 | | 0.0002 | | 3.82 | | 288,728 |
|
| 2021 plan |
|
| SHARE BASED COMPENSATION |
|
| Summary of the employee equity award activity |
| | | | | | | | | Weighted-Average | | | | | Grant-Date | | | Number | | Fair Value | | | of RSUs | | US$ | Unvested as of December 31, 2022 | | 4,184,296 | | 1.23 | Granted | | 10,551,248 | | 3.05 | Vested | | (13,239,120) | | 2.52 | Forfeited or cancelled | | (117,792) | | 3.08 | Unvested as of December 31, 2023 | | 1,378,632 | | 2.56 | Granted | | 20,414,456 | | 2.76 | Vested | | (17,225,016) | | 2.76 | Forfeited or cancelled | | (1,369,632) | | 2.76 | Unvested as of December 31, 2024 | | 3,198,440 | | 2.74 | Granted | | 25,123,272 | | 3.36 | Vested | | (23,461,904) | | 3.26 | Forfeited or cancelled | | (1,250,216) | | 3.37 | Unvested as of December 31, 2025 | | 3,609,592 | | 3.44 |
|