Share-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2025 |
|---|
| Share-Based Payment Arrangement [Abstract] |
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| Summary of Company's Employee Share Option Activity |
The following table summarizes the Company’s employee share option activity under the share option plans:
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Number of
options |
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Weighted average exercise price
(USD) |
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Weighted average grant date fair value
(USD) |
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Weighted average remaining contractual term |
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Aggregate
intrinsic
value
(USD in thousands) |
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Outstanding, January 1, 2025 |
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500,802 |
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41.56 |
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17.65 |
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6.73 |
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46.25 |
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Granted |
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— |
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— |
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— |
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— |
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Exercised |
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(164 |
) |
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26.75 |
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10.31 |
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6.50 |
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0.37 |
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Forfeited/Cancelled |
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(53,956 |
) |
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58.36 |
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11.36 |
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— |
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Outstanding, December 31, 2025 |
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446,682 |
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39.53 |
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18.34 |
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5.73 |
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|
0.86 |
|
Vested and expected to vest at
December 31, 2025 |
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445,592 |
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39.47 |
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18.37 |
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5.74 |
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0.86 |
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Exercisable as of December 31, 2025 |
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404,322 |
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40.38 |
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19.04 |
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5.67 |
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0.86 |
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| Schedule of Restricted Shares Activity |
Restricted shares activity for the year ended December 31, 2025 was as follows:
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Number of
restricted shares |
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Weighted
average grant
date fair value
(USD) |
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Outstanding, January 1, 2025 |
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2,567,941 |
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26.73 |
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Granted |
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1,044,634 |
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26.32 |
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Vested |
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(1,073,164 |
) |
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26.91 |
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Forfeited/Cancelled |
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(401,865 |
) |
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27.22 |
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Outstanding, December 31, 2025 |
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2,137,546 |
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26.06 |
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Expected to vest, December 31, 2025 |
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1,629,764 |
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|
26.07 |
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| Schedule of Estimated Fair Value of Share-Based Awards on Respective Grant Dates using Binomial Option Pricing Model |
The Company calculated the estimated fair value of the share-based awards on the respective grant dates using the binomial option pricing model with the following assumptions:
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2023 |
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2024 |
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2025 |
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Fair value of ordinary share |
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US$29.16-US$35.87 |
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US$25.97-US$34.44 |
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US$25.77-US$27.93 |
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Risk-free interest rates |
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3.50%-4.72% |
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3.65%-4.41% |
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4.06%-4.46% |
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Expected exercise multiple |
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2.2-2.8 |
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2.2-2.8 |
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2.2-2.8 |
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Expected volatility |
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51.00%-54.19% |
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49.00%-50.38% |
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49.20%-50.00% |
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Expected dividend yield |
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1.00 |
% |
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1.00 |
% |
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1.50 |
% |
Weighted average fair value per option granted |
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US$4.12-US$18.91 |
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US$3.21-US$18.32 |
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US$7.36-US$13.51 |
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| Schedule of Share-Based Compensation Expenses |
Share-based compensation expenses relating to options and restricted shares granted to employees recognized for the years ended December 31, 2023, 2024 and 2025 is as follows:
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Year ended December 31, |
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2023 |
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2024 |
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2025 |
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RMB |
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RMB |
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RMB |
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US$ |
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(in thousands) |
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Cost of revenues |
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7,982 |
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8,135 |
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14,812 |
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2,118 |
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Sales and marketing expenses |
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49,305 |
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48,445 |
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56,938 |
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8,142 |
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General and administrative expenses |
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51,860 |
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51,112 |
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60,110 |
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8,596 |
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Product development expenses |
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85,945 |
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84,332 |
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87,114 |
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12,457 |
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195,092 |
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192,024 |
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218,974 |
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31,313 |
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