Share-based Compensation

12 Months Ended

Dec. 31, 2025

Share-based Payment Arrangement [Abstract]

17. Share-based Compensation

In July 2014, the Group adopted its Global Share Incentive Plan (the “Global Share Plan”), which permits the grant of options of the Company to relevant directors, officers, other employees and consultants of the Group. The maximum aggregate number of Class Z Ordinary Shares, which may be issued pursuant to all awards under the Global Share Plan, is 19,880,315 shares. The Global Share Plan was terminated on the Primary Conversion Effective Date.

In February 2018, the Group adopted its 2018 Share Incentive Plan (the “2018 Plan”) to provide additional incentives to employees, directors and consultants and promote the success of its business. The maximum aggregate number of Class Z Ordinary Shares, which may be issued pursuant to all awards under the 2018 Plan as at December 31, 202

is 33,132,989 shares.

As at the date on which the voluntary conversion of its secondary listing status to primary listing on the Hong Kong Stock Exchange becomes effective , the Group subsequently amended its 2018 Plan, under which the maximum aggregate number of Class Z ordinary shares may be issued pursuant to all awards is 30,673,710 Class Z ordinary shares, representing 10% of the total number of issued Class Z ordinary shares, which permits the grant of restricted share units (“RSUs”) of the Company to relevant directors, officers, other employees and consultants of the Group.

In June 2024, the Group adopted its Second Amended and Restated 2018 Share Incentive Plan (the “Restated 2018 Plan”) to provide additional incentives to employee participants, related entity participants and service provider participants and promote the success of its business. The maximum aggregate number of Class Z Ordinary Shares, which may be issued pursuant to all awards under the 2018 Plan as at December 31, 202

is 41,413,503 shares, and within the Scheme Limit, the maximum number of Class Z Ordinary Shares which may be issued pursuant to all awards to be granted to service provider participants under the Restated 2018 Plan is 2,070,675.

In May 2024, the Group adopted its 2024 Share Incentive Plan (the “2024 Plan”) to provide additional incentives to employee participants, related entity participants and consultants and promote the success of its business. The maximum aggregate number of Class Z Ordinary Shares, which may be issued pursuant to all awards under the 2024 Plan as at December 31, 202

is 41,272,920 shares. No awards have been granted under the 2024 Share Incentive Plan since its adoption.

Option awards are granted with an exercise price determined by the Board of Directors. Those option awards generally vest over a period of

zero

to six years and expire in

six

to seven years, and RSUs generally vest over a period of

zero

to six years.

RSUs

The following table presents a summary of the Group’s RSUs activities for the years ended December 31, 2023, 2024 and 2025:


	Employees			Consultants			Total			Weighted Average Granted fair value
	(In thousands)			(In thousands)			(In thousands)			US$
Outstanding at January 1, 2023		1,932			35			1,967			24.59
Granted		8,796			—			8,796			18.72
Vested		—			(23	)		(23	)		24.59
Forfeited		(1,059	)		—			(1,059	)		22.10

Unvested at December 31, 2023		9,669			12			9,681			19.53

Outstanding at January 1, 2024		9,669			12			9,681			19.53
Granted		10,841			1			10,842			17.14
Vested		(689	)		(12	)		(701	)		24.59
Forfeited		(2,547	)		—			(2,547	)		17.37

Unvested at December 31, 2024		17,274			1			17,275			18.14

Outstanding at January 1, 2025		17,274			1			17,275			18.14
Granted		8,388			—			8,388			23.06
Vested		(2,931	)		(1	)		(2,932	)		17.32
Forfeited		(2,853	)		—			(2,853	)		20.29

Unvested at December 31, 2025		19,878			—			19,878			20.03

The aggregate number of Class Z Ordinary Shares available for future grant under the Restated 2018 Plan was 28,704,359 as of December 31, 2025.

The aggregate number of Class Z Ordinary Shares available for future grant under the 2024 Plan was 41,272,920 as of December 31, 2025.

As of December 31, 2025, total unrecognized compensation expenses related to unvested RSUs granted under the 2018 Plan and the Restated 2018 Plan, adjusted for estimated forfeitures, was RMB

2,037.4

million, which is expected to be recognized over a weighted-average period of

3.1

years and may be adjusted for future changes in estimated forfeitures.

Share options

(b) Share options activities

The following table presents a summary of the Group’s share options activities for the years ended December 31, 2023, 2024 and 2025:


	Employees			Consultants			Total			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
	(In thousands)			(In thousands)			(In thousands)			US$		(In years)		(RMB in thousands)
Outstanding at January 1, 2023		21,715			195			21,910			2.0283		4.70		3,305,336
Granted		—			—			—			—
Exercised		(2,147	)		(64	)		(2,211	)		0.0001
Forfeited		(1,760	)		—			(1,760	)		0.1443

Outstanding at December 31, 2023		17,808			131			17,939			2.4701		3.79		1,232,411

Outstanding at January 1, 2024		17,808			131			17,939			2.4701		3.79		1,232,411
Granted		—			—			—			—
Exercised		(3,689	)		(7	)		(3,696	)		0.3911
Forfeited		(1,119	)		(14	)		(1,133	)		0.6909

Outstanding at December 31, 2024		13,000			110			13,110			1.6543		2.85		1,550,782

Outstanding at January 1, 2025		13,000			110			13,110			1.6543		2.85		1,550,782
Granted		—			—			—			—
Exercised		(1,634	)		(26	)		(1,660	)		0.5527
Forfeited		(400	)		—			(400	)		3.7190

Outstanding at December 31, 2025		10,966			84			11,050			1.7386		1.87		1,774,828

Exercisable at December 31, 2025		8,821			59			8,880			1.8711		1.71		1,290,266

further options would be granted under the 2018 Share Incentive Plan after the Primary Conversion Effective Date. As of December 31, 2025, total unrecognized compensation expenses related to unvested options granted under the Global Share Plan and the 2018 Plan, adjusted for estimated forfeitures, was RMB

504.5 million, which is expected to be recognized over a weighted-average period of 1.3 years and may be adjusted for future changes in estimated forfeitures.