Share-based compensation (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of share based compensation stock options activity


						Weighted
				Weighted		average		Aggregate
				average		remaining		intrinsic
		Number of		exercise		contractual life		value
		options		price (US$)		(years)		(US$)
As of December 31, 2022		126,002		2.5500		4.60		176
Forfeited		—		—		—		—
Exercised		(7,000)		2.5500		—		—
As of December 31, 2023		119,002		2.5500		3.60		132
Forfeited		—		—		—		—
Exercised		(37,502)		2.5500		—		—
As of December 31, 2024		81,500		2.5500		2.60		42
Granted		4,562,919		2.3000		—		—
Forfeited		—		—		—		—
Exercised		—		—		—		—
As of December 31, 2025		4,644,419		2.3044		9.49		2,673
Unvested at December 31, 2025		4,562,919		2.3000		9.64		2,646
Vested and exercisable as of December 31, 2025		81,500		2.5500		1.60		27

Share based payment award stock options valuation assumptions


		2018				2025
Weighted average fair value per option granted		US$	5.2130			US$	1.7740
Weighted average exercise price		US$	2.47			US$	2.30
Risk-free interest rate⁽¹⁾			2.83	%			4.52	%
Expected term (in year)⁽²⁾			10				10
Expected volatility⁽³⁾			55	%			62	%
Dividend yield⁽⁴⁾			—				2.47	%

(1)

The risk-free interest rate of periods within the contractual life of the share option is based on the China Government Bond yield for the year of 2018 and US Government Bond yield for the year of 2025 as at the valuation dates.

(2)

The expected term is the contract life of the option.

(3)

Expected volatility is estimated based on the average of historical volatilities of the comparable companies in the same industry as at the valuation dates.

(4)

The expected dividend yield was estimated based on the Company’s expected dividend policy over the expected term of the option.

Summary of restricted share units activity


				Weighted
		Number of		average
		restricted		grant-date
		share units		fair value (US$)
Outstanding, December 31, 2022		7,272,469		7.8046
Granted		2,787,407		2.8824
Forfeited		(1,365,256)		7.2654
Vested		(3,546,222)		8.5540
Outstanding, December 31, 2023		5,148,398		4.7664
Granted		2,732,585		4.1986
Forfeited		(459,733)		4.6775
Vested		(3,139,694)		4.7799
Outstanding, December 31, 2024		4,281,556		4.4037
Granted		4,972,103		1.3082
Forfeited		(292,445)		3.4153
Vested		(3,214,736)		3.0354
Outstanding, December 31, 2025		5,746,478		2.5411
Expected to vest at December 31, 2025		5,473,862		2.4913