In 2020, the Group adopted the 2020 Share Incentive Plan, which allows the Group to grant share-based awards to directors, employees and consultants. The Company did not grant any share-based awards pursuant to the 2020 Share Incentive Plan since the listing on the Main Board of The Stock Exchange of Hong Kong Limited in December 2022. In December 2022, the Group adopted the Post-IPO Share Scheme. The maximum number of Class A ordinary shares that may be issued under the Post-IPO Share Scheme is 86,380,904.

The following table summarizes activities of share options for the years ended December 31, 2023, 2024 and 2025:


						Weighted
				Weighted		average		Aggregate		Weighted
		Number of		average		remaining		intrinsic		average grant-
		share options		exercise price		contractual life		value		date fair value
				US$		In years		US$ in thousands		US$
Outstanding as of January 1, 2023		68,361,198		2.90		7.23		498,336		2.99
Exercised		(11,810,406)		2.16
Forfeited		(718,812)		4.09
Outstanding as of December 31, 2023		55,831,980		3.04		6.34		294,189		3.15
Granted*		120,000		6.03
Exercised		(10,247,906)		2.57
Forfeited		(1,025,846)		4.83
Outstanding as of December 31, 2024		44,678,228		3.11		5.44		169,354		3.25
Exercised		(16,686,946)		2.96
Forfeited		(438,672)		3.49
Outstanding as of December 31, 2025		27,552,610		3.19		4.49		192,823		3.19
Vested and expected to vest as of December 31, 2025		27,552,610		3.19		4.49		192,823		3.19
Exercisable as of December 31, 2025		27,407,610		3.18		4.47		192,202		3.21

The aggregate intrinsic value is calculated as the difference between the exercise price of share options and the estimated fair value of the underlying ordinary share at each reporting date. As of December 31, 2025, unrecognized compensation expenses related to share options were immaterial.

The following table summarizes activities of RSUs for the years ended December 31, 2023, 2024 and 2025:


				Weighted average
		Number of RSUs		grant-date fair value
				US$
Outstanding as of January 1, 2023		20,812,946		11.23
Granted		26,216,836
Vested		(6,109,908)
Forfeited		(1,461,262)
Outstanding as of December 31, 2023		39,458,612		9.58
Granted		6,065,856
Vested		(11,721,356)
Forfeited		(2,265,298)
Outstanding as of December 31, 2024		31,537,814		9.20
Granted		9,405,680
Vested		(11,520,300)
Forfeited		(2,369,564)
Outstanding as of December 31, 2025		27,053,630		9.40

As of December 31, 2025, there were US$199.9 million of unrecognized compensation expenses related to RSUs, which are expected to be recognized over a weighted-average period of 2.42 years and may be adjusted for future forfeitures.


		For the year ended December 31,
		2023	2024	2025
		RMB	RMB	RMB
		(In thousands)
Cost of revenues		46,395	43,332	22,550
Sales and marketing expenses		262,431	280,668	239,800
Research and development expenses		418,769	421,411	317,653
General and administrative expenses		329,372	398,274	331,984
Total		1,056,967	1,143,685	911,987