Share-based payments (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Share-based payments |
|
| Schedule of Number and Weighted Average Exercise Prices and Movements in the Share Incentive Plan |
The
following table illustrates the number and weighted average exercise prices of, and movement in the New 2022 Share Incentive Plan during
the years ended December 31, 2024 and 2025:
| | |
Number
of
options | | |
Weighted
average
exercise
prices | |
| | |
| | |
US$ | |
| | |
| | |
| |
| Outstanding as of December
31, 2023 | |
| 333,518,082 | | |
| 0.04 | |
| Granted | |
| 378,054,660 | | |
| 0.00 | * |
| Forfeited | |
| (147,021,300 | ) | |
| 0.02 | |
| Exercised | |
| (226,848,352 | ) | |
| 0.04 | |
| Outstanding as of
December 31, 2024 | |
| 337,703,090 | | |
| 0.03 | |
| Exercisable as of
December 31, 2024 | |
| 191,253,800 | | |
| 0.01 | |
| * | Representing amount less than US$0.01. |
| | |
Number
of options | | |
Weighted
average exercise
prices | |
| | |
| | |
US$ | |
| | |
| | |
| |
| Outstanding as of December
31, 2024 | |
| 337,703,090 | | |
| 0.03 | |
| Granted | |
| 129,094,400 | | |
| 0.00 | * |
| Forfeited | |
| (107,946,800 | ) | |
| 0.08 | |
| Exercised | |
| (63,615,000 | ) | |
| 0.00 | * |
| Outstanding as of
December 31, 2025 | |
| 295,235,690 | | |
| 0.01 | |
| Exercisable as of
December 31, 2025 | |
| 251,020,800 | | |
| 0.01 | |
|
| Schedule of Inputs to the Models Used for the Valuation of the Share Options |
The
fair value of the share options was determined using the binomial valuation model. The inputs to the valuation model as of December 31,
2024 and 2025 are set out below:
| | |
As
of December 31, | |
| | |
2024 | | |
2025 | |
| | |
| | |
| |
| Weighted average fair
value at the measurement date | |
| US$0.01 | | |
| US$0.00* | |
| Expected volatility | |
| 71.93%-73.45% | | |
| 70.36%-71.55% | |
| Risk-free interest
rate | |
| 3.74%-4.48% | | |
| 4.12%-4.58% | |
| Expected
life of share options (years) | |
| 9.88 | | |
| 9.90 | |
| Weighted average share
price | |
| US$0.13 | | |
| US$0.01 | |
| * | Representing amount less than US$0.01. |
|
| Schedule of Share-based Compensation Expense |
For
the years ended December 31, 2023, 2024 and 2025, the Group allocated share-based compensation expense as follows:
| | |
Year
ended December 31, | |
| | |
2023 | | |
2024 | | |
2025 | |
| | |
RMB’000 | | |
RMB’000 | | |
RMB’000 | |
| | |
| | |
| | |
| |
| Cost of revenues | |
| 8,895 | | |
| 6,661 | | |
| — | |
| Selling and marketing
expenses | |
| 63,766 | | |
| 25,835 | | |
| (1,646 | ) |
| Administrative expenses | |
| 316,762 | | |
| 117,474 | | |
| (17,667 | ) |
| Research
and development expenses | |
| 9,653 | | |
| 10,451 | | |
| 1,808 | |
| | |
| 399,076 | | |
| 160,421 | | |
| (17,505 | ) |
|
| Newlink Share Incentive Plan |
|
| Share-based payments |
|
| Schedule of Number and Weighted Average Exercise Prices and Movements in the Share Incentive Plan |
The
following table illustrates the number and weighted average exercise prices of, and movement in, the Newlink 2020 Share Incentive Plan
during the years ended December 31, 2024 and 2025:
| | |
Year
ended December 31, 2024 | | |
Year
ended December 31, 2025 | |
| | |
Number
of options | | |
Weighted
average exercise prices | | |
Number
of options | | |
Weighted
average exercise prices | |
| | |
| | |
US$ | | |
| | |
US$ | |
| Outstanding
as of January 1 | |
| 3,248,246 | | |
| 0.00 | * | |
| 2,832,839 | | |
| 0.00 | * |
| Granted | |
| — | | |
| N/A | | |
| — | | |
| N/A | |
| Forfeited | |
| (415,407 | ) | |
| 0.20 | | |
| (4,348 | ) | |
| 0.20 | |
| Exercised | |
| — | | |
| N/A | | |
| — | | |
| N/A | |
| Outstanding
as of December 31 | |
| 2,832,839 | | |
| 0.00 | * | |
| 2,828,491 | | |
| 0.00 | * |
| Exercisable
as of December 31 | |
| 2,742,781 | | |
| 0.00 | * | |
| 2,819,755 | | |
| 0.00 | * |
| * | Representing amount less than US$0.01. |
|