v3.26.1
SHARE-BASED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2025
SHARE-BASED COMPENSATION  
Schedule of assumptions used to estimate the fair values of the share options granted

For the year ended December 31, 

 

  ​ ​ ​

2023

  ​ ​ ​

2024

  ​ ​ ​

2025

 

Expected volatility

82.00% - 85.00

%

84.00% - 89.00

%

99.00%103.00

%

Risk-free interest rate (per annum)

3.57% - 4.47

%

3.74% - 4.50

%

3.92% – 4.22

%

Expected dividend yield

0.00

%

0.00

%

0.00

%

Employee forfeiture rate (per annum)

2.40% - 7.50

%

7.50% - 13.30

%

14.20% – 15.63

%

Exercise multiples

2.50

2.50

2.50

Expected term

7.00

7.00

7.00

Fair value of underlying ordinary share (per share)

US$7.95 - 15.47

US$3.62 - 5.06

US$13.09 – 25.77

Fair value of awards on valuation date

US$5.38 - 10.51

US$3.11 -4.74

US$11.65 – 23.23

Schedule of stock option activity

Weighted

Weighted

Weighted

average

Number

average

average

remaining

Aggregate

of

exercise

grant date

contract

intrinsic

options

price

fair value

life

value

  ​ ​ ​

  ​ ​ ​

RMB

  ​ ​ ​

RMB

  ​ ​ ​

Years

  ​ ​ ​

RMB

Outstanding at December 31, 2024

9,917,509

 

11.52

 

42.10

 

5.41

 

887,259

Granted

1,572,958

23.37

105.26

Forfeited

582,202

11.87

Exercised

2,344,406

15.16

220,332

Outstanding at December 31, 2025

 

8,563,859

 

12.71

 

50.47

 

4.96

 

819,816

Vested and expected to vest as of December 31, 2025

 

8,563,859

 

12.71

 

50.47

 

4.96

 

819,816

Exercisable as of December 31, 2025

 

2,637,397

 

17.12

 

56.17

 

3.42

 

247,471

Schedule of RSUs classified as equity

  ​ ​ ​

  ​ ​ ​

Weighted 

Numbers of

average grant

 RSUs

 date fair value

RMB

Outstanding at January 1, 2025

550,347

38.25

Granted

 

338,340

 

149.68

Forfeited

 

58,524

 

62.31

Vested

 

158,550

 

45.22

Outstanding at December 31, 2025

 

671,613

 

90.65

Schedule of share-based compensation for all employee share options, restricted share units and tandem award

  ​ ​ ​

For the Year ended December 31, 

  ​ ​ ​

2023

  ​ ​ ​

2024

  ​ ​ ​

2025

RMB

RMB

RMB

Cost of revenues

  ​ ​ ​

16,245

  ​ ​ ​

6,932

  ​ ​ ​

9,408

Sales and marketing expenses

 

20,682

 

12,972

 

17,987

General and administrative expenses

 

63,326

 

27,776

 

18,164

Research and development expenses

 

134,371

 

68,384

 

69,093

Total

 

234,624

 

116,064

 

114,652