Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Option Activity

The following table sets forth the summary of option activity for the year ended December 31, 2022:

	Options Outstanding			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
				(US$)		(In years)		(US$ in thousands)
Outstanding, December 31, 2021		341,665,534			0.49
Granted (i)		174,961,521			0.11
Forfeited/Expired		(17,625,428	)		0.26
Exercised		(19,530,525	)		0.48
Outstanding, December 31, 2022		479,471,102			0.35		6.78		193,032
Vested and expected to vest as of December 31, 2022		450,152,110			0.37		6.63		173,988
Exercisable as of December 31, 2022		276,887,892			0.48		5.25		76,753

(i)It consists a total of 138,649,623 options granted with an exercise price of US$0 each that will reduce the number of ordinary shares under the 2021 Plan available for future grants by 1.3 ordinary shares.

Schedule of Assumptions Used to Value Share Options Granted to Employees and Non-Employees

The assumptions used to value the share options granted to employees and non-employees were as follows:

	Year Ended December 31,
	2020		2021		2022
Fair value of ordinary shares (US$)	2.60~3.42		2.14~3.13		0.40~0.72
Risk-free interest rate (%)	0.60~0.78		0.93~1.57		1.72~2.00
Expected volatility (%)	48.2~50.4		47.2~48.0		51.1~51.2
Expected dividend yield		—		—		—
Expected exercise multiple	2.2~2.8		2.2~2.8		2.2~2.8

Schedule of Share-based Compensation Expense Included in Relevant Financial Statement

The following table sets forth the amount of share-based compensation expense included in each of the relevant financial statement line items:

	Year ended December 31,
	2020		2021		2022		2022
	RMB		RMB		RMB		US$
Cost of revenues		201,970		173,263		147,045		21,320
Selling, general and administrative		851,416		718,377		425,209		61,650
Research and development		316,709		327,523		239,187		34,679
		1,370,095		1,219,163		811,441		117,649