Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Option Activity

The following table sets forth the summary of option activity for the year ended December 31, 2023:

	Options Outstanding			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
				(US$)		(In years)		(US$ in thousands)
Outstanding, December 31, 2022		479,471,102			0.35
Granted (i)		90,174,000			0.08
Forfeited/Expired		(15,212,381	)		0.22
Exercised		(22,145,907	)		0.35
Outstanding, December 31, 2023		532,286,814			0.31		6.28		205,497
Vested and expected to vest as of December 31, 2023		512,532,464			0.32		6.19		192,936
Exercisable as of December 31, 2023		321,994,786			0.44		4.84		81,522

(i)It consists a total of 76,524,000 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,
	2021		2022		2023
Fair value of ordinary shares (US$)	2.14~3.13		0.40~0.72			0.64
Risk-free interest rate (%)	0.93~1.57		1.72~2.00			3.70
Expected volatility (%)	47.2~48.0		51.1~51.2			79.2
Expected dividend yield		—		—		—
Expected exercise multiple	2.2~2.8		2.2~2.8			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,
	2021		2022		2023		2023
	RMB		RMB		RMB		US$
Cost of revenues		173,263		147,045		133,160		18,755
Selling, general and administrative		718,377		425,209		314,788		44,337
Research and development		327,523		239,187		188,784		26,590
		1,219,163		811,441		636,732		89,682