Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Option Activity

The following table sets forth the summary of option activity for the year ended December 31, 2024:

	Options Outstanding			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
				(US$)		(In years)		(US$ in thousands)
Outstanding, December 31, 2023		532,286,814			0.31
Granted (i)		80,139,500			0.01
Forfeited/Expired		(10,216,305	)		0.12
Exercised		(23,754,087	)		0.23
Outstanding, December 31, 2024		578,455,922			0.28		6.45		72,872
Vested and expected to vest as of December 31, 2024		563,629,595			0.28		6.39		68,826
Exercisable as of December 31, 2024		368,205,208			0.40		5.42		18,652

(i)It consists a total of 79,229,500 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,
	2022		2023		2024
Fair value of ordinary shares (US$)	0.40~0.72			0.64		0.72
Risk-free interest rate (%)	1.72~2.00			3.70		4.61
Expected volatility (%)	51.1~51.2			79.2		75.7
Expected dividend yield		—		—		—
Expected exercise multiple	2.2~2.8			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,
	2022		2023		2024		2024
	RMB		RMB		RMB		US$
Cost of revenues		147,045		133,160		121,048		16,584
Selling, general and administrative		425,209		314,788		273,330		37,446
Research and development		239,187		188,784		150,017		20,552
		811,441		636,732		544,395		74,582