Share Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-based Payment Arrangement [Abstract]

Summary of Option Activities

The following table summarizes the Company’s share option activities for the year ended December 31, 2022 pursuant to the Second A&R 2020 Share Incentive Plan (referred to as the A&R 2020 Share Incentive Plan prior to amendment in June 2022):

	Number of Options			Weighted Average Exercise Price per Option		Weighted Average Grant Date Fair Value per Option		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
				US$		US$		Years		US$ (in thousands)
Share options outstanding as of December 31, 2021		384,467,623			0.2099		0.2676		8.28		126,484
Granted		170,870,383			0.1092		0.1346
Forfeited		(49,460,587	)		0.2525		0.3585
Exercised		(5,892,122	)		0.0451		0.0108
Share options outstanding as of December 31, 2022		499,985,297			0.1732		0.2162		7.99		21,612
Vested and expected to vest as of December 31, 2022		499,985,297			0.1732		0.2162		7.99		21,612
Exercisable as of December 31, 2022		142,826,927			0.1201		0.0897		5.50		9,108

Summary of Assumptions Used to Value the Share Options

The Group uses the binomial tree option pricing model to estimate the fair value of share options with the assistance of an independent third-party valuation firm. The assumptions used to value the share options were as follows:

	For the year ended December 31,
	2020		2021		2022
Fair value of ordinary shares (US$)		4.78	4.78-15.78		1.75-10.78
Risk-free interest rate (%)	0.66-0.88		0.93-1.71		1.52-4.10
Expected volatility (%)	47-48			48	48-55
Expected dividend yield		—		—		—
Life of option		10		10		10
Exercise multiple		2.5		2.5		2.5
Post-vesting forfeiture rate		—		—		—

Summary of Recognized Share Based Compensation Expenses

For the above-mentioned incentive plans and awards, the Group recognized aggregate share-based compensation expenses for the years ended December 31, 2020, 2021 and 2022 as follows:

	For the year ended December 31,
	2020		2021		2022		2022
	RMB		RMB		RMB		US$
	(in thousands)
Fulfillment expenses		1,974		32,673		45,979		6,666
Sales and marketing expenses		532		6,927		8,138		1,180
Product development expenses		4,370		42,666		113,965		16,524
General and administrative expenses		146,234		233,096		67,794		9,829
Total.		153,110		315,362		235,876		34,199