Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Compensation [Abstract]

Schedule of Option Pricing Model and Adopted Fair Value Per Share

The Group uses binomial option pricing model and adopted fair value per share of ordinary share to determine fair value of the share-based awards. The estimated fair value of each option or each restricted share granted is estimated on the date of grant using the binomial option-pricing model or fair value per share of ordinary share with the following assumptions:

	For the years ended December 31,
Options*	2021	2022	2023
Fair value per share (US$)	3.81-5.58	*	6.33-6.37
Discount rate (after tax)	16.50%-18.00%	*	Not applicable
Risk-free interest rate	1.66%	*	3.88%
Expected volatility	42.05%-54.06%	*	64.2%
Contractual term (in years)	10	*	10
Discount for lack of marketability (“DLOM”)	7.00%-12.00%	*	Not applicable

* There were no grants for options for the year ended December 31, 2022.

	For the years ended December 31,
Restricted shares	2021	2022	2023 (prior to the Business Combination)
Fair value per share (US$)	3.81-5.58	3.81-4.08	4.90-5.45
Discount rate (after tax)	16.50%-18.00%	16.5%	15.0%-16.0%
Discount for lack of marketability (“DLOM”)	7.00%-12.00%	10%	5%-10%

Schedule of Stock Options Activities

The following table presents a summary of the Company’s stock options activities for the years ended December 31, 2021, 2022 and 2023.

	Number of Options Outstanding*									Weighted Average exercise		Weighted average remaining		Aggregated
	Employees			Consultant			Total			price		contractual life		intrinsic value
	(in thousands)			(in thousands)			(in thousands)			US$		(in years)		RMB in thousands
Outstanding at January 1, 2021		8,562			331			8,893			2.0163		6.76		65,574
Granted		547			-			547			8.0748		-		-
Forfeited		(1,433	)		-			(1,433	)		5.3355		-		-
Outstanding at December 31, 2021		7,676			331			8,007			1.8362		5.69		65,574
Exercisable as of December 31, 2021		7,676			331			8,007			1.8362		5.69		65,574
Outstanding at January 1, 2022		7,676			331			8,007			1.8362		5.69		65,574
Forfeited		(58	)		-			(58	)		8.0885		-		-
Outstanding at December 31, 2022		7,618			331			7,949			1.7905		4.67		65,572
Exercisable as of December 31, 2022		7,618			331			7,949			1.7905		4.67		65,572
Outstanding at January 1, 2023		7,618			331			7,949			1.7905		4.67		65,572
Replacement		(7,545	)		(331	)		(7,876	)		1.3119		-		-
Granted		528			-			528			0.1000		-		-
Forfeited		(28	)		-			(28	)		8.1954		-		-
Outstanding at December 31, 2023		573			-			573			0.6675		9.73		23,775
Exercisable as of December 31, 2023		295			-			295			1.1978		9.48		11,367

* Shares outstanding for all periods reflect the adjustment for Reverse Recapitalization (Note 3).

Schedule of Restricted Share Activities

The following table sets forth the summary of restricted share activities for the years ended December 31, 2021, 2022 and 2023:

	Number of Restricted Shares Granted*			Weighted-Average Grant Date Fair Value
	(in thousands)			(US$)
Unvested as of January 1, 2021		546			4.3444
Awarded		997			5.0346
Vested		(340	)		4.5173
Forfeited		(3	)		4.6634
Outstanding at December 31, 2021		1,200			4.8681
Unvested as of January 1, 2022		1,200			4.8681
Awarded		124			3.9252
Vested		(498	)		4.7458
Forfeited		(40	)		3.9504
Outstanding at December 31, 2022		786			4.8435
Unvested as of January 1, 2023		786			4.8435
Replacement		7,876			4.9821
Awarded		703			6.4017
Vested		(8,938	)		5.0743
Forfeited		(97	)		5.5168
Outstanding at December 31, 2023		330			5.0233

* Shares outstanding for all periods reflect the adjustment for Reverse Recapitalization (Note 3).