Our share-based compensation expenses represent expenses associated with equity compensation to retain and reward persons performing services to us, which are non-cash in nature.
Summary · p. 17
Our Company expects an increased net loss in 2025, primarily due to continued investment in growth initiatives, including elevated research and development activities, costs associated with the ongoing listing process, and ongoing share-based compensation.
(ii) the increase in general and administrative expenses of RMB19.9 million primarily due to the increase in share-based payment expenses which were mainly due to the amortization of share options which were granted to Mr. Li Yi under the Pre-IPO share option scheme in the second half of 2024
Business · p. 255
Share based payment expenses mainly represent the non-cash employee benefit expenses incurred in connection with our award to our Directors, management and key employees.
We had a net loss of RMB263.0 million, RMB255.1 million, RMB580.8 million, RMB122.6 million and RMB455.1 million in 2022, 2023, 2024 and the six months ended June 30, 2024 and 2025, respectively, primarily due to (i) our continuous investment in research and development, (ii) continuous increase in net finance costs mainly resulting from financial cost on financial instruments with preferred rights at amortized cost in relation to our Pre-IPO investments, and (iii) share-based payments incurred in relation to our Share Incentive Scheme adopted and approved on September 23, 2024, which amounted to RMB313.5 million in 2024 and RMB266.8 million for the six months ended June 30, 2025.
Summary · p. 21
(1) Share-based payments relate to the non-cash employee benefit expenses incurred in connection with our award to management and key employees.
Our net loss in 2024 was also attributable to the substantial increase in equity-settled share-based payment expenses, which reflects one-off share-based payments.
The consolidated financial statements include allocation of the expenses recorded at JD Group based on our employees and non-employees participating under the JD Group Share Incentive Plan.
Financial Information · p. 308
In 2021, we launched our Company’s Pre-IPO ESOP. Under the JD Industrials Share Incentive Plan, the Group receives services from employees and non-employees as consideration for share options and RSUs of the Company.
Financial Information · p. 309
The net loss from continuing operations recorded in 2022 was primarily attributable to certain non-cash items, including share-based payment expenses and fair value changes of convertible preferred shares.
The increase of our net losses from 2023 to 2024 was primarily due to (i) an increase of RMB118.2 million in research and development expenses, mainly attributable to (a) an increase of RMB93.6 million in share-based payments, arising from our grant of share incentives to research and development personnel in 2024, and (b) an increase of RMB13.1 million in staff costs, resulting from the expansion of our research and development team;
Summary · p. 23
Share-based payments represent expenses arising from our grant of share incentives to eligible individuals, which are non-cash in nature.
Equity-settled share-based transactions represent the non-cash employee benefit expenses incurred in connection with our award to key employees after taxation adjustment.
Summary · p. 5
Our losses during the Track Record Period were primarily due to (i) intensified market competition, which led us to adjust our product prices to remain competitive price-wise, (ii) our substantial investment in R&D and market expansion, and (iii) equity-settled share-based transactions in relation to the implementation of a restricted share incentive plan following our A-share listing.
Share-based compensation relates to the share options that we have granted under our share incentive plan, which is a non-cash expense.
Summary · p. 12
We have used binomial option-pricing model to determine the total fair value of the options granted to employees, which is to be expensed over the vesting period.
We expect that there will be an increase in our net loss for the year ending December 31, 2025 as compared to that for the year ended December 31, 2024, primarily due to (i) an increase in our administrative expenses, mainly driven by an increase in share-based compensation expenses arising from the granting of restricted shares pursuant to a new restricted share scheme adopted in 2025 and an increase in listing expenses.
Summary · p. 23
In 2023 and 2024 and the first four months of 2024 and 2025, our administrative expenses amounted to RMB51.2 million, RMB65.1 million, RMB20.5 million and RMB52.2 million, respectively.
For the years ended December 31, 2022, 2023 and 2024, we recorded RMB325.4 million, RMB931.8 million and RMB1,187.9 million (US$165.8 million) of share-based compensation expenses in the consolidated statements of profit or loss.
Financial Information · p. 409
For the six months ended June 30, 2024 and 2025, we recorded RMB291.9 million and RMB219.5 million (US$30.6 million) of share-based compensation expenses in the consolidated statements of profit or loss.
Financial Information · p. 409
We may record substantial share-based compensation expense in the future.
For the years ended December 31, 2022, 2023, 2024 and the six months ended June 30, 2024 and 2025, the share-based compensation expenses were US$18.6 million, US$3.8 million, US$127.0 million, US$1.5 million and US$16.2 million, respectively, of which US$13.4 million, US$1.8 million, US$102.4 million, US$0.6 million and US$11.9 million, respectively, were included in R&D expenses and US$5.2 million, US$1.9 million, US$24.6 million, US$0.9 million and US$4.3 million, respectively, were included in selling, general and administrative expenses on the consolidated statements of operations and comprehensive loss.
Financial Information · p. 500
We recorded a significant amount of share-based compensation expenses in 2024 due to the vesting of our equity awards upon the completion of our initial public offering in the United States in November 2024.
Share-based payment expenses mainly represent the consideration in the form of equity instruments for services performed by our employees, which are not expected to result in future cash payments, and are therefore non-cash in nature.
Financial Information · p. 357
The fair value is determined by an external valuer using a binomial model, further details of which are given in Note 35 of the Accountants’ Report in Appendix I to this document.
Share-based payment expenses represent the non-cash employee benefit expenses incurred in connection with our award to management and key employees.
Summary · p. 20
Our net losses decreased from RMB655.2 million in 2022 to RMB502.9 million in 2023, primarily due to a significant decrease in changes in fair value of financial liabilities at shares with preferential rights, partially offset by an increase in administrative expenses in relation to the Employee Incentive Scheme adopted by us in 2023 to recognize the contribution of employees, attract and retain talents.
The difference between the subscription price and the fair value of the share awards granted to employees is recognized as an employee cost with a corresponding increase in share-based payments reserve within equity.
Financial Information · p. 414
Selling and marketing expenses as a percentage of our total revenue increased in the first five months of 2025, primarily attributable to increased sales and marketing personnel for business expansion in non-hotel scenarios and overseas, and distribution network expansion, as well as increased share-based payments expenses relating to the share awards granted to our sales and marketing personnel under the Pre-IPO ESOP.
Our equity-settled share-based payments consist of non-cash expenses arising from granting restricted ordinary shares to eligible individuals.
Summary · p. 13
Listing expenses are the expenses arising from activities in relation to the proposed Listing and Global Offering.
Financial Information · p. 365
we expect our equity-settled share-based payment expenses to further increase for the year ending December 31, 2025, taking into consideration the share-based compensation awards under the pre-IPO share option scheme adopted by our Company in August 2025 which would have one-off impact on our operating results and dilution effect to our Shareholders
We define adjusted profit (non-HKFRS measure) as profit for the year/period adjusted by adding equity-settled share-based compensation expenses.
Summary · p. 15
Non-cash expenses arising from shares granted to selected employees.
Summary · p. 15
The use of these non-HKFRS measures has limitations as an analytical tool, and you should not consider them in isolation from, or as a substitute for an analysis of, our results of operations or financial condition as reported under HKFRSs.
Equitysettled share-based payment expenses represent non-cash expenses related to the granting of Share Options to eligible individuals under the Share Incentive Plan.
Summary · p. 22
We have used binomial option-pricing model to determine the total fair value of the Share Options granted.
Share-based payment expenses are non-cash expenses arising from vesting share options to selected employees and transferring shares from our Shareholders to employees and other parties.
The difference between the fair value of the shares on the transfer date and the actual transaction amount is recognized as share-based payment expenses, with a corresponding increase in equity in the consolidated financial statements.