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CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2022 $ / shares	Mar. 12, 2021 shares
Salary and welfare payable	¥ 143,653	$ 20,233	¥ 111,274
Tax payable	214,738	30,245	147,367
Accruals and other current liabilities	¥ 336,959	$ 47,459	¥ 268,007
Treasury shares	7,721,582	7,721,582	8,508,112
Variable Interest Entities
Salary and welfare payable \| ¥	¥ 731		¥ 2,376
Tax payable \| ¥	8,003		7,442
Accruals and other current liabilities \| ¥	¥ 13		¥ 544
Class A ordinary shares
Ordinary shares par value \| $ / shares		$ 0.0001		$ 0.0001
Ordinary shares authorized	535,052,809	535,052,809	535,052,809
Ordinary shares issued	452,898,177	452,898,177	452,898,177
Ordinary shares outstanding	445,176,595	445,176,595	444,390,065
Class B ordinary shares
Ordinary shares par value \| $ / shares		$ 0.0001		$ 0.0001
Ordinary shares authorized	73,973,970	73,973,970	73,973,970
Ordinary shares issued	73,973,970	73,973,970	73,973,970		73,973,970
Ordinary shares outstanding	73,973,970	73,973,970	73,973,970		73,973,970

Property, equipment and software, net

12 Months Ended

Dec. 31, 2023

Property, equipment and software, net

Property, equipment and software, net

7. Property, equipment and software, net

Property, equipment and software and its related accumulated depreciation and accumulated impairment as of December 31, 2022 and 2023 were as follows:


	As of December 31,
	2022	2023
	RMB	RMB
Power banks	833,257	705,445
Cabinets	1,159,455	521,996
Software	23,039	28,160
Photovoltaic power stations	—	22,688
Production tools	13,847	15,214
Computer and electronic equipment	13,445	14,370
Leasehold improvements	3,902	4,063
Construction in progress	150,654	19
Others	844	831
Subtotal	2,198,443	1,312,786
Less: Accumulated depreciation	(1,291,203)	(974,462)
Less: Accumulated impairment	(20,780)	(15,518)
Property, equipment and software, net	886,460	322,806

For the years ended December 31, 2021, 2022 and 2023, depreciation expenses were RMB396,906, RMB421,345 and RMB257,630 respectively.

For the years ended December 31, 2021, 2022 and 2023, impairment charges were nil, RMB21,560 and RMB2,588, respectively.

The summary of the leased cabinets under finance leases is as below:


	As of December 31,
	2022	2023
	RMB	RMB
Cabinets	154,822	—
Less: Accumulated depreciation	(111,183)	—
Less: Accumulated impairment	(3,018)	—
	40,621	—

Summary of principal accounting policies - Sales and marketing expenses (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Summary of principal accounting policies
Entry fees paid to location partners, contractual period	6 years	1 year
Entry fees paid to location partners, weighted average term	2 years 9 months 18 days	2 years 3 months 18 days	2 years
Aggregated commissions to the location partners and network partners and amortization of the entry fees to the location partners	¥ 981,289	¥ 2,069,102	¥ 2,112,774
Advertising expenses	¥ 10,907	¥ 10,684	¥ 14,988

Related party transactions and balances - Transactions with the major related parties (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
ZMI \| Related Party [Member]
Related party transactions and balances
Purchase of power banks and cabinets from related parties	¥ 0	¥ 18,306	¥ 154,127

Ordinary shares

12 Months Ended

Dec. 31, 2023

Ordinary shares

Ordinary shares

12. Ordinary shares

Upon inception on May 17, 2017, the Company issued 83,000,000 ordinary shares to Smart Share Holdings Limited (“Smart Share Holding”), a company jointly controlled by the founders of the Company, for nominal consideration. On June 1, 2017, Smart Share Holding transferred 2,000,000 ordinary shares to Smart Share Brothers for nominal consideration. On July 25, 2017, Smart Share Holding designated all 81,000,000 remaining ordinary shares of the Company it held as the founders’ restricted shares of the Company in exchange for the service of the founders as the Company’s employees.

From 2017 to 2019, the Company issued an aggregate of 44,841,250 ordinary shares to Smart Share CGY for nominal consideration. Smart Share CGY and Smart Share Brothers, the consolidated VIEs of the Company, were established to facilitate the adoption of the Company’s RSUs scheme. The Company’s ordinary shares issued to Smart Share CGY and Smart Share Brothers are presented as treasury shares in the consolidated balance sheets. See Note 14(b) for details.

On October 15, 2019, as approved by the Company’s board of directors and shareholders, the Company repurchased 7,026,030 and 275,000 ordinary shares from Smart Share Holding and Smart Share CGY, respectively, at the purchase price of US$0.8218 per share with an aggregate consideration of US$6 million (RMB42,070). This consideration was passed by Smart Share Holding and Smart Share CGY to the founders and employees who are considered as the holders of the economics associated with the ordinary shares repurchased. The shares were cancelled by the Company after the repurchase. Since the economics of the ordinary shares repurchased from Smart Share Holding and Smart Share CGY were ultimately held by the founders and employees of the Company as a result of the vesting of the restricted shares and RSUs, the excess of the repurchase price over the fair value of the Company’s ordinary shares on the date of the transaction of RMB17,421 in the aggregate was recorded as share based compensation expense within general and administrative expenses.

In January 2021, the Company’s board of directors resolved the surrender of 34,703,970 ordinary shares of Smart Share Holdings and issued the corresponding 27,397,000 ordinary shares to Super June Limited and 7,306,970 ordinary shares to Victor Family Limited, respectively, for no consideration. Super June Limited and Victor Family Limited are entities owned by two founders of the Group respectively. After the transaction, each founder holds the same percentage of the equity interest of the Group directly as the ones used to be held indirectly through Smart Share Holding.

In January 2021, the Company’s shareholders and board of directors approved a share incentive plan (the “2021 Share Incentive Plan”) for its employees, directors and external consultants. In connection with the adoption of the 2021 Share Incentive Plan, the Company’s board of directors have resolved the surrender of 44,566,250 ordinary shares of Smart Share CGY and 2,000,000 ordinary shares of Smart Share Brothers for no consideration.

Pursuant to a resolution made by the Company’s board of directors and shareholders on March 12, 2021, the Company adopted a dual-class share structure. A total of 73,973,970 then issued and outstanding ordinary shares were re-designated and re-classed into Class B ordinary shares on a one-for-one basis immediately prior to the completion of the IPO. The remaining issued and outstanding ordinary shares and all the Series Seed, Series A, Series A-1, Series B-1, Series B-2, Series C-1, Series C-2, Series D-1 and Series D-2 Convertible Redeemable Preferred Shares were converted to Class A ordinary shares, in each case on a one-for-one basis immediately prior to the completion of the IPO. Each Class A ordinary share is entitled to one vote and each Class B ordinary share is entitled to 10 votes. Each Class B ordinary share is convertible into one Class A ordinary share at any time at the option of the holder thereof. Except for the voting and conversion rights, holders of Class A ordinary shares and Class B ordinary shares have the same rights.

In April 2021, the Company completed its IPO on NASDAQ and issued 35,300,000 Class A ordinary shares at the offering price of US$4.25 per share with the net proceeds of RMB896,320 after deducting underwriting discounts and commissions and other offering expenses.

In August 2021, the Company issued 28,000,000 Class A ordinary shares for nominal consideration and deposited these shares in the Bank of New York Mellon. Such shares were issued by the Company for the purpose to issue to the Company’s employees upon the vesting of their RSUs or the exercise of their share options under the Company’s 2021 Share Incentive Plan. Such shares are presented as treasury shares in the consolidated balance sheets until the issuance to the Company’s employees.

As of December 31, 2022, the Company had 609,026,779 ordinary shares authorized, 452,898,177 shares of Class A Ordinary Shares and 73,973,970 shares of Class B Ordinary Shares issued, and 444,390,065 shares of Class A Ordinary Shares and 73,973,970 shares of Class B Ordinary Shares were outstanding, respectively.

As of December 31, 2023, the Company had 609,026,779 ordinary shares authorized, 452,898,177 shares of Class A Ordinary Shares and 73,973,970 shares of Class B Ordinary Shares issued, and 445,176,595 shares of Class A Ordinary Shares and 73,973,970 shares of Class B Ordinary Shares were outstanding, respectively.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Summary of principle accounting policies - Dividends and treasury shares (Details) ¥ in Thousands, $ in Millions		12 Months Ended
	Sep. 28, 2021 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Sep. 18, 2023 USD ($)	Sep. 28, 2022 USD ($)
Summary of principal accounting policies
Dividends \| ¥		¥ 0	¥ 0	¥ 0
Share repurchase program duration	12 months
Treasury stock authorized to repurchase \| $	$ 50.0				$ 50.0	$ 50.0

Summary of principal accounting policies - Impairment of long-lived assets (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Summary of principal accounting policies
Impairment loss for long-lived assets	¥ 2,588	¥ 21,560	¥ 0
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]	General and Administrative Expense	General and Administrative Expense	General and Administrative Expense

Summary of principal accounting policies - Employee benefits (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Summary of principal accounting policies
Employee social benefits included as expenses	¥ 117,639	¥ 151,499	¥ 140,259
Accrued and unpaid employee social benefits	¥ 78,067	¥ 58,478

Income/(Loss) per share - Basic loss per share and diluted loss per share (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands			12 Months Ended
	Oct. 15, 2019 CNY (¥)	Oct. 15, 2019 USD ($)	Dec. 31, 2023 CNY (¥) ¥ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares
Numerator:
Net income/(loss)			¥ 87,741	$ 12,358	¥ (711,240)	¥ (124,615)
Less: Accretion on convertible redeemable preferred shares to redemption value			0	0	0	(4,729,719)
Deemed dividend to preferred shareholders (Note 13)	¥ (24,229)	$ (3,512)	0	0	0	(104,036)
Net (loss)/income attributable to ordinary shareholders - basic and diluted			¥ 87,741	$ 12,358	¥ (711,240)	¥ (4,958,370)
Denominator:
Weighted average number of ordinary shares outstanding - basic			519,802,240	519,802,240	518,307,406	406,567,584
Weighted average number of ordinary shares outstanding - diluted			519,802,240	519,802,240	518,307,406	406,567,584
Net (loss)/income per share - basic \| (per share)			¥ 0.17	$ 0.02	¥ (1.37)	¥ (12.20)
Net (loss)/income per share - diluted \| (per share)			¥ 0.17	$ 0.02	¥ (1.37)	¥ (12.20)

Initial Public Offering ("IPO") (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
	Apr. 30, 2021 CNY (¥) shares	Dec. 31, 2023 CNY (¥) Vote shares	Dec. 31, 2023 USD ($) Vote shares	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2021 CNY (¥)	Apr. 30, 2021 $ / shares shares	Mar. 12, 2021 Vote shares	Oct. 15, 2019 $ / shares
Initial Public Offering ("IPO")
Purchase price per share \| $ / shares								$ 0.8218
Net proceeds raised from the IPO		¥ 0	$ 0	¥ 0	¥ 896,320
Conversion ratio		1	1			1
Class A ordinary shares
Initial Public Offering ("IPO")
Ordinary shares issued		452,898,177	452,898,177	452,898,177
Ordinary shares outstanding		445,176,595	445,176,595	444,390,065
Conversion ratio							1
Common shares, votes per share \| Vote		1	1				1
Class B ordinary shares
Initial Public Offering ("IPO")
Ordinary shares issued		73,973,970	73,973,970	73,973,970			73,973,970
Ordinary shares outstanding		73,973,970	73,973,970	73,973,970			73,973,970
Conversion ratio							1
Common shares, votes per share \| Vote		10	10				10
IPO
Initial Public Offering ("IPO")
Net proceeds raised from the IPO \| ¥	¥ 896,320
IPO \| Class A ordinary shares
Initial Public Offering ("IPO")
Issuance of ordinary shares (in shares)	35,300,000
Purchase price per share \| $ / shares						$ 4.25
Net proceeds raised from the IPO \| ¥	¥ 896,320
IPO \| Class B ordinary shares
Initial Public Offering ("IPO")
Ordinary shares issued						73,973,970
Ordinary shares outstanding						73,973,970
Number of issued and outstanding ordinary shares were re-designated and re-classed into Class B ordinary shares	1
Convertible preferred stock						389,598,177

Summary of principal accounting policies (Policies)

12 Months Ended

Dec. 31, 2023

Summary of principal accounting policies

Basis of presentation

(a) Basis of presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for the periods presented.

The accompanying consolidated financial statements have been prepared on a going concern basis.

Consolidation

(b) Consolidation

The Company’s consolidated financial statements include the financial statements of the Company, its subsidiaries and the consolidated VIEs for which the Company is the primary beneficiary.

A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power, has the power to appoint or remove the majority of the members of the board of directors, to cast a majority of votes at the meeting of the board of directors or to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders.

A consolidated VIE is an entity in which the Company, or its subsidiaries, through contractual arrangements, bears the risks of, and enjoys the rewards normally associated with, ownership of the entity, and therefore the Company or its subsidiaries are the primary beneficiary of the entity.

All transactions and balances among the Company, its subsidiaries and the consolidated VIEs have been eliminated upon consolidation.

Use of estimates

The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, measurement and disclosure of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amount of expenses during the reporting periods. Actual results could differ from those estimates. On an ongoing basis, the Group’s management reviews these estimates based on information that is currently available. Changes in facts and circumstances may cause the Group to revise its estimates. Significant accounting estimates reflected in the Group’s consolidated financial statements include current expected credit loss of receivables, useful lives of property, equipment and software, impairment of long-lived assets, inventory write-downs, impairment of prepayments to location partners, warranty liabilities, standalone selling price of each distinct performance obligation in revenue recognition, internal rate of return associated with the finance lease, valuation and recognition of share-based compensation arrangements, convertible redeemable preferred shares, capitalized software development cost, valuation allowance of deferred tax assets.

Functional currency and foreign currency translation

(d) Functional currency and foreign currency translation

An entity’s functional currency is the currency of the primary economic environment in which it operates, normally that is the currency of the environment in which it primarily generates and expends cash and is determined by various indicators, including but not limited to cash flow, sales price, sales market, expenses, financing and intercompany transactions and arrangements. The functional currency of the Company, its consolidated VIEs in BVI and subsidiary in Hong Kong is the United States dollar (US$). The Company’s subsidiaries and consolidated VIEs in PRC use Renminbi (“RMB”) as their functional currency. The determination of the respective functional currency is based on the criteria of ASC 830, Foreign Currency Matters.

Transactions denominated in currencies other than functional currencies are translated into functional currencies at the exchange rates quoted by the People’s Bank of China (the “PBOC”) prevailing at the dates of the transactions. Gains and losses resulting from foreign currency transactions are included in net income. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currencies using the applicable exchange rates quoted by the PBOC at the balance sheet dates. All such exchange gains and losses are included in net income.

The reporting currency of the Group is RMB. Assets and liabilities are translated at the exchange rates at the balance sheet date, equity accounts are translated at historical exchange rates and revenues, expenses, gains and losses are translated using the average rate for the period. Translation adjustments are reported as accumulated comprehensive income/(loss) and are shown as a separate component of other comprehensive income/(loss) in the consolidated statements of comprehensive income/(loss).

Fair value measurements

(e) Fair value measurements

The Group defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.

The established fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs may be used to measure fair value include:

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

The Group’s financial instruments include cash and cash equivalents, restricted cash, short-term investments, accounts receivable, notes receivable, prepayments and other current assets, lease liabilities, accounts and notes payable, amounts due to related parties, financing payable and accruals and other current liabilities. Except for short-term investments and derivative liabilities which are measured at fair value, the carrying values of the other financial instruments approximated their fair values due to the short-term maturity of these instruments. Certain short-term investments in financial products and securities and derivative instruments classified within Level 2 are valued using directly or indirectly observable inputs in the marketplace.

The Group’s assets and liabilities measured at fair value on a recurring basis are summarized below:


	Fair Value Measurement Using Significant
	Other Observable Inputs (Level 2)
	As of December 31,
	2022	2023
	RMB	RMB
Short-term investments	2,091,198	2,541,889
Derivative liabilities	(2,592)	—

Convenience translation

(f) Convenience translation

Translations of the consolidated balance sheets, the consolidated statements of comprehensive income/(loss) and the consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31, 2023 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB7.0999, representing the certificated exchange rate published by the Federal Reserve Board as of December 29, 2023. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2023, or at any other rate.

Cash and cash equivalents

(g) Cash and cash equivalents

Cash and cash equivalents include cash on hand and demand deposits placed with banks and third-party payment processors, which are unrestricted from withdrawal or use, that have original maturities of three months or less at the time of purchase and are readily convertible to known amounts of cash.

Restricted cash

(h) Restricted cash

Deposits that is restricted from withdrawal for use or pledged as security is reported separately on the face of the consolidated balance sheets. The Group’s restricted cash mainly represents the deposits held in designated bank accounts for issuance with bank acceptance notes and letter of guarantee and those with legal restriction.

Cash and cash equivalents and restricted cash as reported in the consolidated statements of cash flows are presented separately on consolidated balance sheets as follows:


	As of December 31,
	2022	2023
	RMB	RMB
Cash and cash equivalents	948,773	588,644
Restricted cash	14,608	173,246
Long-term restricted cash	21,000	20,000
Total	984,381	781,890

Short-term investments

(i) Short-term investments

Short-term investments are comprised of investments in financial products issued by banks or other financial institutions, which contain a fixed or variable interest rate and with original maturities between one month and one year, and certificates of deposits issued by banks that the Group has the intention to redeem within one year. These investments are stated at fair value. Changes in the fair value are reflected in the consolidated statements of comprehensive income/(loss).

Derivative instruments

(j) Derivative instruments

Derivative instruments are carried at fair value. The fair values of the derivative financial instruments generally represent the estimated amounts expect to receive or pay upon termination of the contracts as of the reporting date. The Group’s derivative instruments primarily consisted of foreign currency forward contracts which are used to economically hedge certain foreign denominated liabilities and reduce, to the extent practicable, the potential exposure to the changes that exchange rates might have on the Group’s earnings, cash flows and financial position. As the derivative instruments of foreign currency forward contracts do not qualify for hedge accounting treatment, changes in the fair value are reflected in interest and investment income of the consolidated statements of comprehensive income/(loss).

As of December 31, 2022 and 2023 and for the years ended December 31, 2021, 2022 and 2023, the balance of the derivative instruments and the total amount of fair value changes are not material.

Expected credit losses

(k) Expected credit losses

In 2016, the FASB issued ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASC Topic 326”), which amends previously issued guidance regarding the impairment of financial instruments by creating an impairment model that is based on expected losses rather than incurred losses. The Group adopted this ASC Topic 326 and several associated ASUs on January 1, 2023 using a modified retrospective approach with a cumulative effect recorded as increase of accumulated deficit with amount of RMB640. As of January 1, 2023, upon the adoption, the expected credit loss provision for the current and non-current assets were RMB5,659 and RMB67, respectively.

The Group’s accounts receivable, deposits and other receivables are within the scope of ASC Topic 326. The Group has identified the relevant risk characteristics of its customers and the related receivables, deposits and other receivables which include size, type of the services or the products the Group provides, or a combination of these characteristics. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Group considers the historical credit loss experience, current economic conditions, supportable forecasts of future economic conditions, and any recoveries in assessing the lifetime expected credit losses. Other key factors that influence the expected credit loss analysis include payment terms offered in the normal course of business to customers, and industry-specific factors that could impact the Group’s receivables. Additionally, external data and macroeconomic factors are also considered.

For the year ended December 31, 2023, the Group recorded RMB6,680 expected credit loss expense in general and administrative expenses. As of December 31, 2023, the expected credit loss provision for the current and non-current assets were RMB12,140 and RMB266, respectively.

Accounts receivable, net

(l) Accounts receivable, net

The Group’s accounts receivable mainly consist of amounts due from the individual customers and network partners from mobile device charging business. The Group recorded a provision for current expected credit losses.

For the years ended December 31, 2021, 2022 and 2023, the Group recognized a provision for doubtful accounts of RMB3,206, RMB3,435 and RMB6,431, respectively.

The following table summarized the movement of allowance for credit losses:


	Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Balance at the beginning of year	3,268	5,986	5,086
Adoption of ASC Topic 326	—	—	427
Provision for doubtful accounts	3,206	3,435	6,431
Write-offs	(488)	(4,335)	—
Balance at the end of year	5,986	5,086	11,944

Inventories

(m) Inventories

Inventories, consisting of products for sale, raw materials, work in process, are stated at the lower of cost or net realizable value. Cost of inventory is determined using the weighted average cost method. Adjustments are recorded to write down the cost of inventory to the estimated net realizable value due to slow-moving merchandises and damaged goods, which is dependent upon factors such as historical and forecasted consumer demand, and promotional environment. The Company takes ownership, risks and rewards of the products purchased.

Property, equipment and software, net

(n) Property, equipment and software, net


Cabinets		4 to 5 years
Power banks		3 years
Computer and electronic equipment		3 years
Production tools		5 years
Software		10 years
Photovoltaic power stations		20 years
Others		3 to 5 years
Leasehold improvements		Shorter of the estimated useful lives or the lease term

Property, equipment and software are stated at cost less accumulated depreciation/amortization and impairment. Depreciation and amortization are computed using the straight-line method over the following estimated useful lives.

The Group purchases certain raw materials and components directly from suppliers and outsources the manufacturing to the assembly partners. Raw materials, components and all other direct costs that are related to the production of power banks and cabinets under construction and incurred in connection with bringing the assets to their intended use are capitalized as construction in progress. Construction in progress is transferred to power banks and cabinets and depreciation commences when the asset is ready for its intended use.

Expenditures for maintenance and repairs are expensed as incurred. Gain or loss on the disposal of property, equipment and software is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the consolidated statements of comprehensive income/(loss).

Prior to the second quarter of 2023, the Group’s power banks can be used either for rental in relation to the mobile device charging business or for sale, at the discretion of the users. The Group initially recorded the power bank as property and equipment based on the usage pattern of its users who primarily opt to rent the power banks. When the users elect to purchase power banks, the pertinent power banks are reclassified to the inventory at the net carrying value and are recognized as cost of revenues upon the transfer of power banks to users.

Since the second quarter of 2023, with the conversion to the Group’s new mobile device charging business model, the Group’s cabinets and power banks have been used principally for sales to network partners. The Group initially records the cabinet and power bank as inventory upon purchase from the vendors. When the Group deploys the cabinets and power banks to the location partners by itself, such cabinets and power banks are then reclassified to the property, equipment and software at cost. When the users elect to purchase power banks deployed by the Group, the pertinent power banks are reclassified to the inventory at the net carrying value and are recognized as cost of revenues upon the transfer of power banks to users.

Capitalized Software Development Cost

(o) Capitalized Software Development Cost

The Group capitalizes the direct development costs associated with internal-used software in accordance with ASC 350-40, “Internal-use software”, which requires the capitalization of costs relating to certain activities of developing internal-use software that occur during the application development stage. Costs capitalized mainly include payroll and payroll-related costs for employees incurred during the application development stage of the internal-use software projects. Capitalized internal-use software costs are stated at cost less accumulated amortization and the amount is included in “property and equipment, net” on the consolidated balance sheets, with an estimated useful life of three years. Software development cost capitalized amounted to RMB7,922, RMB5,677 and RMB3,072 for the years ended December 31, 2021, 2022 and 2023, respectively. The amortization expense for capitalized software costs amounted to RMB1,280, RMB3,679 and RMB4,890 for the years ended December 31, 2021, 2022 and 2023, respectively. As of December 31, 2022 and 2023, the carrying amount of capitalized internal use software development costs was RMB8,640 and RMB6,822, respectively.

Impairment of long-lived assets

(p) Impairment of long-lived assets

Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. Measurement of any impairment loss for long-lived assets that management expects to hold and use is based on the amount the carrying value exceeds the fair value of the asset.

When impairment is recognized, the adjusted carrying amount of the underlying fixed assets becomes their carrying value. The new cost basis is depreciated over the remaining useful lives of the assets. Impairment charge recognized in cost of revenues for the years ended December 31, 2021, 2022 and 2023 was nil, RMB21,560 and RMB2,588, respectively.

Revenue recognition

(q) Revenue recognition

The Group’s revenues are primarily derived from (i) mobile device charging and (ii) others. Revenue recognition policies for each type of revenue stream are as follows:

Mobile device charging

The Group’s branded mobile device charging equipment, including cabinets with power banks, is deployed in highly frequented points of interest, such as entertainment venues, restaurants, shopping centers, hotels and transportation hubs, etc., which are operated by location partners. Individual customers can scan the QR code on the cabinets with their mobile devices to place an order to use a power bank. A deposit is generally required for each order placed by the users except for users who have qualified credit scores at WeChat or Alipay. The deposit is refunded to users when they return the power banks. The Group records the deposit in accruals and other current liabilities. As provided in the customer agreement, if the power banks are not returned by the users after a certain period of time, the deposit will be kept to settle their usage of the power banks.

The mobile device charging is operated under a direct model or a network partner model as follows:

●

Direct model

Under the direct model, the Group identifies and negotiates with location partners directly and pays location partners commissions based on a certain percentage of the revenue the Group generates from the equipment placed in location partners’ venues. In some cases, the Group pays the location partners entry fees or prepaid commissions for placement of the Group’s equipment. The amortization of entry fees and commissions paid to the location partners are presented as sales and marketing expenses.

(i) Mobile device charging service

Under the direct model, the Group earns its revenue from the mobile device charging service from the rental fees it receives from the customers, which are a function of the hourly rate determined by the Group and the period of time for which the customers use the power banks. The Group collects fees directly from its customers through third party payment processors, such as WeChat and Alipay, generally upon the return of the power bank. As individual customers have the right to use a specific power bank for a period of time to charge their mobile devices, the arrangements with the individual customers constitute a lease and the revenue for the mobile device charging business is recognized under ASC 842, “Leases” (“ASC 842”) since the adoption of ASC 842 by the Group on January 1, 2022, and under ASC 840, “Leases” (“ASC 840”) during the periods prior to January 1, 2022. The revenue generated from the mobile device charging business is recognized as contingent rental revenue which is accrued during the rental period of the power banks.

(ii) Sales of power banks to individual customers

Under the direct model, the Group also generates revenues from sales of power banks if the customers purchase power banks. Revenue is recognized in accordance with ASC 606, “Revenue from Contracts with Customers” (“ASC 606”) when a purchase order is confirmed and the power banks are released to the individual customers, which is when the control of products is transferred.

●

Network partner model

Prior to the second quarter of 2023

Prior to the second quarter of 2023, under the network partner model, the Group collaborated with network partners by leveraging their local business network to expand its business. The network partners were engaged to identify the points of interest and negotiate with the location partners for deployment of the equipment. The same as under the direct model, the Group earned its revenue from the mobile device charging service and sales of power banks.

The Group is obligated to pay commissions to network partners based on a certain percentage of the revenue the Group generates from the equipment placed by the network partners. The commissions paid to location partners or network partners are presented as sales and marketing expenses.

Transaction with network partners - sales of the cabinets

Prior to the second quarter of 2023, under the network partner model, the Group sold the cabinets to majority of network partners, but retained all the output derived from the cabinets, whose only potential use was to store, charge, and process the Group’s proprietary power banks, for an indefinite period. The Group had determined that this right of use should be accounted for as an embedded lease for the estimated useful life of the cabinets. Since the embedded lease of the cabinets would be classified as a capital lease under ASC 840 and as a finance lease under ASC 842, the Group accounted for the proceeds from the network partners as a financing transaction rather than as a sale of the cabinets.

Therefore, the cabinets continued to be recognized as the Group’s equipment and were depreciated over their useful lives (Note 7). The cash received from the network partners for the cabinets was initially recognized as financial liabilities and the liability was subsequently accreted over the estimated beneficial period of the cabinets based on the estimated effective rate of return implicit in the lease, with interest expense being recognized. The effective interest rate was estimated based on the projected variable lease repayment amounts that had been bifurcated from the estimated commissions to be paid to the network partners during the useful life of the cabinets based on their relative standalone selling prices. The financial liabilities were settled when payments were made to the network partners. The financial liabilities that were expected to be settled over one year from the balance sheet date were presented as long-term liabilities.

The Group regularly evaluated the effective interest rate against the actual lease repayments and prospectively adjusted the effective interest rate as necessary. For the years ended December 31, 2021, 2022 and 2023, the weighted average effective interest rate was 24%, 21% and 9%, respectively.

The roll forward of the aggregated financing payables for both current and non-current are as below:


	Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Balance at the beginning of year	244,151	169,833	108,553
Addition	3,445	1,758	208
Accretion of interest	37,806	31,196	4,229
Repayment	(115,569)	(69,738)	(15,800)
Derecognition (*)	—	(24,496)	(97,190)
Balance at the end of year	169,833	108,553	—

*For the year ended December 31, 2022, with the termination of the arrangement with certain network partners, the Group was no longer considered to retain the right of use of the cabinets sold to these network partners and the financing transaction was ceased accordingly. Therefore, the Group derecognized the carrying values of the related equipment and the financing payables of RMB6,959 and RMB24,496, respectively, with the net gains of RMB17,537 recorded in other operating income as the debt extinguishment gain.

Upon the conversion to the new network partner model since the second quarter of 2023, legal title to the power banks and cabinets were transferred from the Group to the network partners and the network partners direct the right to use the power banks and cabinets. As such, the Company neither owns the power banks nor leases back either the power banks or the cabinets. The control of the cabinets and power banks has been transferred to the network partners and a sale of these items has occurred upon signing the new contracts. Therefore, the Group derecognized the outstanding financial payables of RMB97,190.

Transaction with network partners – upfront fee

Since 2021 and prior to the second quarter of 2023, the Group entered into network partners agreements with certain network partners under which, instead of purchasing the cabinets from the Group, the network partners agreed to pay a pre-agreed fixed upfront fee to the Group to become its network partners. During the contractual period, the network partners were entitled to the commission from the Group based on a certain percentage of the revenue the Group generates from the equipment placed by the network partners. The upfront fee was recorded as liability when collected and was amortized on a straight-line basis over the estimated beneficial period as the deduction of the commission to the to the network partners. For the years ended December 31, 2021, 2022 and 2023, the upfront fees agreed under such arrangements were RMB158,176, RMB433,404 and RMB123,960, respectively, among which RMB14,586, RMB73,554 and RMB39,409 was amortized as the reduction to the sales and marketing expenses, respectively.

For the year ended December 31, 2022, with the business winding-ups of certain network partners under the upfront fee arrangements, the Group derecognized carrying values of the related equipment previously provided to these network partners and the outstanding upfront fee payable of RMB2,785 and RMB6,917, respectively, with the net gains of RMB4,132 recorded in other operating income.

Upon the conversion to the new network partner model on April 1, 2023, the Group derecognized the outstanding upfront fee payable of RMB470,552.

Since the second quarter of 2023

Since the second quarter of 2023, the Group has updated its contractual arrangements with its network partners under the network partner model. Under the new contractual arrangement, the Group transfers the ownership of cabinets and power banks and provides mobile device charging solution to network partners, including software and system service, billing and settlement service, customer call center service and other services. The Group receives fixed upfront fees from network partners and earns variable fees as a portion of the revenues from the network partners’ cabinets arising from the lease or sale of the power banks to the end users.

Under the new contractual arrangements, the control over the power banks and cabinets is transferred from the Group to the network partners upon their acceptance of the equipment with no return allowed. And there is no put, call or return right created by the Group that keeps the network partner from obtaining and maintaining control of the individual power banks in their possession. The network partners have more latitude in deciding when and where to lease their power banks to the end users. As such, the network partners have control over both the cabinets and power banks in their cabinets continuously and the Group does not have a leaseback of the equipment sold. The accounting of the transactions between the Group and the network partners under the new contractual arrangements therefore follows ASC 606.

In accordance with ASC 606, under the new contractual arrangements, the Group identifies power banks, cabinets and mobile device charging solution are three separate performance obligations. As the sales of the power banks and cabinets always occur at the same time and there is no significant change in the market price, the fixed upfront fees determined by the Group with the same pricing strategy represent the standalone selling price of the power banks and cabinets. The Group then allocates the variable amount (and subsequent changes to that amount) entirely to the distinct service that forms part of the single performance obligation of the mobile device charging solution.

(i) Mobile device charging solution

The revenue from provision of mobile device charging solution is recognized over time based on the variable fees earned in each period.

(ii) Sales of power banks and cabinets to network partners

Revenue from the sales of power banks and cabinets to network partners is recognized when a purchase order is confirmed and the power banks and cabinets are accepted by the network partners, which is when the control of products is transferred.

In connection with the change in the Group’s network partner model, starting from the second quarter of 2023, the classification of revenue has been updated accordingly to more clearly reflect the results of the two mobile device charging models. The Group’s classification of mobile device charging operation now consists of the direct model and the network partner model. Under the direct model, we generate revenue by offering mobile device charging service and sales of power banks to users. Under the network partner model, we generate revenue by offering mobile device charging solution and sales of power banks and cabinets to network partners. In addition, revenue recorded under mobile device charging solution is now net of incentive fees paid to network partners. All incentive fees paid to network partners will be excluded from the Group’s sales and marketing expenses going forward under the new network partner model.

Starting from the second quarter of 2023, the Group reported revenue streams in two categories— mobile device charging and others, to reflect the updates under the network partner model. The Group also reclassified the comparative period presentation to conform to current period classification.

The table below summarizes the mobile device charging revenue by different models and revenue streams:


	Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Direct model	2,531,977	1,617,793	1,083,300
Mobile device charging service	2,458,794	1,587,298	1,058,636
Power bank sales	73,183	30,495	24,664
Network partner model	1,026,677	1,195,826	1,785,915
Mobile device charging service	997,003	1,166,845	518,743
Mobile device charging solution	—	—	173,152
Power bank and cabinet sales	29,674	28,981	1,094,020
Total	3,558,654	2,813,619	2,869,215

The following table represents the mapping of revenue as reported under and before the new reclassification for the years ended December 31, 2021 and 2022.


As reported under new classification			As reported before reclassification
	Year ended December 31, 2021	Year ended December 31, 2022		Year ended December 31, 2021	Year ended December 31, 2022
	RMB	RMB		RMB	RMB
Mobile device charging service	3,455,797	2,754,143	Mobile device charging business	3,455,797	2,754,143
Direct model	2,458,794	1,587,298
Network partner model	997,003	1,166,845
Power bank and cabinet sales	102,857	59,476	Power bank sales	102,857	59,476
Direct model	73,183	30,495
Network partner model	29,674	28,981
Mobile device charging	3,558,654	2,813,619
Others	26,737	24,571	Others	26,737	24,571
Total	3,585,391	2,838,190	Total	3,585,391	2,838,190

Other revenues

Other revenues primarily comprise of revenues generated from advertising services, sales of merchandise and other new business initiatives.

The Group provides advertising services to customers by displaying advertisement on the Group’s mobile applications in WeChat or Alipay. Revenue is recognized in accordance with ASC 606 over the period when the advertising is displayed. The Group considers several factors in determining whether it is appropriate to record the revenues at the gross amount of fees charged, or those amounts net of commissions paid.

The Group sells certain merchandises through online platform or distributors. The Group recognizes revenue net of discounts and return allowance when the merchandises are delivered and control passes to the customers.

The Group generates other new business initiatives revenues primarily from photovoltaic (“PV”) business under build-to-sell model and build-to-own model.

●

Build-to-sell model

Since 2023, the Group signs contract with large enterprise customer to provide engineering, procurement and construction (“EPC”) services for household rooftop PV power stations. The Group earns service fees from the large enterprise customer based on a fixed rate of the capacity of the PV power stations completed and connected to the local grid. The Group has discretion to choose its own vendors for all the equipment and raw materials and to appoint service providers to negotiate with houseowners on behalf of the large enterprise customer and install PV power stations on the rooftop of the houses, the Group takes the inventory risk, the Group negotiates with its customer on the pricing independently, the Group is primarily responsible towards its customer as it’s the Group that promises overall project quality and provides performance guarantee of the delivered PV power stations to the customer, therefore, the Group is the principal in the arrangement. Each PV power station installed on each residential house’s rooftop is considered as a separate performance obligation, and the revenue is recognized at a point in time when the PV power station is installed and successfully connected to the local grid, when control is transferred to the customer.

Although the EPC contract usually clearly states a fixed unit price and the estimated total contract amount, the total contract amount is subject to variable consideration including penalties on untimely delivery of promised results. The variable consideration is estimated at the contact inception at the best estimate based on relevant experience and historical data and updated at the end of each reporting period as additional performance data becomes available and only to the extent that it is probably that a significant reversal of any revenue will not occur. If estimated total costs on any contract are greater than the net contract revenues, the Group recognizes the entire estimated loss in the period the loss becomes known. The cumulative effect of the revisions to estimates related to net contract revenues and costs to complete contracts, including penalties, claims, anticipated losses, and others are recorded in the period in which the revisions to estimates are identified and the amounts can be reasonably estimated. As of December 31, 2023, the Group has no liability associated with the loss contract.

The Group guarantees to customers certain specified minimum solar energy production output for PV power stations over a certain period. The Group monitors the solar energy systems to determine whether these specified minimum outputs are being achieved. Annually or every two years, depending on the terms of the contracts with customers, the Group will refund a portion of consideration to a customer if the solar energy production output was less than the performance guarantee. The Group considers this a variable component that offsets the transaction price.

For build-to-sell projects, the Group provides assurance-type warranties for the modules, materials and construction part of the power stations. Although the Group subcontracts the construction to third party developers and purchases the raw materials and modules from third party suppliers, the Group is the primary obligor for the limited warranties such as solar module product warranty for a period of up to ten years and recorded as a liability in the consolidated balance sheets. Nevertheless, the Group has a legally enforceable right to recover these warranties from the subcontractor and suppliers as these parties have contracted with the Group to assume these warranty obligations, and that the Group will also record receivables in the consolidated balance sheets for expected reimbursement in amounts that the Group believes are probable. The build-to-sell projects warranty expenses and expected recovery amounts related to warranties are recorded net of expense in the consolidated statements of comprehensive income/(loss) on the basis that the amounts provided by the subcontractor and suppliers are a reimbursement of the Group’s costs.

●

Build-to-own model

Since 2023, the Group engages third party service providers to negotiate with houseowners and install the household PV power stations on the rooftop of the houses owned by the houseowners. After the household rooftop PV power station is successfully connected to the local grid, the Group earns the electricity fee from the enterprise customer based on the actual volume of electricity generated by the PV power stations and pays fixed fees to the houseowners periodically. Under the model, the Group chooses its equipment and raw material vendors at its own discretion. The Group is the principal of the business and recognizes the electricity fee earned as revenue over time using output method based on the electricity generated by the PV power stations.

Generally, revenues are recorded at the gross sales price because the Group controls the specified goods or services, and is the primary obligor in a transaction, is subject to substantial inventory risk, and has latitude in establishing prices. The Group’s revenues are recognized after deducting estimated price concessions, discounts, and value added tax (“VAT”). A contract liability is recognized when the Group has billed and received payment from a customer, but has not yet earned revenue. Contract liabilities are classified as current liabilities and transferred to revenue when revenue recognition standards have been met. The Group’s right to consideration in exchange for goods or services that the Group has transferred to a customer is recognized as a contract asset.

Practical Expedient

The Group has used the following practical expedient as allowed under ASC 606:

(i) The transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied has not been disclosed, as substantially all of the Group’s contracts have a duration of one year or less.

Warranty liability

(r) Warranty liability

Under the new network partner model, the Group provides warranty to the network partners for all the power banks and cabinets sold within a committed time period. The warranty cost is accrued based on the Group’s assumptions related to the nature and frequency of future claims and the estimate of the projected costs to repair or replace items under warranty. These estimates are based on actual claims incurred to date and an estimate of the nature, frequency and costs of future claims.

The portion of the warranty reserve expected to be incurred within the next 12 months is included within accruals and other current liabilities, while the remaining balance is included within other non-current liabilities on the consolidated balance sheets. As of December 31, 2023, warranty liabilities recognized within accruals and other current liabilities and within other non-current liabilities were RMB7,398 and RMB1,601, respectively. Warranty expense is recorded as a component of cost of revenues in the consolidated statements of comprehensive income/(loss).

The following table shows a reconciliation in the current reporting period related to carried-forward warranty liabilities.


		For the Year Ended December 31,
		2023
		RMB
Warranty – beginning of year		—
Provision for warranty		24,422
Warranty costs incurred		(15,423)
Warranty – end of year		8,999

Cost of revenues

(s) Cost of revenues

Cost of revenues consists primarily of shipping and handling expenses, employee wages, bonus and benefits of supply chain departments, rental expenses, depreciation of power banks and cabinets, cost of power banks sold or lost, cost of cabinets sold, cost of PV power stations sold, depreciation of PV power stations, cost of merchandises sold and other expenses directly attributable to the Group’s principal operations.

Research and development expenses

(t) Research and development expenses

Research and product development expenses include employee wages and other compensation-related expenses for the Group’s research and product development personnel, as well as office rental, depreciation and related expenses and travel-related expenses for the Group’s research and product development team. The Group recognizes software development costs in accordance with ASC 350-40 “Software-internal use software”. The Group expenses all costs that are incurred in connection with the planning and implementation phases of development, and costs that are associated with maintenance of the existing websites or software for internal use. Certain costs associated with developing internal-use software are capitalized when such costs are incurred within the application development stage of software development (Note 2(o)).

Sales and marketing expenses

(u) Sales and marketing expenses

Sales and marketing expenses comprise primarily of the amortization of entry fees paid to location partners and commissions to the location partners and network partners which are all primarily for purchase of user traffic, advertising expenses, third-party platforms commission fee, employee wages and benefits for sales and marketing staff, depreciation expenses, rental expenses and other daily expenses which are related to the sales and marketing functions. Entry fees paid to location partners are amortized on straight line basis over the contractual period with location partners during which the Group’s equipment is placed in location partners’ venues, ranging from 1 year to 6 years, and the weighted average term is around 2.0 years, 2.3 years and 2.8 years for the years ended December 31, 2021, 2022 and 2023. Entry fee is accrued based on actual period of cabinet placement if payment is yet to be made. Commissions to the location partners and network partners are expensed in line with the recognition of rental income from users. For the years ended December 31, 2021, 2022 and 2023, the aggregated commissions to the location partners and network partners and amortization of the entry fees to the location partners amounted to RMB2,112,774, RMB2,069,102 and RMB981,289, respectively.

Advertising expenses primarily consist of promotion and advertising expenses. The Group expenses all advertising expenses as incurred and classifies these expenses under sales and marketing expenses. For the years ended December 31, 2021, 2022 and 2023, advertising expenses were RMB14,988, RMB10,684 and RMB10,907, respectively.

General and administrative expenses

(v) General and administrative expenses

General and administrative expenses consist of employee wages and benefits for corporate employees, other expenses which are related to the general corporate functions, including accounting, finance, tax, legal and human resources, and costs associated with the use of facilities and equipment by these functions, such as depreciation expenses, rental and other general corporate related expenses.

Employee benefits

(w) Employee benefits

The Company’s subsidiaries and the consolidated VIE in China participate in a government mandated, multi-employer, defined contribution plan, pursuant to which certain retirement, medical, housing and other welfare benefits are provided to employees. Chinese labor laws require the entities incorporated in China to pay to the local labor bureau a monthly contribution at a stated contribution rate based on the monthly basic compensation of qualified employees. The Group has no further commitments beyond its monthly contribution. For the years ended December 31, 2021, 2022 and 2023, employee social benefits included as expenses in the consolidated statements of comprehensive income/(loss) amounted to RMB140,259, RMB151,499 and RMB117,639, respectively.

The Group has not made contribution in full to the labor bureau for some of the employees based on relevant PRC regulation. The Group has made provision for the underpayment of social benefits according to the relevant PRC regulation. As of December 31, 2022 and 2023, the accrued and unpaid employee social benefits were RMB58,478 and RMB78,067, respectively.

Government grants

(x) Government grants

The Group’s PRC based subsidiaries received government subsidies from certain local governments. The Group’s government subsidies are mainly VAT refund and other government subsidies that the local government has not specified its purpose for and are not tied to future trends or performance of the Group; receipt of such subsidy income is not contingent upon any further actions or performance of the Group and the amounts do not have to be refunded under any circumstances. VAT refund and other government subsidies are recognized as other operating income upon receipt as further performance by the Group is not required. For the years ended December 31, 2021, 2022 and 2023, government subsidies were RMB29,956, RMB17,636 and RMB4,830, respectively.

Share-based compensation

(y) Share-based compensation

The Company follows ASC 718, “Compensation — Stock Compensation” to determine whether share-based awards should be classified and accounted for as a liability award or equity award. The Company granted restricted shares, RSUs and share options to the Company’s founders, employees and external consultants, which are classified as equity awards and recognized in the consolidated financial statements based on their grant date fair values.

Share-based compensation awards are measured at the grant date fair value of the awards and recognized as expenses a) immediately at grant date if no vesting conditions are required; or b) for awards granted with only service conditions, using the straight-line vesting method, over the vesting period.

Share-based compensation in relation to the restricted shares and RSUs is measured based on the fair market value of the Group’s ordinary shares at the grant date of the award. Prior to the listing, estimation of the fair value of the Group’s ordinary shares involves significant assumptions that might not be observable in the market, and a number of complex and subjective variables, including discount rate, and subjective judgments regarding the Group’s projected financial and operating results, its unique business risks, the liquidity of its ordinary shares and its operating history and prospects at the time the grants are made. In addition, the binomial option-pricing model is used to measure the value of share options. The determination of the fair value is affected by the fair value of the ordinary shares as well as assumptions including the expected share price volatility, actual and projected employee and non-employee share option exercise behavior, risk-free interest rates and expected dividends. The fair value of these awards was determined taking into account independent valuation advice.

The modifications of the terms or conditions of the shared-based award are treated as an exchange of the original award for a new award. The incremental compensation expense is equal to the excess of the fair value of the modified award immediately after the modification over the fair value of the original award immediately before the modification. For awards already vested as of the modification date, the Company immediately recognized the incremental value as compensation expenses. For awards still unvested as of the modification date, the incremental compensation expenses are recognized over the remaining service period of these awards.

In accordance with ASU 2016-09, the Group makes an entity-wide accounting policy election to account for forfeitures when they occur.

Leases

(z) Leases

The Group applied ASC 842, Leases, on January 1, 2022 on a modified retrospective basis and has elected not to recast comparative periods. The Group determines if an arrangement is a lease at inception. Operating leases are primarily for office and warehouse space and are included in right-of-use (“ROU”) assets, current portion of lease liabilities and non-current lease liabilities on its consolidated balance sheets. ROU assets represent the Group’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. The operating lease ROU assets and liabilities are recognized at lease commencement date based on the present value of lease payments over the lease term. As most of the Group’s leases do not provide an implicit rate, the Group uses its incremental borrowing rate based on the information available at lease commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. The Group’s lease terms may include options to extend or terminate the lease. Renewal options are considered within the ROU assets and lease liability when it is reasonably certain that the Group will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

For operating leases with a term of one year or less, the Group has elected to not recognize a lease liability or ROU asset on its consolidated balance sheet. Instead, it recognizes the lease payments as expense on a straight-line basis over the lease term.

Upon the adoption of the new lease standard, on January 1, 2022, the Group recognized operating lease assets of RMB31,132 and total operating lease liabilities of RMB25,807 (including current liabilities of RMB22,132) in the consolidated balance sheets. There was no impact to retained earnings at adoption.

The Group has elected to adopt the following lease policies in conjunction with the adoption of ASU 2016-02: (i) for leases that have lease terms of 12 months or less and does not include a purchase option that is reasonably certain to exercise, the Group elected not to apply ASC 842 recognition requirements; and (ii) the Group elected to apply the package of practical expedients for existing arrangements entered into prior to January 1, 2022 to not reassess (a) whether an arrangement is or contains a lease, (b) the lease classification applied to existing leases, and (c) initial direct costs.

Income tax

(aa) Income tax

Current income taxes are provided on the basis of net income for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Deferred income taxes are provided using the liability method. Under this method, deferred income taxes are recognized for the tax consequences of temporary differences by applying enacted statutory rates applicable to future years to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. The tax base of an asset or liability is the amount attributed to that asset or liability for tax purposes. The effect on deferred taxes of a change in tax rates is recognized in the consolidated statements of comprehensive income/(loss) in the period of change. A valuation allowance is provided to reduce the amount of deferred tax assets if it is considered more likely than not that some portion of, or all of the deferred tax assets will not be realized.

Uncertain tax positions

ASC 740, Tax provision prescribes a more likely than not threshold for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Guidance was also provided on de-recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, accounting for income taxes in interim periods, and income tax disclosures. Significant judgment is required in evaluating the Group’s uncertain tax positions and determining its provision for income taxes. The Group recognizes interests and penalties, if any, under accrued expenses and other current liabilities and other non-current liabilities on its consolidated balance sheets and under income tax expense in its consolidated statements of comprehensive income/(loss). As of December 31, 2022 and 2023, if recognized, RMB209,078 and RMB18,163 of unrecognized tax benefits would impact the Group’s effective tax rate.

In order to assess uncertain tax positions, the Group applies a more likely than not threshold and a two-step approach for the tax position measurement and financial statement recognition. Under the two-step approach, the first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement.

Statutory reserves

(ab) Statutory reserves

In accordance with China’s Company Laws, the Company’s subsidiaries and consolidated VIEs in PRC must make appropriations from their after-tax profit (as determined under the Accounting Standards for Business Enterprises as promulgated by the Ministry of Finance of the People’s Republic of China (“PRC GAAP”)) to non-distributable reserve funds including (i) statutory surplus fund and (ii) discretionary surplus fund. The appropriation to the statutory surplus fund must be at least 10% of the after-tax profits calculated in accordance with PRC GAAP. Appropriation is not required if the statutory surplus fund has reached 50% of the registered capital of the respective company. Appropriation to the discretionary surplus fund is made at the discretion of the respective company.

Pursuant to the laws applicable to China’s Foreign Investment Enterprises, the Company’s subsidiary that is a foreign investment enterprise in China has to make appropriations from its after-tax profit (as determined under PRC GAAP) to reserve funds including (i) general reserve fund, (ii) enterprise expansion fund and (iii) staff bonus and welfare fund. The appropriation to the general reserve fund must be at least 10% of the after-tax profits calculated in accordance with PRC GAAP. Appropriation is not required if the general reserve fund has reached 50% of the registered capital of the respective company. Appropriations to the other two reserve funds are at the respective companies’ discretion.

For the years ended December 31, 2021, 2022 and 2023, the Group has provided nil appropriations to statutory surplus fund.

Comprehensive income/(loss)

(ac) Comprehensive income/(loss)

Comprehensive income/(loss) is defined as the change in equity of the Group during the period from transactions and other events and circumstances excluding transactions resulting from investments from owners and distributions to owners. For the periods presented, the Group’s comprehensive income/(loss) includes net income and other comprehensive income/(loss), which mainly consists of the foreign currency translation adjustment that have been excluded from the determination of net income. Accumulated other comprehensive income/(loss), as presented on the accompanying consolidated balance sheets, consists of cumulative foreign currency translation adjustments.

Income/(loss) per share

(ad) Income/(loss) per share

Basic income/(loss) per share is computed by dividing net income/(loss) attributable to holders of ordinary shares by the weighted average number of ordinary shares outstanding during the period using the two-class method. Under the two-class method, net income/(loss) is allocated between common shares and other participating securities base on their participating rights. Diluted net income/(loss) per share reflects the potential dilution that could occur if securities to issue ordinary shares were exercised. The dilutive effect of outstanding share-based awards is reflected in the diluted net income/(loss) per share by application of the if-converted method and treasury stock method, respectively. Dilutive equivalent shares are excluded from the computation of diluted net income/(loss) per share if their effects would be anti-dilutive.

Dividends

(ae) Dividends

Dividends are recognized when declared. No dividends were declared for the years ended December 31, 2021, 2022 and 2023.

Treasury shares

(af) Treasury shares

On September 28, 2021, the Company’s board of directors authorized a share repurchase program under which the Company was authorized to repurchase up to US$50 million worth of the Company’s shares over the next 12 months (the “Share Repurchase Program”). On September 28, 2022 and September 18, 2023, the Board authorized extensions to the Share Repurchase Program through September 27, 2024 that the Company may repurchase up to US$50.0 million of its shares. The share repurchase programs permitted the Company to purchase shares from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. The repurchased shares were accounted for under the cost method and presented as “treasury stock” in equity on the Group’s consolidated balance sheets.

Segment reporting

(ag) Segment reporting

In accordance with ASC 280, Segment Reporting, the Group’s chief operating decision maker, the Chief Executive Officer, reviews the consolidated results when making decisions about allocating resources and assessing performance of the Group as a whole and hence, the Group has only one reportable segment.

The Group’s long-lived assets are substantially all located in the PRC and substantially all the Group’s revenues are derived from within the PRC, therefore, no geographical segments are presented.

Recent accounting pronouncements

(ah) Recent accounting pronouncements

The Company qualifies as an “emerging growth company”, or EGC, pursuant to the Jumpstart Our Business Startups Act of 2012, as amended, or the JOBS Act. As an EGC, the Company can elect to not adopt any new or revised financial accounting standards until such date that a private company is otherwise required to comply with such new or revised accounting standards. The Group adopts the following standards based on extended transition period provided to private companies or early adopts as necessary as permitted by the respective standards.

Recently adopted accounting pronouncements

Summary of principal accounting policies - Government grants (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Summary of principal accounting policies
Government subsidies	¥ 4,830	¥ 17,636	¥ 29,956

Property, equipment and software, net (Tables)

12 Months Ended

Dec. 31, 2023

Property, equipment and software, net

Schedule of property, equipment and software, net


	As of December 31,
	2022	2023
	RMB	RMB
Power banks	833,257	705,445
Cabinets	1,159,455	521,996
Software	23,039	28,160
Photovoltaic power stations	—	22,688
Production tools	13,847	15,214
Computer and electronic equipment	13,445	14,370
Leasehold improvements	3,902	4,063
Construction in progress	150,654	19
Others	844	831
Subtotal	2,198,443	1,312,786
Less: Accumulated depreciation	(1,291,203)	(974,462)
Less: Accumulated impairment	(20,780)	(15,518)
Property, equipment and software, net	886,460	322,806

Schedule of leased assets under capital leases


	As of December 31,
	2022	2023
	RMB	RMB
Cabinets	154,822	—
Less: Accumulated depreciation	(111,183)	—
Less: Accumulated impairment	(3,018)	—
	40,621	—

Share-based compensation - Restricted stock units - Additional information (Details) - CNY (¥) ¥ in Thousands		12 Months Ended
	Jul. 25, 2017	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share Incentive Plan 2021
Share-based compensation
Contractual term		10 years
Vesting period		4 years
Share Incentive Plan 2021 \| First anniversary
Share-based compensation
Percentage of RSU to be vested each year		25.00%
Share Incentive Plan 2021 \| Second anniversary
Share-based compensation
Percentage of RSU to be vested each year		25.00%
Share Incentive Plan 2021 \| Third anniversary
Share-based compensation
Percentage of RSU to be vested each year		25.00%
Share Incentive Plan 2021 \| Fourth anniversary
Share-based compensation
Percentage of RSU to be vested each year		25.00%
RSUs
Share-based compensation
Fair value of shares vested		¥ 17,842	¥ 19,423	¥ 22,661
RSUs \| Smart Share CGY Holding Limited
Share-based compensation
Common stock shares issued		44,841,250
Ordinary shares authorized		44,841,250
Percentage of RSU to be vested each year		25.00%
Vesting period		4 years
RSUs \| Smart share brothers holding limited
Share-based compensation
Common stock shares issued		2,000,000
Ordinary shares authorized		2,000,000
Vesting of restricted shares
Share-based compensation
Percentage of RSU to be vested each year	25.00%
Vesting period	4 years
Fair value of shares vested				¥ 6,607

Inventory (Tables)

12 Months Ended

Dec. 31, 2023

Inventory

Schedule of Inventory


	As of December 31,
	2022	2023
	RMB	RMB
Raw materials	92	41,373
Work in process	—	11,545
Finished goods	44	52,713
Merchandise	10,188	6,478
Less: inventory write-down	(9,273)	(5,579)
Total	1,051	106,530

Share-based compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-based compensation

Schedule of compensation expenses recognized for share-based awards


	Year Ended
	December 31,
	2021	2022	2023
	RMB	RMB	RMB
General and administrative expenses	23,688	21,383	15,757
Research and development expenses	1,462	1,679	1,141
Sales and marketing expenses	5,252	4,983	3,328
Cost of revenues	271	200	113
Total	30,673	28,245	20,339

Schedule of compensation expenses recognized for different awards


	Year Ended
	December 31,
	2021	2022	2023
	RMB	RMB	RMB
Vesting of restricted shares	6,607	—	—
Vesting of RSUs	20,130	17,878	10,499
Vesting of share options	3,936	10,367	9,840
Total	30,673	28,245	20,339

Schedule of group's restricted shares activities


	Numbers of shares	Weighted-average grant date fair value
		US$
Unvested at December 31, 2020	20,250,000	0.0889
Vested	(20,250,000)	0.0889
Unvested at December 31, 2021	—	—

Schedule of group's RSU activities


		Weighted	Weighted
		Average	Average
		Grant	Remaining	Aggregate
	Share	Date Fair	Contractual	Intrinsic
	Option	Value	Life	Value
		US$	In years
Outstanding as of December 31, 2020	—	—	—	—
Granted	5,009,222	1.4350	—	—
Forfeited	(228,624)	1.4350	—	—
Outstanding as of December 31, 2021	4,780,598	1.4350	9.64	21,945
Exercised	(55,960)	1.4350	—	—
Forfeited	(451,726)	1.4350	—	—
Outstanding as of December 31, 2022	4,272,912	1.4350	8.64	16,667
Granted	809,416	0.5247	—	—
Exercised	(76,454)	1.4350	—	—
Cancelled	(7,585)	1.4350	—	—
Forfeited	(355,012)	1.2410	—	—
Outstanding as of December 31, 2023	4,643,277	1.2911	7.91	7,909
Vested and expected to vest as of December 31, 2023	4,643,277	1.2911	7.91	7,909
Exercisable as of December 31, 2023	2,024,660	1.4350	7.64	3,448

Schedule of fair value of option assumptions


	For the Year ended December 31,
	2021		2023
Exercise price (US$)	0.01		0.01
Fair value of the ordinary share on the date of option grant (US$)	1.445		0.488 - 0.555
Expected volatility	62.97	%	84.47% - 84.82	%
Risk-free interest rate (per annum)	1.25	%	3.48% - 3.84	%
Expected dividend yield	—		—
Exercise multiple	2.2		2.2
Contractual term (in years)	10		10
Expected forfeiture rate (post-vesting)	5.24	%	5.24	%

RSUs

Share-based compensation

Schedule of group's RSU activities


	RSUs	Weighted Average
	Outstanding	Grant Date Fair Value
		US$
Unvested at December 31, 2020	20,904,995	0.5415
Vested	(7,629,599)	0.4302
Forfeited	(861,193)	0.6266
Unvested at December 31, 2021	12,414,203	0.6037
Vested	(5,341,452)	0.5265
Forfeited	(713,418)	0.7401
Unvested at December 31, 2022	6,359,333	0.6531
Vested	(4,634,284)	0.5564
Forfeited	(533,145)	0.8737
Unvested at December 31, 2023	1,191,904	0.9304

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Income taxes

12 Months Ended

Dec. 31, 2023

Income taxes

Income taxes

11. Income taxes

The Company is registered in the Cayman Island. The Group generates substantially all of its income/(loss) from its PRC operations.

Cayman

Under the current laws of Cayman, the Company is not subject to tax on income or capital gain. Additionally, upon payments of dividends to shareholders, no Cayman withholding tax will be imposed.

Hong Kong

Under the current Hong Kong Inland Revenue Ordinance, the subsidiary of the Group in Hong Kong is subject to 8.25% profit tax on the first HKD2 million taxable income and 16.5% profit tax on the remaining taxable income generated from operations in Hong Kong. Additionally, payments of dividends by the subsidiary incorporated in Hong Kong to the Company are not subject to any Hong Kong withholding tax.

PRC

In accordance with the Enterprise Income Tax Law (“EIT Law”), Foreign Investment Enterprises (“FIEs”) and domestic companies are subject to Enterprise Income Tax (“EIT”) at a uniform rate of 25%. The subsidiaries and consolidated VIE of the Group in the PRC are subject to a uniform income tax rate of 25% for all periods presented. Shanghai Zhixiang was entitled to be “Software Enterprise”. According to the new EIT Law and relevant regulations, from the year of 2019, Shanghai Zhixiang could enjoy a tax holiday of 2-year EIT exemption and subsequently 3-year 12.5% preferential tax rate. Meanwhile, in 2022, Shanghai Zhixiang also applied for its qualification as High and New Technology Enterprise (“HNTE”) and is entitled to a preferential income tax rate of 15% from 2022 to 2024 as long as it maintained its qualification for HNTE that is subject to verification by competent authorities and renewals every three years.

The EIT Law also provides that an enterprise established under the laws of a foreign country or region but whose “de facto management body” is located in the PRC be treated as a resident enterprise for PRC tax purposes and consequently be subject to the PRC income tax at the rate of 25% for its global income. The Implementing Rules of the EIT Law merely define the location of the “de facto management body” as “the place where the exercising, in substance, of the overall management and control of the production and business operation, personnel, accounting, properties, etc., of a non-PRC company is located.” Based on a review of surrounding facts and circumstances, the Group does not believe that it is likely that its entities registered outside of the PRC should be considered as resident enterprises for the PRC tax purposes.

The EIT Law also imposes a withholding income tax of 10% on dividends distributed by a FIE to its immediate holding company outside of China, if such immediate holding company is considered as a non-resident enterprise without any establishment or place within China or if the received dividends have no connection with the establishment or place of such immediate holding company within China, unless such immediate holding company’s jurisdiction of incorporation has a tax treaty with China that provides for a different withholding arrangement. The Cayman Islands, where the Company is incorporated, does not have such tax treaty with China. According to the arrangement between the mainland China and Hong Kong Special Administrative Region on the Avoidance of Double Taxation and Prevention of Fiscal Evasion issued in August 2006, dividends paid by an FIE in China to its immediate holding company in Hong Kong will be subject to withholding tax at a rate of no more than 5% (if the immediate holding company in Hong Kong is the beneficial owner of the FIE and owns directly at least 25% of the shares of the FIE). In accordance with accounting guidance, all undistributed earnings are presumed to be transferred to the parent company and withholding taxes should be accrued accordingly. All FIEs are subject to the withholding tax from January 1, 2008. The presumption may be overcome if the Group has sufficient evidence to demonstrate that the undistributed dividends from its PRC subsidiaries will be re-invested and the remittance of the dividends from its PRC subsidiaries will be postponed indefinitely.

As of December 31, 2022 and 2023, the aggregated amount of undistributed earnings and reserves of the Group entities located in the PRC that are available for distribution to the Company were RMB72,966, and RMB77,842, respectively. In accordance with the EIT Law, a withholding tax of 10%, or 5% subject to approval of Chinese tax authorities, will be imposed on the dividends when distributed to their immediate holding company outside of Mainland China. The Group plans to indefinitely reinvested undistributed earnings earned from its PRC subsidiaries in its operations in PRC. Therefore, no withholding income tax for undistributed earnings of its subsidiaries were provided as of December 31, 2022 and 2023.

The components of income before tax are as follows:


	Year Ended
	December 31,
	2021	2022	2023
	RMB	RMB	RMB
(Loss)/income before tax:
(Loss)/income from PRC entities	(128,658)	(609,980)	51,843
Income from overseas entities	4,043	13,216	56,919
Total (loss)/income before tax	(124,615)	(596,764)	108,762

A reconciliation between the effective income tax rate and the PRC statutory income tax rate is as follows:


	Year Ended
	December 31,
	2021		2022		2023
	RMB		RMB		RMB
Statutory income tax rate	25	%	25	%	25	%
Difference in tax rates of subsidiaries outside PRC	—	%	—		—
Effect of permanent differences	(7)	%	(6)	%	3	%
Research and development super deduction	15	%	3	%	(19)	%
Non-taxable income	1	%	1	%	(13)	%
Effect of tax holiday	2	%	—		—
Change in estimates for uncertain tax positions	—		(35)	%	17	%
Others	—		(3)	%	9	%
Change in valuation allowance	(36)	%	(4)	%	(3)	%
Effect tax rate	—	%	(19)	%	19	%

The aggregate amount and per share effect of the tax holidays are as follows:


	Year Ended
	December 31,
	2021	2022	2023
	RMB	RMB	RMB
The aggregate amount of effect of tax holidays	2,243	—	—
Basic and diluted net loss per share effect	0.01	—	—

Composition of income tax expense

The current and deferred portions of income tax expense included in the consolidated statements of comprehensive income/(loss) are as follows:


	Year Ended
	December 31,
	2021	2022	2023
	RMB	RMB	RMB
Income tax expense applicable to PRC entities
Current income tax expense	(554)	179,907	8,839
Deferred income tax expense	554	(65,431)	12,182
Subtotal income tax expense appliable to PRC entities	—	114,476	21,021
Current and deferred income tax expense applicable to overseas entities	—	—	—
Income tax expense, net	—	114,476	21,021

The following table sets forth the significant components of deferred tax assets/(liabilities):


	As of
	December 31,
	2022	2023
	RMB	RMB
Deferred tax assets:
Deferred upfront fee received	117,264	—
Commissions and entry fees for which invoices have not been collected	3,043	2,009
Accrued salary and welfare payable	14,500	19,517
Accrued expenses	5,209	3,368
Property, equipment and software, net	5,037	1,937
Inventory write-downs	2,318	1,163
Net operating loss carry-forwards	65,531	122,302
Others	11,036	32,693
Less: Valuation allowances	(72,783)	(69,574)
Total deferred tax assets	151,155	113,415

Deferred tax liabilities:
Property, equipment and software, net	(20,499)	—
Accrued service revenue (a)	(93,382)	(93,588)
Capitalized software development costs	(1,296)	(1,023)
Others	(4,992)	—
Total deferred tax liabilities	(120,169)	(94,611)

Deferred tax assets, net	30,986	18,804

Note (a) — Deferred tax liabilities were provided for the unbilled service fee charged to VIEs by WFOEs pursuant to the exclusive business cooperation agreement entered into between VIEs and WFOEs as discussed in Note 1(b).

As of December 31, 2023, the Group had net operating loss carry forwards of approximately RMB664,903 which mainly arose from the subsidiaries and consolidated VIEs established in the PRC. The loss carries forwards from PRC entities will expire during the calendar year from 2025 to 2033. The net operating loss of the Group will start to expire if not utilized. Other than the expiration, there are no other limitations or restrictions upon Group’s ability to use these operating losses carry forwards.

As of December 31, 2023, net operating loss carry forwards from PRC entities will expire as follows:


At December 31,		RMB
2025		637
2026		229,407
2027		121,352
2028		276,714
2031		17,408
2032		14,029
2033		5,356
		664,903

Movement of valuation allowance


	Year Ended
	December 31,
	2021	2022	2023
	RMB	RMB	RMB
Balance at the beginning of the year	621	47,430	72,783
Additions	46,809	25,353	(3,209)
Balance at the end of the year	47,430	72,783	69,574

As of December 31, 2022 and 2023, valuation allowances of RMB72,783 and RMB69,574 were provided because it was more likely than not that certain entities within the Group will not be able to utilize certain tax losses carry forwards and other deferred tax assets generated. If events occur in the future that allow these entities to realize more of its deferred tax assets than the presently recorded amount, an adjustment to the valuation allowances will increase income when those events occur.

The Group evaluates the level of authority for each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. The evaluation involves considerable judgement and is based on the best information available. For the year ended December 31, 2022, the Group identified the uncertain tax position related to certain commission expenses and recognized RMB176,880 tax liability in other non-current liabilities, which is based on the best estimate of the largest amount of tax benefit that is more likely than not to be realized. Included within the unrecognized tax benefit is the tax benefit of RMB209,078 that, if recognized, would impact the Group’s effective tax rate. It is possible that the estimate and ultimate settlement of this uncertain tax position may be further change based on further interactions with tax authorities. For the year ended December 31, 2023, the Group accrued RMB18,163 as the interest on the unrecognized tax benefit. The Group did not expect any material increase or decrease in unrecognized tax liability within 12 months following the reporting date.

The following table summarizes the Group’s unrecognized tax benefit from January 1, 2022 to December 31, 2023:


	Year Ended December 31,
	2022	2023
	RMB	RMB
Balance at the beginning of the year	—	179,490
Tax Positions related to current year:
Additions	179,490	—
Tax Positions related to prior year:
Additions	—	18,163
Reductions	—	(8,966)
Balance at the end of the year	179,490	188,687

The material jurisdiction in which the Group is subject to potential examination is the Chinese mainland. In general, the tax authorities in the Chinese mainland have three years, and in special cases up to five years, to conduct examinations of the tax filings of the Group’s PRC subsidiaries.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Certain risks and concentration - Summarized customers with greater than 10 percent of the account receivables (Details) - Credit and concentration risk - Accounts receivable

12 Months Ended

Dec. 31, 2022

^[1]

Customer A

Certain risks and concentration

Concentration risk (as on percentage)

11.00%

Customer B

Certain risks and concentration

Concentration risk (as on percentage)

21.00%

Customer C

Certain risks and concentration

Concentration risk (as on percentage)

12.00%

[1]	Less than 10%

Leases - Lease term and discount rates (Details)	Dec. 31, 2023	Dec. 31, 2022
Leases
Operating leases, Weighted-average remaining lease term	7 years 4 months 17 days	7 months 6 days
Operating leases, Weighted-average discount rate	4.70%	4.70%

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥) ¥ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares
Revenues
Total revenues	¥ 2,958,647	$ 416,716	¥ 2,838,190	¥ 3,585,391
Cost of revenues	(1,209,464)	(170,349)	(556,923)	(557,177)
Research and development expenses	(91,461)	(12,882)	(90,655)	(93,882)
Sales and marketing expenses	(1,507,432)	(212,317)	(2,712,330)	(2,950,972)
General and administrative expenses	(125,528)	(17,680)	(112,403)	(118,973)
Other operating income/(loss)	(25,827)	(3,638)	12,876	26,614
Loss from operations	(1,065)	(150)	(621,245)	(108,999)
Interest and investment income	117,247	16,514	52,389	30,560
Interest expense to third parties	(4,228)	(596)	(31,282)	(38,051)
Foreign exchange (losses)/gains, net	(3,255)	(458)	3,787	(7,935)
Other (loss)/income, net	63	9	(413)	(190)
(Loss)/income before income tax expense	108,762	15,319	(596,764)	(124,615)
Income tax expense	(21,021)	(2,961)	(114,476)	0
Net (loss)/income	87,741	12,358	(711,240)	(124,615)
Accretion of convertible redeemable preferred shares	0	0	0	(4,729,719)
Deemed dividend to preferred shareholders (Note 13)	0	0	0	(104,036)
Net (loss)/income attributable to ordinary shareholders of Smart Share Global Limited	87,741	12,358	(711,240)	(4,958,370)
Net (loss)/income	87,741	12,358	(711,240)	(124,615)
Other comprehensive (loss)/income
Foreign currency translation adjustments, net of nil tax	18,896	2,661	112,372	(150,267)
Total comprehensive (loss)/income	106,637	15,019	(598,868)	(274,882)
Accretion of convertible redeemable preferred shares	0	0	0	(4,729,719)
Deemed dividend to preferred shareholders	0	0	0	(104,036)
Comprehensive (loss)/income attributable to ordinary shareholders of Smart Share Global Limited	¥ 106,637	$ 15,019	¥ (598,868)	¥ (5,108,637)
Net (loss)/income per share attributable to ordinary shareholders of Smart Share Global Limited
Net (loss)/income per share - basic \| (per share)	¥ 0.17	$ 0.02	¥ (1.37)	¥ (12.20)
Net (loss)/income per share - diluted \| (per share)	¥ 0.17	$ 0.02	¥ (1.37)	¥ (12.20)
Weighted average number of ordinary shares
Weighted average number of ordinary shares outstanding - basic	519,802,240	519,802,240	518,307,406	406,567,584
Weighted average number of ordinary shares outstanding - diluted	519,802,240	519,802,240	518,307,406	406,567,584
Mobile device charging
Revenues
Total revenues	¥ 2,869,215	$ 404,120	¥ 2,813,619	¥ 3,558,654
Mobile device charging service
Revenues
Total revenues	1,577,379	222,169	2,754,143	3,455,797
Mobile device charging solution
Revenues
Total revenues	173,152	24,388	0	0
Power bank and cabinet sales
Revenues
Total revenues	1,118,684	157,563	59,476	102,857
Others
Revenues
Total revenues	¥ 89,432	$ 12,596	¥ 24,571	¥ 26,737

Restricted net assets (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
Restricted net assets (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Restricted net assets
Statutory general reserve fund	10.00%
Total restricted net assets	¥ 1,434,186	¥ 1,294,247

Share-based compensation - RSU (Details) - $ / shares	1 Months Ended		4 Months Ended	12 Months Ended
Share-based compensation - RSU (Details) - $ / shares	Dec. 31, 2023	Aug. 31, 2021	Jul. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
RSUs
Number of Shares
Beginning Non vested shares				6,359,333	12,414,203	20,904,995
Vested Shares				(4,634,284)	(5,341,452)	(7,629,599)
Forfeited shares				(533,145)	(713,418)	(861,193)
Ending Non vested shares	1,191,904			1,191,904	6,359,333	12,414,203
Weighted Average Grant Date Fair Value
Beginning Non vested weighted average grant date fair value				$ 0.6531	$ 0.6037	$ 0.5415
Vested weighted average grant date fair value				0.5564	0.5265	0.4302
Forfeited weighted average grant date fair value				0.8737	0.7401	0.6266
Ending Non vested weighted average grant date fair value	$ 0.9304			$ 0.9304	$ 0.6531	$ 0.6037
Vesting of share options
Number of Shares
Granted	809,416	5,055,208	832,236	809,416		5,009,222
Cancelled				355,012	451,726	228,624
Vested and expected to vest, share options	4,643,277			4,643,277

Income/(Loss) per share (Tables)

12 Months Ended

Dec. 31, 2023

Net (loss)/income per share attributable to ordinary shareholders of Smart Share Global Limited

Basic income/(loss) per share and diluted income/(loss) per share


	Year Ended
	December 31,
	2021	2022	2023
	RMB	RMB	RMB
Numerator:
Net (loss)/income	(124,615)	(711,240)	87,741
Less: Accretion on convertible redeemable preferred shares to redemption value	(4,729,719)	—	—
Less: deemed dividend to the shareholders	(104,036)	—	—
Net (loss)/income attributable to ordinary shareholders - basic and diluted	(4,958,370)	(711,240)	87,741
Denominator:
Weighted average number of ordinary shares outstanding - basic and diluted	406,567,584	518,307,406	519,802,240
Net (loss)/income per share - basic and diluted	(12.20)	(1.37)	0.17

Anti-dilutive (loss)/income per share


	Year Ended December 31,
	2021	2022	2023
Shares issuable upon vesting of RSUs	10,723,068	490,148	2,188,603
Shares issuable upon vesting of share options	2,821,137	—	4,615,980
Total	13,544,205	490,148	6,804,583

Share-based compensation - Expense (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based compensation
Stock-based compensation expense	¥ 20,339	¥ 28,245	¥ 30,673
General and administrative expenses
Share-based compensation
Stock-based compensation expense	15,757	21,383	23,688
Research and development expenses
Share-based compensation
Stock-based compensation expense	1,141	1,679	1,462
Selling expenses
Share-based compensation
Stock-based compensation expense	3,328	4,983	5,252
Cost of revenues
Share-based compensation
Stock-based compensation expense	¥ 113	¥ 200	¥ 271

Summary of principal accounting policies - Accounts receivable, net (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts receivable, net
Balance at the beginning of year	¥ 5,086	¥ 5,986	¥ 3,268
Provision for doubtful accounts	6,431	3,435	3,206
Write-offs	0	(4,335)	(488)
Balance at the end of year	11,944	5,086	5,986
Accounting Standards Update 2016-13
Accounts receivable, net
Adoption of ASC Topic 326	¥ 427	¥ 0	¥ 0

Other non-current assets

12 Months Ended

Dec. 31, 2023

Other non-current assets

Other non-current assets

8. Other non-current assets

Other non-current assets consist of the following:


	As of December 31,
	2022	2023
	RMB	RMB
Prepayment to location partners^(a)	11,649	10,422
Prepayment for purchase of property, equipment and software	15,038	3,968
Deposits	7,790	6,505
Others	1,421	992
Less: Allowance for credit losses	—	(266)
Total	35,898	21,621

(a)

As discussed in Note 6(a), as of December 31, 2022 and 2023, the Company assessed the recoverability of these prepayments based on the actual performance of each of the location partners. For the years ended December 31, 2021, 2022, and 2023, the Group recognized nil, RMB87,069 and RMB10,271, respectively for impairments of the non-current prepaid commissions to the location partners whose businesses were wound up in 2022 as a result of the surge of COVID-19 infections in certain regions in 2022 and deteriorated performance of certain individual location partners in 2023.

The following table summarizes the activity in the allowance for credit losses related to deposits in other non-current assets for the year ended December 31, 2023:


		Year Ended
		December 31,2023
		RMB
Balance as at December 31, 2022		—
Adoption of ASC Topic 326		67
Balance as at January 1, 2023		67
Current period provision, net		199
Balance as at December 31, 2023		266

Accounts and notes payable and accruals and other current liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Accounts and notes payable and accruals and other current liabilities

Schedule of accounts and notes payable


	As of December 31,
	2022	2023
	RMB	RMB
Commission payables to network partners and location partners	546,739	408,444
Entry fees payable to location partners	46,359	28,345
Payables for purchase of goods	185,736	273,906
Payables for maintenance cost	23,631	21,453
Others	7,732	32,593
Total	810,197	764,741

Schedule of accruals and other current liabilities


	As of December 31,
	2022	2023
	RMB	RMB
Customer deposits	229,356	250,849
Advance from network partners	—	27,961
Contract liabilities^(a)	—	18,681
Warranty liabilities	—	7,399
Derivative liabilities	2,592	—
Others	36,059	32,069
Total	268,007	336,959

Schedule of reconciliation related to carried-forward contract liabilities


		Year Ended
		December 31,2023
		RMB
Contract liabilities - beginning of year		—
Additions		67,033
Recognition		(48,352)
Contract liabilities - end of year		18,681

CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Cash flows from operating activities:
Net (loss)/income	¥ 87,741	$ 12,358	¥ (711,240)	¥ (124,615)
Adjustments for:
Depreciation and amortization expense	257,630	36,286	421,345	396,906
Amortization of right-of-use assets	17,672	2,489	27,716	0
Allowance for credit losses	6,680	941	3,435	3,206
Impairments of property, equipment and software	2,588	365	21,560	0
Inventory write-downs	12	2	9,273	0
Change in fair value of derivative instruments	(2,592)	(365)	2,592	0
Foreign exchange losses/(gains)	3,255	458	(3,787)	7,935
Change in fair value of short-term investments	(14,639)	(2,062)	(12,539)	(6,272)
Share-based compensation expenses	20,339	2,865	28,245	30,673
Deferred income taxes	12,182	1,716	(65,431)	554
Amortization of entry fees	64,863	9,136	217,819	458,897
Loss on disposal of property, equipment and software	13,945	1,964	21,303	7,638
Gain on derecognition of financing payable and accounts payable	0	0	(21,669)	0
Amortization and impairment of prepayments to location partners	109,968	15,489	353,745	167,167
Changes in assets and liabilities:
Accounts and notes receivable	(260,112)	(36,636)	586	(4,966)
Prepayments and other current assets	(212,531)	(29,934)	19,724	(687,515)
Inventory	306,837	43,217	(5,951)	(4,373)
Long-term prepayment to a related party	71	10	0	0
Other non-current assets	(11,798)	(1,662)	(127,160)	(140,933)
Accounts and notes payable	(23,257)	(3,276)	149,258	(45,381)
Salary and welfare payable	32,377	4,560	(9,177)	48,008
Tax payable	82,403	11,606	192,574	56,784
Financing payable	(94,294)	(13,281)	21,937	17,300
Accruals and other current liabilities	28,057	3,952	25,368	29,276
Other non-current liabilities	6,261	882	172,834	16,489
Lease liabilities	(17,159)	(2,417)	(24,218)	0
Net cash generated from operating activities	416,499	58,663	708,142	226,778
Cash flows from investing activities:
Purchase of property, equipment and software from third parties	(182,010)	(25,636)	(439,554)	(262,993)
Purchase of property, equipment and software from a related party	0	0	(3,324)	(209,397)
Proceeds from disposal of property and equipment	7,312	1,030	3,710	0
Purchase of short-term investments	(7,277,115)	(1,024,960)	(7,689,412)	(2,223,897)
Proceeds from maturities of short-term investments	6,853,278	965,264	7,104,583	982,000
Net cash used in investing activities	(598,535)	(84,302)	(1,023,997)	(1,714,287)
Cash flows from financing activities:
Proceeds from IPO, net of underwriter discounts and commissions and other offering costs paid	0	0	0	896,320
Repayment of borrowings to third parties	0	0	0	(24,500)
Proceeds of financing from network partners	208	29	1,758	3,445
Repayment of financing to network partners	(14,467)	(2,038)	(60,478)	(95,063)
Repurchase of Class A ordinary shares	(13,703)	(1,930)	(19,738)	(5,932)
Proceeds from exercised of options	6	1	4	0
Net cash generated from/(used in) financing activities	(27,956)	(3,938)	(78,454)	1,563,397
Effect of exchange rate changes on cash and cash equivalents and restricted cash	7,501	1,057	42,095	(42,794)
Net increase/(decrease) in cash and cash equivalents and restricted cash	(202,491)	(28,520)	(352,214)	33,094
Cash and cash equivalents and restricted cash at the beginning of year	984,381	138,647	1,336,595	1,303,501
Cash and cash equivalents and restricted cash at the end of year	781,890	110,127	984,381	1,336,595
Supplemental disclosures of cash flow information:
Cash paid for income taxes	458	65	0	5,383
Cash paid for interest to third parties	1,334	188	9,260	20,646
Supplemental disclosures of non-cash investing and financing activities:
Accretion to redemption value of convertible redeemable preferred shares	0	0	0	4,729,719
Conversion of convertible redeemable preferred shares to ordinary shares	0	0	0	10,880,708
Changes in property, equipment and software in accounts and notes payable	(39,061)	(5,502)	43,788	(33,473)
Changes in property, equipment and software in other non-current assets	2,421	341	4,882	14,727
Changes in property, equipment and software in amounts due to a related party	0	0	(23,290)	54,649
Changes in property, equipment and software in long-term prepayment to a related party	0	0	19,965	(3,554)
Reclassification of inventory to property, equipment and software	315,204	44,396	0	0
Reclassification of property, equipment and software to inventory	727,531	102,471	0	0
Series D-1 Convertible Redeemable Preferred Shares
Cash flows from financing activities:
Proceeds from issuance of Convertible Redeemable Preferred Shares, net of issuance costs	0	0	0	(4,671)
Series D-2 Convertible Redeemable Preferred Shares
Cash flows from financing activities:
Proceeds from issuance of Convertible Redeemable Preferred Shares, net of issuance costs	¥ 0	$ 0	¥ 0	¥ 793,798

Summary of principal accounting policies - Assets and liabilities measured at fair value on recurring basis (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Summary of principal accounting policies
Short-term investments	¥ 2,541,889	$ 358,018	¥ 2,091,198
Derivative liabilities	0		2,592
Recurring \| Level 2
Summary of principal accounting policies
Short-term investments	2,541,889		2,091,198
Derivative liabilities	¥ 0		¥ (2,592)

Income/(Loss) per share

12 Months Ended

Dec. 31, 2023

Net (loss)/income per share attributable to ordinary shareholders of Smart Share Global Limited

Income/(Loss) per share

15. Income/(Loss) per share

Basic income/(loss) per share and diluted income/(loss) per share have been calculated in accordance with ASC 260 Earnings per share for the years ended December 31, 2021, 2022 and 2023 as below:


	Year Ended
	December 31,
	2021	2022	2023
	RMB	RMB	RMB
Numerator:
Net (loss)/income	(124,615)	(711,240)	87,741
Less: Accretion on convertible redeemable preferred shares to redemption value	(4,729,719)	—	—
Less: deemed dividend to the shareholders	(104,036)	—	—
Net (loss)/income attributable to ordinary shareholders - basic and diluted	(4,958,370)	(711,240)	87,741
Denominator:
Weighted average number of ordinary shares outstanding - basic and diluted	406,567,584	518,307,406	519,802,240
Net (loss)/income per share - basic and diluted	(12.20)	(1.37)	0.17

For the years ended December 31, 2021, 2022 and 2023, the effects of all outstanding RSUs and share options have been excluded from the computation of diluted (loss)/income per share as their effects would be antidilutive.

The potentially dilutive securities that have not been included in the calculation of diluted net (loss)/income per share as their inclusion would be anti-dilutive are as follows:


	Year Ended December 31,
	2021	2022	2023
Shares issuable upon vesting of RSUs	10,723,068	490,148	2,188,603
Shares issuable upon vesting of share options	2,821,137	—	4,615,980
Total	13,544,205	490,148	6,804,583

Condensed financial information of the parent company - Condensed Statement of Cash Flows (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)
Statements
Net cash generated from operating activities	¥ 416,499	$ 58,663,000	¥ 708,142		¥ 226,778
Net cash used in investing activities	(598,535)	(84,302,000)	(1,023,997)		(1,714,287)
Net cash generated from/(used in) financing activities	(27,956)	(3,938,000)	(78,454)		1,563,397
Net decrease in cash and cash equivalents	(202,491)	(28,520,000)	(352,214)		33,094
Cash and cash equivalents at beginning of year	948,773
Cash and cash equivalents at end of year	588,644	82,909,000	948,773
Parent Company [Member]
Statements
Operating activities with external parties	(9,575)		(5,559)		23,705
Net cash generated from operating activities	(9,575)		(5,559)		23,705
Investments in subsidiaries	0		0		(1,048,953)
Loans to subsidiaries	0		(31,394)		(1,300,477)
Loans repaid by subsidiaries	19,255		0		0
Investing activities with external parties	0		920		0
Net cash used in investing activities	19,255		(30,474)		(2,349,430)
Financing activities with external parties	(13,697)		(19,734)		1,679,515
Net cash generated from/(used in) financing activities	(13,697)		(19,734)		1,679,515
Effect of foreign exchange rate changes on cash and cash equivalents	17		2,078		(17,475)
Net decrease in cash and cash equivalents	(4,000)		(53,689)		(663,685)
Cash and cash equivalents at beginning of year	5,390		59,079		722,764
Cash and cash equivalents at end of year	1,390		5,390		59,079
Variable Interest Entities
Statements
Net cash used in investing activities \| $		$ 0		$ 0		$ 0
Cash and cash equivalents at beginning of year	90
Cash and cash equivalents at end of year	107		90
Variable interest entity primary beneficiary excluding intra group
Statements
Operating activities with external parties	(11,988)		(8,616)		(73,720)
Variable interest entity primary beneficiary intra group
Statements
Net cash generated from operating activities	17		(516)		(3,975)
Net decrease in cash and cash equivalents	¥ 17		¥ (516)		¥ (3,975)

Summary of principal accounting policies (Tables)

12 Months Ended

Dec. 31, 2023

Summary of principal accounting policies

Schedule of assets and liabilities measured at fair value on a recurring basis


	Fair Value Measurement Using Significant
	Other Observable Inputs (Level 2)
	As of December 31,
	2022	2023
	RMB	RMB
Short-term investments	2,091,198	2,541,889
Derivative liabilities	(2,592)	—

Schedule of cash and cash equivalents and restricted cash as reported in the consolidated statements of cash flows


	As of December 31,
	2022	2023
	RMB	RMB
Cash and cash equivalents	948,773	588,644
Restricted cash	14,608	173,246
Long-term restricted cash	21,000	20,000
Total	984,381	781,890

Summary of movement of allowance for credit losses


	Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Balance at the beginning of year	3,268	5,986	5,086
Adoption of ASC Topic 326	—	—	427
Provision for doubtful accounts	3,206	3,435	6,431
Write-offs	(488)	(4,335)	—
Balance at the end of year	5,986	5,086	11,944

Summary of useful life of property, equipment and software


Cabinets		4 to 5 years
Power banks		3 years
Computer and electronic equipment		3 years
Production tools		5 years
Software		10 years
Photovoltaic power stations		20 years
Others		3 to 5 years
Leasehold improvements		Shorter of the estimated useful lives or the lease term

Schedule of aggregate financing payables current and non-current


	Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Balance at the beginning of year	244,151	169,833	108,553
Addition	3,445	1,758	208
Accretion of interest	37,806	31,196	4,229
Repayment	(115,569)	(69,738)	(15,800)
Derecognition (*)	—	(24,496)	(97,190)
Balance at the end of year	169,833	108,553	—

Schedule of revenue by different models and streams


	Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Direct model	2,531,977	1,617,793	1,083,300
Mobile device charging service	2,458,794	1,587,298	1,058,636
Power bank sales	73,183	30,495	24,664
Network partner model	1,026,677	1,195,826	1,785,915
Mobile device charging service	997,003	1,166,845	518,743
Mobile device charging solution	—	—	173,152
Power bank and cabinet sales	29,674	28,981	1,094,020
Total	3,558,654	2,813,619	2,869,215


As reported under new classification			As reported before reclassification
	Year ended December 31, 2021	Year ended December 31, 2022		Year ended December 31, 2021	Year ended December 31, 2022
	RMB	RMB		RMB	RMB
Mobile device charging service	3,455,797	2,754,143	Mobile device charging business	3,455,797	2,754,143
Direct model	2,458,794	1,587,298
Network partner model	997,003	1,166,845
Power bank and cabinet sales	102,857	59,476	Power bank sales	102,857	59,476
Direct model	73,183	30,495
Network partner model	29,674	28,981
Mobile device charging	3,558,654	2,813,619
Others	26,737	24,571	Others	26,737	24,571
Total	3,585,391	2,838,190	Total	3,585,391	2,838,190

Schedule of carried-forward warranty liabilities


		For the Year Ended December 31,
		2023
		RMB
Warranty – beginning of year		—
Provision for warranty		24,422
Warranty costs incurred		(15,423)
Warranty – end of year		8,999

Share based compensation - Option activities (Details) ¥ in Thousands	1 Months Ended		4 Months Ended	12 Months Ended
	Dec. 31, 2023 CNY (¥) $ / shares shares	Aug. 31, 2021 shares	Jul. 31, 2023 shares	Dec. 31, 2023 CNY (¥) $ / shares shares	Dec. 31, 2022 CNY (¥) $ / shares shares	Dec. 31, 2021 CNY (¥) $ / shares shares	Dec. 31, 2023 $ / shares
Weighted Average Grant Date Fair Value per Share
Weighted Average Remaining Contractual Life				7 years 10 months 28 days	8 years 7 months 20 days	9 years 7 months 20 days
Weighted average remaining contractual life vested and expected to vest				7 years 10 months 28 days
Weighted average remaining contractual life, Exercisable				7 years 7 months 20 days
Aggregate Intrinsic Value \| ¥	¥ 7,909			¥ 7,909	¥ 16,667	¥ 21,945
Aggregate intrinsic value vested and expected to vest \| ¥	7,909			7,909
Aggregate intrinsic value, Exercisable \| ¥	¥ 3,448			¥ 3,448
RSUs
Weighted Average Grant Date Fair Value per Share
Forfeited weighted average grant date fair value				¥ 0.8737	¥ 0.7401	¥ 0.6266
Vesting of share options
Share Options
Beining balance of share options \| shares				4,272,912	4,780,598	0
Granted \| shares	809,416	5,055,208	832,236	809,416		5,009,222
Exercised \| shares				(76,454)	(55,960)
Cancelled \| shares				(7,585)
Forfeited \| shares				(355,012)	(451,726)	(228,624)
Ending balance of share options \| shares	4,643,277			4,643,277	4,272,912	4,780,598
Vested and expected to vest, share options \| shares	4,643,277			4,643,277
Exercisable \| shares	2,024,660			2,024,660
Weighted Average Grant Date Fair Value per Share
Beining balance of outstanding				¥ 1.4350	¥ 1.4350	¥ 0
Granted				0.5247		1.4350
Exercised				1.4350	1.4350
Cancelled				1.4350
Forfeited				1.2410	1.4350	1.4350
Ending balance of outstanding	¥ 1.2911			¥ 1.2911	¥ 1.4350	¥ 1.4350
Vested and expected to vest, weighted average grant date fair value							$ 1.2911
Exercisable, weighted average grant date fair value							$ 1.4350

Prepayments and other current assets - Summary of allowance for credit losses (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)
Summary of activity in allowance for credit losses
Beginning balance	¥ 0
Current period provision, net	6,680
Ending balance	196
Cumulative effect of adoption of new accounting standard
Summary of activity in allowance for credit losses
Beginning balance	146
Current period provision, net	50
Ending balance	196
Accounting Standards Update 2016-13 \| Cumulative effect of adoption of new accounting standard
Summary of activity in allowance for credit losses
Beginning balance	¥ 146

Income taxes - Reconciliation of effective income tax rate (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income taxes
Statutory income tax rate	25.00%	25.00%	25.00%
Difference in tax rates of subsidiaries outside PRC	0.00%	0.00%	0.00%
Effect of permanent differences	3.00%	(6.00%)	(7.00%)
Research and development super deduction		3.00%	15.00%
Research and development super deduction	(19.00%)
Non-taxable income	(13.00%)	1.00%	1.00%
Effect of tax holiday	0.00%	0.00%	2.00%
Change in estimates for uncertain tax positions	17.00%	(35.00%)	0.00%
Others	9.00%	(3.00%)	0.00%
Change in valuation allowance	(3.00%)	(4.00%)	(36.00%)
Effect tax rate	19.00%	(19.00%)	0.00%

Convertible redeemable preferred shares

12 Months Ended

Dec. 31, 2023

Convertible redeemable preferred shares

Convertible redeemable preferred shares

13. Convertible redeemable preferred shares

Series Seed Convertible Redeemable Preferred Shares (“Series Seed Preferred Shares”)

On July 25, 2017, the Company issued 85,185,184 Series Seed Preferred Shares to certain third-party investors at the purchase price of US$0.06275 per share with an aggregate consideration of US$5,345 (equivalent to RMB36,597). Upon the issuance, the carrying value of Series Seed Preferred Shares were accreted immediately to their fair value of US$0.11 which was also the redemption value. The cost incurred for issuance of Series Seed Preferred Shares was US$45 (equivalent to RMB305). Certain Series Seed Preferred Shares investor did not pay the consideration with amount of US$4,183 (equivalent to RMB28,711) when the Series Seed Preferred Shares was issued, but paid the consideration in December 2019 when such Series Seed Preferred Shares investor completed its regulatory overseas investment registration under relevant PRC laws.

Series A Convertible Redeemable Preferred Shares (“Series A Preferred Shares”)

On July 25, 2017, the Company issued 37,037,035 Series A Preferred Shares to certain third-party investors at the purchase price of US$0.27 per share with an aggregate consideration of US$10,000 (equivalent to RMB66,957). The cost incurred for issuance of Series A Preferred Shares was US$85 (equivalent to RMB570).

Series A-1 Convertible Redeemable Preferred Shares (“Series A-1 Preferred Shares”)

On September 26, 2017, the Company issued 69,570,808 Series A-1 Preferred Shares to certain third-party investors at the purchase price of US$0.2824 per share with an aggregate consideration of US$19,646 (equivalent to RMB130,056). The cost incurred for issuance of Series A-1 Preferred Shares was US$346 (equivalent to RMB2,273). Certain Series A-1 Preferred Shares investor did not pay the consideration with amount of US$1,515 (equivalent to RMB10,399) when the Series A-1 Preferred Shares was issued, but paid the consideration in December 2019 when such Series A-1 Preferred Shares investor completed its regulatory overseas investment registration under relevant PRC laws.

In connection with the issuance of Series A-1 Preferred Shares, the Company issued a warrant to one of the investors which entitled this investor, at its discretion, to purchase the same seniority of preferred shares to be issued in the next round of equity financing of the Company (“Next Financing”) at the price equals to 85% of the per share purchase price in the Next Financing, with a total consideration up to US$10,000. On August 9, 2018, the warrant was partially exercised with total amount of US$ 3,000 (equivalent to RMB20,668) for the subscription of Series B-1 Preferred Shares with the remaining unexercised warrant expiring. The remaining warrant liability of US$ 1,235 (equivalent to RMB8,416) was reversed upon the expiration with a corresponding gain from reversal of liability recorded in the consolidated statements of comprehensive income/(loss).

On June 14, 2018, the Company issued 6,347,117 Series A-1 Preferred Shares to a third-party investor at the purchase price of US$0.2824 per share with an aggregate consideration of US$1,792 (equivalent to RMB11,465). The cost incurred for issuance of Series A-1 Preferred Shares was immaterial. The per share fair value of Series A-1 Preferred Shares on the date of the transaction was US$0.3021 and the excess of fair value over the issuance price with the aggregate amount of US$126 (equivalent to RMB834) was recorded as professional expense within general and administrative expenses as this investor provided service to the Group.

On December 10, 2020, the warrant which was issued in connection with the receipts of short-term borrowings were exercised by the third-party investor to purchase 885,269 Series A-1 Preferred Shares at the purchase price of US$0.2824 per share for an aggregate amount of US$250 (equivalent to RMB1,631). Warrant liability was re-measured to the date when this investor exercised the warrant. The Company recorded Series A-1 Preferred Shares based on its fair value as of the date of issuance in the amount of US$1,660 (equivalent to RMB11,262).

Series B-1/ B-2 Convertible Redeemable Preferred Shares (“Series B1/ B2 Preferred Shares”, collectively referred to as Series B Preferred Shares)

On August 9, 2018, the Company issued 7,467,196 Series B-1 Preferred Shares and 40,228,492 Series B-2 Preferred Shares to certain third-party investors at the purchase price of US$0.4018 and US$0.4727 per share with an aggregate consideration of US$3,000 (equivalent to RMB20,668) and US$19,014 (equivalent to RMB130,441), respectively. The cost incurred for issuance of Series B Preferred Shares was US$746 (equivalent to RMB5,159). Series B-1 Preferred Shares were issued in connection with the partial exercise of the warrant previously issued to one of the investors of Series A-1 Preferred Shares as aforementioned.

Series C-1 Convertible Redeemable Preferred Shares (“Series C-1 Preferred Shares”)

On October 15, 2019, the Company issued 57,653,035 Series C-1 Preferred Shares to certain third-party investors at the purchase price of US$0.9366 per share with an aggregate consideration of US$54,000 (equivalent to RMB381,883). The cost incurred for issuance of Series C-1 Preferred Shares was US$1,360 (equivalent to RMB9,492).

Repurchase of Preferred Shares

On October 15, 2019, the Company repurchased and cancelled 7,301,030 Series Seed and 3,654,318 Series A Preferred Shares at the repurchase price of US$0.8218 per share with total consideration of US$9,000 (equivalent to RMB63,065). The per share fair value of Series Seed and Series A Preferred Shares on the date of the transaction were $0.4855 and $0.5325, respectively, and the Company recorded the aggregate amount of US$3,512 (equivalent to RMB24,229) in accumulated deficit as a deemed dividend to the shareholders which represented the excess of the purchase price of the repurchased preferred shares over their fair value on the date of transaction.

Series C-2 Convertible Redeemable Preferred Shares (“Series C-2 Preferred Shares”, together with Series C-1 Preferred Shares, referred to as Series C Preferred Shares)

On December 24, 2019, the Company issued 10,224,598 Series C-2 Preferred Shares to certain third-party investors at the purchase price of US$0.9780 per share with an aggregate consideration of US$10,000 (equivalent to RMB71,531). The cost incurred for issuance of Series C-2 Preferred Shares was US$252 (equivalent to RMB1,758). As of December 31, 2019, certain Series C-2 Preferred Shares investor did not pay the consideration with amount of US$3,500 (equivalent to RMB24,458) when the Series C-2 Preferred Shares was issued, but paid the consideration in January 2020 accordingly to the consideration payment schedule.

Series D-1 Convertible Redeemable Preferred Shares (“Series D-1 Preferred Shares”)

On December 10, 2020 and December 29, 2020, the Company issued an aggregate of 42,329,835 Series D-1 Preferred Shares to certain third-party investors at the purchase price of US$2.5986 per share with an aggregate consideration of US$110,000 (equivalent to RMB719,401). The cost incurred for issuance of Series D-1 Preferred Shares was US$916 (equivalent to RMB5,979).

Series D-2 Convertible Redeemable Preferred Shares (“Series D-2 Preferred Shares”)

On January 6, 2021, the Company issued 43,624,956 Series D-2 Preferred Shares to a third-party investor at the purchase price of US$2.8425 per share with an aggregate consideration of US$124,002 (equivalent to RMB801,104). The issuance cost was US$1,131 (equivalent to RMB7,306). In addition, the investor of Series D-2 Preferred Shares also purchased 32,761,153 preferred shares from certain holders of Series Seed, Series A, Series A-1 and Series C-2 Preferred Shares at the purchase price of US$2.2740 per share, with an aggregate consideration of US$74,498. These preferred shares were re-designated by the Company to 32,761,153 Series D-2 Preferred Shares. The Company recorded an amount of US$16,104 (equivalent to RMB104,036), being the excess of the fair value of the Series D-2 Preferred Shares obtained by the investor over the aggregated fair value of the preferred shares purchased by the investor on the date of the transaction, in accumulated deficit as a deemed dividend to the shareholders which represented the transfer of value from the holders of Series Seed, Series A, Series A-1 and Series C-2 Preferred Shares to the investor of Series D-2 Preferred Shares.

The Series Seed, Series A, Series A-1, Series B, Series C, Series D 1 and Series D-2 Preferred Shares are collectively referred to as the “Preferred Shares”.

The significant terms of Preferred Shares are summarized below:

Dividends

The Preferred Shares do not include a fixed dividend rate. The dividends shall be distributed ratably among all of the holders of Preferred Shares on an as-converted basis, as and if declared at the sole discretion of the shareholders. Unless and until any dividend or dividend in like amount has been paid in full on the Series D-1 Preferred Shares (on an as if-converted basis), the Company shall not declare, pay or set apart for payment, any dividend and other distributions on any other series of Preferred Shares.

Liquidation preference

Liquidation Events include (a) any liquidation, dissolution or winding up of the Company, whether voluntary or involuntary, or (b) any following events including (i) any consolidation, reorganization, amalgamation or merger of the Company and/or its subsidiaries or shareholders of the subsidiaries with or into any person, or any other corporate reorganization or scheme of arrangement, including a sale or acquisition of equity securities of the Company, in which the shareholders of the Company or shareholders of the subsidiaries immediately before such transaction own less than fifty percent (50%) of the voting power of the surviving company immediately after such transaction, (ii) sale, lease, transfer, license or other disposition, in a single transaction or series of related transactions, by the Group of all or substantially all of the assets and/or intellectual property of the Group, (iii) exclusive license of all or substantially all of the intellectual property rights of the Group to a third party; or (iv) termination of, or invalidation of the VIE Contractual Arrangements without the prior written consent of the certain preferred shareholders and no alternative arrangement is agreed by the Group, the founders of the Group and these certain preferred shareholders within a reasonable time after such termination or invalidation.

In the event of any Liquidation Events, all assets and funds of the Company legally available for distribution (after satisfaction of all creditors’ claims and claims that may be preferred by law) shall be distributed in the preference order of Series D-1 Preferred Shares, Series C Preferred Shares, Series B Preferred Shares, Series A-1 Preferred Shares, Series A Preferred Shares and Series Seed Preferred Shares, at an amount equal to one hundred percent (100%) of the applicable issuance price of each Preferred Shares, plus all dividends accrued and unpaid.

After distribution or payment in full of the amount distributable or payable on the Preferred Shares, the remaining assets of the Company available for distribution to Shareholders shall be distributed ratably among the holders of outstanding ordinary shares and holders of Preferred Shares on an as-converted basis.

If upon any Liquidation Events, the assets of the Company available for distribution to its shareholders shall be insufficient to pay the holders of holders of Preferred Shares the full amount to which they shall be entitled, the holders of Preferred Shares shall share ratably in any distribution of the assets available for distribution in proportion to the respective amounts which would otherwise be payable in respect of the shares held by them upon such distribution if all amounts payable on or with respect to such shares were paid in full.

Redemption

If (i) the Company has not consummated a qualified public offering within forty eight (48) months from the issuance date of Series D-1 Preferred Shares, (ii) there is any material breach by any of the Group or the founders of Group any of their representations, warranties, covenants or other obligations under the transaction documents (as defined in the applicable share purchase agreement), which has not been cured within ninety (90) days after such breach, or (iii) any other shareholder of the Company requests the Company to redeem all or portion of any outstanding shares held by such shareholder (“Optional Redemption Date”), upon the earliest occurrence of (i), (ii) or (iii), each holder of Preferred Shares may require that the Company redeems all or any part of the then outstanding Preferred Shares held by such holder in accordance with the following terms in writing.

The price at which each Preferred Share shall be redeemed are summarized as follows:

(i)

with respect to each holder of Series D-1 Preferred Shares, each holder of Series C Preferred Shares, each holder of Series B Preferred Shares and each holder of Series A-1 Preferred Shares, the redemption price shall be equal to the greater of (a) the sum applicable issuance price of preferred shares plus a 8% rate of return and declared but unpaid dividends, or (b) fair market value of the preferred share.

(ii)

with respect to each holder of Series Seed Preferred Shares and each holder of Series A Preferred Shares, the redemption price shall be equal to the greater of (a) the sum applicable issuance price of preferred shares plus a 6% rate of return and declared but unpaid dividends, or (b) fair market value of the preferred share.

If the Company’s assets or funds which are legally available on the date that any redemption payment is due are insufficient to pay in full all redemption payments to be paid, those assets or funds which are legally available shall be used to the extent permitted by applicable law to pay all redemption payments due on such date in the sequence of Series D-1 Preferred Share, Series C Preferred Share, Series B Preferred Share, Series A-1 Preferred Share, Series A Preferred Share and Series Seed Preferred Share, in a pro-rata manner in accordance with the relative full amounts owed thereon.

Voting rights

Each Preferred Share shall be entitled to the number of votes equal to the number of ordinary shares into which such Preferred Shares could be converted.

Conversion

Each holder of Preferred Shares shall be entitled to convert any or all of Preferred Shares, at any time, into such number of ordinary shares at an initial conversion ratio of 1:1 subject to customary anti-dilution adjustments.

The Preferred Shares shall automatically be converted into ordinary shares upon the closing of a Qualified Public Offering based on the then-effective conversion price. Qualified Public Offering means a firmly underwritten public offering of the ordinary shares on the Main Board of Hong Kong Stock Exchange, New York Stock Exchange, or NASDAQ Global Market, with an offering price (exclusive of underwriting commissions and expenses) that reflects the gross proceeds to the Company of at least US$100,000,000 and an implied pre-offering market capitalization of the Company of at least US$1,000,000,000, or in a similar public offering of the ordinary Shares of the Company which results in the ordinary shares trading publicly on another internationally recognized major securities exchange.

In April 2021, all classes of Preferred Shares of the Company were converted to Class A ordinary shares immediately prior to the completion of the IPO (Note 3).

Accounting and measurement for preferred shares

The Company classifies the Preferred Shares in mezzanine equity of the consolidated balance sheets because they are redeemable at the holders’ option any time upon the occurrence of certain events outside of the Company’s control. The Preferred Shares are recorded initially at fair value, net of issuance costs.

For each reporting period, the Company accretes the carrying amount of the Preferred Shares to the redemption value, which is the higher of (1) the result of using effective interest rate method to accrete the Preferred Shares to the redemption prices on the Optional Redemption Date, or (2) the fair market value of the Preferred Shares on the reporting date. The accretion is recorded against retained earnings, or in the absence of retained earnings, by charges against additional paid-in-capital, or in the absence of additional paid-in-capital, by charges to accumulated deficit until the Preferred Shares were converted. For the year ended December 31, 2021, the accretion of the Preferred Shares was RMB4,729,719.

The Company has determined that host contract of the Preferred Shares is more akin to an equity host, given the Preferred Shares holders have participating right in the Company like that of the ordinary shareholders, along with other equity-like features in the terms of the Preferred Shares, including the conversion and dividend rights. The Company has assessed each embedded feature in the Preferred Shares, and determined that the conversion and dividend feature to be clearly and closely related to the equity host, and none of these embedded features needs to be bifurcated from the equity host. The Company also assessed the liquidation feature and determined that the debt-like feature does not meet the net settlement and would not result in bifurcation.

The Company has determined that there were no beneficial conversion features identified for any of the Preferred Shares because the effective conversion price was greater than the fair value of the ordinary shares. To the extent a conversion price adjustment occurs, as described above, the Company will re-evaluate whether or not a beneficial conversion feature should be recognized.

The Company’s Preferred Shares activities for the year ended December 31, 2021 are summarized below:


	Series Seed Convertible		Series A Convertible		Series A‑1 Convertible		Series B‑1 Convertible
	Redeemable Preferred		Redeemable Preferred		Redeemable Preferred		Redeemable Preferred
	Shares		Shares		Shares		Shares
	Number of		Number of		Number of		Number of
	Shares	Amount	Shares	Amount	Shares	Amount	Shares	Amount
Balance as of January 1, 2021	77,884,154	1,091,899	33,382,717	472,723	76,803,194	1,089,555	7,467,196	106,828
Re-designation of previously issued preferred shares to Series D-2 Preferred Shares	(13,812,613)	(208,136)	(8,310,604)	(125,999)	(6,171,252)	(93,644)	—	—
Accretion of Convertible Redeemable Preferred Shares to Preference Amount	—	889,582	—	347,662	—	957,778	—	99,626
Proceeds from issuance of Convertible Redeemable Preferred Shares	—	—	—	—	—	—	—	—
FX exchange translation	—	16,047	—	5,829	—	18,922	—	2,090
Conversion of preferred shares to Class A ordinary shares	(64,071,541)	(1,789,392)	(25,072,113)	(700,215)	(70,631,942)	(1,972,611)	(7,467,196)	(208,544)
Balance as of December 31, 2021	—	—	—	—	—	—	—	—



	Series B‑2 Convertible		Series C‑1 Convertible		Series C‑2 Convertible		Series D‑1 Convertible		Series D‑2 Convertible
	Redeemable Preferred		Redeemable Preferred		Redeemable Preferred		Redeemable Preferred		Redeemable Preferred
	Shares		Shares		Shares		Shares		Shares		Total
	Number of		Number of		Number of		Number of		Number of
	Shares	Amount	Shares	Amount	Shares	Amount	Shares	Amount	Shares	Amount	Amount
Balance as of January 1, 2021	40,228,492	578,091	57,653,035	870,794	10,224,598	154,847	42,329,835	773,137	—	—	5,137,874
Re-designation of previously issued preferred shares to Series D-2 Preferred Shares	—	—	—	—	(4,466,684)	(69,801)	—	—	32,761,153	601,616	104,036
Accretion of Convertible Redeemable Preferred Shares to Preference Amount	—	534,164	—	723,457	—	74,859	—	398,193	—	704,398	4,729,719
Proceeds from issuance of Convertible Redeemable Preferred Shares	—	—	—	—	—	—	—	—	43,624,956	793,798	793,798
FX exchange translation	—	11,247	—	15,884	—	902	—	10,859	—	33,501	115,281
Conversion of preferred shares to Class A ordinary shares	(40,228,492)	(1,123,502)	(57,653,035)	(1,610,135)	(5,757,914)	(160,807)	(42,329,835)	(1,182,189)	(76,386,109)	(2,133,313)	(10,880,708)
Balance as of December 31, 2021	—	—	—	—	—	—	—	—	—	—	—

Condensed financial information of the parent company - Condensed Statement of Comprehensive Income - Additional (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statements
Foreign currency translation adjustments, net of tax	¥ 0	¥ 0	¥ 0
Parent Company
Statements
Foreign currency translation adjustments, net of tax	¥ 0	¥ 0	¥ 0

Summary of principal accounting policies

12 Months Ended

Dec. 31, 2023

Summary of principal accounting policies

Summary of principal accounting policies

2. Summary of principal accounting policies

(a) Basis of presentation

The accompanying consolidated financial statements have been prepared on a going concern basis.

(b) Consolidation

The Company’s consolidated financial statements include the financial statements of the Company, its subsidiaries and the consolidated VIEs for which the Company is the primary beneficiary.

All transactions and balances among the Company, its subsidiaries and the consolidated VIEs have been eliminated upon consolidation.

(d) Functional currency and foreign currency translation

(e) Fair value measurements

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

The Group’s assets and liabilities measured at fair value on a recurring basis are summarized below:


	Fair Value Measurement Using Significant
	Other Observable Inputs (Level 2)
	As of December 31,
	2022	2023
	RMB	RMB
Short-term investments	2,091,198	2,541,889
Derivative liabilities	(2,592)	—

(f) Convenience translation

(g) Cash and cash equivalents

(h) Restricted cash

Cash and cash equivalents and restricted cash as reported in the consolidated statements of cash flows are presented separately on consolidated balance sheets as follows:


	As of December 31,
	2022	2023
	RMB	RMB
Cash and cash equivalents	948,773	588,644
Restricted cash	14,608	173,246
Long-term restricted cash	21,000	20,000
Total	984,381	781,890

(i) Short-term investments

(j) Derivative instruments

As of December 31, 2022 and 2023 and for the years ended December 31, 2021, 2022 and 2023, the balance of the derivative instruments and the total amount of fair value changes are not material.

(k) Expected credit losses

(l) Accounts receivable, net

For the years ended December 31, 2021, 2022 and 2023, the Group recognized a provision for doubtful accounts of RMB3,206, RMB3,435 and RMB6,431, respectively.

The following table summarized the movement of allowance for credit losses:


	Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Balance at the beginning of year	3,268	5,986	5,086
Adoption of ASC Topic 326	—	—	427
Provision for doubtful accounts	3,206	3,435	6,431
Write-offs	(488)	(4,335)	—
Balance at the end of year	5,986	5,086	11,944

(m) Inventories

(n) Property, equipment and software, net


Cabinets		4 to 5 years
Power banks		3 years
Computer and electronic equipment		3 years
Production tools		5 years
Software		10 years
Photovoltaic power stations		20 years
Others		3 to 5 years
Leasehold improvements		Shorter of the estimated useful lives or the lease term

(o) Capitalized Software Development Cost

(p) Impairment of long-lived assets

(q) Revenue recognition

The Group’s revenues are primarily derived from (i) mobile device charging and (ii) others. Revenue recognition policies for each type of revenue stream are as follows:

Mobile device charging

The mobile device charging is operated under a direct model or a network partner model as follows:

●

Direct model

(i) Mobile device charging service

(ii) Sales of power banks to individual customers

●

Network partner model

Prior to the second quarter of 2023

Transaction with network partners - sales of the cabinets

The roll forward of the aggregated financing payables for both current and non-current are as below:


	Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Balance at the beginning of year	244,151	169,833	108,553
Addition	3,445	1,758	208
Accretion of interest	37,806	31,196	4,229
Repayment	(115,569)	(69,738)	(15,800)
Derecognition (*)	—	(24,496)	(97,190)
Balance at the end of year	169,833	108,553	—

Transaction with network partners – upfront fee

Upon the conversion to the new network partner model on April 1, 2023, the Group derecognized the outstanding upfront fee payable of RMB470,552.

Since the second quarter of 2023

(i) Mobile device charging solution

The revenue from provision of mobile device charging solution is recognized over time based on the variable fees earned in each period.

(ii) Sales of power banks and cabinets to network partners

The table below summarizes the mobile device charging revenue by different models and revenue streams:


	Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Direct model	2,531,977	1,617,793	1,083,300
Mobile device charging service	2,458,794	1,587,298	1,058,636
Power bank sales	73,183	30,495	24,664
Network partner model	1,026,677	1,195,826	1,785,915
Mobile device charging service	997,003	1,166,845	518,743
Mobile device charging solution	—	—	173,152
Power bank and cabinet sales	29,674	28,981	1,094,020
Total	3,558,654	2,813,619	2,869,215

The following table represents the mapping of revenue as reported under and before the new reclassification for the years ended December 31, 2021 and 2022.


As reported under new classification			As reported before reclassification
	Year ended December 31, 2021	Year ended December 31, 2022		Year ended December 31, 2021	Year ended December 31, 2022
	RMB	RMB		RMB	RMB
Mobile device charging service	3,455,797	2,754,143	Mobile device charging business	3,455,797	2,754,143
Direct model	2,458,794	1,587,298
Network partner model	997,003	1,166,845
Power bank and cabinet sales	102,857	59,476	Power bank sales	102,857	59,476
Direct model	73,183	30,495
Network partner model	29,674	28,981
Mobile device charging	3,558,654	2,813,619
Others	26,737	24,571	Others	26,737	24,571
Total	3,585,391	2,838,190	Total	3,585,391	2,838,190

Other revenues

Other revenues primarily comprise of revenues generated from advertising services, sales of merchandise and other new business initiatives.

The Group generates other new business initiatives revenues primarily from photovoltaic (“PV”) business under build-to-sell model and build-to-own model.

●

Build-to-sell model

●

Build-to-own model

Practical Expedient

The Group has used the following practical expedient as allowed under ASC 606:

(r) Warranty liability

The following table shows a reconciliation in the current reporting period related to carried-forward warranty liabilities.


		For the Year Ended December 31,
		2023
		RMB
Warranty – beginning of year		—
Provision for warranty		24,422
Warranty costs incurred		(15,423)
Warranty – end of year		8,999

(s) Cost of revenues

(t) Research and development expenses

(u) Sales and marketing expenses

(v) General and administrative expenses

(w) Employee benefits

(x) Government grants

(y) Share-based compensation

In accordance with ASU 2016-09, the Group makes an entity-wide accounting policy election to account for forfeitures when they occur.

(z) Leases

(aa) Income tax

Uncertain tax positions

(ab) Statutory reserves

For the years ended December 31, 2021, 2022 and 2023, the Group has provided nil appropriations to statutory surplus fund.

(ac) Comprehensive income/(loss)

(ad) Income/(loss) per share

(ae) Dividends

Dividends are recognized when declared. No dividends were declared for the years ended December 31, 2021, 2022 and 2023.

(af) Treasury shares

(ag) Segment reporting

(ah) Recent accounting pronouncements

Recently adopted accounting pronouncements

In December 2019, the FASB issued ASU 2019-12—Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This update simplifies the accounting for income taxes as part of the FASB’s overall initiative to reduce complexity in accounting standards. The amendments in ASU 2019-12 simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. ASU 2019-12 is effective for fiscal years beginning after January 1, 2022 and interim periods within those for the Group beginning after January 1, 2023. The adoption of this standard did not have a material impact on the Group’s consolidated financial statements.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which replaces the current incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (“CECL”) methodology which changes how entities measure credit losses on financial instruments and the timing of when such losses are recorded. The Group adopted this new accounting standard on January 1, 2023 using the modified retrospective method. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including held-to-maturity fixed deposits, accounts receivable, certain other receivables recorded in prepayments, employee loans and deposits are within the scope of ASC Topic 326. The cumulative-effect adjustment recorded to opening accumulated deficit as of January 1, 2023 related to additional allowance for current expected credit losses on doubtful accounts was RMB640. For additional information, see accounting policy 2(k) above.

Recently issued accounting pronouncements not yet adopted

In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08), which clarifies that an acquirer of a business should recognize and measure contract assets and contract liabilities in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. The new amendments are effective for the Group are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The amendments should be applied prospectively to business combinations occurring on or after the effective date of the amendments, with early adoption permitted. The standard is effective for the Group for the year ended December 31, 2024 including interim periods in the year ended December 31, 2024. The adoption of this update is not expected to have a material impact to the Group’s consolidated financial statements.

In June 2022, the FASB issued ASU 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The update clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The update also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The update also requires certain additional disclosures for equity securities subject to contractual sale restrictions. The amendments in this update are effective for the Group beginning January 1, 2025 on a prospective basis. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The Group is in the process of evaluating the impact of the new guidance on its consolidated financial statements. The adoption of this update is not expected to have a material impact to the Group’s consolidated financial statements.

In November 2023, the FASB issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures (Topic 280). This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of a segment’s profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The ASU is effective for public entities for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Adoption of the ASU should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is also permitted. This ASU is currently not expected to have a material impact on the Group’s consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740)- Improvements to Income Tax Disclosures. ASU No. 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The guidance is effective for annual periods beginning after December 15, 2025 on a prospective basis. Early adoption is permitted. The Group does not expect to adopt ASU No. 2023-09 early and the Group is currently evaluating the impact of adopting this standard on the Group’s consolidated financial statements.

Commitments and contingencies (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Commitments and contingencies
Commitments on purchase of cabinets and power banks	¥ 0	¥ 109,638

Income taxes - Aggregate amount and per share effect of the tax holiday (Details) - CNY (¥) ¥ / shares in Units, ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income taxes
The aggregate amount of effect of tax holidays	¥ 0	¥ 0	¥ 2,243
Basic and diluted net loss per share effect	¥ 0	¥ 0	¥ 0.01

Income taxes - Significant components of deferred tax assets and liabilities (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Deferred upfront fee received		¥ 117,264
Commissions and entry fees for which invoices have not been collected	¥ 2,009	3,043
Accrued salary and welfare payable	19,517	14,500
Accrued expenses	3,368	5,209
Property, equipment and software, net	1,937	5,037
Inventory write-downs	1,163	2,318
Net operating loss carry-forwards	122,302	65,531
Others	32,693	11,036
Less: Valuation allowances	(69,574)	(72,783)	¥ (47,430)	¥ (621)
Total deferred tax assets	113,415	151,155
Deferred tax liabilities:
Property, equipment and software, net		(20,499)
Accrued service revenue	(93,588)	(93,382)
Capitalized software development costs	(1,023)	(1,296)
Others		(4,992)
Total deferred tax liabilities	(94,611)	(120,169)
Deferred tax assets, net	¥ 18,804	¥ 30,986

Convertible redeemable preferred shares - Repurchase of Preferred Shares (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands												12 Months Ended
	Jan. 06, 2021 USD ($) $ / shares	Dec. 29, 2020 CNY (¥)	Dec. 29, 2020 USD ($) $ / shares shares	Dec. 10, 2020 CNY (¥)	Dec. 10, 2020 USD ($) $ / shares shares	Dec. 24, 2019 CNY (¥) shares	Dec. 24, 2019 USD ($)	Oct. 15, 2019 CNY (¥) shares	Oct. 15, 2019 USD ($) $ / shares shares	Jul. 25, 2017 CNY (¥) shares	Jul. 25, 2017 USD ($) shares	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 24, 2019 USD ($) $ / shares shares
Convertible redeemable preferred shares
Repurchase price \| $ / shares									$ 0.8218
Total consideration								¥ 63,065	$ 9,000
Deemed dividend to preferred shareholders								¥ 24,229	$ 3,512			¥ 0	$ 0	¥ 0	¥ 104,036
Series Seed Convertible Redeemable Preferred Shares
Convertible redeemable preferred shares
Share repurchased and cancelled \| shares								7,301,030	7,301,030
Purchase price \| $ / shares									$ 0.4855
Share issued \| shares										85,185,184	85,185,184
Aggregate consideration										¥ 36,597	$ 5,345
Issuance costs incurred										¥ 305	$ 45
Series A Convertible Redeemable Preferred Shares
Convertible redeemable preferred shares
Share repurchased and cancelled \| shares								3,654,318	3,654,318
Repurchase price \| $ / shares									$ 0.8218
Purchase price \| $ / shares									$ 0.5325
Share issued \| shares										37,037,035	37,037,035
Aggregate consideration										¥ 66,957	$ 10,000
Issuance costs incurred										¥ 570	$ 85
Series C-2 Convertible Redeemable Preferred Shares
Convertible redeemable preferred shares
Purchase price \| $ / shares	$ 2.2740															$ 0.9780
Share issued \| shares						10,224,598										10,224,598
Aggregate consideration	$ 74,498					¥ 71,531	$ 10,000
Issuance costs incurred						1,758	$ 252
Investor consideration not paid						¥ 24,458										$ 3,500
Series D-1 Convertible Redeemable Preferred Shares
Convertible redeemable preferred shares
Purchase price \| $ / shares			$ 2.5986		$ 2.5986
Share issued \| shares			42,329,835		42,329,835
Aggregate consideration		¥ 719,401	$ 110,000	¥ 719,401	$ 110,000
Issuance costs incurred		¥ 5,979	$ 916	¥ 5,979	$ 916

Condensed financial information of the parent company - Condensed Balance Sheet (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Jan. 01, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Aug. 09, 2018 CNY (¥)	Aug. 09, 2018 USD ($)	Sep. 26, 2017 CNY (¥)	Sep. 26, 2017 USD ($)	Jul. 25, 2017 CNY (¥)	Jul. 25, 2017 USD ($)
Current assets:
Cash and cash equivalents	¥ 588,644	$ 82,909	¥ 948,773
Total current assets	¥ 4,025,789	$ 567,021	¥ 3,300,784
Non-current assets:
Other Receivable, after Allowance for Credit Loss, Noncurrent, Related Party, Type [Extensible Enumeration]	Affiliated Entity [Member]	Affiliated Entity [Member]	Affiliated Entity [Member]
Other non-current assets	¥ 21,621	$ 3,046	¥ 35,898
Total non-current assets	399,584	56,280	986,857
Total assets	4,425,373	623,301	4,287,641
Current liabilities:
Salary and welfare payable	143,653	20,233	111,274
Accruals and other current liabilities	336,959	47,459	268,007
Total current liabilities	1,467,490	206,691	1,422,878
Non-current liabilities:
Total non-current liabilities	204,226	28,765	223,458
Total liabilities	1,671,716	235,456	1,646,336
Shareholder's equity:
Total mezzanine equity						¥ 5,137,874
Shareholders' equity:
Treasury shares ( 8,508,112 and 7,721,582 shares as of December 31, 2022 and 2023, respectively)	(5,549)	(782)	(6,816)
Additional paid-in capital	11,791,570	1,660,808	11,786,482
Statutory reserves	16,593	2,337	16,593
Accumulated other comprehensive income	182,824	25,750	163,928
Accumulated deficit	(9,232,128)	(1,300,317)	(9,319,229)	¥ 0
Total shareholders' equity	2,753,657	387,845	2,641,305		¥ 3,232,024	(3,439,260)
Total liabilities and shareholders' equity	4,425,373	623,301	4,287,641
Related Party [Member]
Non-current liabilities:
Other non-current liabilities	1,000	141	1,000
Nonrelated Party [Member]
Non-current liabilities:
Other non-current liabilities	195,585	27,548	189,323
Series Seed Convertible Redeemable Preferred Shares
Shareholder's equity:
Convertible redeemable preferred shares						1,091,899
Temporary Equity, Subscriptions Receivable											¥ (28,711)	$ (4,183)
Seriesa Convertible Redeemable Preferred Shares [Member]
Shareholder's equity:
Convertible redeemable preferred shares						472,723
Seriesa-1 Convertible Redeemable Preferred Shares [Member]
Shareholder's equity:
Convertible redeemable preferred shares						1,089,555
Temporary Equity, Subscriptions Receivable		(10,000)					¥ (20,668)	$ (3,000)	¥ (10,399)	$ (1,515)
Seriesb-1 Convertible Redeemable Preferred Shares [Member]
Shareholder's equity:
Convertible redeemable preferred shares						106,828
Seriesb-2 Convertible Redeemable Preferred Shares [Member]
Shareholder's equity:
Convertible redeemable preferred shares						578,091
Seriesc-1 Convertible Redeemable Preferred Shares [Member]
Shareholder's equity:
Convertible redeemable preferred shares						870,794
Seriesc-2 Convertible Redeemable Preferred Shares [Member]
Shareholder's equity:
Convertible redeemable preferred shares						154,847
Seriesd-1 Convertible Redeemable Preferred Shares [Member]
Shareholder's equity:
Convertible redeemable preferred shares						773,137
Class A ordinary shares
Shareholders' equity:
Ordinary shares	296	42	296
Class B ordinary shares
Shareholders' equity:
Ordinary shares	51	$ 7	51
Parent Company [Member]
Current assets:
Cash and cash equivalents	1,390		5,390		¥ 59,079	¥ 722,764
Prepayments and other current assets	433		802
Total current assets	1,823		6,192
Non-current assets:
Investment in subsidiaries	1,221,703		1,136,046
Amounts due from related parties	1,569,611		1,545,429
Total non-current assets	2,791,314		2,681,475
Total assets	2,793,137		2,687,667
Current liabilities:
Salary and welfare payable	106		104
Accruals and other current liabilities	7,470		8,897
Total current liabilities	32,494		33,919
Non-current liabilities:
Total non-current liabilities	6,986		12,443
Total liabilities	39,480		46,362
Shareholders' equity:
Treasury shares ( 8,508,112 and 7,721,582 shares as of December 31, 2022 and 2023, respectively)	(5,549)		(6,816)
Additional paid-in capital	11,791,570		11,786,482
Statutory reserves	16,593		16,593
Accumulated other comprehensive income	182,824		163,928
Accumulated deficit	(9,232,128)		(9,319,229)
Total shareholders' equity	2,753,657		2,641,305
Total liabilities and shareholders' equity	2,793,137		2,687,667
Parent Company [Member] \| Related Party [Member]
Current liabilities:
Amounts due to related parties	24,918		24,918
Parent Company [Member] \| Nonrelated Party [Member]
Non-current liabilities:
Other non-current liabilities	6,986		12,443
Parent Company [Member] \| Class A ordinary shares
Shareholders' equity:
Ordinary shares	296		296
Parent Company [Member] \| Class B ordinary shares
Shareholders' equity:
Ordinary shares	¥ 51		¥ 51

Leases

12 Months Ended

Dec. 31, 2023

Leases

Leases

9. Leases

The Group has operating leases primarily for office and warehouses to store its cabinets and power banks, which have lease terms varying from one to four years, and for residential rooftop spaces with lease terms of 20 years.

Total lease costs for the years ended December 31, 2022 and 2023 was RMB34,243 and RMB30,491, included in research and development, sales and marketing, general and administrative expenses and cost of revenues in the Group’s consolidated statements of comprehensive income/(loss). Out of the total lease costs, there was RMB4,143 and RMB12,156 of expenses for short-term leases within 12 months for the years ended December 31, 2022 and 2023, respectively. As of December 31, 2023, the operating lease arrangements of the Group, primarily for warehouse premises, offices and residential rooftop spaces, that have not yet commenced is not material.

Supplemental cash flow information related to leases were as follows:


	Year Ended December 31,
	2022	2023
	RMB	RMB
Cash paid for the rentals included in the lease liabilities	22,850	17,560
ROU assets obtained in exchange for operating lease liabilities	10,034	22,642

As of December 31, 2022 and 2023, supplemental consolidated balance sheet information related to leases were as follows:


	As of December 31,
	2022	2023
	RMB	RMB
Right-of-use assets	12,442	16,353
Current portion of lease liabilities	9,761	7,399
Non-current lease liabilities	854	7,641

Lease term and discount rates were as follows:


	As of December 31,
	2022		2023

Weighted-average remaining lease term
Operating leases	0.6 years		7.38 years
Weighted-average discount rate
Operating leases	4.7	%	4.7	%


	As of December 31,
	2022	2023
	RMB	RMB
Maturities of lease liabilities were as follows:
2023	10,452	—
2024	323	8,185
2025	—	3,552
2026	—	444
2027	—	444
2028	—	444
Thereafter	—	5,172
Total undiscounted lease payments	10,775	18,241
Less: imputed interest	(160)	(3,201)
Total present value of lease liabilities	10,615	15,040

For the year ended December 31, 2021, operating lease expenses based on ASC 840, Leases were RMB41,902.

Share-based compensation - Restricted shares - Additional information (Details) ¥ in Thousands		12 Months Ended
	Jul. 25, 2017 shares	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 CNY (¥) $ / shares	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥) shares	Apr. 30, 2021 shares	Dec. 31, 2020 shares
Share-based compensation
Total income tax benefit recognized \| ¥		¥ 0		¥ 0	¥ 0
Unvested shares \| shares						20,250,000
Vesting of restricted shares
Share-based compensation
Number of shares issued to founders for services \| shares	81,000,000
Percentage of RSU to be vested each year	25.00%
Vesting period	4 years
Granted weighted average grant date fair value \| $ / shares			$ 0.0889
Fair value of shares vested \| ¥					¥ 6,607
Unvested shares \| shares					0		20,250,000
Vesting of share options
Share-based compensation
Total unrecognized compensation cost related to share-based compensation arrangements \| ¥		¥ 16,719	$ 16,719	¥ 26,456
Remaining weighted-average period for recognition of total unrecognized compensation cost		2 years 1 month 13 days		2 years 7 months 20 days

Related party transactions and balances

12 Months Ended

Dec. 31, 2023

Related party transactions and balances

16. Related party transactions and balances

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Parties are also considered to be related if they are subject to common control or common significant influence. Related parties may be individuals or corporate entities.

The following entities are considered to be related parties to the Group:


Name of related parties		Relationship with the Group
People Better Limited ("People Better")		A shareholder with significant influence over the Group
ZMI		Subject to common significant influence by one of the Company's directors

The Group had the following balances with the major related parties:


	As of December 31,
	2022	2023
	RMB	RMB
Long-term prepayments to a related party
Long-term prepayments to ZMI (a)	71	—
Amounts due to related parties - non-current
Due to the Nominee Shareholders of Shanghai Zhixiang (Note 1)	1,000	1,000

(a)	It represents the balance prepaid for power banks and cabinets purchase, which are non-current assets.

The Group had the following transaction with the major related parties:


	Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Purchase of power banks and cabinets from ZMI	154,127	18,306	—

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Summary of principal accounting policies - Revenue recognition (Details) ¥ in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 31, 2023 CNY (¥) category	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Apr. 01, 2023 CNY (¥)
Weighted average effective interest rate	9.00%	9.00%		21.00%	24.00%
Balance at the beginning of year		¥ 108,553		¥ 169,833	¥ 244,151
Addition		208		1,758	3,445
Accretion of interest		4,229		31,196	37,806
Repayment		(15,800)		(69,738)	(115,569)
Derecognition	¥ (97,190)	(97,190)		(24,496)	0
Balance at the end of year	0	0		108,553	169,833
Cumulative upfront fees	¥ 123,960	123,960		433,404	158,176
Amortized cumulative upfront fees		39,409		73,554	14,586
Gain on derecognition of financing payable and accounts payable		0	$ 0	21,669	0
Derecognition of related equipment on business winding-ups				2,785
Derecognition of outstanding upfront fee payable				6,917		¥ 470,552
Number of revenue categories \| category	2
Total revenue		2,958,647	416,716	2,838,190	3,585,391
Net gains recognized on business winding-ups				4,132
Mobile device charging
Total revenue		2,869,215	404,120	2,813,619	3,558,654
Mobile device charging service
Total revenue		1,577,379	222,169	2,754,143	3,455,797
Mobile device charging solution
Total revenue		173,152	24,388	0	0
Power bank and cabinet sales
Total revenue		1,118,684	157,563	59,476	102,857
Others
Total revenue		89,432	$ 12,596	24,571	26,737
Direct model
Total revenue		1,083,300		1,617,793	2,531,977
Direct model \| Mobile device charging service
Total revenue		1,058,636		1,587,298	2,458,794
Direct model \| Power bank sales
Total revenue		24,664		30,495	73,183
Direct model \| Power bank and cabinet sales
Total revenue				30,495	73,183
Network partner model
Total revenue		1,785,915		1,195,826	1,026,677
Network partner model \| Mobile device charging service
Total revenue		518,743		1,166,845	997,003
Network partner model \| Mobile device charging solution
Total revenue		173,152		0	0
Network partner model \| Power bank and cabinet sales
Total revenue		¥ 1,094,020		28,981	29,674
As reported before reclassification
Total revenue				2,838,190	3,585,391
As reported before reclassification \| Mobile device charging service
Total revenue				2,754,143	3,455,797
As reported before reclassification \| Power bank and cabinet sales
Total revenue				59,476	102,857
As reported before reclassification \| Others
Total revenue				24,571	¥ 26,737
Terminated Arrangements
Derecognition				24,496
Derecognition of related equipment on termination of the arrangement				6,959
Gain on derecognition of financing payable and accounts payable				¥ 17,537

Certain risks and concentration (Details) - Supplier Concentration Risk - Purchases	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Supplier A
Certain risks and concentration
Concentration risk (as on percentage)	22.00%
Supplier B
Certain risks and concentration
Concentration risk (as on percentage)	11.00%
Supplier C
Certain risks and concentration
Concentration risk (as on percentage)		21.00%	17.00%
Supplier D
Certain risks and concentration
Concentration risk (as on percentage)		12.00%
ZMI
Certain risks and concentration
Concentration risk (as on percentage)	0.00%	4.00%	40.00%

Condensed financial information of the parent company - Condensed Balance Sheet - Additional (Details) - $ / shares	Dec. 31, 2023	Dec. 31, 2022	Mar. 12, 2021	Dec. 31, 2020	Dec. 29, 2020	Dec. 10, 2020	Dec. 24, 2019	Oct. 15, 2019	Aug. 09, 2018	Jun. 14, 2018	Sep. 26, 2017	Jul. 25, 2017
Statements
Treasury shares	7,721,582	8,508,112
Series Seed Convertible Redeemable Preferred Shares
Statements
Temporary equity, par or stated value per share												$ 0.06275
Temporary equity, shares issued												85,185,184
Temporary equity, shares outstanding				77,884,154
Series A Convertible Redeemable Preferred Shares
Statements
Temporary equity, par or stated value per share												$ 0.27
Temporary equity, shares issued												37,037,035
Temporary equity, shares outstanding				33,382,717
Series A-1 Convertible Redeemable Preferred Shares
Statements
Temporary equity, par or stated value per share						$ 0.2824				$ 0.2824	$ 0.2824
Temporary equity, shares issued						885,269				6,347,117	69,570,808
Temporary equity, shares outstanding				76,803,194
Series B-1 Convertible Redeemable Preferred Shares
Statements
Temporary equity, par or stated value per share									$ 0.4018
Temporary equity, shares issued									7,467,196
Temporary equity, shares outstanding				7,467,196
Series B-2 Convertible Redeemable Preferred Shares
Statements
Temporary equity, par or stated value per share									$ 0.4727
Temporary equity, shares issued									40,228,492
Temporary equity, shares outstanding				40,228,492
Series C-1 Convertible Redeemable Preferred Shares
Statements
Temporary equity, par or stated value per share								$ 0.9366
Temporary equity, shares issued								57,653,035
Temporary equity, shares outstanding				57,653,035
Series C-2 Convertible Redeemable Preferred Shares
Statements
Temporary equity, shares issued							10,224,598
Temporary equity, shares outstanding				10,224,598
Series D-1 Convertible Redeemable Preferred Shares
Statements
Temporary equity, shares issued					42,329,835	42,329,835
Temporary equity, shares outstanding				42,329,835
Class A ordinary shares
Statements
Ordinary shares par value	$ 0.0001	$ 0.0001
Ordinary shares authorized	535,052,809	535,052,809
Ordinary shares issued	452,898,177	452,898,177
Ordinary shares outstanding	445,176,595	444,390,065
Class B ordinary shares
Statements
Ordinary shares par value	$ 0.0001	$ 0.0001
Ordinary shares authorized	73,973,970	73,973,970
Ordinary shares issued	73,973,970	73,973,970	73,973,970
Ordinary shares outstanding	73,973,970	73,973,970	73,973,970
Parent Company
Statements
Treasury shares	7,721,582	8,508,112
Parent Company \| Class A ordinary shares
Statements
Temporary equity, par or stated value per share	$ 0.0001	$ 0.0001
Ordinary shares authorized	535,052,809	535,052,809
Ordinary shares issued	452,898,177	452,898,177
Ordinary shares outstanding	445,176,595	444,390,065
Parent Company \| Class B ordinary shares
Statements
Temporary equity, par or stated value per share	$ 0.0001	$ 0.0001
Ordinary shares authorized	73,973,970	73,973,970
Ordinary shares issued	73,973,970	73,973,970
Ordinary shares outstanding	73,973,970	73,973,970

Accounts and notes payable and accruals and other current liabilities - Accounts and notes payable (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Accounts and notes payable and accruals and other current liabilities
Commission payables to network partners and location partners	¥ 408,444		¥ 546,739
Entry fees payable to location partners	28,345		46,359
Payables for purchase of goods	273,906		185,736
Payables for maintenance cost	21,453		23,631
Others	32,593		7,732
Total	¥ 764,741	$ 107,712	¥ 810,197

Inventory

12 Months Ended

Dec. 31, 2023

Inventory

Inventory

5. Inventory


	As of December 31,
	2022	2023
	RMB	RMB
Raw materials	92	41,373
Work in process	—	11,545
Finished goods	44	52,713
Merchandise	10,188	6,478
Less: inventory write-down	(9,273)	(5,579)
Total	1,051	106,530

Inventory write-downs recognized in cost of revenues for the years ended December 31, 2021, 2022 and 2023 were nil, RMB9,273 and RMB12 respectively.

Organization and nature of operations - Company's principal subsidiaries and consolidated VIEs (Details)	12 Months Ended
	Dec. 31, 2023
Smart Share International Limited
Organization and nature of operations
Date of incorporation	Aug. 15, 2017
Equity economic interest held	100.00%
Principal activities	Investment holding
Zhixiang Technology (Shanghai) Co., Ltd. ("Zhixiang WFOE")
Organization and nature of operations
Date of incorporation	Jun. 23, 2017
Equity economic interest held	100.00%
Principal activities	Mobile device charging business
Zhixiang Investment Co., Ltd. ("Zhixiang Investment WFOE")
Organization and nature of operations
Date of incorporation	Feb. 26, 2021
Equity economic interest held	100.00%
Principal activities	Investment holding
Zhitong (Xinyi) Technology Co., Ltd. ("Zhitong")
Organization and nature of operations
Date of incorporation	Mar. 22, 2021
Equity economic interest held	100.00%
Principal activities	Mobile device charging business
Zhilang Technology (Tianjin) Co., Ltd.
Organization and nature of operations
Date of incorporation	Apr. 01, 2021
Equity economic interest held	100.00%
Principal activities	Mobile device charging business
Zhisheng Technology (Tianjin) Co., Ltd.
Organization and nature of operations
Date of incorporation	Jun. 28, 2021
Equity economic interest held	100.00%
Principal activities	Research and development function
Shanghai Zhixiang Technology Co., Ltd. ("Shanghai Zhixiang")
Organization and nature of operations
Date of incorporation	Apr. 28, 2017
Equity economic interest held	100.00%
Principal activities	Research and development function

Summary of principal accounting policies - Warranty liability (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)
Warranty - beginning of year	¥ 0
Provision for warranty	24,422
Warranty costs incurred	(15,423)
Warranty - end of year	8,999
Accruals and Other Current Liabilities
Product warranty accrual, current	7,398
Other Noncurrent Liabilities
Product warranty accrual, noncurrent	¥ 1,601

Inventory (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
Inventory (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)
Inventory
Raw materials	¥ 41,373		¥ 92
Work in process	11,545		0
Finished goods	52,713		44
Merchandise	6,478		10,188
Less: inventory write-down	(5,579)		(9,273)
Total	106,530		1,051		$ 15,004
Inventory write-downs	¥ 12	$ 2	¥ 9,273	¥ 0

Income taxes - Components of income before tax (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
(Loss)/income before tax:
(Loss)/income from PRC entities	¥ 51,843		¥ (609,980)	¥ (128,658)
Income from overseas entities	56,919		13,216	4,043
(Loss)/income before income tax expense	¥ 108,762	$ 15,319	¥ (596,764)	¥ (124,615)

Income/(Loss) per share - Potentially dilutive securities (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net (loss)/income per share attributable to ordinary shareholders of Smart Share Global Limited
Shares issuable upon vesting of RSUs	2,188,603	490,148	10,723,068
Shares issuable upon vesting of share options	4,615,980	0	2,821,137
Total	6,804,583	490,148	13,544,205

Income taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income taxes

Schedule of components of income before tax


	Year Ended
	December 31,
	2021	2022	2023
	RMB	RMB	RMB
(Loss)/income before tax:
(Loss)/income from PRC entities	(128,658)	(609,980)	51,843
Income from overseas entities	4,043	13,216	56,919
Total (loss)/income before tax	(124,615)	(596,764)	108,762

Schedule of reconciliation between the effective income tax rate and the PRC statutory income tax rate


	Year Ended
	December 31,
	2021		2022		2023
	RMB		RMB		RMB
Statutory income tax rate	25	%	25	%	25	%
Difference in tax rates of subsidiaries outside PRC	—	%	—		—
Effect of permanent differences	(7)	%	(6)	%	3	%
Research and development super deduction	15	%	3	%	(19)	%
Non-taxable income	1	%	1	%	(13)	%
Effect of tax holiday	2	%	—		—
Change in estimates for uncertain tax positions	—		(35)	%	17	%
Others	—		(3)	%	9	%
Change in valuation allowance	(36)	%	(4)	%	(3)	%
Effect tax rate	—	%	(19)	%	19	%

Summary of the aggregate amount and per share effect of the tax holidays


	Year Ended
	December 31,
	2021	2022	2023
	RMB	RMB	RMB
The aggregate amount of effect of tax holidays	2,243	—	—
Basic and diluted net loss per share effect	0.01	—	—

Schedule of the current and deferred portions of income tax expense


	Year Ended
	December 31,
	2021	2022	2023
	RMB	RMB	RMB
Income tax expense applicable to PRC entities
Current income tax expense	(554)	179,907	8,839
Deferred income tax expense	554	(65,431)	12,182
Subtotal income tax expense appliable to PRC entities	—	114,476	21,021
Current and deferred income tax expense applicable to overseas entities	—	—	—
Income tax expense, net	—	114,476	21,021

Schedule of significant components of deferred tax assets and liabilities


	As of
	December 31,
	2022	2023
	RMB	RMB
Deferred tax assets:
Deferred upfront fee received	117,264	—
Commissions and entry fees for which invoices have not been collected	3,043	2,009
Accrued salary and welfare payable	14,500	19,517
Accrued expenses	5,209	3,368
Property, equipment and software, net	5,037	1,937
Inventory write-downs	2,318	1,163
Net operating loss carry-forwards	65,531	122,302
Others	11,036	32,693
Less: Valuation allowances	(72,783)	(69,574)
Total deferred tax assets	151,155	113,415

Deferred tax liabilities:
Property, equipment and software, net	(20,499)	—
Accrued service revenue (a)	(93,382)	(93,588)
Capitalized software development costs	(1,296)	(1,023)
Others	(4,992)	—
Total deferred tax liabilities	(120,169)	(94,611)

Deferred tax assets, net	30,986	18,804

Summary of net operating loss carry forwards from PRC


At December 31,		RMB
2025		637
2026		229,407
2027		121,352
2028		276,714
2031		17,408
2032		14,029
2033		5,356
		664,903

Summary of movement of valuation allowance


	Year Ended
	December 31,
	2021	2022	2023
	RMB	RMB	RMB
Balance at the beginning of the year	621	47,430	72,783
Additions	46,809	25,353	(3,209)
Balance at the end of the year	47,430	72,783	69,574

Summary of unrecognized tax benefit


	Year Ended December 31,
	2022	2023
	RMB	RMB
Balance at the beginning of the year	—	179,490
Tax Positions related to current year:
Additions	179,490	—
Tax Positions related to prior year:
Additions	—	18,163
Reductions	—	(8,966)
Balance at the end of the year	179,490	188,687

Organization and nature of operations - Schedule of consolidated financial statements (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2020 CNY (¥)
Organization and nature of operations
Cash and cash equivalents	¥ 588,644		¥ 948,773		$ 82,909
Accounts receivable, net	269,736		16,482		37,992
Prepayments and other current assets	345,744		228,672		48,697
Total current assets	4,025,789		3,300,784		567,021
Other non-current assets	21,621		35,898		3,046
Total non-current assets	399,584		986,857		56,280
Total assets	4,425,373		4,287,641		623,301
Salary and welfare payable	143,653		111,274		20,233
Tax payable	214,738		147,367		30,245
Accruals and other current liabilities	336,959		268,007		47,459
Total current liabilities	1,467,490		1,422,878		206,691
Total liabilities	1,671,716		1,646,336		235,456
Total shareholders' equity	2,753,657		2,641,305	¥ 3,232,024	$ 387,845	¥ (3,439,260)
Third party and inter-company revenues	2,958,647	$ 416,716	2,838,190	3,585,391
Costs and expenses	(1,209,464)	(170,349)	(556,923)	(557,177)
(Loss)/income before income tax expense	108,762	15,319	(596,764)	(124,615)
Income tax expense	(21,021)	(2,961)	(114,476)	0
Net (loss)/income	87,741	12,358	(711,240)	(124,615)
Net cash (used in)/generated from operating activities	416,499	58,663	708,142	226,778
Net (decrease)/increase in cash and cash equivalents	(202,491)	$ (28,520)	(352,214)	33,094
Variable Interest Entities
Organization and nature of operations
Cash and cash equivalents	107		90
Prepayments and other current assets	4,054		4,473
Total current assets	598,327		595,737
Other non-current assets	6		6
Total non-current assets	6		6
Total assets	598,333		595,743
Salary and welfare payable	731		2,376
Tax payable	8,003		7,442
Accruals and other current liabilities	13		544
Total current liabilities	450,287		453,181
Total liabilities	450,287		453,181
Total shareholders' equity	148,046		142,562
Other operating loss	(6,143)		(1,566)	(11,359)
Income from non-operations	1		8	0
(Loss)/income before income tax expense	4,877		(9,008)	42,498
Income tax expense	0		0	(3,914)
Net (loss)/income	4,877		(9,008)	38,584
Variable Interest Entities \| Affiliated Entity
Organization and nature of operations
Amounts due from non-VIE subsidiaries of the Company	¥ 594,166		¥ 591,174
Other Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration]	Affiliated Entity		Affiliated Entity		Affiliated Entity
Amounts due to non-VIE subsidiaries of the Company	¥ 441,540		¥ 442,819
Other Liability, Related Party, Type [Extensible Enumeration]	Affiliated Entity		Affiliated Entity		Affiliated Entity
Variable interest entity primary beneficiary excluding intra group
Organization and nature of operations
Third party and inter-company revenues	¥ 9		¥ 11	16,386
Costs and expenses	(4,190)		(10,015)	(66,477)
Operating activities with external parties	(11,988)		(8,616)	(73,720)
Variable interest entity primary beneficiary intra group
Organization and nature of operations
Third party and inter-company revenues	15,200		2,554	103,948
Intercompany payments from service charge	(1,305)		(6,500)	(18,255)
Intercompany receipts from service charge	13,310		14,600	88,000
Net cash (used in)/generated from operating activities	17		(516)	(3,975)
Net (decrease)/increase in cash and cash equivalents	¥ 17		¥ (516)	¥ (3,975)

Organization and nature of operations (Tables)

12 Months Ended

Dec. 31, 2023

Organization and nature of operations

Schedule of company's principal subsidiaries and consolidated VIEs

As of December 31, 2023, the Company’s principal subsidiaries and the consolidated VIE are as follows:


			Equity
	Place of	Date of	economic		Principal
Name of subsidiaries and consolidated VIE	incorporation	incorporation	interest held		activities
Subsidiaries:
Smart Share International Limited	Hong Kong, China	August 15,2017	100	%	Investment holding
Zhixiang Technology (Shanghai) Co., Ltd. (“Zhixiang WFOE”)	PRC	June 23,2017	100	%	Mobile device charging business
Zhixiang Investment Co., Ltd. (“Zhixiang Investment WFOE”)	PRC	February 26,2021	100	%	Investment holding
Zhitong (Xinyi) Technology Co., Ltd. (“Zhitong”)	PRC	March 22, 2021	100	%	Mobile device charging business
Zhilang Technology (Tianjin) Co., Ltd.	PRC	April 1,2021	100	%	Mobile device charging business
Zhisheng Technology (Tianjin) Co., Ltd.	PRC	June 28,2021	100	%	Research and development function
Consolidated VIE
Shanghai Zhixiang Technology Co., Ltd. (“Shanghai Zhixiang”)	PRC	April 28,2017	100	%	Research and development function

Schedule of assets, liabilities, results of operations and changes in cash and cash equivalents of the consolidated VIEs


	As of December 31,
	2022	2023
	RMB	RMB
Cash and cash equivalents	90	107
Prepayments and other current assets	4,473	4,054
Amounts due from non-VIE subsidiaries of the Company	591,174	594,166
Total current assets	595,737	598,327
Other non-current assets	6	6
Total non-current assets	6	6
Total assets	595,743	598,333

Salary and welfare payable	2,376	731
Tax payable	7,442	8,003
Amounts due to non-VIE subsidiaries of the Company	442,819	441,540
Accruals and other current liabilities	544	13
Total current liabilities	453,181	450,287
Total liabilities	453,181	450,287

Total shareholders’ equity	142,562	148,046


	Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Third party revenues	16,386	11	9
Inter-company service charge (a)	103,948	2,554	15,200
Third-party costs and expenses	(66,477)	(10,015)	(4,190)
Other operating loss	(11,359)	(1,566)	(6,143)
Income from non-operations	—	8	1
Income/(loss) before income tax expense	42,498	(9,008)	4,877
Less: Income tax expense	(3,914)	—	—
Net income/(loss)	38,584	(9,008)	4,877


	Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Intercompany payments from service charge	(18,255)	(6,500)	(1,305)
Intercompany receipts from service charge	88,000	14,600	13,310
Operating activities with external parties	(73,720)	(8,616)	(11,988)
Net cash (used in)/generated from operating activities	(3,975)	(516)	17
Net (decrease)/increase in cash and cash equivalents	(3,975)	(516)	17

For the years ended December 31, 2021, 2022 and 2023, there was no cash generated from or used in investing and financing activities of the consolidated VIEs.

Note (a) — For the periods presented, Shanghai Zhixiang was used primarily to facilitate the Group’s internal research and development functions with no material external operations. In consideration for its service, Zhixiang WFOE and Zhitong pay service fees to Shanghai Zhixiang. The service fees are determined by Zhixiang WFOE and Zhitong based on the nature and cost of the research and development activities of Shanghai Zhixiang, which is adjusted and evaluated on periodical basis.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Ordinary shares (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands						1 Months Ended			12 Months Ended				36 Months Ended
	Oct. 15, 2019 CNY (¥) shares	Oct. 15, 2019 USD ($) $ / shares shares	Jul. 25, 2017 shares	Jun. 01, 2017 shares	May 17, 2017 shares	Aug. 31, 2021 shares	Apr. 30, 2021 CNY (¥) shares	Jan. 31, 2021 shares	Dec. 31, 2023 CNY (¥) Vote shares	Dec. 31, 2023 USD ($) Vote shares	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2021 CNY (¥)	Dec. 31, 2019 shares	Apr. 30, 2021 $ / shares shares	Mar. 12, 2021 Vote shares
Purchase price per share \| $ / shares		$ 0.8218
Amount of consideration for ordinary shares repurchased	¥ 42,070	$ 6,000
Share-based compensation expenses									¥ 20,339	$ 2,865	¥ 28,245	¥ 30,673
Proceeds from IPO, net of underwriter discounts and commissions and other offering costs paid									¥ 0	$ 0	¥ 0	¥ 896,320
Conversion ratio									1	1				1
IPO
Proceeds from IPO, net of underwriter discounts and commissions and other offering costs paid \| ¥							¥ 896,320
Ordinary shares
Ordinary shares authorized									609,026,779	609,026,779	609,026,779
Class A ordinary shares
Ordinary shares authorized									535,052,809	535,052,809	535,052,809
Ordinary shares issued									452,898,177	452,898,177	452,898,177
Ordinary shares outstanding									445,176,595	445,176,595	444,390,065
Conversion ratio															1
Common shares, votes per share \| Vote									1	1					1
Class A ordinary shares \| IPO
Number of ordinary shares issued							35,300,000
Purchase price per share \| $ / shares														$ 4.25
Proceeds from IPO, net of underwriter discounts and commissions and other offering costs paid \| ¥							¥ 896,320
Class B ordinary shares
Ordinary shares authorized									73,973,970	73,973,970	73,973,970
Ordinary shares issued									73,973,970	73,973,970	73,973,970				73,973,970
Ordinary shares outstanding									73,973,970	73,973,970	73,973,970				73,973,970
Conversion ratio															1
Ordinary shares conversion ratio															1
Common shares, votes per share \| Vote									10	10					10
Class B ordinary shares \| IPO
Ordinary shares issued														73,973,970
Ordinary shares outstanding														73,973,970
General and administrative expenses
Share-based compensation expenses \| ¥	¥ 17,421
Smart Share Holdings Limited
Number of ordinary shares issued					83,000,000
Number of shares transferred				2,000,000
Number of shares issued to founders for services			81,000,000
Number of ordinary shares repurchased	7,026,030	7,026,030
Number of ordinary shares surrendered								34,703,970
Smart Share Brothers
Number of ordinary shares surrendered								2,000,000
Smart Shares CGY
Number of ordinary shares issued													44,841,250
Number of ordinary shares repurchased	275,000	275,000
Number of ordinary shares surrendered								44,566,250
Super June Limited
Number of ordinary shares issued								27,397,000
Victor Family Limited
Number of ordinary shares issued								7,306,970
Bank of New York Mellon \| Class A ordinary shares
Number of ordinary shares issued						28,000,000

Commitments and contingencies

12 Months Ended

Dec. 31, 2023

Commitments and contingencies

Commitments and contingencies

17. Commitments and contingencies

(a) Capital commitments

The Group’s capital commitments primarily relate to commitments on purchase of cabinets and power banks. As of December 31, 2022 and 2023, capital commitments relating to purchase of cabinets and power banks were approximately RMB109,638 and nil, respectively.

(b) Contingencies

The Group is subject to legal proceedings and regulatory actions in the ordinary course of business. The results of such proceedings cannot be predicted with certainty, but the Group does not anticipate that the final outcome arising out of any such matter will have a material adverse effect on our consolidated financial position, cash flows or results of operations on an individual basis or in the aggregate. As of December 31, 2022 and 2023, the Group is not a party to any material legal or administrative proceedings.

Share-based compensation

12 Months Ended

Dec. 31, 2023

Share-based compensation

Share-based compensation

14. Share-based compensation

Compensation expenses recognized for share-based awards granted by the Group were as follows:


	Year Ended
	December 31,
	2021	2022	2023
	RMB	RMB	RMB
General and administrative expenses	23,688	21,383	15,757
Research and development expenses	1,462	1,679	1,141
Sales and marketing expenses	5,252	4,983	3,328
Cost of revenues	271	200	113
Total	30,673	28,245	20,339

Compensation expenses recognized for different awards were as follows:


	Year Ended
	December 31,
	2021	2022	2023
	RMB	RMB	RMB
Vesting of restricted shares	6,607	—	—
Vesting of RSUs	20,130	17,878	10,499
Vesting of share options	3,936	10,367	9,840
Total	30,673	28,245	20,339

There was no income tax benefit recognized in the consolidated statements of comprehensive income/(loss) for share-based compensation expense and the Group did not capitalize any share-based compensation expense as part of the cost of any assets for the years ended December 31, 2021, 2022 and 2023. The Group makes an entity-wide accounting policy election to account for forfeitures when they occur.

(a)

Restricted shares

As disclosed in Note 12, on July 25, 2017, all 81,000,000 ordinary shares of the Company issued to Smart Share Holding were designated as restricted shares of the Company granted to the founders who are the owners of Smart Share Holding, in consideration for their continuous service to the Company as employees. Each founder was ascribed a particular number of the Company’s ordinary shares based on that founder’s ownership of Smart Share Holding.

The restricted shares shall be legally vested and released in equal 25% instalments over the four-year period from July 25, 2017 on each anniversary. Upon Qualified Public Offering, all the unvested restricted shares shall be vested immediately. Upon vesting, a founder is entitled to receive from Smart Share Holding any dividends received on their attributed portion of Company shares held by Smart Share Holding, and direct Smart Share Holding to dispose of their attributed portion of Company shares and receive the sale proceeds. Upon termination of employment with the Company, any unvested shares attributed to a founder can be repurchased by the Company for par value, and the founder would lose their economic rights associated with those shares. Accordingly, as the overall substance of the arrangement is a grant of share-based awards to founders, the Company has recorded share-based compensation expense on these awards.

The following table summarizes the Group’s restricted shares activities:


	Numbers of shares	Weighted-average grant date fair value
		US$
Unvested at December 31, 2020	20,250,000	0.0889
Vested	(20,250,000)	0.0889
Unvested at December 31, 2021	—	—

Share-based compensation expense for the restricted shares was measured using the estimated fair value of the Company’s ordinary shares of US$0.0889 at the grant date and is amortized to the consolidated statements of comprehensive income/(loss) on a straight-line basis over the vesting term.

For the year ended December 31, 2021, the total fair value of restricted shares vested were RMB6,607.

Upon the completion of IPO in April 2021, the 20,250,000 of unvested restricted shares owned by the founders of the Group were vested immediately according to the IPO vesting condition.

As of December 31, 2022 and 2023, there was not any unrecognized shared-based compensation expense related to restricted shares.

(b)

Smart Share CGY and Smart Share Brothers’ RSUs scheme (“RSUs scheme”)

As disclosed in Note 12, Smart Share CGY and Smart Share Brothers are solely owned by the founder of the Company and are the consolidated VIEs of the Company. Both Smart Share CGY and Smart Share Brothers were established to facilitate the adoption of an RSUs scheme on behalf of the Company. The RSUs scheme is administered by the board of directors of the Company and RSUs were granted to the Company’s employees and external consultants. All the ordinary shares of Smart Share CGY and Smart Share Brothers are authorized and issued to the founder to facilitate the adoption of the RSUs scheme.

The number of authorized and issued shares of Smart Share CGY and Smart Share Brothers were 44,841,250 and 2,000,000, respectively, which mirrored the number of the Company’s ordinary shares issued to Smart Share CGY and Smart Share Brothers, respectively. The founder holds the shares of Smart Share CGY and Smart Share Brothers on behalf of the Company and beneficiaries of the RSUs scheme. Other than holding the Company’s ordinary shares, Smart Share CGY and Smart Share Brothers do not have any other assets. The ordinary shares issued to Smart Share CGY and Smart Share Brothers are presented as treasury shares in the Company’s consolidated balance sheets.

Upon vesting, the Company’s employees and external consultants are entitled to the ordinary shares of Smart Share CGY or Smart Share Brothers, and the Company directs the founder to deliver such shares. Holders of vested shares of Smart Share CGY or Smart Share Brothers are entitled to the economics of the vested shares, including dividends and sale proceeds of these shares. Any proceeds received by Smart Share CGY or Smart Share Brothers on Company shares that have not been allocated to employees and external consultants are required to be returned to the Company. The RSUs granted by Smart Share CGY vest in the four-year period from the grant date, with 25% of the RSUs to be vested upon each anniversary. The RSUs granted by Smart Share Brothers are fully vested on the grant date. If an employee or external consultant terminates service to the Group, unvested shares of Smart Share CGY and Smart Share Brothers can be repurchased for nominal amounts. The Group has the right to repurchase vested shares of Smart Share CGY and Smart Share Brothers at a price based on recent transaction prices involving the Company’s stock. The ordinary shares of the Company held by Smart Share CGY and Smart Share Brothers are unchanged as a result of these transactions.

In January 2021, the Company’s board of directors approved the modification of Smart Share CGY and Smart Share Brothers’ RSUs scheme to allow the grantees to directly hold the ordinary shares or RSUs of the Company, under which each vested RSU of Smart Share CGY and Smart Share Brothers’ RSUs scheme was exchanged for one ordinary share of the Company with an equivalent economic value, and each outstanding unvested RSU under the Smart Share CGY’s RSUs scheme was exchanged for one RSU of the Company with an equivalent economic value. The modification did not change the vesting conditions and the remaining vesting period. There was no incremental share-based compensation cost recorded in connection with this modification.

The following table summarizes the Group’s RSUs activities:


	RSUs	Weighted Average
	Outstanding	Grant Date Fair Value
		US$
Unvested at December 31, 2020	20,904,995	0.5415
Vested	(7,629,599)	0.4302
Forfeited	(861,193)	0.6266
Unvested at December 31, 2021	12,414,203	0.6037
Vested	(5,341,452)	0.5265
Forfeited	(713,418)	0.7401
Unvested at December 31, 2022	6,359,333	0.6531
Vested	(4,634,284)	0.5564
Forfeited	(533,145)	0.8737
Unvested at December 31, 2023	1,191,904	0.9304

The fair value of each granted RSUs is estimated based on the fair value of the underlying ordinary share of the Company on the date of grant, less any nominal amounts paid for such shares. The fair value of the RSUs granted by Smart Share Brothers was recognized as share-based compensation expense immediately on the grant date. The fair value of the RSUs granted by Smart Share CGY was amortized to the consolidated statements of comprehensive income/(loss) as share-based compensation expense on a straight-line basis over the vesting term.

The Company recognized share-based compensation expenses of RMB20,130, RMB17,878 and RMB10,499 related to RSUs in the consolidated statements of comprehensive income/(loss) for the years ended December 31, 2021, 2022 and 2023, respectively.

For the years ended December 31, 2021, 2022 and 2023, as agreed with the employees in connection with the vesting of their RSUs, the employees transferred 2,306,690, 91,860 and 52,610 vested RSUs to the Company respectively, of which the aggregated fair value was RMB21,848, RMB362 and RMB192 respectively on the dates of transfer. The fair value of the transferred shares was determined by the market prices on the dates of transfer and was equivalent to the individual income taxes that the employees were liable to for the vesting of RSUs and the Company would settle with the local tax authority on behalf of the employees. The Company recorded the withheld shares in treasury shares.

For the years ended December 31, 2021, 2022 and 2023, the total fair value of RSUs vested were RMB22,661 and RMB19,423 and RMB17,842, respectively.

As of December 31, 2022 and 2023, there were RMB17,413 and RMB3,599 of unrecognized shared-based compensation expenses related to the RSUs, which is expected to be recognized over a weighted-average period of 1.20 and 0.47 years.

(c)

Share Options

In January 2021, the shareholders and board of directors approved the 2021 Share Incentive Plan to attract and retain qualified personnel, provide incentives to employees, directors and consultants, and promote the success of the Group’s business. The 2021 Share Incentive Plan permits the awards of options, restricted share units, restricted shares or other types of award approved by a committee that administers the plan. The 2021 Share Incentive Plan assumed all awards that the Company had granted previously. The terms and conditions of the survived awards remain unchanged and continue to be effective and binding under the 2021 Share Incentive Plan.

In August 2021, the Board approved the Company to grant share options and restricted shares to purchase up to 5,055,208 Class A ordinary shares under the 2021 Share Incentive Plan. Accordingly, as of December 31, 2021, the Company granted 5,009,222 share options. The Company didn’t grant any share options in 2022. In April and July 2023, the Board approved the Company to grant share options to purchase up to 832,236 Class A ordinary shares under the 2021 Share Incentive Plan. Accordingly, as of December 31, 2023, the Company granted 809,416 share options.

Share options granted under the 2021 Incentive Plan have a contractual term of ten years from the stated grant date and are generally subject to a four-year vesting schedule. Depending on the nature and the purpose of the grant, share-based awards generally vest 25% upon the first anniversary of the vesting commencement date, and 25%, 25% and 25% in following years thereafter.

The following table summarizes the Group’s option activities:


		Weighted	Weighted
		Average	Average
		Grant	Remaining	Aggregate
	Share	Date Fair	Contractual	Intrinsic
	Option	Value	Life	Value
		US$	In years
Outstanding as of December 31, 2020	—	—	—	—
Granted	5,009,222	1.4350	—	—
Forfeited	(228,624)	1.4350	—	—
Outstanding as of December 31, 2021	4,780,598	1.4350	9.64	21,945
Exercised	(55,960)	1.4350	—	—
Forfeited	(451,726)	1.4350	—	—
Outstanding as of December 31, 2022	4,272,912	1.4350	8.64	16,667
Granted	809,416	0.5247	—	—
Exercised	(76,454)	1.4350	—	—
Cancelled	(7,585)	1.4350	—	—
Forfeited	(355,012)	1.2410	—	—
Outstanding as of December 31, 2023	4,643,277	1.2911	7.91	7,909
Vested and expected to vest as of December 31, 2023	4,643,277	1.2911	7.91	7,909
Exercisable as of December 31, 2023	2,024,660	1.4350	7.64	3,448

The Group uses binomial option-pricing model determine fair value of the share-based awards. No share options were granted during the year ended December 31, 2022.

The estimated fair value of each option granted during the years ended December 31, 2021 and 2023 is estimated on the date of grant using the binomial option-pricing model with the following assumptions:


	For the Year ended December 31,
	2021		2023
Exercise price (US$)	0.01		0.01
Fair value of the ordinary share on the date of option grant (US$)	1.445		0.488 - 0.555
Expected volatility	62.97	%	84.47% - 84.82	%
Risk-free interest rate (per annum)	1.25	%	3.48% - 3.84	%
Expected dividend yield	—		—
Exercise multiple	2.2		2.2
Contractual term (in years)	10		10
Expected forfeiture rate (post-vesting)	5.24	%	5.24	%

Risk-free interest rate is estimated based on the yield curve of US Sovereign Bond as of the option valuation date. The expected volatility at the grant date and each option valuation date is estimated based on annualized standard deviation of daily stock price return of comparable companies with a time horizon close to the expected expiry of the term of the options. As of December 31, 2023, the Group had never declared or paid any cash dividends on its capital stock, and the Group does not anticipate any recurring dividend payments in the foreseeable future. The exercise multiple is estimated as the ratio of fair value of underlying shares over the exercise price as at the time the option is exercised, based on a consideration of empirical studies on the actual exercise behavior of employees. Contractual term is the contract life of the options.

Share-based compensation expense is recorded on a straight-line basis over the requisite service period, which is generally four years from the date of grant. The Company recognized share-based compensation expenses of RMB3,936, RMB10,367 and RMB9,840 for share options granted in the consolidated statements of comprehensive income/(loss) for the years ended December 31, 2021, 2022 and 2023, respectively.

As of December 31, 2022 and 2023, there was RMB26,456 and RMB16,719 of unrecognized compensation expense related to unvested share options, which is expected to be recognized over a weighted average period of 2.64 and 2.12 years, respectively.

Summary of principal accounting policies - Additional information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥) item	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)	Jan. 01, 2023 CNY (¥)	Jan. 01, 2022 CNY (¥)
Summary of principal accounting policies
Threshold reserve fund, percent of after-tax profits	10.00%			10.00%
Threshold percentage of registered capital negating reserve appropriation	50.00%			50.00%
Appropriation to statutory surplus fund	¥ 0	¥ 0	¥ 0
Number of reportable segments \| item	1
Accumulated deficit	¥ (9,232,128)	¥ (9,319,229)		$ (1,300,317)		¥ 0
Accounting Standards Update 2016-13 \| Cumulative effect of adoption of new accounting standard
Summary of principal accounting policies
Accumulated deficit					¥ 640

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 50
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147477123/405-50-65-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482477/820-10-65-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482477/820-10-65-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
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-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 88: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 89: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 90: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481925/310-20-65-2

Reference 91: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481925/310-20-65-2

Reference 92: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480424/946-10-50-3

+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Prepayments and other current assets

12 Months Ended

Dec. 31, 2023

Prepayments and other current assets

Prepayments and other current assets

6. Prepayments and other current assets

The prepayments and other current assets consist of the following:


	As of December 31,
	2022	2023
	RMB	RMB
Deposits	14,400	14,321
Less: Allowance for credit losses	—	(196)
	14,400	14,125
Prepayment to location partners^(a)	74,301	59,970
VAT receivables	10,450	8,711
Prepayment to service providers^(b)	116,342	248,929
Prepaid expenses	9,577	7,620
Others	3,602	6,389
Total	228,672	345,744

(a)

It represents entry fees and prepaid commissions to location partners. As discussed in Note 2(u), entry fees paid to location partners are amortized on straight line basis over the contractual period with location partners during which the Group’s equipment is placed in location partners’ venues. In addition, since 2021, when entering into the location partner agreements, the Group agreed to prepay commissions to certain location partners. The amount of the prepayment is based on the pre-agreed forecast of commissions to the location partners during the contractual period. The prepayment is used to offset the actual commissions to be paid to the local partners on monthly basis based on the pre-agreed monthly forecast of commissions. The location partners are obligated to refund to the Group any remaining prepayments if performance target is not met within a pre-agreed period.

The Group is closely monitoring the recoverability of these prepayments to location partners based on the actual performance of each of the location partners. For the years ended December 31, 2021, 2022, and 2023, the Group recognized nil, RMB56,385 and RMB21,783 impairments for the prepaid commissions to the location partners whose businesses were wound up as a result of the surge of COVID-19 infections in certain regions in 2022 and deteriorated performance of certain individual location partners in 2023.

(b)

It represents the prepayment made to third-party payment processing providers who are engaged by Group to facilitate its settlement with network partners and location partners for the commission fees or to facilitate the Group’s settlement service to the network partners. Depends on the settlement arrangement with different payment processing providers, after the prepayment is made by the Group, the commissions can be drawn down by network partners at their discretions or settled by payment processing providers on a pre-agreed settlement period. Upon settlement, the prepayment made to the payment processing providers and payables to network partners and location partners (Note 10) are derecognized accordingly. As of December 31, 2022, both the amounts of the prepayment made to the payment processing providers and commission payables increased as result of the lengthened settlement period agreed with the payment processing provider. As of December 31, 2023, the increase of prepayments made to the service providers was mainly due to increase of transaction volume with network partners.

The following table summarizes the activity in the allowance for credit losses related to deposits in prepayments and other current assets for the year ended December 31, 2023:


		Year Ended,
		December 31,2023
		RMB
Balance as at December 31, 2022		—
Adoption of ASC Topic 326		146
Balance as at January 1, 2023		146
Current period provision, net		50
Balance as at December 31, 2023		196

Leases (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
Leases (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases
Lease cost	¥ 30,491	¥ 34,243
Short-term lease cost	12,156	4,143
Cash paid for the rentals included in the lease liabilities	17,560	22,850
ROU assets obtained in exchange for operating lease liabilities	¥ 22,642	¥ 10,034
Rooftop Spaces
Leases
Lease term	20 years
Minimum \| Office and Warehouses
Leases
Lease term	1 year
Maximum \| Office and Warehouses
Leases
Lease term	4 years

Prepayments and other current assets (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)
Prepayments and other current assets
Deposits	¥ 14,321	¥ 14,400
Less: Allowance for credit losses	(196)	0
Deposits net	14,125	14,400
Prepayment to location partners	59,970	74,301
VAT receivables	8,711	10,450
Prepayment to service providers	248,929	116,342
Prepaid expenses	7,620	9,577
Others	6,389	3,602
Total	345,744	228,672		$ 48,697
Impairments for the prepaid commissions to the location partners	¥ 21,783	¥ 56,385	¥ 0

Property, equipment and software, net - Summary of the leased cabinets under capital leases (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, equipment and software, net
Less: Accumulated impairment	¥ (15,518)	¥ (20,780)
Finance lease right of use asset statement of financial position	Property, equipment and software, net	Property, equipment and software, net
Cabinets
Property, equipment and software, net
Cabinets	¥ 0	¥ 154,822
Less: Accumulated depreciation	0	(111,183)
Less: Accumulated impairment	0	(3,018)
Assets under capital leases, net	¥ 0	¥ 40,621

Related party transactions and balances (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of balances with related parties

The following entities are considered to be related parties to the Group:


Name of related parties		Relationship with the Group
People Better Limited ("People Better")		A shareholder with significant influence over the Group
ZMI		Subject to common significant influence by one of the Company's directors

The Group had the following balances with the major related parties:


	As of December 31,
	2022	2023
	RMB	RMB
Long-term prepayments to a related party
Long-term prepayments to ZMI (a)	71	—
Amounts due to related parties - non-current
Due to the Nominee Shareholders of Shanghai Zhixiang (Note 1)	1,000	1,000

(a)	It represents the balance prepaid for power banks and cabinets purchase, which are non-current assets.

The Group had the following transaction with the major related parties:


	Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Purchase of power banks and cabinets from ZMI	154,127	18,306	—

Condensed financial information of the parent company - Condensed Statement of Comprehensive Income (Details) ¥ in Thousands, $ in Thousands			12 Months Ended
	Oct. 15, 2019 CNY (¥)	Oct. 15, 2019 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Statements
General and administrative expenses			¥ (125,528)	$ (17,680)	¥ (112,403)	¥ (118,973)
Loss from operations			(1,065)	(150)	(621,245)	(108,999)
Interest and investment income			117,247	16,514	52,389	30,560
Foreign exchange gains, net			3,255	458	(3,787)	7,935
Net (loss)/income			87,741	12,358	(711,240)	(124,615)
Accretion of convertible redeemable preferred shares			0	0	0	(4,729,719)
Deemed dividend to preferred shareholders	¥ (24,229)	$ (3,512)	0	0	0	(104,036)
Net (loss)/income attributable to ordinary shareholders of Smart Share Global Limited			87,741	12,358	(711,240)	(4,958,370)
Foreign currency translation adjustments, net of nil tax			18,896	2,661	112,372	(150,267)
Total comprehensive (loss)/income			106,637	15,019	(598,868)	(274,882)
Comprehensive (loss)/income attributable to ordinary shareholders of Smart Share Global Limited			106,637	$ 15,019	(598,868)	(5,108,637)
Parent Company [Member]
Statements
General and administrative expenses			(7,762)		(7,859)	(6,163)
Other operating income			5,620		5,379	3,946
Loss from operations			(2,142)		(2,480)	(2,217)
Interest and investment income			10		104	547
Foreign exchange gains, net			(2,921)		0	(25)
Equity in (loss)/income of subsidiaries and the VIEs			86,952		(708,864)	(122,970)
(Loss)/income before income tax expense			87,741		(711,240)	(124,615)
Net (loss)/income			87,741		(711,240)	(124,615)
Accretion of convertible redeemable preferred shares			0		0	(4,729,719)
Deemed dividend to preferred shareholders			0		0	(104,036)
Net (loss)/income attributable to ordinary shareholders of Smart Share Global Limited			87,741		(711,240)	(4,958,370)
Foreign currency translation adjustments, net of nil tax			18,896		112,372	(150,267)
Total comprehensive (loss)/income			(106,637)		598,868	274,882
Comprehensive (loss)/income attributable to ordinary shareholders of Smart Share Global Limited			¥ 106,637		¥ (598,868)	¥ (5,108,637)

Share-based compensation - RSU - Additional information (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based compensation
Stock-based compensation expense	¥ 20,339	¥ 28,245	¥ 30,673
RSUs
Share-based compensation
Vested shares	4,634,284	5,341,452	7,629,599
Fair value of shares vested	¥ 17,842	¥ 19,423	¥ 22,661
Stock-based compensation expense	10,499	17,878	¥ 20,130
Total unrecognized compensation cost related to share-based compensation arrangements	¥ 3,599	¥ 17,413
Remaining weighted-average period for recognition of total unrecognized compensation cost	5 months 19 days	1 year 2 months 12 days
RSUs \| Employee stock
Share-based compensation
Vested shares	52,610	91,860	2,306,690
Fair value of shares vested	¥ 192	¥ 362	¥ 21,848
Vesting of share options
Share-based compensation
Stock-based compensation expense	9,840	10,367	¥ 3,936
Total unrecognized compensation cost related to share-based compensation arrangements	¥ 16,719	¥ 26,456
Remaining weighted-average period for recognition of total unrecognized compensation cost	2 years 1 month 13 days	2 years 7 months 20 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Prepayments and other current assets (Tables)

12 Months Ended

Dec. 31, 2023

Prepayments and other current assets

Schedule of prepayments and other current assets


	As of December 31,
	2022	2023
	RMB	RMB
Deposits	14,400	14,321
Less: Allowance for credit losses	—	(196)
	14,400	14,125
Prepayment to location partners^(a)	74,301	59,970
VAT receivables	10,450	8,711
Prepayment to service providers^(b)	116,342	248,929
Prepaid expenses	9,577	7,620
Others	3,602	6,389
Total	228,672	345,744

(a)

(b)

Schedule of activity in the allowance for credit losses related to receivables in other non-current assets


		Year Ended,
		December 31,2023
		RMB
Balance as at December 31, 2022		—
Adoption of ASC Topic 326		146
Balance as at January 1, 2023		146
Current period provision, net		50
Balance as at December 31, 2023		196

Leases - Future minimum payments (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
Maturities of lease liabilities were as follows:
2023		¥ 0	¥ 10,452
2024		8,185	323
2025		3,552	0
2026		444	0
2027		444	0
2028		444	0
Thereafter		5,172	0
Total undiscounted lease payments		18,241	10,775
Less: imputed interest		(3,201)	(160)
Total present value of lease liabilities		¥ 15,040	¥ 10,615
Operating lease expenses	¥ 41,902

Organization and nature of operations

12 Months Ended

Dec. 31, 2023

Organization and nature of operations

Organization and nature of operations

1. Organization and nature of operations

(a) Principal activities

Smart Share Global Limited (the “Company” or “Smart Share”) was incorporated under the law of Cayman Islands (“Cayman”) as a limited liability company on May 17, 2017. The Company, its subsidiaries and consolidated VIE (collectively referred to as the “Group”) engage primarily in the mobile device charging business in the People’s Republic of China (“the PRC”).

As of December 31, 2023, the Company’s principal subsidiaries and the consolidated VIE are as follows:


			Equity
	Place of	Date of	economic		Principal
Name of subsidiaries and consolidated VIE	incorporation	incorporation	interest held		activities
Subsidiaries:
Smart Share International Limited	Hong Kong, China	August 15,2017	100	%	Investment holding
Zhixiang Technology (Shanghai) Co., Ltd. (“Zhixiang WFOE”)	PRC	June 23,2017	100	%	Mobile device charging business
Zhixiang Investment Co., Ltd. (“Zhixiang Investment WFOE”)	PRC	February 26,2021	100	%	Investment holding
Zhitong (Xinyi) Technology Co., Ltd. (“Zhitong”)	PRC	March 22, 2021	100	%	Mobile device charging business
Zhilang Technology (Tianjin) Co., Ltd.	PRC	April 1,2021	100	%	Mobile device charging business
Zhisheng Technology (Tianjin) Co., Ltd.	PRC	June 28,2021	100	%	Research and development function
Consolidated VIE
Shanghai Zhixiang Technology Co., Ltd. (“Shanghai Zhixiang”)	PRC	April 28,2017	100	%	Research and development function

(b) Consolidated variable interest entities

Smart Share CGY and Smart Share Brothers

In May 2017, Smart Share CGY and Smart Share Brothers were established by one of the Company’s founders, to facilitate the adoption of the Company’s restricted share units (“RSUs”) scheme for the Company’s employees and external consultants. Upon the inception of Smart Share CGY and Smart Share Brothers, the Company entered into the management agreements with Smart Share CGY, Smart Share Brothers and their shareholder. Pursuant to the management agreements, the shareholder of Smart Share CGY and Smart Share Brothers irrevocably appoints the Company or its designated person to exercise the shareholder and director rights in Smart Share CGY and Smart Share Brothers; the shareholder of Smart Share CGY and Smart Share Brothers shall not transfer or pledge his shares in Smart Share CGY and Smart Share Brothers without the consent from the Company; the RSUs scheme of Smart Share CGY and Smart Share Brothers shall be administered by the board of directors of the Company; and all profit and loss of Smart Share CGY and Smart Share Brothers shall be entitled to and assumed by the Company. The management agreements shall be effective until the Company, Smart Share CGY, Smart Share Brothers and their shareholder mutually agree to terminate.

Accordingly, the management agreements provide the Company with the power to direct the activities that most significantly impact Smart Share CGY and Smart Share Brothers’ economic performance and the obligation to absorb the risks and receive the rewards normally associated with the ownership of Smart Share CGY and Smart Share Brothers. Therefore, management concluded that Smart Share CGY and Smart Share Brothers are consolidated VIEs of the Company, of which the Company is the ultimate primary beneficiary. As such, the Group consolidated the financial statements of Smart Share CGY and Smart Share Brothers upon their inception.

In connection with the Company’s adoption of 2021 Share Incentive Plan (Note 14), on April 12, 2021, Smart Share CGY and Smart Share Brothers were dissolved and the aforementioned management agreements were terminated accordingly. For the year ended December 31, 2021, Smart Share CGY and Smart Share Brothers did not have any operation other than adopting the RSUs scheme. Refer to Note 14(b) “Smart Share CGY and Smart Share Brothers’ RSUs scheme” for details.

Shanghai Zhixiang

The Company obtained control over Shanghai Zhixiang by entering into a series of contractual arrangements with Shanghai Zhixiang and its shareholders (the “VIE Contractual Arrangements”). Shanghai Zhixiang is used to facilitate the Group’s research and development activities for the Group’s main business, as well as the innovation of certain new business which is under development where foreign ownership may be restricted. The principal terms of the agreements entered into amongst Shanghai Zhixiang, its respective shareholders (the “Nominee Shareholders”) and the Company are further described below:

Exclusive Business Cooperation Agreement

Pursuant to the business cooperation agreement entered between Zhixiang WFOE and Shanghai Zhixiang, Shanghai Zhixiang appointed Zhixiang WFOE as its exclusive service provider providing full business support, technology services and consultancy services, including but not limited to licensing of intellectual property rights, technology support, system maintenance, personnel training, equipment or office leasing and marketing consultancy. In exchange, Shanghai Zhixiang pays consultancy and service fees to Zhixiang WFOE, the price of which is mutually agreed in each quarterly bill according to the amount and commercial value of the services provided to Shanghai Zhixiang. Zhixiang WFOE owns the exclusive intellectual property rights created as a result of the performance of this agreement. The term of this agreement remains valid for a period of 10 years and can be extended at Zhixiang WFOE’s discretion. Zhixiang WFOE may terminate the agreement unilaterally with a 30 day prior written notice. For the years ended December 31, 2021, 2022 and 2023, no consultancy and service fees were charged by Zhixiang WFOE.

Equity Interest Pledge Agreement

Pursuant to the equity interest pledge agreement, the Nominee Shareholders have pledged 100% equity interests in Shanghai Zhixiang to Zhixiang WFOE as security for repayment obligations of any and all due payments, including but not limited to the consultancy and service fees due from Shanghai Zhixiang to Zhixiang WFOE under the exclusive business cooperation agreement. During the term of the equity interest pledge agreement, the Nominee Shareholders undertake that, without the prior written consent of Zhixiang WFOE, they will not transfer, or create or allow any encumbrance on the pledged equity interests, except as otherwise provided in the exclusive option agreement. If any of the specified events of default occurs, Zhixiang WFOE will have the right to request repayment of all due and payable payments, and/or transfer, auction or sale of all or part of the pledged equity interests in Shanghai Zhixiang and will have priority in receiving the proceeds from such disposal. Zhixiang WFOE may transfer all or any of its rights and obligations under the exclusive business cooperation agreement to its designee(s) at any time. The term of the agreement is 10 years and shall be extended if the term of the exclusive business cooperation agreement is extended. Since the initial paid-in capital of Shanghai Zhixiang was contributed by the Nominee Shareholders without being financed by the Company and the equity interest pledge agreement did not transfer the legal title of the pledged equity interest to the Company under PRC law, the Nominee Shareholders continue to have legal ownership of the paid-in capital of Shanghai Zhixiang. Accordingly, the initial paid-in capital of Shanghai Zhixiang amounted to RMB1,000 was recorded as other non-current liabilities to the Nominee Shareholders of Shanghai Zhixiang.

Exclusive Option Agreement

Pursuant to the exclusive option agreement, the Nominee Shareholders have irrevocably granted Zhixiang WFOE, to the extent permitted by PRC law, an irrevocable and exclusive right to purchase, or designate a third-party to purchase, all or any part of their equity interests at any time or from time to time at a purchase price equal to the lowest price permissible by PRC law. The option term remains valid for a period of 10 years and can be extended at Zhixiang WFOE’s discretion. Shanghai Zhixiang and their Nominee Shareholders have agreed that without prior written consent of the Zhixiang WFOE, their respective Nominee Shareholders cannot sell, transfer, pledge or dispose their equity interests, and Shanghai Zhixiang cannot sell, transfer, pledge or dispose, but not limited to, the equity interests and significant businesses. Also as agreed, Shanghai Zhixiang cannot change capitalization structure of Shanghai Zhixiang and cannot enter into any loan or investment agreements.

Proxy Agreement

Pursuant to the irrevocable proxy agreement, each of the Nominee Shareholders irrevocably authorized Zhixiang WFOE to act on their respective behalf as sole proxy attorney, to the extent permitted by law, to exercise all rights concerning all the equity interest held by each of them in Shanghai Zhixiang, including but not limited to proposing to convene or attend shareholder meetings, attending shareholder meetings, signing resolutions and minutes of such meetings, exercising all the rights as shareholders in such meeting (including but not limited to voting rights, nomination rights and appointment rights), the right to receive dividends and the right to sell, transfer, pledge or dispose of all the equity held in part or in whole, and exercising all other rights as shareholders allowable under PRC law and the memorandum and articles of our company.

Exclusive Assets Subscription Agreement

Pursuant to the exclusive assets subscription agreement, Shanghai Zhixiang has irrevocably granted Zhixiang WFOE, to the extent permitted by PRC law, an irrevocable and exclusive right to purchase, or designate a third-party to purchase, all the intellectual property rights and all the other assets currently owned or to be owned by Shanghai Zhixiang at any time at a purchase price equal to the lowest price permissible by PRC law. Shanghai Zhixiang further undertakes that, without Zhixiang WFOE’s prior written consent, it will not, among other things, sell, transfer, pledge, or permit others to use or otherwise dispose of such assets. The exclusive asset subscription agreement has a term of 10 years and can be extended at Zhixiang WFOE’s discretion.

Spousal Consent Letter

Pursuant to the spousal consent letter executed by the spouse of the Nominee Shareholders, the signing spouse unconditionally and irrevocably agreed that the equity interest in Shanghai Zhixiang held by and registered in the name of the Nominee Shareholders be disposed of in accordance with the exclusive option agreement, equity interest pledge agreement, proxy agreement, and other documents described above. The signing spouse agreed not to assert any rights over the equity interest in Shanghai Zhixiang held by the Nominee Shareholders. In addition, in the event that the signing spouse obtains any equity interest in Shanghai Zhixiang held by the Nominee Shareholders for any reason, she agrees to be bound by and sign any legal documents substantially similar to the contractual arrangements described above, as may be amended from time to time.

As a result of the VIE Contractual Arrangements, the Company has the power to direct the activities that most significantly impact Shanghai Zhixiang’s economic performance, bears the risks of and enjoys the rewards normally associated with the ownership of Shanghai Zhixiang. Therefore, management concluded that Shanghai Zhixiang is a consolidated VIE of the Company, of which the Company is the ultimate primary beneficiary. As such, the Group consolidated financial results of Shanghai Zhixiang in the consolidated financial statements.

Under the VIE Contractual Agreements, the Company has the power to direct activities of Shanghai Zhixiang through Zhixiang WFOE, and can have assets transferred freely out of Shanghai Zhixiang without restrictions. Therefore, the Company considers that there is no asset of Shanghai Zhixiang that can only be used to settle obligations of Shanghai Zhixiang, except for the registered capital and reserve funds of Shanghai Zhixiang with the aggregated amount of RMB1,566 as of December 31, 2022 and 2023. Since Shanghai Zhixiang are incorporated as limited liability companies under the PRC Law, creditors of Shanghai Zhixiang do not have recourse to the general credit of the Company.

The Company believes that the Zhixiang WFOE’s VIE Contractual Arrangements with Shanghai Zhixiang and the Nominee Shareholders are in compliance with PRC laws and regulations, as applicable, and are legally binding and enforceable. There are, however, uncertainties in the PRC legal system could limit the Company’s ability to enforce these contractual arrangements. Accordingly, the Company cannot be assured that the PRC government authorities will not ultimately take a view that is contrary to the Company’s belief and the opinion of its PRC legal counsel.

The Nominee Shareholders of Shanghai Zhixiang also own the majority of the voting shares of the Company. The enforceability, and therefore the benefits of the VIE Contractual Agreements between the Company and Shanghai Zhixiang depends on those individuals enforcing the contracts. There is a risk that the benefits of ownership between the Company and Shanghai Zhixiang may not be aligned in the future and they may fail to perform their contractual obligations. There would be a significant negative impact to the Company if these contracts were not enforced.

The Group’s operations depend on Shanghai Zhixiang to honor their VIE Contractual Agreements with the Group and the Company’s ability to control Shanghai Zhixiang also depends on the authorization by the Nominee Shareholders of Shanghai Zhixiang to exercise voting rights on all matters requiring shareholder approval in Shanghai Zhixiang. The Company believes that the agreements on authorization to exercise shareholder’s voting power are enforceable against each party thereto in accordance with their terms and applicable PRC laws or regulations currently in effect and the possibility that it will no longer be able to control and consolidate the VIEs as a result of the aforementioned risks and uncertainties is remote.

The following table sets forth the assets, liabilities, results of operations and changes in cash and cash equivalents of the consolidated VIEs, including Shanghai Zhixiang and the other VIE that had no significant operations, nor any material assets or liabilities, which were included in the Group’s consolidated financial statements with intercompany transactions eliminated:


	As of December 31,
	2022	2023
	RMB	RMB
Cash and cash equivalents	90	107
Prepayments and other current assets	4,473	4,054
Amounts due from non-VIE subsidiaries of the Company	591,174	594,166
Total current assets	595,737	598,327
Other non-current assets	6	6
Total non-current assets	6	6
Total assets	595,743	598,333

Salary and welfare payable	2,376	731
Tax payable	7,442	8,003
Amounts due to non-VIE subsidiaries of the Company	442,819	441,540
Accruals and other current liabilities	544	13
Total current liabilities	453,181	450,287
Total liabilities	453,181	450,287

Total shareholders’ equity	142,562	148,046


	Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Third party revenues	16,386	11	9
Inter-company service charge (a)	103,948	2,554	15,200
Third-party costs and expenses	(66,477)	(10,015)	(4,190)
Other operating loss	(11,359)	(1,566)	(6,143)
Income from non-operations	—	8	1
Income/(loss) before income tax expense	42,498	(9,008)	4,877
Less: Income tax expense	(3,914)	—	—
Net income/(loss)	38,584	(9,008)	4,877


	Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Intercompany payments from service charge	(18,255)	(6,500)	(1,305)
Intercompany receipts from service charge	88,000	14,600	13,310
Operating activities with external parties	(73,720)	(8,616)	(11,988)
Net cash (used in)/generated from operating activities	(3,975)	(516)	17
Net (decrease)/increase in cash and cash equivalents	(3,975)	(516)	17

For the years ended December 31, 2021, 2022 and 2023, there was no cash generated from or used in investing and financing activities of the consolidated VIEs.

Certain risks and concentration

12 Months Ended

Dec. 31, 2023

Certain risks and concentration

Certain risks and concentration

4. Certain risks and concentration

(a) Credit and concentration risk

Financial instruments that potentially subject the Group to significant concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, accounts receivable, short-term investment, amounts due from related parties and prepayments and other current assets. The maximum exposures of such assets to credit risk are their carrying amounts as of the balance sheets dates.

The Group expects that there is no significant credit risk associated with the cash and cash equivalents, restricted cash and short-term investments which are held by reputable financial institutions in the jurisdictions where the Company, its subsidiaries and VIEs are located. The Group believes that it is not exposed to unusual risks as these financial institutions have high credit quality.

Accounts receivables are typically unsecured and are primarily derived from revenue earned from mobile device charging provided for individuals and network partners, photovoltaic business and advertising services provided to customers. The following table summarized customers with greater than 10% of the account receivables:


	As of December 31,
	2022		2023
Customer A	11	%	*
Customer B	21	%	*
Customer C	12	%	*

*	Less than 10%

ZMI (Hong Kong) International Company Limited (“ZMI”), a related party of the Group (Note 16), accounted for 40%, 4% and nil of purchases for the years ended December 31, 2021, 2022 and 2023, respectively.

The following table summarized suppliers with greater than 10% of the purchases:


	Year Ended
	December 31,
	2021		2022		2023
	RMB		RMB		RMB
Supplier A	*		*		22	%
Supplier B	*		*		11	%
Supplier C	17	%	21	%	*
Supplier D	*		12	%	*

*Less than 10%

(b) Foreign currency risk

For Group’s PRC entities, the operating transactions and its assets and liabilities are mainly denominated in RMB. RMB is not freely convertible into foreign currencies. The value of RMB is subject to changes influenced by central government policies, and international economic and political developments. In the PRC, certain foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by the PBOC. Remittances in currencies other than RMB by the Group in China must be processed through the PBOC or other China foreign exchange regulatory bodies which require certain supporting documentation in order to affect the remittance.

The Group is exposed to foreign currency exchange rate risk, which mainly affects the monetary assets denominated in the currencies other than the functional currencies of the respective entities. As of December 31, 2022 and 2023, such affected monetary assets primarily included cash and cash equivalents held in PRC denominated in US$ and cash and cash equivalents and short-term investments held overseas denominated in RMB. Since July 21, 2005, the RMB has been permitted to fluctuate within a narrow and managed band against a basket of certain foreign currencies. While the international reaction to the RMB appreciation has generally been positive, there remains significant international pressure on the PRC government to adopt an even more flexible currency policy, which could result in a further and more significant appreciation of the RMB against other currencies.

(d) Impact of COVID-19

Since 2020, in response to the outbreak of the novel strain of the coronavirus, COVID-19 (the “COVID-19 pandemic”), as well as its new variants, Chinese government has implemented, and continues to implement, a variety of restricted measures to reduce the spread of COVID-19. These measures have had adverse effect on the Group’s consumer behaviors, ability to expand points of interest coverage, workforce and operations. These COVID-19 outbreaks were generally followed by a significant drop in offline foot traffic as people were more likely to stay at home and the Group’s location partners were required to temporarily shut down due to measures implemented by the government, which negatively impacted the Group’s points of interest coverage and financial performance.

Starting in December 2022, most of the travel restrictions and quarantine requirements in China were lifted. Even though there have been improvements in the economic and operating conditions for the Group’s business since the outset of the COVID-19 pandemic, the Group cannot predict the long-term effects of the pandemic on its business at this time.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' (DEFICIT)/EQUITY ¥ in Thousands, $ in Thousands	Ordinary shares Class A ordinary shares IPO CNY (¥) shares	Ordinary shares Class A ordinary shares CNY (¥) shares	Ordinary shares Class A ordinary shares USD ($) shares	Ordinary shares Class B ordinary shares CNY (¥) shares	Ordinary shares Class B ordinary shares USD ($) shares	Ordinary shares CNY (¥) shares	Treasury shares CNY (¥) shares	Treasury shares USD ($) shares	Additional paid-in capital IPO CNY (¥)	Additional paid-in capital CNY (¥)	Additional paid-in capital USD ($)	Statutory reserves CNY (¥)	Statutory reserves USD ($)	Accumulated other comprehensive income CNY (¥)	Accumulated other comprehensive income USD ($)	Accumulated deficit Cumulative effect of adoption of new accounting standard CNY (¥)	Accumulated deficit CNY (¥)	Accumulated deficit USD ($)	IPO CNY (¥)	Cumulative effect of adoption of new accounting standard CNY (¥)	CNY (¥)	USD ($)
Balance at the beginning at Dec. 31, 2020						¥ 83						¥ 16,593		¥ 201,823			¥ (3,657,759)				¥ (3,439,260)
Balance at the beginning (in shares) at Dec. 31, 2020 \| shares						120,540,220	(46,566,250)	(46,566,250)
Conversion of preferred shares to Class A ordinary shares		¥ 255								¥ 10,880,453											10,880,708
Conversion of preferred shares to Class A ordinary shares (in shares) \| shares		389,598,177	389,598,177
Surrender of ordinary shares by shareholders						¥ (56)				56
Surrender of ordinary shares by shareholders (in shares) \| shares						(81,270,220)	46,566,250	46,566,250
Issuance of ordinary shares	¥ 23					¥ 24			¥ 896,297	(24)									¥ 896,320
Issuance of ordinary shares (in shares) \| shares	35,300,000					34,703,970
Re-designation of ordinary shares to Class B ordinary shares				¥ 51		¥ (51)
Re-designation of ordinary shares to Class B ordinary shares (in shares) \| shares				73,973,970	73,973,970	(73,973,970)
Issuance of ordinary shares pursuant to share incentive plan		¥ 18					¥ (18)
Issuance of ordinary shares pursuant to share incentive plan (in shares) \| shares		28,000,000	28,000,000				(28,000,000)	(28,000,000)
Vesting of RSUs							¥ 14			26,723											26,737
Vesting of RSUs (in shares) \| shares							22,058,588	22,058,588
Vesting of share options										3,936											3,936
Ordinary shares transferred from the employees in connection with vesting of RSUs							¥ (21,848)														(21,848)
Ordinary shares transferred from the employees in connection with vesting of RSUs (in shares) \| shares							(2,306,690)	(2,306,690)
Accretion on convertible redeemable preferred shares to redemption value										(8,140)							(4,721,579)				(4,729,719)
Deemed dividend to preferred shareholders																	(104,036)				(104,036)
Net (loss)/income																	(124,615)				(124,615)
Foreign currency translation														(150,267)							(150,267)
Repurchase of Class A ordinary shares							¥ (5,932)														(5,932)
Repurchase of Class A ordinary shares (in shares) \| shares							(1,116,904)	(1,116,904)
Balance at the end at Dec. 31, 2021		¥ 296		¥ 51			¥ (27,784)			11,799,301		16,593		51,556			(8,607,989)				3,232,024
Balance at end (in shares) at Dec. 31, 2021 \| shares		452,898,177	452,898,177	73,973,970	73,973,970		(9,365,006)	(9,365,006)
Vesting of RSUs							¥ 40,870			(22,992)											17,878
Vesting of RSUs (in shares) \| shares							5,341,452	5,341,452
Vesting of share options										10,367											10,367
Ordinary shares transferred from the employees in connection with vesting of RSUs							¥ (362)														(362)
Ordinary shares transferred from the employees in connection with vesting of RSUs (in shares) \| shares							(91,860)	(91,860)
Deemed dividend to preferred shareholders																					0
Net (loss)/income																	(711,240)				(711,240)
Foreign currency translation														112,372							112,372
Repurchase of Class A ordinary shares							¥ (19,738)														(19,738)
Repurchase of Class A ordinary shares (in shares) \| shares							(4,448,658)	(4,448,658)
Exercise of share options							¥ 198			(194)											4
Exercise of share options (in shares) \| shares							55,960	55,960
Balance at the end at Dec. 31, 2022		¥ 296		¥ 51			¥ (6,816)			11,786,482		16,593		163,928			(9,319,229)				2,641,305
Balance at end (in shares) at Dec. 31, 2022 \| shares		452,898,177	452,898,177	73,973,970	73,973,970		(8,508,112)	(8,508,112)
Vesting of RSUs							¥ 14,991			(4,492)											10,499
Vesting of RSUs (in shares) \| shares							4,634,284	4,634,284
Vesting of share options										9,840											9,840
Ordinary shares transferred from the employees in connection with vesting of RSUs							¥ (192)														(192)
Ordinary shares transferred from the employees in connection with vesting of RSUs (in shares) \| shares							(52,610)	(52,610)
Deemed dividend to preferred shareholders																					0	$ 0
Net (loss)/income																	87,741				87,741	12,358
Foreign currency translation														18,896							18,896
Repurchase of Class A ordinary shares							¥ (13,798)														(13,798)
Repurchase of Class A ordinary shares (in shares) \| shares							(3,871,598)	(3,871,598)
Exercise of share options							¥ 266			(260)											6
Exercise of share options (in shares) \| shares							76,454	76,454
Balance at the end (Accounting Standards Update 2016-13) at Dec. 31, 2023																¥ (640)				¥ (640)
Balance at the end at Dec. 31, 2023		¥ 296	$ 42	¥ 51	$ 7		¥ (5,549)	$ (782)		¥ 11,791,570	$ 1,660,808	¥ 16,593	$ 2,337	¥ 182,824	$ 25,750		¥ (9,232,128)	$ (1,300,317)			¥ 2,753,657	$ 387,845
Balance at end (in shares) at Dec. 31, 2023 \| shares		452,898,177	452,898,177	73,973,970	73,973,970		(7,721,582)	(7,721,582)

Share-based compensation - Restricted shares (Details) - Vesting of restricted shares	12 Months Ended
	Dec. 31, 2021 $ / shares shares
Number of Shares
Beginning Non vested shares \| shares	20,250,000
Vested Shares \| shares	(20,250,000)
Ending Non vested shares \| shares	0
Weighted Average Grant Date Fair Value
Beginning Non vested weighted average grant date fair value \| $ / shares	$ 0.0889
Vested weighted average grant date fair value \| $ / shares	0.0889
Ending Non vested weighted average grant date fair value \| $ / shares	$ 0

Convertible redeemable preferred shares - Additional information (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands															12 Months Ended
	Dec. 29, 2020 CNY (¥) shares	Dec. 29, 2020 USD ($) shares	Dec. 10, 2020 CNY (¥)	Dec. 10, 2020 USD ($) $ / shares shares	Oct. 15, 2019 CNY (¥)	Oct. 15, 2019 USD ($) $ / shares shares	Aug. 09, 2018 CNY (¥) shares	Aug. 09, 2018 USD ($)	Jun. 14, 2018 CNY (¥)	Jun. 14, 2018 USD ($) $ / shares shares	Sep. 26, 2017 CNY (¥) shares	Sep. 26, 2017 USD ($)	Jul. 25, 2017 CNY (¥) shares	Jul. 25, 2017 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2021 CNY (¥)	Apr. 30, 2021	Aug. 09, 2018 USD ($) $ / shares shares	Sep. 26, 2017 USD ($) $ / shares shares	Jul. 25, 2017 USD ($) $ / shares shares
Convertible redeemable preferred shares
Period for curing breach															90 days
Conversion ratio															1		1
Minimum proceeds from qualified public offering \| $															$ 100,000,000
Minimum pre offering market capitalization \| $															$ 1,000,000,000
Accretion on convertible redeemable preferred shares to redemption value \| ¥																¥ 4,729,719
Percentage on issuance price															100.00%
Series Seed Convertible Redeemable Preferred Shares
Convertible redeemable preferred shares
Temporary equity, shares issued \| shares													85,185,184							85,185,184
Temporary equity, par or stated value per share																				$ 0.06275
Aggregate consideration													¥ 36,597	$ 5,345
Temporary equity redemption price per share																				$ 0.11
Issuance costs incurred													305	45
Consideration amount													¥ 28,711							$ 4,183
Series A Convertible Redeemable Preferred Shares
Convertible redeemable preferred shares
Temporary equity, shares issued \| shares													37,037,035							37,037,035
Temporary equity, par or stated value per share																				$ 0.27
Aggregate consideration													¥ 66,957	10,000
Issuance costs incurred													¥ 570	$ 85
Series A-1 Convertible Redeemable Preferred Shares
Convertible redeemable preferred shares
Temporary equity, shares issued \| shares				885,269						6,347,117	69,570,808								69,570,808
Temporary equity, par or stated value per share				$ 0.2824						$ 0.2824									$ 0.2824
Aggregate consideration			¥ 1,631	$ 250					¥ 11,465	$ 1,792	¥ 130,056	$ 19,646
Temporary equity redemption price per share										$ 0.3021
Issuance costs incurred			11,262	$ 1,660					¥ 834	$ 126	2,273	$ 346
Consideration amount							¥ 20,668				¥ 10,399				$ 10,000			$ 3,000	$ 1,515
Percentage on issuance price															85.00%
Series B-1 Convertible Redeemable Preferred Shares
Convertible redeemable preferred shares
Temporary equity, shares issued \| shares							7,467,196											7,467,196
Temporary equity, par or stated value per share																		$ 0.4018
Aggregate consideration							¥ 20,668	$ 3,000
Issuance costs incurred							¥ 5,159	746
Series B-2 Convertible Redeemable Preferred Shares
Convertible redeemable preferred shares
Temporary equity, shares issued \| shares							40,228,492											40,228,492
Temporary equity, par or stated value per share																		$ 0.4727
Aggregate consideration							¥ 130,441	$ 19,014
Series C-1 Convertible Redeemable Preferred Shares
Convertible redeemable preferred shares
Temporary equity, shares issued \| shares						57,653,035
Temporary equity, par or stated value per share						$ 0.9366
Aggregate consideration					¥ 381,883	$ 54,000
Issuance costs incurred					¥ 9,492	$ 1,360
Series D-1 Convertible Redeemable Preferred Shares
Convertible redeemable preferred shares
Temporary equity, shares issued \| shares	42,329,835	42,329,835		42,329,835
Aggregate consideration	¥ 719,401	$ 110,000	719,401	$ 110,000
Issuance costs incurred	¥ 5,979	$ 916	¥ 5,979	$ 916
Threshold period for consummation of public offering															48 months

Subsequent events

12 Months Ended

Dec. 31, 2023

Subsequent events

Subsequent events

19. Subsequent events

On March 11, 2024, the Company’s board of directors approved a special cash dividend of US$0.015 per ordinary share, or US$0.03 per ADS, to holders of ordinary shares and holders of ADSs of record as of the close of business on May 31, 2024, U.S. Eastern Time, payable in U.S. dollars. The Company expects the total amount of cash to be distributed for the dividend to be approximately US$8 million, which will be funded by surplus cash on the Company’s balance sheet.

Share-based compensation - Compensation expense for different awards (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based compensation
Stock-based compensation expense	¥ 20,339	¥ 28,245	¥ 30,673
Vesting of restricted shares
Share-based compensation
Stock-based compensation expense	0	0	6,607
RSUs
Share-based compensation
Stock-based compensation expense	10,499	17,878	20,130
Vesting of share options
Share-based compensation
Stock-based compensation expense	¥ 9,840	¥ 10,367	¥ 3,936

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Condensed financial information of the parent company

12 Months Ended

Dec. 31, 2023

Condensed financial information of the parent company

Condensed financial information of the parent company

20. Condensed financial information of the parent company

The Group performed a test on the restricted net assets of consolidated subsidiaries in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08 (e) (3), “General Notes to Financial Statements” and concluded that it was applicable for the Company to disclose the financial statements for the parent company only.

The subsidiaries did not pay any dividends to the Company for the periods presented. Certain information and footnote disclosures generally included in financial statements prepared in accordance with US GAAP have been condensed and omitted. The footnote disclosures contain supplemental information relating to the operations of the Company, as such, these statements should be read in conjunction with the notes to the consolidated financial statements of the Company.

The parent company did not have significant capital and other commitments, long-term obligations, other long-term debt, or guarantees as of December 31, 2022 and 2023.

Basis of presentation

The Company’s accounting policies are the same as the Group’s accounting policies.

For the Parent only condensed financial information, the Company records its investments in subsidiaries under the equity method of accounting as prescribed in ASC 323, Investments — Equity Method and Joint Ventures.

Such investments are presented on the Condensed Balance Sheets as “Investments in subsidiaries” and shares in the subsidiaries’ loss are presented as “Shares of loss of subsidiaries” on the Condensed Statements of Comprehensive Income/(Loss). The parent company only condensed financial information should be read in conjunction with the Group’ consolidated financial statements.

Condensed balance sheets


	As of December 31,
	2022	2023
	RMB	RMB
ASSETS
Current Assets:
Cash and cash equivalents	5,390	1,390
Prepayments and other current assets	802	433
Total current assets	6,192	1,823
Non-current Assets:
Investment in subsidiaries	1,136,046	1,221,703
Amounts due from related parties	1,545,429	1,569,611
Total non-current assets	2,681,475	2,791,314
Total assets	2,687,667	2,793,137
LIABILITIES, AND SHAREHOLDER’S EQUITY
Current Liabilities:
Salary and welfare payable	104	106
Accruals and other current liabilities	8,897	7,470
Amounts due to related parties	24,918	24,918
Total current liabilities	33,919	32,494
Non-current Liabilities:
Other non-current liabilities	12,443	6,986
Total Non-current liabilities	12,443	6,986
Total liabilities	46,362	39,480
Shareholder’s equity:
Class A ordinary shares (par value of US$0.0001, 535,052,809 and 535,052,809 shares authorized, 452,898,177 and 452,898,177 shares issued, and 444,390,065 and 445,176,595 shares outstanding as of December 31, 2022 and 2023, respectively)	296	296
Class B ordinary shares (par value of US$0.0001, 73,973,970 and 73,973,970 shares authorized, issued and outstanding as of December 31, 2022 and 2023, respectively)	51	51
Treasury shares (8,508,112 and 7,721,582 shares as of December 31, 2022 and 2023, respectively)	(6,816)	(5,549)
Additional paid-in capital	11,786,482	11,791,570
Statutory reserves	16,593	16,593
Accumulated other comprehensive income	163,928	182,824
Accumulated deficit	(9,319,229)	(9,232,128)
Total shareholders’ equity	2,641,305	2,753,657
Total liabilities, and shareholders’ equity	2,687,667	2,793,137

Condensed statements of comprehensive (loss)/income


	Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
General and administrative expenses	(6,163)	(7,859)	(7,762)
Other operating income	3,946	5,379	5,620
Loss from operations	(2,217)	(2,480)	(2,142)
Interest and investment income	547	104	10
Foreign exchange gains, net	25	—	2,921
Equity in (loss)/income of subsidiaries and the VIEs	(122,970)	(708,864)	86,952
(Loss)/income before income tax expense	(124,615)	(711,240)	87,741
Net (loss)/income	(124,615)	(711,240)	87,741
Accretion of convertible redeemable preferred shares	(4,729,719)	—	—
Deemed dividend of preferred shareholders	(104,036)	—	—
Net (loss)/income attributable to ordinary shareholders of Smart Share Global Limited	(4,958,370)	(711,240)	87,741
Net (loss)/income	(124,615)	(711,240)	87,741
Other comprehensive (loss)/income
Foreign currency translation adjustments, net of nil tax	(150,267)	112,372	18,896
Total comprehensive (loss)/income	(274,882)	(598,868)	106,637
Accretion of convertible redeemable preferred shares	(4,729,719)	—	—
Deemed dividend of preferred shareholders	(104,036)	—	—
Comprehensive (loss)/income attributable to ordinary shareholders of Smart Share Global Limited	(5,108,637)	(598,868)	106,637

Condensed statements of cash flows


	Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Operating activities with external parties	23,705	(5,559)	(9,575)
Net cash generated from/(used in) operating activities	23,705	(5,559)	(9,575)

Investments in subsidiaries	(1,048,953)	—	—
Loans to subsidiaries	(1,300,477)	(31,394)	—
Loans repaid by subsidiaries	—	—	19,255
Investing activities with external parties	—	920	—
Net cash (used in)/generated from investing activities	(2,349,430)	(30,474)	19,255

Financing activities with external parties	1,679,515	(19,734)	(13,697)
Net cash generated from/(used in) financing activities	1,679,515	(19,734)	(13,697)

Effect of foreign exchange rate changes on cash and cash equivalents	(17,475)	2,078	17

Net decrease in cash and cash equivalents	(663,685)	(53,689)	(4,000)
Cash and cash equivalents at beginning of year	722,764	59,079	5,390
Cash and cash equivalents at end of year	59,079	5,390	1,390

Convertible redeemable preferred shares - Preferred shares activities (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands																			12 Months Ended
	Jan. 06, 2021 CNY (¥) shares	Jan. 06, 2021 USD ($) $ / shares shares	Dec. 29, 2020 CNY (¥)	Dec. 29, 2020 USD ($) $ / shares	Dec. 10, 2020 CNY (¥)	Dec. 10, 2020 USD ($) $ / shares	Dec. 24, 2019 CNY (¥)	Dec. 24, 2019 USD ($) $ / shares	Oct. 15, 2019 CNY (¥)	Oct. 15, 2019 USD ($) $ / shares	Aug. 09, 2018 CNY (¥)	Aug. 09, 2018 USD ($)	Jun. 14, 2018 CNY (¥)	Jun. 14, 2018 USD ($)	Sep. 26, 2017 CNY (¥)	Sep. 26, 2017 USD ($)	Jul. 25, 2017 CNY (¥)	Jul. 25, 2017 USD ($)	Dec. 31, 2021 CNY (¥) shares
Convertible redeemable preferred shares
Beginning balance, total mezzanine equity																			¥ 5,137,874
Accretion of convertible redeemable preferred shares																			4,729,719
Redesignation																			104,036
FX exchange translation																			115,281
Proceeds from issuance of Convertible Redeemable Preferred Shares																			(793,798)
Conversion of preferred shares to Class A ordinary shares																			(10,880,708)
Series Seed Convertible Redeemable Preferred Shares
Convertible redeemable preferred shares
Beginning balance, convertible redeemable preferred shares																			¥ 1,091,899
Beginning balance (in shares) \| shares																			77,884,154
Issuance of Convertible Redeemable Preferred Shares (in shares) \| shares	32,761,153	32,761,153
Accretion of convertible redeemable preferred shares																			¥ 889,582
Redesignation																			¥ (208,136)
Redesignation (in shares) \| shares																			(13,812,613)
FX exchange translation																			¥ 16,047
Proceeds from issuance of Convertible Redeemable Preferred Shares																			¥ (1,789,392)
Proceeds from issuance of Convertible Redeemable Preferred Shares (in shares) \| shares																			(64,071,541)
Ending balance, temporary equity receivable																	¥ (28,711)	$ (4,183)
Purchase price \| $ / shares										$ 0.4855
Aggregate consideration																	36,597	5,345
Payment of issuance cost of Series D-2 Convertible Redeemable Preferred Shares																	305	45
Series A Convertible Redeemable Preferred Shares
Convertible redeemable preferred shares
Beginning balance, convertible redeemable preferred shares																			¥ 472,723
Beginning balance (in shares) \| shares																			33,382,717
Accretion of convertible redeemable preferred shares																			¥ 347,662
Redesignation																			¥ (125,999)
Redesignation (in shares) \| shares																			(8,310,604)
FX exchange translation																			¥ 5,829
Proceeds from issuance of Convertible Redeemable Preferred Shares																			¥ (700,215)
Proceeds from issuance of Convertible Redeemable Preferred Shares (in shares) \| shares																			(25,072,113)
Purchase price \| $ / shares										$ 0.5325
Aggregate consideration																	66,957	10,000
Payment of issuance cost of Series D-2 Convertible Redeemable Preferred Shares																	¥ 570	$ 85
Series A-1 Convertible Redeemable Preferred Shares
Convertible redeemable preferred shares
Beginning balance, convertible redeemable preferred shares																			¥ 1,089,555
Beginning balance (in shares) \| shares																			76,803,194
Accretion of convertible redeemable preferred shares																			¥ 957,778
Redesignation																			¥ (93,644)
Redesignation (in shares) \| shares																			(6,171,252)
FX exchange translation																			¥ 18,922
Proceeds from issuance of Convertible Redeemable Preferred Shares																			¥ (1,972,611)
Proceeds from issuance of Convertible Redeemable Preferred Shares (in shares) \| shares																			(70,631,942)
Warrant liability transferred into Series A-1 Convertible Redeemable Preferred Shares											¥ 8,416	$ 1,235
Ending balance, temporary equity receivable											(20,668)	(3,000)			¥ (10,399)	$ (1,515)
Aggregate consideration					¥ 1,631	$ 250							¥ 11,465	$ 1,792	130,056	19,646
Payment of issuance cost of Series D-2 Convertible Redeemable Preferred Shares					11,262	$ 1,660							¥ 834	$ 126	¥ 2,273	$ 346
Series B-1 Convertible Redeemable Preferred Shares
Convertible redeemable preferred shares
Beginning balance, convertible redeemable preferred shares																			¥ 106,828
Beginning balance (in shares) \| shares																			7,467,196
Accretion of convertible redeemable preferred shares																			¥ 99,626
FX exchange translation																			2,090
Proceeds from issuance of Convertible Redeemable Preferred Shares																			¥ (208,544)
Proceeds from issuance of Convertible Redeemable Preferred Shares (in shares) \| shares																			(7,467,196)
Aggregate consideration											20,668	3,000
Payment of issuance cost of Series D-2 Convertible Redeemable Preferred Shares											5,159	746
Series B-2 Convertible Redeemable Preferred Shares
Convertible redeemable preferred shares
Beginning balance, convertible redeemable preferred shares																			¥ 578,091
Beginning balance (in shares) \| shares																			40,228,492
Accretion of convertible redeemable preferred shares																			¥ 534,164
FX exchange translation																			11,247
Conversion of preferred shares to Class A ordinary shares																			¥ (1,123,502)
Conversion of preferred shares to Class A ordinary shares (in shares) \| shares																			(40,228,492)
Aggregate consideration											¥ 130,441	$ 19,014
Series C-1 Convertible Redeemable Preferred Shares
Convertible redeemable preferred shares
Beginning balance, convertible redeemable preferred shares																			¥ 870,794
Beginning balance (in shares) \| shares																			57,653,035
Accretion of convertible redeemable preferred shares																			¥ 723,457
FX exchange translation																			15,884
Conversion of preferred shares to Class A ordinary shares																			¥ (1,610,135)
Conversion of preferred shares to Class A ordinary shares (in shares) \| shares																			(57,653,035)
Aggregate consideration									¥ 381,883	$ 54,000
Payment of issuance cost of Series D-2 Convertible Redeemable Preferred Shares									¥ 9,492	$ 1,360
Series C-2 Convertible Redeemable Preferred Shares
Convertible redeemable preferred shares
Beginning balance, convertible redeemable preferred shares																			¥ 154,847
Beginning balance (in shares) \| shares																			10,224,598
Accretion of convertible redeemable preferred shares																			¥ 74,859
Redesignation																			¥ (69,801)
Redesignation (in shares) \| shares																			(4,466,684)
FX exchange translation																			¥ 902
Conversion of preferred shares to Class A ordinary shares																			¥ (160,807)
Conversion of preferred shares to Class A ordinary shares (in shares) \| shares																			(5,757,914)
Purchase price \| $ / shares		$ 2.2740						$ 0.9780
Aggregate consideration		$ 74,498					¥ 71,531	$ 10,000
Payment of issuance cost of Series D-2 Convertible Redeemable Preferred Shares							¥ 1,758	$ 252
Series D-1 Convertible Redeemable Preferred Shares
Convertible redeemable preferred shares
Beginning balance, convertible redeemable preferred shares																			¥ 773,137
Beginning balance (in shares) \| shares																			42,329,835
Accretion of convertible redeemable preferred shares																			¥ 398,193
FX exchange translation																			10,859
Conversion of preferred shares to Class A ordinary shares																			¥ (1,182,189)
Conversion of preferred shares to Class A ordinary shares (in shares) \| shares																			(42,329,835)
Purchase price \| $ / shares				$ 2.5986		$ 2.5986
Aggregate consideration			¥ 719,401	$ 110,000	719,401	$ 110,000
Payment of issuance cost of Series D-2 Convertible Redeemable Preferred Shares			¥ 5,979	$ 916	¥ 5,979	$ 916
Series D-2 Convertible Redeemable Preferred Shares
Convertible redeemable preferred shares
Issuance of Convertible Redeemable Preferred Shares (in shares) \| shares	43,624,956	43,624,956
Accretion of convertible redeemable preferred shares																			¥ 704,398
Redesignation	¥ 104,036	$ 16,104																	¥ 601,616
Redesignation (in shares) \| shares	(32,761,153)	(32,761,153)																	32,761,153
FX exchange translation																			¥ 33,501
Proceeds from issuance of Convertible Redeemable Preferred Shares																			¥ (793,798)
Proceeds from issuance of Convertible Redeemable Preferred Shares (in shares) \| shares																			43,624,956
Conversion of preferred shares to Class A ordinary shares																			¥ (2,133,313)
Conversion of preferred shares to Class A ordinary shares (in shares) \| shares																			(76,386,109)
Purchase price \| $ / shares		$ 2.8425
Aggregate consideration	¥ 801,104	$ 124,002
Payment of issuance cost of Series D-2 Convertible Redeemable Preferred Shares	¥ 7,306	$ 1,131

Income taxes - Current and deferred portions of income tax expense (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Income taxes
Current income tax expense	¥ 8,839		¥ 179,907	¥ (554)
Deferred income tax expense	12,182	$ 1,716	(65,431)	554
Subtotal income tax expense appliable to PRC entities	21,021		114,476	0
Current and deferred income tax expense applicable to overseas entities	0		0	0
Income tax expense, net	¥ 21,021	$ 2,961	¥ 114,476	¥ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases

Schedule of supplemental cash flow information related to leases


	Year Ended December 31,
	2022	2023
	RMB	RMB
Cash paid for the rentals included in the lease liabilities	22,850	17,560
ROU assets obtained in exchange for operating lease liabilities	10,034	22,642

Schedule of supplemental consolidated balance sheet information


	As of December 31,
	2022	2023
	RMB	RMB
Right-of-use assets	12,442	16,353
Current portion of lease liabilities	9,761	7,399
Non-current lease liabilities	854	7,641

Schedule of lease term and discount rates


	As of December 31,
	2022		2023

Weighted-average remaining lease term
Operating leases	0.6 years		7.38 years
Weighted-average discount rate
Operating leases	4.7	%	4.7	%


	As of December 31,
	2022	2023
	RMB	RMB
Maturities of lease liabilities were as follows:
2023	10,452	—
2024	323	8,185
2025	—	3,552
2026	—	444
2027	—	444
2028	—	444
Thereafter	—	5,172
Total undiscounted lease payments	10,775	18,241
Less: imputed interest	(160)	(3,201)
Total present value of lease liabilities	10,615	15,040

Convertible redeemable preferred shares (Tables)

12 Months Ended

Dec. 31, 2023

Convertible redeemable preferred shares

Schedule of Company's Preferred Shares activities


	Series Seed Convertible		Series A Convertible		Series A‑1 Convertible		Series B‑1 Convertible
	Redeemable Preferred		Redeemable Preferred		Redeemable Preferred		Redeemable Preferred
	Shares		Shares		Shares		Shares
	Number of		Number of		Number of		Number of
	Shares	Amount	Shares	Amount	Shares	Amount	Shares	Amount
Balance as of January 1, 2021	77,884,154	1,091,899	33,382,717	472,723	76,803,194	1,089,555	7,467,196	106,828
Re-designation of previously issued preferred shares to Series D-2 Preferred Shares	(13,812,613)	(208,136)	(8,310,604)	(125,999)	(6,171,252)	(93,644)	—	—
Accretion of Convertible Redeemable Preferred Shares to Preference Amount	—	889,582	—	347,662	—	957,778	—	99,626
Proceeds from issuance of Convertible Redeemable Preferred Shares	—	—	—	—	—	—	—	—
FX exchange translation	—	16,047	—	5,829	—	18,922	—	2,090
Conversion of preferred shares to Class A ordinary shares	(64,071,541)	(1,789,392)	(25,072,113)	(700,215)	(70,631,942)	(1,972,611)	(7,467,196)	(208,544)
Balance as of December 31, 2021	—	—	—	—	—	—	—	—



	Series B‑2 Convertible		Series C‑1 Convertible		Series C‑2 Convertible		Series D‑1 Convertible		Series D‑2 Convertible
	Redeemable Preferred		Redeemable Preferred		Redeemable Preferred		Redeemable Preferred		Redeemable Preferred
	Shares		Shares		Shares		Shares		Shares		Total
	Number of		Number of		Number of		Number of		Number of
	Shares	Amount	Shares	Amount	Shares	Amount	Shares	Amount	Shares	Amount	Amount
Balance as of January 1, 2021	40,228,492	578,091	57,653,035	870,794	10,224,598	154,847	42,329,835	773,137	—	—	5,137,874
Re-designation of previously issued preferred shares to Series D-2 Preferred Shares	—	—	—	—	(4,466,684)	(69,801)	—	—	32,761,153	601,616	104,036
Accretion of Convertible Redeemable Preferred Shares to Preference Amount	—	534,164	—	723,457	—	74,859	—	398,193	—	704,398	4,729,719
Proceeds from issuance of Convertible Redeemable Preferred Shares	—	—	—	—	—	—	—	—	43,624,956	793,798	793,798
FX exchange translation	—	11,247	—	15,884	—	902	—	10,859	—	33,501	115,281
Conversion of preferred shares to Class A ordinary shares	(40,228,492)	(1,123,502)	(57,653,035)	(1,610,135)	(5,757,914)	(160,807)	(42,329,835)	(1,182,189)	(76,386,109)	(2,133,313)	(10,880,708)
Balance as of December 31, 2021	—	—	—	—	—	—	—	—	—	—	—

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME (Parenthetical) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME
Foreign currency translation adjustments, net of tax	¥ 0	¥ 0	¥ 0

Certain risks and concentration (Tables)

12 Months Ended

Dec. 31, 2023

Customer Concentration Risk

Certain risks and concentration

Summarized customers/suppliers with greater than 10% of the account receivables/payable


	As of December 31,
	2022		2023
Customer A	11	%	*
Customer B	21	%	*
Customer C	12	%	*

*	Less than 10%

Supplier Concentration Risk

Certain risks and concentration

Summarized customers/suppliers with greater than 10% of the account receivables/payable


	Year Ended
	December 31,
	2021		2022		2023
	RMB		RMB		RMB
Supplier A	*		*		22	%
Supplier B	*		*		11	%
Supplier C	17	%	21	%	*
Supplier D	*		12	%	*

*Less than 10%

Accounts and notes payable and accruals and other current liabilities

12 Months Ended

Dec. 31, 2023

Accounts and notes payable and accruals and other current liabilities

Accounts and notes payable and accruals and other current liabilities

10. Accounts and notes payable and accruals and other current liabilities

Accounts and notes payable consist of the following:


	As of December 31,
	2022	2023
	RMB	RMB
Commission payables to network partners and location partners	546,739	408,444
Entry fees payable to location partners	46,359	28,345
Payables for purchase of goods	185,736	273,906
Payables for maintenance cost	23,631	21,453
Others	7,732	32,593
Total	810,197	764,741

Accruals and other current liabilities consist of the following:


	As of December 31,
	2022	2023
	RMB	RMB
Customer deposits	229,356	250,849
Advance from network partners	—	27,961
Contract liabilities^(a)	—	18,681
Warranty liabilities	—	7,399
Derivative liabilities	2,592	—
Others	36,059	32,069
Total	268,007	336,959

(a)	The following table shows a reconciliation in the current reporting period related to carried-forward contract liabilities:


		Year Ended
		December 31,2023
		RMB
Contract liabilities - beginning of year		—
Additions		67,033
Recognition		(48,352)
Contract liabilities - end of year		18,681

As of December 31, 2023, contract liabilities are primarily derived from the contracts with enterprise customers for the new business initiative. Substantially all of the balance of contract liabilities are generally recognized as revenue within one year.

Share-based compensation - Estimated fair value (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2021	Oct. 15, 2019
Share-based compensation
Purchase price per share			$ 0.8218
Vesting of share options
Share-based compensation
Exercise price (US$)	$ 0.01	$ 0.01
Purchase price per share		$ 1.445
Expected volatility		62.97%
Risk-free interest rate (per annum)		1.25%
Exercise multiple	2.2	2.2
Contractual term (in years)	10 years	10 years
Expected forfeiture rate (post-vesting)	5.24%	5.24%
Minimum \| Vesting of share options
Share-based compensation
Purchase price per share	$ 0.488
Expected volatility	84.47%
Risk-free interest rate (per annum)	3.48%
Maximum \| Vesting of share options
Share-based compensation
Purchase price per share	$ 0.555
Expected volatility	84.82%
Risk-free interest rate (per annum)	3.84%

Summary of principle accounting policies - Income tax (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Summary of principal accounting policies
Unrecognized tax benefits impacting the Group's effective tax rate	¥ 18,163	¥ 209,078
Threshold to measure uncertain tax position	50.00%

Summary of principal accounting policies - Leases (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Jan. 01, 2022 CNY (¥)
Summary of principal accounting policies
Right-of-use assets	¥ 16,353	$ 2,303	¥ 12,442	¥ 31,132
Long term lease liabilities	7,641	1,076	854	25,807
Operating lease liability, current	7,399	1,042	9,761	22,132
Accumulated deficit	¥ (9,232,128)	$ (1,300,317)	¥ (9,319,229)	¥ 0

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Leases - Consolidated balance sheet information (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Jan. 01, 2022 CNY (¥)
Leases
Right-of-use assets	¥ 16,353	$ 2,303	¥ 12,442	¥ 31,132
Current portion of lease liabilities	7,399	1,042	9,761	22,132
Non-current lease liabilities	¥ 7,641	$ 1,076	¥ 854	¥ 25,807

Other non-current assets - Allowance for credit losses (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)
Other non-current assets
Balance at the beginning	¥ 0
Balance at the end	266
Cumulative effect of adoption of new accounting standard
Other non-current assets
Balance at the beginning	67
Current period provision, net	199
Balance at the end	266
Cumulative effect of adoption of new accounting standard \| Accounting Standards Update 2016-13
Other non-current assets
Balance at the beginning	¥ 67

Condensed financial information of the parent company (Tables)

12 Months Ended

Dec. 31, 2023

Condensed financial information of the parent company

Schedule of Condensed balance sheets


	As of December 31,
	2022	2023
	RMB	RMB
ASSETS
Current Assets:
Cash and cash equivalents	5,390	1,390
Prepayments and other current assets	802	433
Total current assets	6,192	1,823
Non-current Assets:
Investment in subsidiaries	1,136,046	1,221,703
Amounts due from related parties	1,545,429	1,569,611
Total non-current assets	2,681,475	2,791,314
Total assets	2,687,667	2,793,137
LIABILITIES, AND SHAREHOLDER’S EQUITY
Current Liabilities:
Salary and welfare payable	104	106
Accruals and other current liabilities	8,897	7,470
Amounts due to related parties	24,918	24,918
Total current liabilities	33,919	32,494
Non-current Liabilities:
Other non-current liabilities	12,443	6,986
Total Non-current liabilities	12,443	6,986
Total liabilities	46,362	39,480
Shareholder’s equity:
Class A ordinary shares (par value of US$0.0001, 535,052,809 and 535,052,809 shares authorized, 452,898,177 and 452,898,177 shares issued, and 444,390,065 and 445,176,595 shares outstanding as of December 31, 2022 and 2023, respectively)	296	296
Class B ordinary shares (par value of US$0.0001, 73,973,970 and 73,973,970 shares authorized, issued and outstanding as of December 31, 2022 and 2023, respectively)	51	51
Treasury shares (8,508,112 and 7,721,582 shares as of December 31, 2022 and 2023, respectively)	(6,816)	(5,549)
Additional paid-in capital	11,786,482	11,791,570
Statutory reserves	16,593	16,593
Accumulated other comprehensive income	163,928	182,824
Accumulated deficit	(9,319,229)	(9,232,128)
Total shareholders’ equity	2,641,305	2,753,657
Total liabilities, and shareholders’ equity	2,687,667	2,793,137

Schedule of Condensed statements of comprehensive loss


	Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
General and administrative expenses	(6,163)	(7,859)	(7,762)
Other operating income	3,946	5,379	5,620
Loss from operations	(2,217)	(2,480)	(2,142)
Interest and investment income	547	104	10
Foreign exchange gains, net	25	—	2,921
Equity in (loss)/income of subsidiaries and the VIEs	(122,970)	(708,864)	86,952
(Loss)/income before income tax expense	(124,615)	(711,240)	87,741
Net (loss)/income	(124,615)	(711,240)	87,741
Accretion of convertible redeemable preferred shares	(4,729,719)	—	—
Deemed dividend of preferred shareholders	(104,036)	—	—
Net (loss)/income attributable to ordinary shareholders of Smart Share Global Limited	(4,958,370)	(711,240)	87,741
Net (loss)/income	(124,615)	(711,240)	87,741
Other comprehensive (loss)/income
Foreign currency translation adjustments, net of nil tax	(150,267)	112,372	18,896
Total comprehensive (loss)/income	(274,882)	(598,868)	106,637
Accretion of convertible redeemable preferred shares	(4,729,719)	—	—
Deemed dividend of preferred shareholders	(104,036)	—	—
Comprehensive (loss)/income attributable to ordinary shareholders of Smart Share Global Limited	(5,108,637)	(598,868)	106,637

Schedule of Condensed statements of cash flows


	Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Operating activities with external parties	23,705	(5,559)	(9,575)
Net cash generated from/(used in) operating activities	23,705	(5,559)	(9,575)

Investments in subsidiaries	(1,048,953)	—	—
Loans to subsidiaries	(1,300,477)	(31,394)	—
Loans repaid by subsidiaries	—	—	19,255
Investing activities with external parties	—	920	—
Net cash (used in)/generated from investing activities	(2,349,430)	(30,474)	19,255

Financing activities with external parties	1,679,515	(19,734)	(13,697)
Net cash generated from/(used in) financing activities	1,679,515	(19,734)	(13,697)

Effect of foreign exchange rate changes on cash and cash equivalents	(17,475)	2,078	17

Net decrease in cash and cash equivalents	(663,685)	(53,689)	(4,000)
Cash and cash equivalents at beginning of year	722,764	59,079	5,390
Cash and cash equivalents at end of year	59,079	5,390	1,390

Initial Public Offering ("IPO")

12 Months Ended

Dec. 31, 2023

Initial Public Offering ("IPO")

Initial Public Offering ("IPO")

3. Initial Public Offering (“IPO”)

In conjunction with the IPO, the Company adopted the dual-class share structure. A total of 73,973,970 then issued and outstanding ordinary shares were re-designated and re-classed into Class B ordinary shares on a one-for-one basis. Immediately prior to the completion of the IPO, all classes of preferred shares of the Company were converted to 389,598,177 Class A ordinary shares on a one-for-one basis.

Each Class A ordinary share is entitled to one vote and each Class B ordinary share is entitled to 10 votes. Each Class B ordinary share is convertible into one Class A ordinary share at any time at the option of the holders. Except for the voting and conversion rights, holders of Class A ordinary shares and Class B ordinary shares have the same rights.

Related party transactions and balances - Balances with the major related parties (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Related party transactions and balances
Long-term prepayments to related parties	¥ 0	$ 0	¥ 71
Related Party
Related party transactions and balances
Other non-current liabilities	1,000	$ 141	1,000
Related Party \| ZMI
Related party transactions and balances
Long-term prepayments to related parties	0		71
Related Party \| Nominee Shareholders of Shanghai Zhixiang
Related party transactions and balances
Other non-current liabilities	¥ 1,000		¥ 1,000

Restricted net assets

12 Months Ended

Dec. 31, 2023

Restricted net assets

Restricted net assets

18. Restricted net assets

Relevant PRC laws and regulations permit payments of dividends by the Group’s subsidiaries and consolidated VIE incorporated in the PRC only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. In addition, the Group’s subsidiaries and consolidated VIE in the PRC are required to annually appropriate 10% of their net after-tax income to the statutory general reserve fund prior to payment of any dividends, unless such reserve funds have reached 50% of their respective registered capital. As a result of these and other restrictions under PRC laws and regulations, the Group’s subsidiaries and consolidated VIE incorporated in the PRC are restricted in their ability to transfer a portion of their net assets to the Company either in the form of dividends, loans or advances. There are no significant differences between US GAAP and PRC accounting standards in connection with the reported net assets of the legally owned subsidiaries and the consolidated VIE in the PRC.

As of December 31, 2022 and 2023, the total restricted net assets of the Group’s subsidiaries and consolidated VIE incorporated in PRC and subjected to restriction amounted to approximately RMB1,294,247 and RMB1,434,186, respectively. Even though the Group currently does not require any such dividends, loans or advances from the PRC entities for working capital and other funding purposes, the Group may in the future require additional cash resources from them due to changes in business conditions, to fund future acquisitions and development, or merely to declare and pay dividends or distributions to its shareholders. There is no other restriction on the use of proceeds generated by the Group’s subsidiaries and consolidated VIE to satisfy any obligations of the Group.

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2023 shares
Document Information
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Entity File Number	001-40298
Entity Registrant Name	Smart Share Global Ltd
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	799 Tianshan W Road
Entity Address, Address Line Two	6th Floor
Entity Address, Address Line Three	Changning District
Entity Address, City or Town	Shanghai
Entity Address, Country	CN
Entity Address, Postal Zip Code	200335
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Entity Central Index Key	0001834253
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	PricewaterhouseCoopers Zhong Tian LLP
Auditor Firm ID	1424
Auditor Location	Shanghai
ADS
Document Information
Title of 12(b) Security	American depositary shares, eachrepresenting two Class A ordinary shares
Trading Symbol	EM
Security Exchange Name	NASDAQ
Class A ordinary shares
Document Information
Title of 12(b) Security	Class A ordinary shares, par value*US$0.0001 per share
No Trading Symbol Flag	true
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding	445,176,595
Class B ordinary shares
Document Information
Entity Common Stock, Shares Outstanding	73,973,970
Business Contact
Document Information
Entity Address, Address Line One	799 Tianshan W Road
Entity Address, Address Line Two	6th Floor
Entity Address, Address Line Three	Changning District
Entity Address, City or Town	Shanghai
Entity Address, Country	CN
Entity Address, Postal Zip Code	200335
City Area Code	+86 21
Local Phone Number	6050 3535
Contact Personnel Name	Maria Yi Xin
Contact Personnel Email Address	maria@enmonster.com

Summary of principal accounting policies - Restricted cash (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Summary of principal accounting policies
Cash and cash equivalents	¥ 588,644	$ 82,909	¥ 948,773
Restricted cash	173,246	24,401	14,608
Long-term restricted cash	20,000	2,817	21,000
Total	¥ 781,890	$ 110,127	¥ 984,381	$ 138,647	¥ 1,336,595	¥ 1,303,501

Income taxes - Movement of valuation allowance (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income taxes
Balance at the beginning of the year	¥ 72,783	¥ 47,430	¥ 621
Additions	(3,209)	25,353	46,809
Balance at the end of the year	69,574	72,783	¥ 47,430
Uncertain tax positions related to commission expense		176,880
Unrecognized tax benefits impacting the Group's effective tax rate	18,163	¥ 209,078
Interest on unrecognized tax benefit	¥ 18,163

Income taxes (Details) ¥ in Thousands	12 Months Ended
Income taxes (Details) ¥ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)
Income tax rate	25.00%	25.00%	25.00%
Preferential tax rate period	3 years
Preferential tax rate	12.50%
Withholding tax amount \| $	$ 0	$ 0
Unrecognized uncertain tax positions				¥ 188,687	¥ 179,490
Minimum \| State Administration of Taxation, China
Withholding tax rate	5.00%
Maximum \| State Administration of Taxation, China
Withholding tax rate	10.00%
Shanghai Zhixiang Technology Co., Ltd.
Income tax holiday, period	2-year
Preferential tax rate	15.00%
Cayman Islands
Withholding tax rate	0.00%
Hong Kong
Withholding tax rate	5.00%
Minimum percentage that foreign investor ownership in share of FIE	25.00%
China
Income tax rate	25.00%
Withholding tax rate	10.00%
Undistributed earnings and reserves				¥ 77,842	¥ 72,966

Other non-current assets (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)
Other non-current assets
Prepayment to location partners	¥ 10,422	¥ 11,649
Prepayment for purchase of property, equipment and software	3,968	15,038
Deposits	6,505	7,790
Others	992	1,421
Less: Allowance for credit losses	(266)	0
Total	21,621	35,898		$ 3,046
Impairment of non-current prepaid commissions to the location partners	¥ 10,271	¥ 87,069	¥ 0

Accounts and notes payable and accruals and other current liabilities - Accruals and other current liabilities (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Accounts and notes payable and accruals and other current liabilities
Customer deposits	¥ 250,849		¥ 229,356
Advance from network partners	27,961		0
Contract liabilities	18,681		0
Warranty liabilities	7,399		0
Derivative liabilities	0		2,592
Others	32,069		36,059
Total	¥ 336,959	$ 47,459	¥ 268,007

Summary of principle accounting policies - Short-term investments (Details)	12 Months Ended
	Dec. 31, 2023
Minimum
Summary of principal accounting policies
Short-term investments	1 month
Maximum
Summary of principal accounting policies
Short-term investments	1 year

Accounts and notes payable and accruals and other current liabilities - Carried forward contract liabilities (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)
Accounts and notes payable and accruals and other current liabilities
Contract liabilities - beginning of year	¥ 0
Additions	67,033
Recognition	48,352
Contract liabilities - end of year	¥ 18,681

Income taxes - Net operating loss carry forwards from PRC (Details) ¥ in Thousands	Dec. 31, 2023 CNY (¥)
Income taxes
2025	¥ 637
2026	229,407
2027	121,352
2028	276,714
2031	17,408
2032	14,029
2033	5,356
Net operating loss carryforwards	¥ 664,903

Summary of principal accounting policies - Property, equipment and software and Capitalized Software Development Cost (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Summary of principal accounting policies
Property, plant and equipment estimated useful lives	3 years
Software development cost capitalized	¥ 3,072	¥ 5,677	¥ 7,922
Amortization expense for capitalized software costs	4,890	3,679	¥ 1,280
Unamortized amount of capitalized internal use software development costs	¥ 6,822	¥ 8,640
Cabinets \| Minimum
Summary of principal accounting policies
Property, plant and equipment estimated useful lives	4 years
Cabinets \| Maximum
Summary of principal accounting policies
Property, plant and equipment estimated useful lives	5 years
Power banks
Summary of principal accounting policies
Property, plant and equipment estimated useful lives	3 years
Computer and electronic equipment
Summary of principal accounting policies
Property, plant and equipment estimated useful lives	3 years
Production tools
Summary of principal accounting policies
Property, plant and equipment estimated useful lives	5 years
Software
Summary of principal accounting policies
Property, plant and equipment estimated useful lives	10 years
Photovoltaic power stations
Summary of principal accounting policies
Property, plant and equipment estimated useful lives	20 years
Others \| Minimum
Summary of principal accounting policies
Property, plant and equipment estimated useful lives	3 years
Others \| Maximum
Summary of principal accounting policies
Property, plant and equipment estimated useful lives	5 years

Summary of principal accounting policies - Convenience translation (Details)	Dec. 31, 2023 $ / ¥
Summary of principal accounting policies
Convenience calculated exchange rate	7.0999

Income taxes - Unrecognized tax benefit (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income taxes
Balance at the beginning of the year	¥ 179,490
Additions	18,163	¥ 179,490
Reductions	(8,966)
Balance at the end of the year	¥ 188,687	¥ 179,490

Property, equipment and software, net (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)
Property, equipment and software, net
Property, equipment and software, gross	¥ 1,312,786		¥ 2,198,443
Less: Accumulated depreciation	(974,462)		(1,291,203)
Less: Accumulated impairment	(15,518)		(20,780)
Property, equipment and software, net	322,806		886,460		$ 45,466
Depreciation expenses	257,630	$ 36,286	421,345	¥ 396,906
Impairment charges	2,588	$ 365	21,560	¥ 0
Power banks
Property, equipment and software, net
Property, equipment and software, gross	705,445		833,257
Cabinets
Property, equipment and software, net
Property, equipment and software, gross	521,996		1,159,455
Less: Accumulated impairment	0		(3,018)
Software
Property, equipment and software, net
Property, equipment and software, gross	28,160		23,039
Photovoltaic power stations
Property, equipment and software, net
Property, equipment and software, gross	22,688		0
Production tools
Property, equipment and software, net
Property, equipment and software, gross	15,214		13,847
Computer and electronic equipment
Property, equipment and software, net
Property, equipment and software, gross	14,370		13,445
Leasehold improvements
Property, equipment and software, net
Property, equipment and software, gross	4,063		3,902
Construction in progress
Property, equipment and software, net
Property, equipment and software, gross	19		150,654
Others
Property, equipment and software, net
Property, equipment and software, gross	¥ 831		¥ 844

Organization and nature of operations - Additional Information (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 USD ($)
Organization and nature of operations
Cash generated from investing activities	¥ (598,535)	$ (84,302,000)	¥ (1,023,997)		¥ (1,714,287)
Cash generated from financing activities	(27,956)	(3,938,000)	(78,454)		1,563,397
Shanghai Zhixiang Technology Co., Ltd.
Organization and nature of operations
Capital and reserve funds	1,566		1,566
Related Party
Organization and nature of operations
Initial paid-in capital recorded as other non-current liabilities	1,000		1,000				$ 141,000
Variable Interest Entities
Organization and nature of operations
Cash generated from investing activities \| $		$ 0		$ 0		$ 0
Variable Interest Entities \| Zhixiang Technology (Shanghai) Co., Ltd. ("Zhixiang WFOE")
Organization and nature of operations
Consultancy and service fees	¥ 0		¥ 0		¥ 0
Variable Interest Entities \| Equity Interest Pledge Agreement \| Shanghai Zhixiang Technology Co., Ltd.
Organization and nature of operations
Percentage of pledged equity interests	100.00%	100.00%
Initial paid-in capital recorded as other non-current liabilities	¥ 1,000
Variable Interest Entities \| Equity Interest Pledge Agreement \| Zhixiang Technology (Shanghai) Co., Ltd. ("Zhixiang WFOE")
Organization and nature of operations
Business cooperation agreement term	10 years	10 years
Variable Interest Entities \| Exclusive Option Agreement \| Shanghai Zhixiang Technology Co., Ltd.
Organization and nature of operations
Stock option term	10 years	10 years
Variable Interest Entities \| Zhixiang Technology (Shanghai) Co., Ltd. ("Zhixiang WFOE")
Organization and nature of operations
Exclusive asset subscription agreement term	10 years	10 years

Other non-current assets (Tables)

12 Months Ended

Dec. 31, 2023

Other non-current assets

Schedule of other non-current assets


	As of December 31,
	2022	2023
	RMB	RMB
Prepayment to location partners^(a)	11,649	10,422
Prepayment for purchase of property, equipment and software	15,038	3,968
Deposits	7,790	6,505
Others	1,421	992
Less: Allowance for credit losses	—	(266)
Total	35,898	21,621

(a)

Summary of allowance for credit losses related to receivables in other non-current assets


		Year Ended
		December 31,2023
		RMB
Balance as at December 31, 2022		—
Adoption of ASC Topic 326		67
Balance as at January 1, 2023		67
Current period provision, net		199
Balance as at December 31, 2023		266

Summary of principal accounting policies - Expected credit losses (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Jan. 01, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Jan. 01, 2022 CNY (¥)
Summary of principal accounting policies
Accumulated deficit	¥ (9,232,128)	$ (1,300,317)		¥ (9,319,229)	¥ 0
Expected credit loss provision - Current assets	12,140
Expected credit loss provision - Non current assets	266			¥ 0
Expected credit loss expense in general and administrative expenses	¥ 6,680
Cumulative Effect, Period of Adoption, Adjusted Balance \| Accounting Standards Update 2016-13
Summary of principal accounting policies
Accumulated deficit			¥ 640
Expected credit loss provision - Current assets			5,659
Expected credit loss provision - Non current assets			¥ 67

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 588,644	$ 82,909	¥ 948,773
Restricted cash	173,246	24,401	14,608
Short-term investments	2,541,889	358,018	2,091,198
Accounts receivable, net	269,736	37,992	16,482
Inventory	106,530	15,004	1,051
Prepayments and other current assets	345,744	48,697	228,672
Total current assets	4,025,789	567,021	3,300,784
Non-current assets:
Long-term restricted cash	20,000	2,817	21,000
Property, equipment and software, net	322,806	45,466	886,460
Long-term prepayments to a related party (Note 16)	0	0	71
Right-of-use assets	16,353	2,303	12,442
Other non-current assets	21,621	3,046	35,898
Deferred tax assets, net	18,804	2,648	30,986
Total non-current assets	399,584	56,280	986,857
Total assets	4,425,373	623,301	4,287,641
Current liabilities:
Accounts and notes payable	764,741	107,712	810,197
Salary and welfare payable (including salary and welfare payable of the consolidated variable interest entities ("VIEs") without recourse to the Company of RMB2,376 and RMB731 as of December 31, 2022 and 2023, respectively (Note 1))	143,653	20,233	111,274
Tax payable (including tax payable of the VIEs without recourse to the Company of RMB 7,442 and RMB 8,003 as of December 31, 2022 and 2023, respectively (Note 1))	214,738	30,245	147,367
Financing payable - current (Note 2(q))	0	0	76,272
Current portion of lease liabilities	7,399	1,042	9,761
Accruals and other current liabilities (including accruals and other current liabilities of the VIEs without recourse to the Company of RMB 544 and RMB 13 as of December 31, 2022 and 2023, respectively (Note 1))	336,959	47,459	268,007
Total current liabilities	1,467,490	206,691	1,422,878
Non-current liabilities:
Financing payable - non-current (Note 2(q))	0	0	32,281
Long term lease liabilities	7,641	1,076	854
Total non-current liabilities	204,226	28,765	223,458
Total liabilities	1,671,716	235,456	1,646,336
Commitments and contingencies (Note 17)
Shareholders' equity:
Treasury shares ( 8,508,112 and 7,721,582 shares as of December 31, 2022 and 2023, respectively)	(5,549)	(782)	(6,816)
Additional paid-in capital	11,791,570	1,660,808	11,786,482
Statutory reserves	16,593	2,337	16,593
Accumulated other comprehensive income	182,824	25,750	163,928
Accumulated deficit	(9,232,128)	(1,300,317)	(9,319,229)
Total shareholders' equity	2,753,657	387,845	2,641,305
Total liabilities and shareholders' equity	4,425,373	623,301	4,287,641
Related Party
Non-current liabilities:
Other non-current liabilities	1,000	141	1,000
Nonrelated Party
Non-current liabilities:
Other non-current liabilities	195,585	27,548	189,323
Class A ordinary shares
Shareholders' equity:
Ordinary shares	296	42	296
Class B ordinary shares
Shareholders' equity:
Ordinary shares	¥ 51	$ 7	¥ 51

Subsequent events (Details) $ / shares in Units, $ in Millions		36 Months Ended
	May 17, 2017 shares	Dec. 31, 2019 shares	Mar. 11, 2024 USD ($) $ / shares	Dec. 31, 2023 Vote	Mar. 12, 2021 Vote	Oct. 15, 2019 $ / shares
Subsequent Event [Line Items]
Purchase price per share						$ 0.8218
Class A ordinary shares
Subsequent Event [Line Items]
Common shares, votes per share \| Vote				1	1
Class B ordinary shares
Subsequent Event [Line Items]
Common shares, votes per share \| Vote				10	10
Smart Share Holdings Limited [Member]
Subsequent Event [Line Items]
Number of ordinary shares issued \| shares	83,000,000
Smart Shares Cgy [Member]
Subsequent Event [Line Items]
Number of ordinary shares issued \| shares		44,841,250
Subsequent event
Subsequent Event [Line Items]
Dividends Payable, Current \| $			$ 8
Subsequent event \| Ordinary shares
Subsequent Event [Line Items]
Dividends Payable, Amount Per Share			$ 0.015
Subsequent event \| ADS
Subsequent Event [Line Items]
Dividends Payable, Amount Per Share			$ 0.03