Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2021shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity Interactive Data Current | Yes |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2021 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | Dingdong (Cayman) Limited |
Entity Central Index Key | 0001854545 |
Entity File Number | 001-40533 |
Entity Incorporation, State or Country Code | E9 |
Entity Shell Company | false |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
Entity Address, Address Line One | Building 6 |
Entity Address, Address Line Two | 500 Shengxia Road |
Entity Address, City or Town | Shanghai |
Entity Address, Country | CN |
Entity Address, Postal Zip Code | 200125 |
Document Registration Statement | false |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Current Fiscal Year End Date | --12-31 |
Document Accounting Standard | U.S. GAAP |
ICFR Auditor Attestation Flag | false |
Auditor Name | Ernst & Young Hua Ming LLP |
Auditor Firm ID | 1408 |
Auditor Location | Shanghai |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Address Line One | Building 6 |
Entity Address, Address Line Two | 500 Shengxia Road |
Entity Address, City or Town | Shanghai |
Entity Address, Country | CN |
Entity Address, Postal Zip Code | 200125 |
Country Region | 86 |
City Area Code | 21 |
Local Phone Number | 6858-5011 |
Contact Personnel Name | Le Yu |
Contact Personnel Email Address | ir@100.me |
American Depositary Shares | |
Document Information [Line Items] | |
Title of 12(b) Security | American depositary shares (two American depositary shares representing three Class A ordinary share, par value US$0.000002 per share) |
Trading Symbol | DDL |
Security Exchange Name | NYSE |
Class A Ordinary Shares | |
Document Information [Line Items] | |
Title of 12(b) Security | Class A ordinary shares, par value US$0.000002 per share |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 299,797,728 |
No Trading Symbol Flag | true |
Class B Ordinary Shares | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 54,543,800 |
Consolidated Balance Sheets
Consolidated Balance Sheets ¥ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Current assets: | |||
Cash and cash equivalents | ¥ 662,768 | $ 104,003,000 | ¥ 1,376,153 |
Restricted cash | 7,664 | 1,203,000 | 74,295 |
Short-term investments | 4,568,346 | 716,873,000 | 1,006,245 |
Accounts receivable, net | 191,519 | 30,054,000 | 38,805 |
Amounts due from related parties | 0 | 0 | 10,100 |
Inventories | 537,472 | 84,341,000 | 386,431 |
Advance to suppliers | 86,711 | 13,607,000 | 37,133 |
Prepayments and other current assets | 461,843 | 72,472,000 | 97,878 |
Total current assets | 6,516,323 | 1,022,553,000 | 3,027,040 |
Non-current assets: | |||
Property and equipment, net | 472,371 | 74,125,000 | 272,691 |
Operating lease right-of-use assets | 2,245,571 | 352,379,000 | 1,503,222 |
Other non-current assets | 185,793 | 29,156,000 | 121,459 |
Total non-current assets | 2,903,735 | 455,660,000 | 1,897,372 |
TOTAL ASSETS. | 9,420,058 | 1,478,213,000 | 4,924,412 |
Current liabilities: | |||
Accounts payable | 2,058,624 | 323,043,000 | 1,579,948 |
Customer advances and deferred revenue | 243,480 | 38,207,000 | 140,404 |
Accrued expenses and other current liabilities | 653,261 | 102,511,000 | 857,738 |
Salary and welfare payable | 244,740 | 38,405,000 | 136,960 |
Operating lease liabilities, current | 969,494 | 152,135,000 | 594,787 |
Short-term borrowings | 3,121,000 | 489,800,000 | 1,234,522 |
Current portion of long-term borrowings | 57,875 | 9,082,000 | 86,500 |
Warrant liabilities | 0 | 0 | 108,160 |
Total current liabilities | 7,348,520 | 1,153,143,000 | 4,739,019 |
Non-current liabilities: | |||
Long-term borrowings | 0 | 0 | 58,375 |
Operating lease liabilities, non-current | 1,244,096 | 195,226,000 | 871,685 |
Other non-current liabilities | 69,373 | 10,886,000 | 0 |
Total non-current liabilities | 1,313,469 | 206,112,000 | 930,060 |
TOTAL LIABILITIES. | 8,661,989 | 1,359,255,000 | 5,669,079 |
COMMITMENTS AND CONTINGENCIES | |||
Mezzanine Equity: | |||
Redeemable Noncontrolling Interests | 30,000 | 4,708,000 | 0 |
TOTAL MEZZANINE EQUITY | 30,000 | 4,708,000 | 5,174,910 |
Shareholders' (deficit)/equity: | |||
Ordinary shares | 1 | ||
Additional paid-in capital | 13,685,062 | 2,147,485,000 | 151,657 |
Treasury stock | (7,042) | (1,105,000) | 0 |
Accumulated deficit | (12,765,713) | (2,003,219,000) | (6,048,274) |
Accumulated other comprehensive loss | (184,242) | (28,912,000) | (22,961) |
TOTAL SHAREHOLDERS' (DEFICIT)/EQUITY | 728,069 | 114,250,000 | (5,919,577) |
TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' (DEFICIT)/EQUITY | 9,420,058 | 1,478,213,000 | 4,924,412 |
Series Angel redeemable convertible preferred shares | |||
Mezzanine Equity: | |||
Redeemable convertible preferred shares | 0 | 0 | 12,400 |
Series Angel+ redeemable convertible preferred shares | |||
Mezzanine Equity: | |||
Redeemable convertible preferred shares | 0 | 0 | 40,686 |
Series Pre-A redeemable convertible preferred shares | |||
Mezzanine Equity: | |||
Redeemable convertible preferred shares | 0 | 0 | 54,796 |
Series A redeemable convertible preferred shares | |||
Mezzanine Equity: | |||
Redeemable convertible preferred shares | 0 | 0 | 142,337 |
Series A+ redeemable convertible preferred shares | |||
Mezzanine Equity: | |||
Redeemable convertible preferred shares | 0 | 0 | 14,308 |
Series B redeemable convertible preferred shares | |||
Mezzanine Equity: | |||
Redeemable convertible preferred shares | 0 | 0 | 364,419 |
Series B2 redeemable convertible preferred shares | |||
Mezzanine Equity: | |||
Redeemable convertible preferred shares | 0 | 0 | 236,139 |
Series B3 redeemable convertible preferred shares | |||
Mezzanine Equity: | |||
Redeemable convertible preferred shares | 0 | 0 | 841,145 |
Series B4-1 redeemable convertible preferred shares | |||
Mezzanine Equity: | |||
Redeemable convertible preferred shares | 0 | 0 | 284,085 |
Series B4 redeemable convertible preferred shares | |||
Mezzanine Equity: | |||
Redeemable convertible preferred shares | 0 | 0 | 220,491 |
Series C1 redeemable convertible preferred shares | |||
Mezzanine Equity: | |||
Redeemable convertible preferred shares | 0 | 0 | ¥ 2,964,104 |
Common Class A [Member] | |||
Shareholders' (deficit)/equity: | |||
Ordinary shares | 3 | $ 1,000 | |
Common Class B [Member] | |||
Shareholders' (deficit)/equity: | |||
Ordinary shares | ¥ 1 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Mezzanine Equity, shares issued | 2,727,273 | |
Common Stock, par or stated value per share | $ 0.000002 | |
Common Stock, shares authorized | 25,000,000,000 | |
Ordinary Shares | ||
Common Stock, par or stated value per share | $ 0.000002 | $ 0.000002 |
Common Stock, shares authorized | 0 | 24,819,646,300 |
Common Stock, shares, issued | 0 | 64,908,700 |
Common Stock, shares, outstanding | 0 | 64,908,700 |
Series Angel redeemable convertible preferred shares | ||
Mezzanine Equity, par value per share | $ 0.000002 | $ 0.000002 |
Mezzanine Equity, shares authorized | 0 | 5,910,100 |
Mezzanine Equity, shares issued | 0 | 5,910,100 |
Mezzanine Equity, shares outstanding | 0 | 5,910,100 |
Series Angel+ redeemable convertible preferred shares | ||
Mezzanine Equity, par value per share | $ 0.000002 | $ 0.000002 |
Mezzanine Equity, shares authorized | 0 | 8,268,950 |
Mezzanine Equity, shares issued | 0 | 8,268,950 |
Mezzanine Equity, shares outstanding | 0 | 8,268,950 |
Series Pre-A redeemable convertible preferred shares | ||
Mezzanine Equity, par value per share | $ 0.000002 | $ 0.000002 |
Mezzanine Equity, shares authorized | 0 | 8,985,050 |
Mezzanine Equity, shares issued | 0 | 8,985,050 |
Mezzanine Equity, shares outstanding | 0 | 8,985,050 |
Series A redeemable convertible preferred shares | ||
Mezzanine Equity, par value per share | $ 0.000002 | $ 0.000002 |
Mezzanine Equity, shares authorized | 0 | 22,096,550 |
Mezzanine Equity, shares issued | 0 | 22,096,550 |
Mezzanine Equity, shares outstanding | 0 | 22,096,550 |
Series A+ redeemable convertible preferred shares | ||
Mezzanine Equity, par value per share | $ 0.000002 | $ 0.000002 |
Mezzanine Equity, shares authorized | 0 | 1,060,200 |
Mezzanine Equity, shares issued | 0 | 1,060,200 |
Mezzanine Equity, shares outstanding | 0 | 1,060,200 |
Series B redeemable convertible preferred shares | ||
Mezzanine Equity, par value per share | $ 0.000002 | $ 0.000002 |
Mezzanine Equity, shares authorized | 0 | 19,473,100 |
Mezzanine Equity, shares issued | 0 | 19,473,100 |
Mezzanine Equity, shares outstanding | 0 | 19,473,100 |
Series B2 redeemable convertible preferred shares | ||
Mezzanine Equity, par value per share | $ 0.000002 | $ 0.000002 |
Mezzanine Equity, shares authorized | 0 | 11,072,800 |
Mezzanine Equity, shares issued | 0 | 11,072,800 |
Mezzanine Equity, shares outstanding | 0 | 11,072,800 |
Series B3 redeemable convertible preferred shares | ||
Mezzanine Equity, par value per share | $ 0.000002 | $ 0.000002 |
Mezzanine Equity, shares authorized | 0 | 28,013,200 |
Mezzanine Equity, shares issued | 0 | 28,013,200 |
Mezzanine Equity, shares outstanding | 0 | 28,013,200 |
Series B4-1 redeemable convertible preferred shares | ||
Mezzanine Equity, par value per share | $ 0.000002 | |
Mezzanine Equity, shares authorized | 0 | 7,269,600 |
Mezzanine Equity, shares issued | 0 | 7,269,600 |
Mezzanine Equity, shares outstanding | 0 | 7,269,600 |
Series B4 redeemable convertible preferred shares | ||
Mezzanine Equity, par value per share | $ 0.000002 | $ 0.000002 |
Mezzanine Equity, shares authorized | 0 | 13,979,450 |
Mezzanine Equity, shares issued | 0 | 6,989,700 |
Mezzanine Equity, shares outstanding | 0 | 6,989,700 |
Series C1 redeemable convertible preferred shares | ||
Mezzanine Equity, par value per share | $ 0.000002 | $ 0.000002 |
Mezzanine Equity, shares authorized | 0 | 54,224,700 |
Mezzanine Equity, shares issued | 0 | 51,329,600 |
Mezzanine Equity, shares outstanding | 0 | 51,329,600 |
Common Class A [Member] | ||
Common Stock, par or stated value per share | $ 0.000002 | $ 0.000002 |
Common Stock, shares authorized | 20,000,000,000 | 0 |
Common Stock, shares, issued | 299,797,728 | 0 |
Common Stock, shares, outstanding | 270,054,584 | 0 |
Common Class B [Member] | ||
Common Stock, par or stated value per share | $ 0.000002 | $ 0.000002 |
Common Stock, shares authorized | 2,500,000,000 | 0 |
Common Stock, shares, issued | 54,543,800 | 0 |
Common Stock, shares, outstanding | 54,543,800 | 0 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Loss ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥)¥ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020CNY (¥)¥ / sharesshares | Dec. 31, 2019CNY (¥)¥ / sharesshares | |
Revenues: | ||||
Revenues | ¥ 20,121,126 | $ 3,157,444 | ¥ 11,335,787 | ¥ 3,880,112 |
Operating costs and expenses: | ||||
Total operating costs and expenses | (26,451,146) | (4,150,762) | (14,497,967) | (5,621,447) |
Loss from operations | (6,330,020) | (993,318) | (3,162,180) | (1,741,335) |
Interest income | 45,324 | 7,112 | 16,244 | 25,486 |
Interest expenses | (85,151) | (13,362) | (38,758) | (58,130) |
Other income | 52,403 | 8,223 | 45,026 | 4,414 |
Other expenses | (57,785) | (9,068) | (48,696) | (3,146) |
Changes in fair value of warrant liabilities | (44,457) | (6,976) | 11,450 | (100,672) |
Loss before income tax | (6,419,686) | (1,007,389) | (3,176,914) | (1,873,383) |
Income tax expenses | (9,373) | (1,471) | 0 | 0 |
Net loss | (6,429,059) | (1,008,860) | (3,176,914) | (1,873,383) |
Accretion of redeemable convertible preferred shares | (288,400) | (45,300) | (320,301) | (74,558) |
Deemed dividend | 0 | 0 | 0 | (46,168) |
Net loss attributable to ordinary shareholders | (6,717,439) | (1,054,113) | ¥ (3,497,215) | ¥ (1,994,109) |
Net loss per ordinary share: | ||||
Basic and diluted | ¥ / shares | ¥ (54.91) | ¥ (32.45) | ||
Shares used in net loss per ordinary share computation: | ||||
Basic and diluted | 63,690,000 | 61,446,250 | ||
Other comprehensive income/(loss), net of tax of nil: | ||||
Foreign currency translation adjustments | (161,281) | (25,308) | ¥ (53,370) | ¥ 30,409 |
Comprehensive loss | (6,590,340) | (1,034,168) | (3,230,284) | (1,842,974) |
Accretion of redeemable convertible preferred shares | (288,380) | (45,253) | (320,301) | (74,558) |
Deemed dividend | 0 | 0 | 0 | (46,168) |
Comprehensive loss attributable to ordinary shareholders | ¥ (6,878,720) | $ (1,079,421) | (3,550,585) | (1,963,700) |
Class A and Class B Ordinary Shares. [Member] | ||||
Net loss per ordinary share: | ||||
Basic and diluted | (per share) | ¥ (34.50) | $ (5.41) | ||
Shares used in net loss per ordinary share computation: | ||||
Basic and diluted | 194,713,891 | 194,713,891 | ||
Product [Member] | ||||
Revenues: | ||||
Revenues | ¥ 19,896,725 | $ 3,122,230 | 11,207,178 | 3,848,094 |
Service [Member] | ||||
Revenues: | ||||
Revenues | 224,401 | 35,214 | 128,609 | 32,018 |
Cost of Goods Sold [Member] | ||||
Operating costs and expenses: | ||||
Total operating costs and expenses | (16,076,178) | (2,522,703) | (9,105,294) | (3,215,175) |
Fulfilment Expenses [Member] | ||||
Operating costs and expenses: | ||||
Total operating costs and expenses | (7,272,535) | (1,141,219) | (4,044,230) | (1,936,940) |
Selling and Marketing Expenses [Member] | ||||
Operating costs and expenses: | ||||
Total operating costs and expenses | (1,514,504) | (237,659) | (568,705) | (260,411) |
Product Development Expenses [Member] | ||||
Operating costs and expenses: | ||||
Total operating costs and expenses | (905,007) | (142,015) | (321,697) | (91,145) |
General and Administrative Expenses [Member] | ||||
Operating costs and expenses: | ||||
Total operating costs and expenses | ¥ (682,922) | $ (107,166) | ¥ (458,041) | ¥ (117,776) |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Shareholders' Deficit ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) | Ordinary SharesCNY (¥)shares | Ordinary SharesUSD ($)shares | Treasury StockCNY (¥)shares | Treasury StockUSD ($)shares | Additional Paid-in CapitalCNY (¥) | Additional Paid-in CapitalUSD ($) | Accumulated Other Comprehensive Income/(Loss)CNY (¥) | Accumulated Other Comprehensive Income/(Loss)USD ($) | Accumulated DeficitCNY (¥) | Accumulated DeficitUSD ($) | |||
Beginning balance, Shares at Dec. 31, 2018 | shares | [1] | 67,966,900 | 67,966,900 | ||||||||||||
Beginning balance at Dec. 31, 2018 | ¥ (509,403) | ¥ 1 | ¥ 47,546 | ¥ (556,950) | |||||||||||
Accretion of redeemable convertible preferred shares | (74,558) | (74,558) | |||||||||||||
Deemed dividend from re-designation of ordinary shares to Series Angel+ preferred shares, Shares | shares | [1] | (7,803,400) | (7,803,400) | ||||||||||||
Deemed dividend from re-designation of ordinary shares to Series Angel+ preferred shares | (64,745) | (18,577) | (46,168) | ||||||||||||
Share-based compensation | 1,990 | 1,990 | |||||||||||||
Net loss | (1,873,383) | (1,873,383) | |||||||||||||
Other comprehensive loss | 30,409 | ¥ 30,409 | |||||||||||||
Ending balance, Shares at Dec. 31, 2019 | shares | [1] | 60,163,500 | 60,163,500 | ||||||||||||
Ending balance at Dec. 31, 2019 | (2,489,690) | ¥ 1 | 30,959 | 30,409 | (2,551,059) | ||||||||||
Accretion of redeemable convertible preferred shares | (320,301) | (320,301) | |||||||||||||
Share-based compensation, Shares | shares | [1] | 4,745,200 | 4,745,200 | ||||||||||||
Share-based compensation | 120,698 | 120,698 | |||||||||||||
Net loss | (3,176,914) | (3,176,914) | |||||||||||||
Other comprehensive loss | (53,370) | (53,370) | |||||||||||||
Ending balance, Shares at Dec. 31, 2020 | shares | [1] | 64,908,700 | 64,908,700 | ||||||||||||
Ending balance at Dec. 31, 2020 | (5,919,577) | ¥ 1 | 151,657 | (22,961) | (6,048,274) | ||||||||||
Accretion of redeemable convertible preferred shares | (288,380) | (288,380) | |||||||||||||
Issuance of ordinary shares in connection with initial public offering, Shares | shares | [1] | 6,372,528 | 6,372,528 | ||||||||||||
Issuance of ordinary shares in connection with initial public offering | 589,959 | 589,959 | |||||||||||||
Automatic conversion of redeemable convertible preferred shares to ordinary shares, Shares | shares | [1] | 250,826,100 | 250,826,100 | ||||||||||||
Automatic conversion of redeemable convertible preferred shares to ordinary shares | 12,628,087 | ¥ 3 | 12,628,084 | ||||||||||||
Share-based compensation, Shares | shares | [1] | 2,601,000 | 2,601,000 | ||||||||||||
Share-based compensation | 315,362 | 315,362 | |||||||||||||
Repurchase of ordinary shares, Shares | shares | (109,944) | (109,944) | |||||||||||||
Repurchase of ordinary shares | (7,042) | ¥ (7,042) | |||||||||||||
Net loss | (6,429,059) | $ (1,008,860) | (6,429,059) | ||||||||||||
Other comprehensive loss | (161,281) | (161,281) | |||||||||||||
Ending balance, Shares at Dec. 31, 2021 | shares | 324,708,328 | [1] | 324,708,328 | [1] | (109,944) | (109,944) | |||||||||
Ending balance at Dec. 31, 2021 | ¥ 728,069 | $ 114,250 | ¥ 4 | $ 1 | ¥ (7,042) | $ (1,105) | ¥ 13,685,062 | $ 2,147,485 | ¥ (184,242) | $ (28,912) | ¥ (12,765,713) | $ (2,003,219) | |||
[1] | As of December 31, 2019, 2020 and 2021, nil, nil and 29,633,200 ordinary shares were held by EatBetter Holding Limited related to the Amended and Restated 2020 Share Incentive Plan (Note 14), respectively. These shares are considered legally issued but not outstanding. |
Consolidated Statements Of Ch_2
Consolidated Statements Of Changes In Shareholders' Deficit (Parentheticals) - shares | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Common Shares Held | 29,633,200 | ||
EatBetter Holding Limited [Member] | |||
Common Shares Held | 29,633,200 | 0 | 0 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Operating activities: | ||||
Net loss | ¥ (6,429,059) | $ (1,008,860) | ¥ (3,176,914) | ¥ (1,873,383) |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 213,082 | 33,437 | 115,354 | 34,734 |
Accretion related to convertible notes | 0 | 0 | 21,334 | 39,477 |
Foreign exchange loss/(gain) | (7,689) | (1,207) | 35,049 | 4,026 |
Share-based compensation | 315,362 | 49,487 | 153,110 | 1,990 |
Loss on disposal of property and equipment | 35,483 | 5,568 | 16,481 | 0 |
Extinguishment losses | 0 | 0 | 29,141 | 0 |
Changes in fair value of warrant liabilities | 44,457 | 6,976 | (11,450) | 100,672 |
Changes in operating assets and liabilities: | ||||
Accounts receivable | (152,714) | (23,964) | (26,508) | (11,836) |
Inventories | (151,041) | (23,702) | (224,983) | (131,712) |
Advance to suppliers | (49,578) | (7,780) | (14,580) | (1,115) |
Prepayments and other current assets | (363,965) | (57,111) | (18,345) | (55,657) |
Operating lease right-of-use assets | (742,349) | (116,491) | (1,015,534) | (353,240) |
Other non-current assets | (49,175) | (7,717) | (80,029) | (29,250) |
Accounts payable | 478,676 | 75,115 | 804,769 | 640,895 |
Salary and welfare payable | 107,780 | 16,913 | 93,921 | 30,375 |
Advances from customers and deferred revenue | 103,076 | 16,175 | 70,111 | 66,663 |
Accrued expenses and other current liabilities | 164,625 | 25,833 | 182,376 | 222,760 |
Operating lease liabilities | 747,118 | 117,239 | 991,000 | 350,326 |
Other non-current liabilities | 69,373 | 10,886 | ||
Net cash used in operating activities | (5,666,538) | (889,203) | (2,055,697) | (964,275) |
Investing activities: | ||||
Purchases of property and equipment | (451,608) | (70,867) | (248,476) | (124,812) |
Proceeds from disposal of property and equipment | 547 | 86 | 1,165 | 0 |
Purchases of short-term investments | (9,078,466) | (1,424,609) | (1,306,245) | (1,053,459) |
Maturities of short-term investments | 5,454,087 | 855,864 | 542,437 | 992,642 |
Loans to related parties | (2,500) | (392) | (10,100) | 0 |
Repayment of loans from related parties | 12,600 | 1,977 | ||
Net cash used in investing activities | (4,065,340) | (637,941) | (1,021,219) | (185,629) |
Financing activities: | ||||
Proceeds from short-term borrowings | 9,558,649 | 1,499,962 | 1,444,638 | 845,583 |
Repayment of short-term borrowings | (7,672,124) | (1,203,924) | (210,117) | (906,582) |
Proceeds from long-term borrowings | 0 | 0 | 128,000 | 60,000 |
Repayment of long-term borrowings | (87,000) | (13,652) | (35,625) | (7,500) |
Issuance of redeemable convertible preferred shares, net of issuance costs | 6,646,458 | 1,042,974 | 2,171,263 | 961,095 |
Issuance of convertible notes, net of issuance costs | 0 | 0 | 0 | 516,999 |
Issuance of redeemable noncontrolling interests | 30,000 | 4,708 | ||
Proceeds from initial public offering, net of issuance costs | 589,959 | 92,577 | ||
Repurchase of ordinary shares | (2,912) | (457) | ||
Advance from shareholders | 0 | 0 | 158,506 | 206,679 |
Repayment of advance from shareholders | (20,390) | (3,200) | ||
Net cash generated from financing activities | 9,042,640 | 1,418,988 | 3,656,665 | 1,676,274 |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (90,778) | (14,245) | (67,860) | 34,670 |
Net increase/(decrease) in cash and cash equivalents and restricted cash | (780,016) | (122,401) | 511,889 | 561,040 |
Cash and cash equivalents and restricted cash at the beginning of the year | 1,450,448 | 227,607 | 938,559 | 377,519 |
Cash and cash equivalents and restricted cash at the end of the year | 670,432 | 105,206 | 1,450,448 | 938,559 |
Supplemental disclosure of cash flow information: | ||||
Interest paid | 77,100 | 12,099 | 13,037 | 18,653 |
Non-cash investing and financing activities: | ||||
Purchase of property and equipment included in accrued expenses and other liabilities | 12,341 | 1,937 | 29,489 | 1,512 |
Extinguishment of convertible loans provided by the Founder in exchange for warrants | 0 | 0 | 0 | 190,500 |
Issuance of Series C1 redeemable convertible preferred shares upon conversion of convertible notes | 0 | 0 | 628,709 | 0 |
Issuance of Series B4-1 redeemable convertible preferred shares upon exercise of warrants held by the Founder | 0 | 0 | 203,771 | 0 |
Issuance of Series B4 redeemable convertible preferred shares upon exercise of warrants | 359,832 | 56,465 | ||
Issuance of Series C1 redeemable convertible preferred shares upon the extinguishment of advance from shareholders | 158,506 | 24,873 | ||
Reconciliation of cash and cash equivalents and restricted cash: | ||||
Cash and cash equivalents | 662,768 | 104,003 | 1,376,153 | 938,559 |
Restricted cash | 7,664 | 1,203 | 74,295 | 0 |
Cash and cash equivalents and restricted cash at the end of the year | ¥ 670,432 | $ 105,206 | ¥ 1,450,448 | ¥ 938,559 |
Organization And Principal Acti
Organization And Principal Activities | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization And Principal Activities | 1. ORGANIZATION AND PRINCIPAL ACTIVITIES Dingdong (Cayman) Limited (the “Company”) was incorporated in the Cayman Islands in October 2018 by Mr. Liang Changlin, (the “Founder”) and Chief Executive Officer (“CEO”) of the Company. The Company, through its consolidated subsidiaries (collectively, the “Group”), operates fresh grocery e-commerce As of December 31, 2021, the Group’s major subsidiaries are as follows: Major subsidiaries Percentage of Ownership Date of Place of Major Dingdong Fresh Holding Limited (“Dingdong Fresh BVI”) 100 % October 30, 2018 British Virgin Investment holding Dingdong Fresh (Hong Kong) Limited (“Dingdong HK”) 100 % January 4, 2019 Hong Kong Investment holding Baqianlilu (Wuxi) Network Technology Co., Ltd. 100 % May 9, 2020 P RC E-commerce Shanghai 100me Internet Technology Co., Ltd. (“Shanghai 100me”) 100 % March 23, 2014 P RC E-commerce Yihengyishu (Shanghai) E-Commerce 100 % April 12, 2017 P RC E-commerce Chizhiyiheng (Shanghai) E-commerce 100 % July 18, 2018 P RC E-commerce Shilaiyunzhuan (Hangzhou) E-commerce 100 % January 4, 2019 P RC E-commerce Shishishun (Shenzhen) E-commerce 100 % July 12, 2019 P RC E-commerce Shishishun (Jiangsu) E-Commerce 100 % September 18, 2019 P RC E-commerce Chao Lizhi (Jiangsu) E-Commerce 100 % November 14, 2019 P RC E-commerce Beijing Bujiangjiu E-Commerce 100 % February 28, 2020 P RC E-commerce Shanghai Yushengbaigu Food Co., Ltd. 93.05 % October 21, 2020 P RC E-commerce Chizhiyiheng (Nanjing) Supply Chain Co., Ltd. 100 % August 30, 2021 P RC E-commerce The Group’s operations are conducted entirely by its domestic subsidiary, Shanghai 100me, a limited liability company established under RC Pre-A, The Company separately completed the Series B, Series B2, Series B3 and Series B4 equity financing rounds from 2018 to the initiation of the Reorganization described below. Throughout this period and after completion of each of these rounds of financing, the Founder held a controlling voting interest in the Company through his directly held equity interests and vote in concert agreements executed between certain shareholders and the Founder. In preparation of the Company’s initial public offering (“IPO”) in the United States, the Company undertook a series of steps (the “Reorganization”) to establish the Company as the parent company and transfer the business operations in Shanghai 100me and its PRC subsidiaries to the Company, whereby shareholders of Shanghai 100me surrendered their equity interests in Shanghai 100me in exchange for the Company’s redeemable convertible preferred shares in proportion to their ownership interests in Shanghai 100me at a price equal to their original investment principal in Shanghai 100me. By the end of March 2021, all of Shanghai 100me’s shareholders have received their proportionate ordinary shares or redeemable convertible preferred shares in the Company. As the transfer of Shanghai 100me’s business to the Company was between entities under common control of the Founder, the Reorganization was accounted for in a manner similar to a pooling-of-interests In July 2021, the Company completed its initial public offering (“IPO”) on the New York Stock Exchange (“NYSE”) (Note 13). |
Summary Of Principal Accounting
Summary Of Principal Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary Of Principal Accounting Policies | 2. SUMMARY OF PRINCIPAL ACCOUNTING POLICIES Basis of presentation The consolidated financial statements of the Group have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). Principles of consolidation The accompanying consolidated financial statements include the financial statements of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated upon consolidation. Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the balance sheet dates and the reported amounts of revenue and expenses during the reporting periods. Significant accounting estimates reflected in the Group’s consolidated financial statements include allowance for credit losses of accounts receivable and short-term investments, impairment of long-lived assets, valuation allowance for deferred tax assets, determination of the stand-alone selling price (“SSP”) of performance obligations in revenue contracts, breakage estimates related to loyalty points, fair value of share-based payment awards and the fair values of financial instruments including redeemable convertible preferred shares and warrant liabilities. Management bases its estimates on historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities. Actual results could materially differ from those estimates. Foreign currency translation The reporting currency of the Group is the Renminbi (“RMB”). The functional currency of the Company, Dingdong Fresh BVI and Dingdong HK is the United States Dollar (“US$”). The functional currency of the Company’s PRC subsidiaries is RMB. The determination of the respective functional currency is based on the criteria stated in ASC 830, Foreign Currency Matters Transactions denominated in foreign currencies are remeasured into the functional currency at the exchange rates quoted by the People’s Bank of China (the “PBOC”) prevailing on the transaction dates. Monetary assets and liabilities denominated in foreign currencies are re-measured at date. Non-monetary items are re-measured using 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 year. Translation adjustments are reported as accumulated comprehensive loss and are shown as a separate component of other comprehensive loss in the consolidated statements of comprehensive loss. Convenience translation Translations of amounts from RMB into U.S. dollars are solely for the convenience of the reader and were calculated at the noon buying rate of US$1 to RMB6.3726 on December 31, 2021, as published in H.10 statistical release of the United States Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at such rate or at any other rate. Cash and cash equivalents Cash and cash equivalents include cash on hand, deposit held at call and time deposit placed with commercial banks or other financial institutions in the PRC. The Group considers highly liquid investments that are readily convertible to known amounts of cash and with original maturities from the date of purchase of three months or less to be cash equivalents. All cash and cash equivalents are unrestricted as to withdrawal and use. Restricted cash Restricted cash primarily consists of cash reserved in a bank account used as collateral for short-term loans and restricted deposits made as performance guarantees to some of the Group’s vendors. Restricted cash is expected to be released to cash within the next 12 months and therefore, classified as a current asset. Short-term investments consist of investments in wealth management products with variable interest rates purchased from reputable financial institutions in the PRC and time deposits with contractual maturities between 3 to 12 months. The Group accounts for investments in wealth management products in accordance with ASC 320, Investments—Debt Securities “held-to-maturity”, “available-for-sale”, held-to-maturity Debt investments not classified as trading or as held-to-maturity available-for-sale Available-for-sale The Group classifies its investments in wealth management products as available-for-sale. Accounts receivable, net Accounts receivable, net mainly represent amounts due from third party payment providers for cash collected from individual customers and amounts due from corporate customers for sales of products which are recorded net of allowance for credit losses. The allowance for credit losses reflects the Company’s current estimate of credit losses expected to be incurred over the life of the receivables. The Company considers various factors in establishing, monitoring, and adjusting its allowance for credit losses including the aging of receivables and aging trends, customer creditworthiness and specific exposures related to particular customers. The Company also monitors other risk factors and forward-looking information, such as country specific risks and economic factors that may affect a customer’s ability to pay in establishing and adjusting its allowance for credit losses. Accounts receivable are written off after all collection efforts have ceased. The allowance for credit losses was insignificant for all periods presented. Inventories Inventories are stated at the lower of cost and net realizable value. Cost of inventories is determined using the weighted average cost method. Adjustments to reduce the cost of inventories to its net realizable value for slow-moving merchandise and damaged goods are recorded in cost of goods sold. The Group considers factors such as historical and forecasted consumer demand and promotional environment when estimating the net realizable value. The Group takes ownership, risks and rewards of the products purchased. Property and equipment, net Property and equipment are stated at cost less accumulated depreciation. The Group computes depreciation using the straight-line method over the estimated useful lives of the assets as follows: Category Estimated useful life Furniture, fixtures and equipment 4-5 Electronic office equipment 3-5 years Leasehold improvements Over the shorter of the lease term or estimated useful life Repair and maintenance costs are charged to expense as incurred, whereas the cost of renewals and betterments that extend the useful lives of property and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the cost and accumulated depreciation from the asset and accumulated depreciation accounts with any resulting gain or loss reflected in the consolidated statements of comprehensive loss. Impairment of long-lived assets The Group evaluates the recoverability of its long-lived assets (asset groups), including property and equipment and operating lease right-of-use assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of its asset (asset group) may not be fully recoverable. When these events occur, the Group measures impairment by comparing the carrying amount of the long-lived assets (asset groups) to the estimated undiscounted future cash flows expected to result from the use of the long-lived assets (asset groups) and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the long-lived assets (asset groups), the Group recognizes an impairment loss based on the excess of the carrying amount of the long-lived assets (asset groups) over their fair value. Fair value is generally determined by discounting the cash flows expected to be generated by the long-lived assets (asset groups), when the market prices are not readily available. The adjusted carrying amount of the long-lived assets represent the new cost basis and is depreciated over the long-lived asset’s remaining useful life. Long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Fair value measurements ASC 820, Fair Value Measurement Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2—Other inputs that are directly or indirectly observable in the marketplace. Level 3—Unobservable inputs which are supported by little or no market activity. ASC 820 also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach; and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. The carrying amounts of cash and cash equivalents, restricted cash, short-term investments, accounts receivable, amounts due from and due to related parties, accounts payable and short-term borrowings approximate their fair values because of their generally short maturities. The carrying amount of long-term borrowings approximate their fair values since they bear interest rates which approximate market interest rates. Revenue recognition The Group recognizes revenue from (i) product sales of primarily fresh groceries, prepared food and other food products through “Dingdong Fresh” APP and mini program, and (ii) membership services. The Group recognizes revenue when the Group satisfies a performance obligation by transferring a promised good or service (that is, an asset) to a customer in an amount of consideration to which the Group expects to be entitled to in exchange for the good or service. An asset is transferred when the customer obtains control of that asset. Product sales The Group evaluates whether it is appropriate to record the gross amount of product sales and related costs or the net amount earned as commissions. When an entity is a principal, the entity obtains control of the specified goods or services before they are transferred to the customers and revenues are recognized at the gross amount of consideration to which it expects to be entitled in exchange for the specified goods or services transferred. When an entity is an agent, its obligation is to facilitate third parties in fulfilling their performance obligation for the specified goods or services and revenues are recognized at the net amount for the amount of commission which the entity earns in exchange for arranging for the sale of the specified goods or services to be provided by other parties. The Group recognizes product sales made through “Dingdong Fresh” APP and mini program on a gross basis because the Group is acting as a principal in these transactions as the Group (i) is responsible for fulfilling the promise to provide the specified goods, (ii) takes on inventory risk and (iii) has discretion in establishing price. The revenues of product sales are recognized at a point in time when the control of the product is transferred to the customer. Revenues are recorded net of value-added taxes (“VAT”). The Group recognizes revenues net of discounts and return allowances. The Group does not issue any coupons concurrent with the completion of a sales transaction. The discounts and coupons are recorded as a deduction of revenue when used by customers, except for referral coupons, which are recognized as sales and marketing expenses when customers provide a customer referral. The Group allows for return of fresh groceries and other daily essentials returns within 24 hours and 7 days, respectively. The Group estimates a provision for product returns based on historical experience. As of December 31, 2020 and 2021, estimated liabilities for return allowances were not significant. The Group also sells prepaid cards which can be redeemed to purchase products sold on the “Dingdong Fresh” APP and mini program. Cash collected from the sales of prepaid cards is initially recorded in “Customer advances and deferred revenue” in the consolidated balance sheets and subsequently recognized as revenues upon the sales of products through redemption of prepaid cards. The Group does not recognize revenue related to breakage or forfeiture of unused balances in prepaid cards as they do not expire. Customers are also granted loyalty points primarily from the purchase of goods. Loyalty points can be used as cash coupons to buy any products sold by the Group, which will directly reduce the amount paid by the customer. Loyalty points expire three months from the date of issuance. The Group considers loyalty points awarded from sales of products to be part of its revenue generating activities, and accordingly, loyalty points are considered to be a material right and a separate performance obligation identified in the contract. Consideration from the sales transaction is allocated to the products and loyalty points based on the relative standalone selling price of the products and loyalty points awarded. The amount of revenue the Group recognizes upon the redemption of loyalty points considers breakage, which is estimated based on the Group’s historical experience. As of December 31, 2020 and 2021, the deferred revenue of loyalty points was RMB16.6 million and RMB2.9 million (US$0.4 million ), respectively. Membership services The Group offers a membership program to its registered users. Memberships are offered for a one-month, three-month or twelve-month period and customers pay a fixed non-refundable upfront membership fee. During the membership period, members enjoy benefits such as free shipping for a certain number of orders every month, free fresh groceries upon purchase (limited to one piece per day), member exclusive products and exclusive discounts for certain products, coupons issued on a monthly basis that expire at the end of the month and VIP customer service. The Group has determined that these membership benefits provided over the membership period are a series of distinct goods and services that are considered one performance obligation. The Group recognizes the revenues of membership service fees over time on a straight-line basis over their respective subscription periods. Cost of goods sold Cost of goods sold consists of procurement costs of finished goods and material procurement costs, labor costs and processing costs for self-processed products. Fulfillment expenses Fulfillment expenses consists primarily of (i) outsourcing expenses charged by third party labor-force companies for provision of delivery riders and workers at regional processing centers and frontline fulfillment stations; (ii) lease expenses for regional processing centers and frontline fulfillment stations, and (iii) logistics expenses charged by third party couriers. Outsourcing expenses included in fulfillment expenses amounted to RMB1,256.9 million, RMB2,515.4 million and RMB4,266 million (US$669.4 million) for the years ended December 31, 2019, 2020 and 2021, respectively. Sales and marketing expenses Sales and marketing expenses primarily consist of advertising expense and related expenses for personnel engaged in sales and marketing activities which are expensed as incurred. The amount s Product development expenses Product development expenses consist primarily of payroll costs and related expenses for research and development employees involved in the development of “Dingdong Fresh” APP and mini program, category expansions and systems support as well as depreciation of servers and other equipment, bandwidth and data center costs, rent, utilities and other expenses necessary to support the Group’s business activities. Product development expenses are expensed as incurred. General and administrative expenses General and administrative expenses consist primarily of employee related expenses for general corporate functions, including accounting, finance, tax, legal and human relations, depreciation of facilities and equipment, rental and other general corporate related expenses. Employee benefits The full-time employees of the Group’s PRC subsidiaries participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to employees. The Group is required to accrue for these benefits based on certain percentages of the qualified employees’ salaries and make contributions to the plan Modification of redeemable convertible preferred shares The Group assesses whether an amendment to the terms of its redeemable convertible preferred shares is an extinguishment or a modification using the fair value model. If the fair value of the redeemable convertible preferred shares immediately after the amendment changes by more than 10% from the fair value of the redeemable convertible preferred shares immediately before the amendment, the amendment is considered an extinguishment. An amendment that does not meet this criterion is a modification. When redeemable convertible preferred shares are extinguished, the difference between the fair value of the consideration transferred to the redeemable convertible preferred shareholders and the carrying amount of the redeemable convertible preferred shares (net of issuance costs) is treated as a deemed dividend to the redeemable convertible preferred shareholders. When redeemable convertible preferred shares are modified, the increase of the fair value immediately after the amendment is treated as a deemed dividend to the redeemable convertible preferred shareholders. Modifications that result in a decrease in the fair value of the redeemable convertible preferred shares are not recognized. Redeemable noncontrolling interests For the Company’s non-wholly owned subsidiaries, a noncontrolling interest is recognized to reflect the portion of equity that is not attributable, directly or indirectly, to the Company. When the noncontrolling interest is contingently redeemable upon the occurrence of a conditional event, which is not solely within the control of the Company, the noncontrolling interest is classified as mezzanine equity. The Company accretes changes in the redemption value over the period from the date that it becomes probable that the noncontrolling interest will become redeemable to the earliest redemption date using the effective interest method. When the noncontrolling interest is mandatorily redeemable on a fixed or determinable date, the noncontrolling interest is classified as liabilities. Share-based compensation Share-based awards granted to employees and senior management of the Group are accounted for under ASC 718, Compensation—Stock Compensation In accordance with ASC 718, the Company determines whether an award should be classified and accounted for as a liability award or equity award. Based on the Company’s assessment, all of the Company’s share-based awards to employees were classified as equity awards and are recognized in the consolidated financial statements based on their grant date fair values. The Company’s equity awards included a performance condition that required employees to meet a minimum performance standard in order to be eligible for vesting. The Company assessed and concluded it is highly probable that employees would be able to fully vest in their awards based on the nature of the performance condition and the Company’s historical experience. The Company, with the assistance of an independent third-party valuation firm, determined the fair value of the share options using a binomial option tree pricing model when estimating the fair value of the options granted to employees. As the Company’s award included both service and performance conditions, the Company records compensation costs on a tranche-by-tranche basis, with a corresponding impact reflected in additional paid-in capital. The Group accounts for forfeitures when they occur and reverses the previously recognized compensation costs for an award in the period which the employee resigns from or is terminated by the Group. Government subsidies Government subsidies are received from provincial and local governments for operating a business in their jurisdictions and compliance with specific policies promoted by the local governments. There are no defined rules and regulations to govern the criteria necessary for companies to receive such benefits, and the amount of financial subsidy is determined at the discretion of the relevant government authorities. The government subsidies of non-operating nature with no further conditions to be met are recorded as non-operating income in “Other income” when received. The government subsidies with certain operating conditions are recorded as “Other non-current liabilities” and will be recorded as non-operating income when the conditions are met. The Group received financial subsidies of RMB0.5 million, RMB23.2 million and RMB16.8 million (US$2.6 million) during the years ended December 31, 2019, 2020 and 2021, respectively, from various local PRC government authorities which was recognized as “Other Income” in those respective years. Government subsidies with certain operating conditions amounting to RMB were recorded as “ O Interest income Interest income is mainly generated from time deposits and short-term investments and is recognized on an accrual basis using the effective interest method. Leases The Group elects to account for all asset classes with lease and non-lease components as a single lease component and to exempt leases of vehicles and equipment with an initial term of 12 months or less from being recognized on the consolidated balance sheets. Payments related to those leases continue to be recognized in the consolidated statements of comprehensive loss on a straight-line basis over the lease term. From the Perspective of Lessee The Group has no finance leases for any of the periods presented. The Group determines whether a contract contains a lease at contract inception. A contract contains a lease if there is an identified asset and the Group has the right to control the use of the identified asset. At the commencement of each lease, management determines its classification as an operating or finance lease. For leases that qualify as operating leases, the Group recognizes the associated lease expense on a straight-line basis over the term of the lease beginning on the date of initial possession, which is generally when the Group enters the leased premises and begins to make improvements in preparation for its intended use. A lease liability is recognized for future fixed lease payments and a ROU asset representing the right to use the underlying asset during the lease term. The Group uses the incremental borrowing rate in determining the present value of lease payments, unless the implicit rate is readily determinable. The incremental borrowing rate is estimated on a portfolio basis considering the lease term, currency risk, credit risk and an adjustment for collateral. If lease terms include options to extend or terminate the lease, the operating lease ROU asset and lease liability are measured based on the reasonably certain criteria. The Group uses the discount rate as of the commencement date of the lease, incorporating the entire lease term. Current maturities and long-term portions of operating lease liabilities are classified as “Operating lease liabilities, current” and “Operating lease liabilities, non-current”, The operating lease ROU assets are measured at the amount of the lease liabilities with adjustments, if applicable, for lease prepayments made prior to or at lease commencement, initial direct costs incurred and lease incentives. Repayments of operating lease liabilities, variable lease payments and short-term lease payments are classified as operating activities in the consolidated statements of cash flows. Payments made for operating leases representing costs of bringing another asset to the condition and location necessary for its intended use are classified as investing activities in the consolidated statements of cash flows. Income taxes The Group follows the liability method of accounting for income taxes in accordance with ASC 740, Income Taxes The Group evaluates its uncertain tax positions using the provisions of ASC 740, which prescribes a recognition threshold that a tax position is required to meet before being recognized in the consolidated financial statements. The Group recognizes in the consolidated financial statements the benefit of a tax position which is “more likely than not” to be sustained under examination based solely on the technical merits of the position assuming a review by tax authorities having all relevant information. Tax positions that meet the recognition threshold are measured using a cumulative probability approach, at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. It is the Group’s policy to recognize interest and penalties related to unrecognized tax benefits, if any, as a component of income tax expenses. The actual penalties or benefits ultimately realized may differ from the Group’s estimates. Additionally, changes in facts, circumstances and new information may require the Group to adjust the recognition and measurement estimates with regard to individual tax positions and are recognized in the period in which the changes occur. The Group recorded the unrecognized tax benefits in “Other non-current PRC value-added taxes The Group is subject to Value-added taxes (“VAT”) on revenue generated from sales of products. The Group records revenue net of VAT. This VAT may be offset by qualified input VAT paid by the Group to suppliers. The net VAT balance between input VAT and output VAT is recorded in the “Other current assets” on the consolidated balance sheets. Segment reporting The Group operates and manages its business as a single segment, in accordance with ASC 280, Segment Reporting Loss per share In accordance with ASC 260, Earnings Per Share Concentration of credit risk Financial instruments that potentially expose the Group to concentration of credit risk consist primarily of cash and cash equivalents, restricted cash, accounts receivable, amounts due from related parties and short-term investments. As of December 31, 2020, and 2021, the Group had million and million) of time The Group conducts credit evaluations on its customers and generally does not require collateral or other security from such customers. The Group periodically evaluates the creditworthiness of the existing customers in determining an allowance for doubtful accounts primarily based upon the age of the receivables and factors surrounding the credit risk of specific customers. Currency Convertibility Risk Substantially all of the Group’s operating activities are transacted in RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions take place either through the People’s Bank of China or other banks authorized by the PRC government to buy and sell foreign currencies at the exchange rates quoted by the People’s Bank of China. Approval of foreign currency payments by the People’s Bank of China or other regulatory institutions requires submitting a payment application form together with suppliers’ invoices, shipping documents and signed contracts. Foreign Currency Exchange Rate Risk The functional currency of the Company is US$, and the reporting currency is RMB. Since July 21, 2005, RMB has been permitted by the PRC government to fluctuate within a managed band against a basket of certain foreign currencies. The appreciation of the US$ against RMB in 2019 was approximately 1.3%. And the depreciation of the US$ against RMB was 6.3% and 2.3% in 2020 and 2021, respectively. Any significant revaluation of RMB may materially and adversely affect the cash flows, operating results and financial position of the Group. As a result, an appreciation of RMB against US$ would result in foreign currency translation loss when translating the net assets of the Group from US$ into RMB. The net foreign currency translation gain resulting from the translation from US$ to RMB reporting currency recorded in other comprehensive income was RMB30.4 million for the year ended December 31, Recent Accounting Pronouncements New accounting standards which have been adopted In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Financial Instruments- Credit Losses (Topic 326): Targeted Transition Relief and codification improvements to Topic 326 in ASU 2019-04 and ASU 2018-19 New accounting standards which have not yet been adopted In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance In June 2020, the FASB issued ASU No. 2020-06 , Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) |
Revenue From Contracts With Cus
Revenue From Contracts With Customers | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer | 3. REVENUE FROM CONTRACTS WITH CUSTOMERS Contract Balances The Group’s payments from customers are based on the billing terms established in contracts. Customers’ payment to the Group is generally made before the delivery of goods or the provision of service. Only corporate customers are offered billing terms in a range of between 7 to 30 days, as specified in each contract. Customer billings are classified as accounts receivable when the Group’s right to consideration is unconditional. If the right to consideration is conditional on future performance under the contract, the balance is classified as a contract asset. The Group’s contract assets are insignificant as of December 31, 2020 and 2021. The Group’s contract liabilities include payments received in advance of performance under revenue contracts which are included in “Customer advances and deferred revenue” on the As of December 31, 2020 2021 2021 RMB RMB US$ (in thousands) Customer advances and prepaid cards 57,081 96,785 15,188 Deferred revenue related to loyalty points 16,558 2,852 448 Deferred membership service revenue 66,765 143,843 22,571 Total 140,404 243,480 38,207 The Group recognized revenues that were previously deferred as contract liabilities of RMB4.0 million, RMB57.4 million and RMB117.8 million (US$18.5 million) during the years ended December 31, 2019, 2020 and 2021, respectively. Revenue Allocated to Remaining Performance Obligations Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. The Group had RMB66.8 million and RMB143.8 million (US$22.6 million) of deferred revenues related to membership fees at December 31, 2020 and 2021 that are expected to be recognized as revenues over the remaining membership period of one |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. FAIR VALUE MEASUREMENTS The following summarizes the Company’s financial assets measured and recorded at fair value on a recurring basis as of December 31, 2020 and 2021: Fair Value Measurements at Reporting Date Using As of Quoted Prices in Active Markets for Identical Assets (Level 1) Significant (Level 2) Significant (Level 3) ( RMB Short-term investments 1,006,245 — 1,006,245 — 1,006,245 — 1,006,245 — Fair Value Measurements at Reporting Date Using As of Quoted Prices in Active Markets for Identical Assets (Level 1) Significant (Level 2) Significant (Level 3) ( RMB Short-term investments 4,568,346 — 4,568,346 — 4,568,346 — 4,568,346 — The Company measured the fair value of its warrant liabilities on a recurring basis using significant unobservable (Level 3) inputs as of December 31, 2020. The Company estimated the fair values of the Series B4 Warrant using the Black-Scholes Option Pricing Model with the assistance of an independent third-party valuation firm using the corresponding inputs: As of December 31, 2020 Series B4 Warrant Expected volatility 51.35 % Risk-free interest rate 0.09 % Remaining contractual life 0.62 Fair value of the underlying preferred shares US$6.50 Warrant fair value US$118.58 The determination of the fair value of the Company’s preferred shares requires complex and subjective judgments to be made regarding the cash flow forecasts and the weighted average cost of capital and the discount for lack of marketability applied to the projected cash flows. If different estimates and assumptions had been used, the fair values of the preferred shares could be significantly different and the fair value of the warrant liabilities may materially differ from the recognized amount. The Company recognized a loss from the increase in the fair value of the warrant liabilities of RMB100.7 million, a gain from the decrease in the fair value of the warrant liabilities of RMB11.5 million and a loss from the increase in the fair value of the warrant liabilities of RMB44.5 million (US$7.0 million) for the years ended December 31, 2019, 2020 and 2021, respectively. Such amounts were recorded in “Changes in fair value of warrant liabilities” in the consolidated statements of comprehensive loss. The following table presents a reconciliation of the warrant liabilities measured at fair value on a recurring basis using Level 3 unobservable inputs for the years ended December 31, 2020 and 2021: Warrant liabilities RMB (in thousands) Balance as of December 31, 2019 161,462 Fair value change (11,450 ) Foreign exchange translation (8,807 ) Exercise of EatTogether Warrant (Note 17) (33,045 ) Balance as of December 31, 2020 108,160 Warrant liabilities RMB (in thousands) Balance as of December 31, 2020 108,160 Fair value change 44,457 Foreign exchange translation 536 Exercise of Series B4 Warrant (Note 17) (153,153 ) Balance as of December 31, 2021 — Balance as of December 31, 2021 (US$) — In April 2020, the Founder exercised the EatTogether Warrant and received 6,664,000 Series B4-1 redeemable convertible preferred shares (Note 17). In March 2021, the holder exercised the Series B4 Warrant and received 6,989,750 Series B4 redeemable convertible preferred shares (Note 17). There were no warrants outstanding as of December 31, 2021 and therefore, there were no financial liabilities measured at fair value on a recurring basis. The Company did not liabilities non-recurring |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | 5. INVENTORIES The Company’s inventories consist primarily of finished goods, which consists of products to be sold to customers, and packing materials as follows: As of December 31, 2020 2021 2021 RMB RMB US$ (in thousands) Products 329,065 487,066 76,431 Packing materials and others 57,366 50,406 7,910 Total 386,431 537,472 84,341 |
Prepayments and Other Current A
Prepayments and Other Current Assets | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepayments and Other Current Assets | 6. PREPAYMENTS AND OTHER CURRENT ASSETS Other current assets consist of the following: As of December 31, 2020 2021 2021 RMB RMB US$ (in thousands) Deductible VAT 45,285 359,915 56,478 Others 52,593 101,928 15,994 Total 97,878 461,843 72,472 |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | 7. PROPERTY AND EQUIPMENT, NET Property and equipment, net consists of the following: As of December 31, 2020 2021 2021 RMB RMB US$ (in thousands) Electronic office equipment 29,720 58,463 9,174 Leasehold improvements 250,745 555,941 87,239 Furniture, fixtures and equipment 110,778 177,621 27,873 Total 391,243 792,025 124,286 Less: Accumulated depreciation (133,098 ) (328,367 ) (51,528 ) Construction in progress 14,546 8,713 1,367 Total 272,691 472,371 74,125 Depreciation expense was RMB34.7 million, RMB115.4 million and RMB213.1 million (US$33.4 million) for the years ended December 31, 2019, 2020 and 2021, respectively, and were included in the following financial statement line items in the consolidated statements of comprehensive loss: For the years ended December 31, 2019 2020 2021 2021 RMB RMB RMB US$ (in thousands) Fulfillment expenses 31,988 107,333 195,022 30,603 Sales and marketing expenses 865 2,018 2,666 419 General and administrative expenses 1,520 4,731 7,395 1,160 Product development expenses 361 1,272 7,999 1,255 Total 34,734 115,354 213,082 33,437 |
Other Non-Current Assets
Other Non-Current Assets | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Non-Current Assets | 8. OTHER NON-CURRENT Other non-current As of December 31, 2020 2021 2021 RMB RMB US$ (in thousands) Rental deposits 111,521 167,282 26,250 Others 9,938 18,511 2,906 Total 121,459 185,793 29,156 |
Short-Term Borrowings
Short-Term Borrowings | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings | 9. SHORT-TERM BORROWINGS As of December 31, 2020 2021 2021 RMB RMB US$ (in thousands) Short-term bank loans 449,649 630,000 98,861 Reversed factoring arrangements 784,873 2,491,046 390,899 Total 1,234,522 3,121,046 489,760 Short-term bank loans Short-term bank loans as of December 31, 2021 amounted to RMB3,121.0 million (US$489.8 million) (as of December 31, 2020: RMB1,234.5 million), which consisted of secured RMB denominated borrowings from financial institutions in the PRC that are repayable within one year. The weighted average interest rates for the outstanding short-term borrowings as of December 31, 2020 and 2021 were and 3.67%, respectively. As of December 31, 2020 and 2021, the aggregate amounts of unused lines of credit available for the Group’s use were RMB20.4 million and , respectively . Reversed factoring arrangements In 2020, the Group entered into a one-year reversed factoring arrangement with a commercial bank (“2020 reversed factoring arrangement”). Under the factoring arrangement, the suppliers’ receivables collection process was accelerated by selling its receivables from the Group to the bank. The Group was entitled to draw up to RMB million with a draw down period from September 2020 to August 2021 and then obligated to repay the principal and interest at % upon maturity, typically within six months. The aggregate amount available for the Group’s use under the 2020 reversed factoring arrangement as of December 31, 2020 was RMB In January 2021, the 2020 reversed factoring arrangement was amended to increase the total available financing to RMB million (US$313.8 million) million (US$784.6 million) and the draw down period was extended to July 2022 (“amended reversed factoring arrangement”). The amended reversed factoring arrangement carries the same interest rate of 3.6 % and also has a six-month repayment term. As of December 31, 2021, the aggregate amounts available for the Group’s use under the amended reversed factoring arrangement was RMB million (US million). In December 2021, the Group entered into a reversed factoring arrangement with the same commercial bank (“2021 reversed factoring arrangement I”). Under the factoring arrangement, the Group was entitled to draw up to RMB 40.0 million (US$6.3 million) RMB million (US ). In December 2021, the Group entered into a reversed factoring arrangement with the same commercial bank (“2021 reversed factoring arrangement II”). Under the factoring arrangement, the Group was entitled to draw up to RMB million (US$282.5 million) 3.6 % upon maturity, typically within six months. As of December 31, 2021, the aggregate amount available for the Group’s use under the 2021 reverse factoring arrangement II was RMB million (US million). The Group was required to deposit cash collateral for the 2020 reversed factoring arrangement, which are classified as “Restricted cash” on the Group’s consolidated balance sheet as of December 31, 2020. Total restricted cash held as collateral was RMB million as of December 31, 2020. The restricted cash was released during 2021, as pursuant to the amended reversed factoring agreement, 2021 reversed factoring arrangement I and 2021 reversed factoring arrangement II, the Group was required to collateralize the reversed factoring borrowings with time deposits purchased from the bank. Time deposits collateralized and restricted from withdrawal and usage amounted to RMB million ( million) and are classified as “Short-term investments” on the Group’s consolidated balance sheet as of December 31, 2021. In July 2021, the Group entered into a reversed factoring arrangement with another commercial bank. Under the factoring arrangement, the Group was entitled to draw up to RMB million (US$47.1 million) % upon maturity, typically within months. This reversed factoring arrangement is guaranteed by the Founder. In 2021, the Group withdrew a total of RMB99.4 million (US$15.6 million) under this arrangement. The aggregate amount available for the Group’s use under the above-mentioned reverse factoring arrangements was RMB15.1 million and RMB4,448.4 million (US$698.0 million) as of December 31, 2020 and December 31, 2021, respectively. As a result of the above-mentioned factoring arrangements, the payment terms of the Group’s original accounts payables were substantially modified and considered extinguished as the nature of the original liability has changed from accounts payables to loan borrowings from the bank, for which the origination of the loans of were reported as “Proceeds from short-term borrowing” within financing activities in the consolidated financial statement of cash flows for the year ended December 31, 2020 and 2021. As of December 31, 2020 and 2021, the outstanding principal from the above-mentioned reversed factoring arrangements was sheets. Principal |
Long-Term Borrowings
Long-Term Borrowings | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Borrowings | 10. LONG-TERM BORROWINGS As of December 31, 2020 2021 2021 RMB RMB US$ (in thousands) Long-term borrowings 144,875 57,875 9,082 Less: Current portion of long-term borrowings (86,500 ) (57,875 ) (9,082 ) Total 58,375 — — In October 2019, the Group entered into a secured loan agreement with SPD Silicon Valley Bank, pursuant to which the Group is entitled to borrow a secured RMB denominated loan of million for general working capital purposes. In 2019, the Group drew down became due. As of December 31, 2021, the loan was fully paid. In October 2020, the Group entered into secured loan agreements with East West Bank and SPD Silicon Valley Bank, pursuant to which the Group is entitled to borrow RMB68.0 million and RMB60.0 RMB0.6 million and million) were repaid when it became due in 2020 and 2021. The repayment of the loan is guaranteed by the Founder of the Group. The amount RMB5.0 million and was repaid when it became due in 2020 and 2021, respectively. The repayment of the loan is guaranteed by the Founder of the Group. The amount repayable within the next twelve months are classified as “Current portion of long-term borrowings”. Repayment schedule of the long-term borrowings as of December 31, 2021 is as follows: As of December 31, 2021 RMB US$ (in thousands) 2022 57,875 9,082 Total 57,875 9,082 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | 11. LEASES The Group has operating leases arrangements for their regional processing centers, frontline fulfillment stations, office space, vehicles and equipment. A summary of supplemental information related to operating leases as of December 31, 2020 and 2021 is as follows: As of December 31, 2020 2021 2021 RMB RMB US$ (in thousands) Operating lease right-of-use 1,503,222 2,245,571 352,379 Operating lease liabilities, current 594,787 969,494 152,135 Operating lease liabilities, non-current 871,685 1,244,096 195,226 Total operating lease liabilities 1,466,472 2,213,590 347,361 Weighted average remaining lease term 2.85 years 2.79 years 2.79 years Weighted average discount rate 6.4 % 6.8 % 6.8 % A summary of lease cost recognized in the Group’s consolidated statements of comprehensive loss and supplemental cash flow information related to operating leases is as follows: For the years ended December 31, 2019 2020 2021 2021 RMB RMB RMB US$ (in thousands) Operating lease cost 165,733 475,064 953,325 149,597 Short-term lease cost 1,859 7,391 12,227 1,919 Variable lease cost — — 8,247 1,294 Total 167,592 482,455 973,799 152,810 Cash paid for operating leases 168,787 500,458 1,002,511 157,316 Right-of-use 499,615 1,489,367 1,671,666 262,321 A summary of maturity of operating lease liabilities under the Group’s non-cancelable As of December 31, 2021 RMB US$ (in thousands) 2022 1,080,579 169,566 2023 711,673 111,677 2024 379,318 59,523 2025 188,455 29,573 2026 59,163 9,284 Thereafter 1,067 168 Total future lease payments 2,420,255 379,791 Less: imputed interest (206,665 ) (32,430 ) Total operating lease liabilities 2,213,590 347,361 As of December 31, 2021, the Group entered into new operating leases primarily for regional processing centers and frontline fulfillment stations of |
Accrued Expenses And Other Curr
Accrued Expenses And Other Current Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Expenses And Other Current Liabilities | 12. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consist of the following: As of December 31, 2020 2021 2021 RMB RMB US$ (in thousands) Advance from shareholders 385,575 — — Accrued outsourcing expenses 343,681 385,305 60,463 Accrued transportation and logistic expenses 51,549 43,759 6,867 VAT and other tax payable 15,965 30,081 4,720 Deposit from suppliers 9,965 29,437 4,619 Interest payable 4,386 14,749 2,314 Accrued advertising expenses 9,925 43,916 6,892 Accrued utilities and other expenses 36,692 106,014 16,636 Total 857,738 653,261 102,511 |
Ordinary Shares
Ordinary Shares | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Ordinary Shares | 13. ORDINARY SHARES The Company was incorporated in October 2018 with an authorized share capital of US$50,000 divided into 25,000,000,000 ordinary shares of US$0.000002 each, of which 64,908,700 ordinary shares had been issued as of December 31, 2020. In May 2019, re-designated In April 2020, 4,745,200 ordinary shares of the Company were issued to the Founder for nil consideration and considered share-based awards with no associated performance or service based vesting conditions (Note 14). In March and May 2021, 22,782,950 and 17,398,450 ordinary shares of the Company were issued to EatBetter Holding Limited, a BVI limited liability company (the “Offshore ESOP Platform”), respectively. Meanwhile, ordinary shares held by EatBetter were issued to the Group’s senior management for nil consideration and considered share-based awards with no associated performance or service based vesting conditions (Note 14). As of December 31, 2021, 29,633,200 ordinary shares are considered leg ally On June 8, 2021, the Company effected a 1:50 share subdivision of all issued and outstanding ordinary shares and redeemable convertible preferred shares (the “Share Subdivision”). The par value and authorized shares of the ordinary and preferred shares were adjusted as a result of the Share Subdivision. All ordinary shares, redeemable convertible preferred shares, and related per share amounts presented in the consolidated financial statements have been retrospectively adjusted to reflect the Share Subdivision for all periods presented, where applicable. In July 2021, the Company’s authorized share capital was reclassified and redesignated into US$ divided into shares comprising of Class A ordinary shares at par value of US$ ; (ii) Class B ordinary shares at par value of US$ ; and each of such class or classes (however designated) as the board of directors may determine. The rights of the holders of Class A and Class B ordinary shares are identical, except with respect to voting and conversion rights. Each Class A ordinary shares is entitled to vote per share . Each class B ordinary share is entitled to Class A ordinary share at any time by the holder. ordinary shares which are ultimately owned by the Founder were re-designated and re-classified into Class B ordinary shares on a one-for-one basis and the remaining issued and outstanding ordinary shares were re-designated and re-classified into Class A ordinary shares on a one-for-one basis. In July 2021, the Company issued Class A ordinary shares upon the automatic conversion of all outstanding redeemable convertible preferred shares upon completion of the Company’s IPO. Concurrently, the Company issued Class A ordinary shares (equivalent to ADSs) upon completion of its IPO. In August 2021, the Company issued 264,528 Class A ordinary shares (equivalent to 176,352 ADSs) pursuant to the underwriters’ partial exercise of their option to purchase additional ADSs. In December 2021, the Company repurchased Class A ordinary shares at fair value. The Company designated the repurchased shares as treasury stock. |
Share Based Compensation
Share Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share Based Compensation | 14. SHARE-BASED COMPENSATION Onshore Share Incentive Plan Prior to the Reorganization, the shareholders and Board of Directors of Shanghai 100me approved a series of employee option plans in order to provide incentives and rewards to the Group’s directors, senior management and employees (the “2015 Plan”, “2016 Plan”, “2018 Plan”, “2019 Plan” and “2020 Plan”, or the “Onshore Plans”). Each option under the Onshore Plans allowed employees to purchase one share of, a limited partnership whose sole holding was 295,503 common shares in Shanghai 100me (the “ESOP Platform”). Each share in the ESOP Platform is equivalent to 0.0148 of Shanghai 100me’s common shares. Share options awarded under the Onshore Plans vest over a period of four years, with 50% of the award vesting on the second anniversary of the grant date, 25% of the award vesting on the third anniversary and 25% vesting on the fourth anniversary. Each share option has a contractual life of 10 years. The Company authorized and granted a total of 10,471,912 options under the Onshore Plans. As part of the Reorganization, the Onshore Plans were replaced with the Company’s 2015, 2016, 2018, 2019 and 2020 Replacement Plans (the “Replacement Plans”) on October 31, 2020. All 9,681,668 outstanding share options of Shanghai 100me under the Onshore Plans as of October 31, Offshore Share Incentive Plans On September 5, 2020, the Company’s shareholders and Board of Directors approved the 2019 Plan II. Under the 2019 Plan II, the Company authorized and issued share options to purchase the Company’s ordinary shares. On October 31, 2020, the Company granted all of the options authorized under the 2019 Plan II. On September 5, 2020, the Company’s shareholders and Board of Directors approved the 2020 Plan II and Plan III. Under the 2020 Plan II and Plan III, the Company authorized and issued 11,786,197 and share options to purchase the Company’s ordinary shares, respectively. On October 31, 2020, the Company granted all of the options authorized under the 2020 Plan II and Plan III. In January 2021, the Company’s Board of Directors approved the 2020 Plan IV and granted share options to the Group’s senior management and employees. In March 2021, the Company’s Board of Directors approved the 2021 Plan I and granted share options to the Group’s senior management and employees. In April 2021, the Company’s Board of Directors approved the 2020 Plan V and granted 14,862,751 share options to the Group’s senior management and employees. In September 2021, the Company’s board of directors approved the 2020 Plan VI-X and 2021 Plan II and granted a total of share options to the Group’s senior management and employees. In December 2021, the Company’s Board of Directors amended and restated the Replacement Plans, 2019 Plan II, 2020 Plan II-X and 2021 Plan I-II (the “A&R 2020 Share Incentive Plan”), which consolidated all share-based payment awards under one incentive plan and clarified certain administration terms of the share incentive plan. The A&R 2020 Share Incentive Plan did not substantively modify the terms of any previously granted share options. Pursuant to the A&R 2020 Share Incentive Plan, the maximum aggregate number of s Class A ordinary shares of the Company. The ordinary shares to be awarded pursuant to the A&R 2020 Incentive Plan were issued by the Company and held by the Offshore ESOP Platform. Each share option under the A&R 2020 Share Incentive Plan has a 10 year contractual life and allow participants to purchase 0.05 of the Company’s Class A vesting on the fourth anniversary, or a vesting on the second, third, fourth and fifth anniversaries of the grant date, respectively. In December 2021, the Company granted 30,808,793 share options under the A&R 2020 Share Incentive Plan to the Group’s senior management and employees. As of December 31, 2021, the Company granted 461,535,280 share The following table summarizes the Company’s share Number of Options Weighted Weighted grant date per option Weighted Remaining Contractual Aggregate Value US$ US$ Years US$ (in thousands) Share options outstanding as of December 31, 2020 224,295,105 0.2160 0.0496 9.55 20,468 Granted 200,923,883 0.2767 0.5092 Forfeited (40,751,365 ) 0.2793 0.2594 Share options outstanding as of December 31, 2021 384,467,623 0.2099 0.2676 8.28 126,484 Exercisable as of December 31, 2021 104,626,808 0.0746 0.0510 5.58 48,593 The aggregate intrinsic value is calculated as the difference between the exercise price of the awards and the fair value of the underlying o s The total fair value of vested share is The weighted average grant date fair value of the share options granted during the years ended December 31, 2019, 2020 and 2021 were US$0.01, US$0.05 and US$0.51, respectively. The Group uses the binomial tree option pricing model to estimate the fair value of share options with the assistance of an independent third-party valuation firm. The assumptions used to value the share options were as follows: For the years ended December 31, 2019 2020 2021 Fair value of ordinary shares (US$) 2.78 4.78 4.78-15.78 Risk-free interest rate (%) 0.88-2.00 0.66-0.88 0.93-1.71 Expected volatility (%) 47-48 47-48 48 Expected dividend yield — — — Life of option 10 10 10 Exercise multiple 2.5 2.5 2.5 Post-vesting forfeiture rate — — — The risk-free interest rate for periods within the contractual life of the options is based on the U.S. treasury yield curve in effect at the time of grant for a term consistent with the contractual term of the awards. Expected volatility of the is estimated based on the historical volatility ordinary shares of several comparable companies in the same industry until the Company had adequate historical volatility of the share price. The dividend yield is estimated based on our expected dividend policy over the expected term of the options. The expected exercise multiple is based on management’s estimation, which the Company believes is representative of the future. 2020 Senior Management Awards In April 2020, the Company’s shareholders and Board of Directors authorized and approved a 5% increase in the number of ordinary B4-1 paid-in 2021 Senior Management Awards In May 2021, the Company’s shareholders and Board of Directors authorized and approved the 2021 Senior Management Awards. As a result, a director and executive officer of the Company received ordinary shares with no associated performance or service based vesting conditions at nil consideration. The Company RMB As the Company’s ordinary shares were not publicly traded on the date the 2021 Senior Management Awards were granted, the Group, with the assistance of an independent third-party valuation firm, estimated the fair value of the ordinary shares by using a discounted cash flow approach to determine the enterprise value of the Company, which was then allocated to the Company’s various classes of equity, including preferred shares. The determination of the fair value of the Company’s ordinary shares requires complex and subjective judgments to be made regarding the forecasted revenues, gross margins and operating expenses, weighted average cost of capital and the discount for lack of marketability applied to the projected cash flows. If different estimates and assumptions had been used, the fair value of the ordinary shares could be significantly different and related stock-based compensation expense may materially differ from the recognized amount. For the above-mentioned incentive plans and awards, the Group recognized aggregate share-based compensation expenses for the years ended December 31, 2019, 2020 and 2021 as follows: For the years ended December 31, 2019 2020 2021 2021 RMB RMB RMB US$ (in thousands) Fulfillment expenses 258 1,974 32,673 5,127 Sales and marketing expenses 174 532 6,927 1,087 Product development expenses 1,043 4,370 42,666 6,695 General and administrative expenses 515 146,234 233,096 36,578 Total 1,990 153,110 315,362 49,487 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 15. INCOME TAXES Cayman Islands Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gains. British Virgin Islands Under the current laws of the British Virgin Islands, entities incorporated in the British Virgin Islands are not subject to tax on their income or capital gains. Hong Kong Under the Hong Kong tax laws, the Company’s subsidiary in Hong Kong is subject to Hong Kong’s two-tiered profits tax regime, under which the tax rate is 8.25% for assessable profits on the first HK$2 million and % for any assessable profits in excess of HK$2 million. Additionally, the Company’s subsidiary in Hong Kong may be exempted from income tax on its foreign-derived income and there are no withholding taxes in Hong Kong on remittance of dividends. PRC The Company’s subsidiaries in the PRC are subject to the statutory rate of 25%, in accordance with the Enterprise Income Tax L Pursuant to Caishui [2019] No. 13, qualified Small-Scale Enterprises with minimal profits (“SSE”) are eligible for a reduced enterprise income tax (“EIT”) rate of 20%, a 75% reduction of the first RMB1 million taxable income and a 50% reduction of taxable income exceeding RMB1 million but less than RMB3 million from January 1, 2019 to December 31, 2021. Additionally, qualified SSEs are eligible for a further 12.5% reduction of the first RMB1 million taxable income from rom January 1, 2021 to December 31, 2022. The Company’s PRC subsidiaries are generally subject to statutory income tax rate of 25% except for certain PRC subsidiaries that are taxed at preferential tax rate of 20% as qualified as SSE. The EIT L non-resident The current and deferred components of income tax expenses appearing in the consolidated statements of comprehensive loss are as follows: For the years ended December 31, 2019 2020 2021 2021 RMB RMB RMB US$ (in thousands) Current tax — — 9,373 1,471 Deferred tax — — — — Total — — 9,373 1,471 The Group’s loss before income taxes by jurisdiction consisted of: For the years ended December 31, 2019 2020 2021 2021 RMB RMB RMB US$ (in thousands) Non-PRC (114,137 ) (178,916 ) 20,929 3,284 PRC (1,759,246 ) (2,997,998 ) (6,440,615 ) (1,010,673 ) Tota l (1,873,383 ) (3,176,914 ) (6,419,686 ) (1,007,389 ) The reconciliations of the income tax expenses for the years ended December 31, 2019, 2020 and 2021 were as follows: For the years ended December 31, 2019 2020 2021 2021 RMB RMB RMB US$ (in thousands) Loss before income tax expense (1,873,383 ) (3,176,914 ) (6,419,686 ) (1,007,389 ) PRC statutory tax rate 25 % 25 % 25 % 25 % Income tax benefit computed at the statutory income tax rate (468,346 ) (794,228 ) (1,604,922 ) (251,847 ) Non-deductible 17,455 6,368 (8,320 ) (1,306 ) Transfer pricing adjustment — — 102,468 16,079 Non-taxable — (126 ) (1,561 ) (245 ) Research and development super-deduction (5,831 ) (55,306 ) 64,806 10,170 Statutory income/(expense) 80,846 7,298 (5,244 ) (823 ) Effect of preferential tax 137,154 22,992 5,022 788 Changes in valuation allowances 353,871 784,611 1,465,818 230,019 Impact of changes in tax rate on deferred tax (143,683 ) (16,464 ) (5,023 ) (788 ) Effect of income tax rate difference in other jurisdictions 28,534 44,855 (3,671 ) (576 ) Income tax expenses — — 9,373 1,471 The principal components of the Group’s deferred income tax assets and liabilities as of December 31, 2020 and 2021 are as follows: As of December 31, 2020 2021 2021 RMB RMB US$ (in thousands) Deferred tax assets: Operating lease liabilities 366,618 553,397 86,840 Accrued expenses and other current liabilities 6,139 4,134 649 Government subsidies — 15,000 2,354 Tax losses carried forward 1,235,164 2,700,304 423,736 Less: valuation allowances * (1,253,620 ) (2,719,438 ) (426,739 ) Total deferred tax assets, net. 354,301 553,397 86,840 Deferred tax liabilities: Operating lease right-of-use (354,301 ) (553,397 ) (86,840 ) Total deferred tax liabilities, net. (354,301 ) (553,397 ) (86,840 ) Deferred tax assets/liabilities, net — — — * The Company operates through its PRC subsidiaries and evaluates the potential realization of deferred tax assets on an entity basis. The Group recorded valuation allowances against deferred tax assets of those PRC subsidiaries that are in a three-year cumulative financial loss or had incurred losses since inception as of December 31, 2020 and 2021. In making such determination, the Group also evaluates a variety of factors including the Group’s operating history, accumulated deficit, existence of taxable temporary differences and reversal periods. The tax losses in the PRC subsidiaries can be carried forward for five The unrecognized tax benefits of the Group as of December 31, 2020 and 2021 are as follows: As of December 31, 2020 2021 2021 RMB RMB US$ (in thousands) Balance at beginning of the year 593 593 93 Additions — 117,468 18,433 Decreases — — — Settlement — (593 ) (93 ) Balance at end of the year 593 117,468 18,433 As of December 31, 2020 and 2021, the Company had recorded unrecognized tax benefit of million), respectively, are presented on a net basis against the deferred tax assets related to tax loss carry million million) of unrecognized tax benefits that, if ultimately recognized, will impact the effective tax rate. The Company did t record any interest and penalties related to an uncertain tax position for the periods presented. As of December 31, 2021, the tax years ended December 31, 2018 through period ended December 31, 2021 remain open to examination by the PRC tax authorities. |
Related Party Transactions and
Related Party Transactions and Balances | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions and Balances | 16. RELATED PARTY TRANSACTIONS AND BALANCES The related parties that had transactions or balances with the Group in 2019, 2020 and 2021 consisted of: Related Party Relationship with the Group Mr. Liang Changlin Founder and CEO of the Company Shanghai Tiejun Enterprise Consulting Center (Limited Partnership) (“Tiejun”) Controlled by Mr. Liang Changlin EatTogether Holding Limited (“EatTogether”) Controlled by Mr. Liang Changlin Transactions with the Founder and CEO of the Company From 2016 to 2018, Mr. Liang Changlin, the Founder and CEO of the Company, provided interest-free convertible loans to Shanghai 100me with an aggregate principal amount of RMB190.5 million (“Onshore Loans”) with a maturity date of a pre-money valuation The embedded Variable Share Conversion Feature will be share settled by a number of shares with a fair value equal to a fixed settlement amount and therefore, it is considered to be an in-substance redemption The in-substance redemption On April 11, 2019, the Company granted a warrant to EatTogether as consideration to settle the Onshore Loans. Pursuant to the terms of the warrant, EatTogether is entitled to purchase redeemable convertible preferred shares at the same issuance price as the subsequent round of financing that meets a targeted pre-money valuation p Series B4-1 redeemable Similar with the Series B4 Warrant disclosed in Note 4, the EatTogether Warrant is also for underlying redeemable convertible preferred shares that are contingently redeemable if an IPO has not been completed by a specific date. Therefore, it is considered redeemable and results in the EatTogether Warrant being classified as a liability. The EatTogether Warrant is initially measured and recognized at fair value and also subsequently measured at fair value with changes in fair value recognized in “Changes in fair value of warrant liabilities” in the consolidated statements of comprehensive loss (Note 4). The amounts due from related parties consisted of the following: Related party balances Amounts due from related parties: As of December 31, 2020 2021 2021 RMB RMB US$ (in thousands) Current: Loan to Mr. Liang Changlin 9,000 — — Loan to Tiejun 1,100 — — Total 10,100 — — Amounts due from Mr. Liang Changlin were comprised of interest-free loans and were repaid in full on April 15, 2021. Amounts due from Tiejun w e re . |
Redeemable Convertible Preferre
Redeemable Convertible Preferred Shares | 12 Months Ended |
Dec. 31, 2021 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable Convertible Preferred Shares | 17. REDEEMABLE CONVERTIBLE PREFERRED SHARES As of January 1, 2020, the Company had outstanding preferred shares as follows: • 5,910,100 10.0 • 8,985,050 Pre-A 0.72 6.5 • 22,096,550 0.79 • 1,060,200 Series A+ preferred shares at US$1.65 per share for a total cash consideration of US$1.8 million in October 2018; • 17,140,700 Series B preferred shares at US$2.36 per share for a total cash consideration of US$40.4 million in November 2018; • 11,072,800 Series B2 preferred shares at US$2.71 per share for a total cash consideration of US$30.0 million in January 2019; • 2,332,400 Series B preferred shares at US$2.36 per share for a total cash consideration of US$5.5 million in March 2019; • 7,803,400 ordinary shares held by the Founder were re-designated (Note 13); • 28,013,200 Series B3 preferred shares at US$3.93 per share for a total cash consideration of US$110.0 million in May 2019; and • 6,989,700 Series B4 preferred shares at US$4.29 per share for a total cash consideration of US$30.0 million in June 2019 In April 2020, the Company issued 39,952,300 Series C1 preferred shares to certain investors at US$7.77 per share for a total cash consideration of US$310.5 million. In addition, the Company also issued 11,377,300 Series C1 preferred shares to convertible noteholders who were required to convert their 2019 Convertible Notes upon the closing of the Series C1 preferred shares financing. In April 2020, the Company issued 6,664,000 Series B4-1 In April 2020, the Company issued 465,550 Series Angel+ preferred shares to EatTogether and 605,600 Series B4-1 In March 2021, the Company issued 6,989,750 Series B4 preferred shares to an investor upon the exercise of the Series B4 Warrant for a total cash consideration of US$30.0 million (Note 4). In March 2021, the Company issued 2,895,100 Series C1 preferred shares to an investor at US$7.77 per share for a total cash consideration of US$22.5 million. In March 2021, the Company issued 49,207,650 Series D redeemable convertible preferred shares to existing shareholders and certain investors for an aggregate consideration of In May 2021, the Company issued 21,264,750 Series D+ redeemable convertible preferred shares to certain investors for an aggregate consideration of Upon the completion of the Company’s IPO in June 2021, all the issued and outstanding Preferred Shares were automatically converted into 250,826,100 Class A Ordinary Shares. The key terms of the Series D+, Series D, Series C1, Series B4, Series B4-1, Pre-A, Conversion rights Each holder of the Preferred Shares has the right, at the sole discretion of the holder, to convert at any time and from time to time, all or any portion of the Preferred Shares into ordinary shares based on the then-effective Conversion Price. The initial conversion ratio shall be on a one for one basis, subject to certain anti-dilution adjustments, as adjusted for the Share Subdivision. The Preferred Shares are converted automatically into ordinary shares at the then effective applicable conversion price, as adjusted for the Share Subdivision in the event of a Qualified IPO. Redemption rights Prior to the issuance of the Series C1 preferred shares in April 2020, all of the Preferred Shares are redeemable at the holders’ option at any time after the occurrence of (i) a Qualified IPO or a Qualified Trade Sale of the Company has not occurred on December 31, 2024; or (ii) the occurrence of certain events including breach or violation of applicable laws or regulations by the Founder. Upon the issuance of the Series C1 preferred shares, all of the Preferred Shares are redeemable at the holders’ option at any time after the occurrence of (i) a Qualified IPO or a Qualified Trade Sale of the Company has not occurred on March 31, 2025; or (ii) the occurrence of certain events including breach or violation of applicable laws or regulations by the Founder. Upon the issuance of the Series D preferred shares in March 2021, all of the Preferred Shares are redeemable at the holders’ option at any time after the occurrence of (i) a Qualified IPO or a Qualified Trade Sale of the Company has not occurred on March 31, 2026; or (ii) the occurrence of certain events including breach or violation of applicable laws or regulations by the Founder. Upon the issuance of the Series D+ preferred shares in May 2021, all of the Preferred Shares are redeemable at the holders’ option at any time after the occurrence of (i) a Qualified IPO or a Qualified Trade Sale of the Company has not occurred on May 11, 2026; or (ii) the occurrence of certain events including breach or violation of applicable laws or regulations by the Founder. The redemption price of each preferred share other than the Series Angel preferred share and Series Angel+ preferred share equals to (i) the original issue price as adjusted for the Share Subdivision, plus (ii) % annual compound interest calculated from the actual payment date of the original issue price, plus (iii) all accrued but unpaid dividends. The redemption price of the Series Angel preferred share and the Series Angel+ preferred share equals to the original issue price as adjusted for the Share Subdivision, plus % annual simple interest calculated from the actual payment date of the original issue price. Voting rights Each Preferred Shareholder is entitled to the number of votes equal to the number of ordinary shares into which such Preferred Shares could be converted at the voting date. Preferred shareholders will vote together with ordinary shareholders, and not as a separate class or series, on all matters put before the shareholders. Dividend rights Each preferred shareholder shall be entitled to receive dividends at a rate no less than the rate at which dividends are paid on any ordinary share for each Preferred Shares held by such holders, payable in cash. All accrued but unpaid dividends shall be paid in cash when and as such cash becomes legally available to the holders of the Preferred Shares immediately prior to the closing of a Qualified IPO. In the event the Company shall declare a dividend or distribution other than in cash, each p For the years ended December 31, 2019, 2020 and 2021, dividends were declared by the Company’s Board of Directors on the Preferred Shares. Liquidation rights In the event of any liquidation, dissolution or winding up of the Company, the assets of the Company legally available for distribution to the shareholders shall be distributed in the following manner and order: Preferred shareholders of Series D+, Series D, Series C1, Series B4, Series B4-1, Pre-A Preferred shareholders of Series Angel+ and Series Angel shall be entitled to receive, prior and in preference to any distribution of any of the assets or funds of the Company to the holders of any previous preferred shares and ordinary shares, the amount equal to 100% of the original issue price as adjusted for the Share Subdivision on each preferred share. The liquidation preference amount will paid to the preferred shareholders in the following order: first to holders of Series D+ preferred shares, second to holders of Series D preferred shares, third to holders of Series C1 preferred shares, forth to holders of Series B4 preferred shares, fifth to holders of Series B4-1 Pre-A Initial measurement and subsequent accounting for Preferred Shares The Preferred Shares are initially classified as mezzanine equity in the consolidated balance sheets as these Preferred Shares may be redeemed at the options of the holders on or after an agreed upon date outside the sole control of the Group. The holders of the Preferred Shares have the ability to convert the instrument into the Company’s ordinary shares. The Preferred Shares are recognized at their respective fair value at the date of issuance, net of issuance costs. The issuance costs for Series B, Series B2, Series B3, Series B4, Series C1, Series D preferred shares and Series D+ preferred shares were million (US$3.0 million), million (US$6.1 million) and million (US$3.3 million) respectively. In 2019, the Company received total cash proceeds, net of issuance costs of The Group evaluated the embedded conversion option in the Preferred Shares to determine if there were any embedded derivatives requiring bifurcation and to determine if there were any beneficial conversion features (“BCF”). The conversion option of the Preferred Shares is not bifurcated because the conversion option is clearly and closely related to the host equity instrument. The contingent redemption options of the Preferred Shares are not bifurcated because the underlying ordinary shares are not net settable since the Preferred Shares were neither publicly traded nor readily convertible into cash. There were no other embedded derivatives that are required to be bifurcated. Beneficial conversion features (“BCF”) exist when the conversion price of the Preferred Shares is lower than the fair value of the ordinary shares at the commitment date, which is the issuance date of the Preferred Shares. No BCF was recognized for the Preferred Shares as the fair value per ordinary share at the commitment date was less than the respective most favorable conversion price, as adjusted for the Share Subdivision. The Group determined the fair value of the Company’s ordinary shares with the assistance of an independent third-party valuation firm. The contingent conversion price adjustment is accounted for as a contingent BCF. In accordance with ASC 470-20-35-1, As the Preferred Shares will become redeemable solely based on the passage of time should the contingent events not occur, the Company chose to recognize the changes in redemption value as they occur over the period from the date of issuance to the earliest redemption date to equal the redemption value of the Preferred Shares at each reporting period. Accretion charges were recorded as an increase to the net loss attributable to ordinary shareholders and were RMB74.6 million, RMB320.3 million and RMB288.4 million (US$45.3 million) for the years ended December 31, 2019, 2020 and 2021, respectively. Modification and Extinguishment of Preferred Shares Upon the issuance of the Series C1 preferred shares in March 2020, Series D preferred shares in March 2021 and Series D+ preferred shares in May 2021, the redemption term of any previously issued series of preferred shares were modified to be the same as the redemption term of the Series C1, Series D and Series D+ preferred shares. As a result, the earliest redemption date was extended from December 31, 2024 to March 31, 2025 upon issuance of the Series C1 preferred shares, from March 31, 2025 to March 31, 2026 upon issuance of the Series D preferred share and from March 31, 2026 to May 11, 2026 upon issuance of the Series D+ preferred shares, in the event the Company does not complete a Qualified IPO. Further, as part of the Reorganization described in Note 1, the shareholders of Shanghai 100me surrendered their equity interests in Shanghai 100me in exchange for the Company’s redeemable convertible preferred shares in proportion to their ownership interests in Shanghai 100me at a price equal to their original investment principal in Shanghai 100me. The terms of the Company’s redeemable convertible preferred shares equity interests were substantially similar to the terms of the equity interests held by the shareholders of Shanghai 100me. The Company assessed whether there was a change in fair value of each modification of preferred shares exceeding 10% immediately after the change in terms compared to the fair value of the preferred shares immediately before the amendment at each modification date. A change in fair value exceeding 10% would result in extinguishment accounting, while a change in fair value not exceeding 10% would be considered non-substantive The Company accounts for modifications that result in an increase to the fair value of the modified preferred shares as a deemed dividend reconciling net loss to net loss attributable to ordinary shareholders as there is a transfer of value from the ordinary shareholders to the preferred shareholders. With the assistance of an independent third-party valuation firm, the Company determined that the change in fair value for each modification did not exceed 10% and did not result in any substantial increase to the fair value of the modified preferred shares. Therefore, there was no financial impact recognized for the preferred share modifications in the periods presented. The Company’s preferred shares activities for the years ended December 31, 2019, 2020 ad 2021, respectively, are summarized below: Series Angel Series Angel+ Series Pre-A Series A Preferred Series A+ Preferred Series B Preferred (in thousands of RMB and US$, except for number of shares) Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Balance as of 5,910,100 10,800 — — 8,985,050 47,004 22,096,550 122,088 1,060,200 12,272 17,140,700 277,706 Issuance of Preferred — — — — — — — — — — 2,332,400 37,159 Re-designation — — 7,803,400 18,577 — — — — — — — — Accretion of Preferred — 864 — (37,233 ) — 3,760 — 9,767 — 982 — 25,369 Deemed dividend — — — 46,168 — — — — Balance as of 5,910,100 11,664 7,803,400 27,512 8,985,050 50,764 22,096,550 131,855 1,060,200 13,254 19,473,100 340,234 Balance as of 5,910,100 11,664 7,803,400 27,512 8,985,050 50,764 22,096,550 131,855 1,060,200 13,254 19,473,100 340,234 Issuance of Preferred — — 465,550 10,967 — — — — — — — — Accretion of Preferred — 736 — 2,207 — 4,032 — 10,482 — 1,054 — 24,185 Balance as of 5,910,100 12,400 8,268,950 40,686 8,985,050 54,796 22,096,550 142,337 1,060,200 14,308 19,473,100 364,419 Balance as of 5,910,100 12,400 8,268,950 40,686 8,985,050 54,796 22,096,550 142,337 1,060,200 14,308 19,473,100 364,419 Issuance of Preferred Accretion of Preferred — 396 — 1,151 — 2,126 — 5,521 — 555 — 17,949 Automatic conversion of IPO (5,910,100 ) (12,796 ) (8,268,950 ) (41,837 ) (8,985,050 ) (56,922 ) (22,096,550 ) (147,858 ) (1,060,200 ) (14,863 ) (19,473,100 ) (382,368 ) Balance as of — — — — — — — — — — — — Balance as of — — — — — — Series B2 Series B3 Series B4-1 Series B4 Series C1 Series D Series D+ (in thousands of RMB and US$, except for number of shares) Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Balance as of — — — — — — — — — — — — — — Issuance of 11,072,800 203,707 28,013,200 737,920 — — 6,989,700 195,952 — — — — — — Accretion of — 16,323 — 45,884 — — — 8,842 — — — — — — Balance as of 11,072,800 220,030 28,013,200 783,804 — — 6,989,700 204,794 — — — — — — Balance as of 11,072,800 220,030 28,013,200 783,804 — — 6,989,700 204,794 — — — — — — Issuance of — — — — 7,269,600 259,914 — — 51,329,600 2,799,817 — — — — Accretion of — 16,109 — 57,341 — 24,171 — 15,697 — 164,287 — — — — Balance as of 11,072,800 236,139 28,013,200 841,145 7,269,600 284,085 6,989,700 220,491 51,329,600 2,964,104 — — — — Balance as of 11,072,800 236,139 28,013,200 841,145 7,269,600 284,085 6,989,700 220,491 51,329,600 2,964,104 — — — — Issuance of — — — — — — 6,989,750 359,832 2,895,100 158,507 49,207,650 4,547,263 21,264,750 2,099,195 Accretion of — 11,702 — 39,479 — 3,871 — (99,577 ) — 133,863 — 128,382 — 42,962 Automatic (11,072,800 ) (247,841 ) (28,013,200 ) (880,624 ) (7,269,600 ) (287,956 ) (13,979,450 ) (480,746 ) (54,224,700 ) (3,256,474 ) (49,207,650 ) (4,675,645 ) (21,264,750 ) (2,142,157 ) Balance as of — — — — — — — — — — — — — — Balance as of — — — — — — — |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2021 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interests | 18. REDEEMABLE NONCONTROLLING INTERESTS In December 2021, one of the Group’s subsidiary issued 2,727,273 preferred shares to a third-party investor for total cash consideration of RMB million (US$ 4,708). The subsidiary’s preferred shares could be redeemed by holders at any time after (i) a Qualified IPO of the subsidiary does not occur within 5 years; or (ii) the occurrence of certain events including breach or violation of applicable laws or regulations. The preferred shareholders shall be entitled to receive prior and in preference to any distribution of any of the assets or funds of the Company to the holders of ordinary shares the amount equal to the sum of 100% of its original issue price on each preferred share, and 8% annual compound interest calculated from the actual payment date of its purchase price, plus all declared and accrued but dividends. As the Group does not solely control the redemption event, these preferred shares are accounted for as redeemable noncontrolling interests. The Group accounts for the changes in accretion to the redemption value in accordance with ASC 480, Distinguishing Liabilities from Equity The movement in the carrying value of the redeemable noncontrolling interests is as follows: For the years ended December 31, 2021 2021 RMB US$ (in thousands) Balance as of December 31, 2020 — — Issuance of subsidiary shares 30,000 4,708 Accretion of redeemable noncontrolling interests — — Balance as of December 31, 2021 30,000 4,708 |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 19. NET LOSS PER SHARE Basic and diluted net loss per share for the years ended December 31, 2019, 2020 and 2021 are calculated as follows: For the years ended December 31, 2019 2020 2021 Ordinary Ordinary Class A Class B RMB RMB RMB US$ RMB US$ (in thousands, except for number of shares) Numerator: Net loss (1,873,383 ) (3,176,914 ) (4,628,133 ) (726,255 ) (1,800,926 ) (282,605 ) Accretion of redeemable convertible preferred shares (74,558 ) (320,301 ) (207,598 ) (32,577 ) (80,782 ) (12,676 ) Deemed dividend (46,168 ) — — — — — Numerator for computing basic and diluted net loss per share (1,994,109 ) (3,497,215 ) (4,835,731 ) (758,832 ) (1,881,708 ) (295,281 ) Denominator: Weighted average number of ordinary shares outstanding 61,446,250 63,690,000 140,170,091 140,170,091 54,543,800 54,543,800 Loss p er s hare (RMB): Basic and diluted net loss per share: (32.45 ) (54.91 ) (34.50 ) (5.41 ) (34.50 ) (5.41 ) 29,633,200 ordinary shares held by EatBetter Holding Limited as of December 31, 2021 are considered issued but not outstanding (Note 14) and therefore, not included in the calculation of basic and diluted loss per share . Following the Share Subdivision as detailed in Note 13, each issued and outstanding ordinary share and redeemable convertible preferred share was subdivided into fifty ordinary shares. The weighted average number of ordinary shares used for the calculation of basic and diluted earnings loss share for the years ended December 31, 2019 and 2020 have been retrospectively adjusted. |
Statutory Reserves
Statutory Reserves | 12 Months Ended |
Dec. 31, 2021 | |
Statutory Reserves [Abstract] | |
Statutory Reserves | 20. STATUTORY RESERVES In accordance with China’s Company Laws, an enterprise established in the PRC with foreign investment must make appropriations from their after-tax non-distributable after-tax Pursuant to the laws applicable to China’s Foreign Investment Enterprises, the Company’s subsidiary that is a foreign investment enterprise in China have to make appropriations from their after-tax pre-existing The Group did not make any appropriations to any of its reserve funds for the years ended December 31, 2019, 2020 and 2021, respectively, as all PRC subsidiaries were in accumulated loss position. |
Restricted Net Assets
Restricted Net Assets | 12 Months Ended |
Dec. 31, 2021 | |
Restricted Asset Disclosure [Abstract] | |
Restricted Net Assets | 21. RESTRICTED NET ASSETS Relevant PRC laws and regulations permit PRC companies to pay dividends only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. Additionally, the Company’s PRC subsidiaries can only distribute dividends upon approval of the shareholders after they have met the PRC requirements for appropriation to the general reserve fund and the statutory surplus fund respectively. The general reserve fund and the statutory surplus fund require that annual appropriations of 10% of net after-tax |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 22. COMMITMENTS AND CONTINGENCIES Litigation and contingencies The Group and its operations from time to time are, and in the future may be, parties to or targets of lawsuits, claims, investigations, and proceedings, including but not limited to acts of non-compliance |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 23. SUBSEQUENT EVENTS Subsequent to December 31, 2021, the Group’s operations were impacted by a resurgence of COVID-19 in China. The resulting lockdown policies have forced the Group to temporarily halt operations in selected frontline fulfilment stations and regional processing centers. However, the same policies also have positively affected customer demand in affected areas. Given the uncertainty of this situation, the related financial impact cannot be reasonably estimated at this time. The Group will continue to be vigilant, maintain flexibility in the operations and proactively manage the impact of COVID-19 to its business operations and financial statements. |
Parent Company Only Condensed F
Parent Company Only Condensed Financial Information | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent Company Only Condensed Financial Information | 24. PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION Condensed balance sheets (in thousands) As of December 31, 2020 2021 2021 RMB RMB US$ ASSETS Current assets Cash and cash equivalents 551,705 24,500 3,845 Short-term investments — 700,052 109,853 Amounts due from subsidiaries — 8,496 1,333 Amounts due from related parties 9,000 — — Other current assets — 1,723 271 Total current assets 560,705 734,771 115,302 TOTAL ASSETS 560,705 734,771 115,302 LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ (DEFICIT)/EQUITY Current liabilities Other payables — 4,133 649 Amounts due to subsidiaries 20,390 2,569 403 Warrant liabilities 108,160 — — Total current liabilities 128,550 6,702 1,052 Non-current Share of losses in excess of investments in subsidiaries and amounts due from subsidiaries 662,264 — — Total non-current 662,264 — — TOTAL LIABILITIES 790,814 6,702 1,052 Mezzanine equity Redeemable convertible preferred shares 5,174,910 — — Shareholders’ (deficit)/equity Ordinary shares (US$0.000002 par value per share; 24,819,646,300 and nil shares authorized as of December 31, 2020 and 2021, respectively; 64,908,700 and nil shares issued and outstanding as of December 31, 2020 and 2021, respectively) 1 — — Class A ordinary shares — 3 1 Class B ordinary shares — 1 — Additional paid-in 117,298 13,685,062 2,147,485 Treasury stock — (7,042 ) (1,105 ) Accumulated deficit (5,499,357 ) (12,765,713 ) (2,003,219 ) Accumulated other comprehensive loss (22,961 ) (184,242 ) (28,912 ) TOTAL SHAREHOLDERS’ (DEFICIT)/EQUITY (5,405,019 ) 728,069 114,250 TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDER’S (DEFICIT)/EQUITY 560,705 734,771 115,302 Condensed statements of comprehensive loss (in thousands) For the years ended December 31, 2019 2020 2021 2021 RMB RMB RMB US$ Operating expenses: General and administrative expenses 375 (142,186 ) (271,436 ) (42,594 ) Total operating expenses 375 (142,186 ) (271,436 ) (42,594 ) Income/(loss) from operations 375 (142,186 ) (271,436 ) (42,594 ) Interest income 24,423 7,699 8,611 1,351 Interest expenses (39,477 ) (21,334 ) — — Other expenses — (29,141 ) — — Changes in fair value of warrant liabilities (100,672 ) 11,450 (44,457 ) (6,976 ) Share of losses in subsidiarie s (1,758,032 ) (3,003,402 ) (6,121,777 ) (960,641 ) Net loss (1,873,383 ) (3,176,914 ) (6,429,059 ) (1,008,860 ) Accretions of redeemable convertible preferred shares (74,558 ) (320,301 ) (288,380 ) (45,253 ) Deemed dividend (46,168 ) — — — Net loss attributable to ordinary shareholders (1,994,109 ) (3,497,215 ) (6,717,439 ) (1,054,113 ) Other comprehensive income/(loss), net of tax of nil: Foreign currency translation adjustments 30,409 (53,370 ) (161,281 ) (25,308 ) Comprehensive loss (1,842,974 ) (3,230,284 ) (6,590,340 ) (1,034,168 ) Accretions of redeemable convertible preferred shares (74,558 ) (320,301 ) (288,380 ) (45,253 ) Deemed dividend (46,168 ) — — — Comprehensive loss attributable to ordinary shareholders (1,963,700 ) (3,550,585 ) (6,878,720 ) (1,079,421 ) Condensed statements of cash flows (in thousands) For the years ended December 31, 2019 2020 2021 2021 RMB RMB RMB US$ Net cash provided by/(used in) operating activities 24,414 7,564 (4,066 ) (638 ) Net cash used in investing activities (1,663,826 ) (1,957,689 ) (7,713,202 ) (1,210,370 ) Net cash generated from financing activities 1,340,157 2,281,673 7,215,688 1,132,299 Effect of exchange rate changes on cash and cash equivalents and restricted cash 20,632 (41,844 ) (25,625 ) (4,021 ) Net (decrease)/increase in cash and cash equivalents (278,623 ) 289,704 (527,205 ) (82,730 ) Cash and cash equivalents at beginning of the year 540,624 262,001 551,705 86,575 Cash and cash equivalents at end of the year 262,001 551,705 24,500 3,845 (a) Basis of presentation Condensed financial information is used for the presentation of the Company, or the parent company. The condensed financial information of the parent company has been prepared using the same accounting policies as set out in the Company’s consolidated financial statements except that the parent company used the equity method to account for investment in its subsidiaries. The Company records its investment in its subsidiaries under the equity method of accounting as prescribed in ASC 323-10 Investment-Equity Method and Joint Ventures The subsidiaries did not pay any dividends to the Company for the periods presented. The Company does not have significant commitments or long-term obligations as of the period end other than those presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted and as such, these Company-only financial statements should be read in conjunction with the Group’s consolidated financial statements. |
Summary Of Principal Accounti_2
Summary Of Principal Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The consolidated financial statements of the Group have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). |
Principles of consolidation | Principles of consolidation The accompanying consolidated financial statements include the financial statements of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated upon consolidation. |
Use of estimates | Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the balance sheet dates and the reported amounts of revenue and expenses during the reporting periods. Significant accounting estimates reflected in the Group’s consolidated financial statements include allowance for credit losses of accounts receivable and short-term investments, impairment of long-lived assets, valuation allowance for deferred tax assets, determination of the stand-alone selling price (“SSP”) of performance obligations in revenue contracts, breakage estimates related to loyalty points, fair value of share-based payment awards and the fair values of financial instruments including redeemable convertible preferred shares and warrant liabilities. Management bases its estimates on historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities. Actual results could materially differ from those estimates. |
Foreign currency translation | Foreign currency translation The reporting currency of the Group is the Renminbi (“RMB”). The functional currency of the Company, Dingdong Fresh BVI and Dingdong HK is the United States Dollar (“US$”). The functional currency of the Company’s PRC subsidiaries is RMB. The determination of the respective functional currency is based on the criteria stated in ASC 830, Foreign Currency Matters Transactions denominated in foreign currencies are remeasured into the functional currency at the exchange rates quoted by the People’s Bank of China (the “PBOC”) prevailing on the transaction dates. Monetary assets and liabilities denominated in foreign currencies are re-measured at date. Non-monetary items are re-measured using 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 year. Translation adjustments are reported as accumulated comprehensive loss and are shown as a separate component of other comprehensive loss in the consolidated statements of comprehensive loss. |
Convenience translation | Convenience translation Translations of amounts from RMB into U.S. dollars are solely for the convenience of the reader and were calculated at the noon buying rate of US$1 to RMB6.3726 on December 31, 2021, as published in H.10 statistical release of the United States Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at such rate or at any other rate. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents include cash on hand, deposit held at call and time deposit placed with commercial banks or other financial institutions in the PRC. The Group considers highly liquid investments that are readily convertible to known amounts of cash and with original maturities from the date of purchase of three months or less to be cash equivalents. All cash and cash equivalents are unrestricted as to withdrawal and use. |
Restricted cash | Restricted cash Restricted cash primarily consists of cash reserved in a bank account used as collateral for short-term loans and restricted deposits made as performance guarantees to some of the Group’s vendors. Restricted cash is expected to be released to cash within the next 12 months and therefore, classified as a current asset. |
Short-term investments | Short-term investments Short-term investments consist of investments in wealth management products with variable interest rates purchased from reputable financial institutions in the PRC and time deposits with contractual maturities between 3 to 12 months. The Group accounts for investments in wealth management products in accordance with ASC 320, Investments—Debt Securities “held-to-maturity”, “available-for-sale”, held-to-maturity Debt investments not classified as trading or as held-to-maturity available-for-sale Available-for-sale The Group classifies its investments in wealth management products as available-for-sale. |
Accounts receivable, net | Accounts receivable, net Accounts receivable, net mainly represent amounts due from third party payment providers for cash collected from individual customers and amounts due from corporate customers for sales of products which are recorded net of allowance for credit losses. The allowance for credit losses reflects the Company’s current estimate of credit losses expected to be incurred over the life of the receivables. The Company considers various factors in establishing, monitoring, and adjusting its allowance for credit losses including the aging of receivables and aging trends, customer creditworthiness and specific exposures related to particular customers. The Company also monitors other risk factors and forward-looking information, such as country specific risks and economic factors that may affect a customer’s ability to pay in establishing and adjusting its allowance for credit losses. Accounts receivable are written off after all collection efforts have ceased. The allowance for credit losses was insignificant for all periods presented. |
Inventories | Inventories Inventories are stated at the lower of cost and net realizable value. Cost of inventories is determined using the weighted average cost method. Adjustments to reduce the cost of inventories to its net realizable value for slow-moving merchandise and damaged goods are recorded in cost of goods sold. The Group considers factors such as historical and forecasted consumer demand and promotional environment when estimating the net realizable value. The Group takes ownership, risks and rewards of the products purchased. |
Property and equipment, net | Property and equipment, net Property and equipment are stated at cost less accumulated depreciation. The Group computes depreciation using the straight-line method over the estimated useful lives of the assets as follows: Category Estimated useful life Furniture, fixtures and equipment 4-5 Electronic office equipment 3-5 years Leasehold improvements Over the shorter of the lease term or estimated useful life Repair and maintenance costs are charged to expense as incurred, whereas the cost of renewals and betterments that extend the useful lives of property and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the cost and accumulated depreciation from the asset and accumulated depreciation accounts with any resulting gain or loss reflected in the consolidated statements of comprehensive loss. |
Impairment of long-lived assets | Impairment of long-lived assets The Group evaluates the recoverability of its long-lived assets (asset groups), including property and equipment and operating lease right-of-use assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of its asset (asset group) may not be fully recoverable. When these events occur, the Group measures impairment by comparing the carrying amount of the long-lived assets (asset groups) to the estimated undiscounted future cash flows expected to result from the use of the long-lived assets (asset groups) and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the long-lived assets (asset groups), the Group recognizes an impairment loss based on the excess of the carrying amount of the long-lived assets (asset groups) over their fair value. Fair value is generally determined by discounting the cash flows expected to be generated by the long-lived assets (asset groups), when the market prices are not readily available. The adjusted carrying amount of the long-lived assets represent the new cost basis and is depreciated over the long-lived asset’s remaining useful life. Long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. |
Fair value measurements | Fair value measurements ASC 820, Fair Value Measurement Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2—Other inputs that are directly or indirectly observable in the marketplace. Level 3—Unobservable inputs which are supported by little or no market activity. ASC 820 also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach; and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. The carrying amounts of cash and cash equivalents, restricted cash, short-term investments, accounts receivable, amounts due from and due to related parties, accounts payable and short-term borrowings approximate their fair values because of their generally short maturities. The carrying amount of long-term borrowings approximate their fair values since they bear interest rates which approximate market interest rates. |
Revenue recognition | Revenue recognition The Group recognizes revenue from (i) product sales of primarily fresh groceries, prepared food and other food products through “Dingdong Fresh” APP and mini program, and (ii) membership services. The Group recognizes revenue when the Group satisfies a performance obligation by transferring a promised good or service (that is, an asset) to a customer in an amount of consideration to which the Group expects to be entitled to in exchange for the good or service. An asset is transferred when the customer obtains control of that asset. Product sales The Group evaluates whether it is appropriate to record the gross amount of product sales and related costs or the net amount earned as commissions. When an entity is a principal, the entity obtains control of the specified goods or services before they are transferred to the customers and revenues are recognized at the gross amount of consideration to which it expects to be entitled in exchange for the specified goods or services transferred. When an entity is an agent, its obligation is to facilitate third parties in fulfilling their performance obligation for the specified goods or services and revenues are recognized at the net amount for the amount of commission which the entity earns in exchange for arranging for the sale of the specified goods or services to be provided by other parties. The Group recognizes product sales made through “Dingdong Fresh” APP and mini program on a gross basis because the Group is acting as a principal in these transactions as the Group (i) is responsible for fulfilling the promise to provide the specified goods, (ii) takes on inventory risk and (iii) has discretion in establishing price. The revenues of product sales are recognized at a point in time when the control of the product is transferred to the customer. Revenues are recorded net of value-added taxes (“VAT”). The Group recognizes revenues net of discounts and return allowances. The Group does not issue any coupons concurrent with the completion of a sales transaction. The discounts and coupons are recorded as a deduction of revenue when used by customers, except for referral coupons, which are recognized as sales and marketing expenses when customers provide a customer referral. The Group allows for return of fresh groceries and other daily essentials returns within 24 hours and 7 days, respectively. The Group estimates a provision for product returns based on historical experience. As of December 31, 2020 and 2021, estimated liabilities for return allowances were not significant. The Group also sells prepaid cards which can be redeemed to purchase products sold on the “Dingdong Fresh” APP and mini program. Cash collected from the sales of prepaid cards is initially recorded in “Customer advances and deferred revenue” in the consolidated balance sheets and subsequently recognized as revenues upon the sales of products through redemption of prepaid cards. The Group does not recognize revenue related to breakage or forfeiture of unused balances in prepaid cards as they do not expire. Customers are also granted loyalty points primarily from the purchase of goods. Loyalty points can be used as cash coupons to buy any products sold by the Group, which will directly reduce the amount paid by the customer. Loyalty points expire three months from the date of issuance. The Group considers loyalty points awarded from sales of products to be part of its revenue generating activities, and accordingly, loyalty points are considered to be a material right and a separate performance obligation identified in the contract. Consideration from the sales transaction is allocated to the products and loyalty points based on the relative standalone selling price of the products and loyalty points awarded. The amount of revenue the Group recognizes upon the redemption of loyalty points considers breakage, which is estimated based on the Group’s historical experience. As of December 31, 2020 and 2021, the deferred revenue of loyalty points was RMB16.6 million and RMB2.9 million (US$0.4 million ), respectively. Membership services The Group offers a membership program to its registered users. Memberships are offered for a one-month, three-month or twelve-month period and customers pay a fixed non-refundable upfront membership fee. During the membership period, members enjoy benefits such as free shipping for a certain number of orders every month, free fresh groceries upon purchase (limited to one piece per day), member exclusive products and exclusive discounts for certain products, coupons issued on a monthly basis that expire at the end of the month and VIP customer service. The Group has determined that these membership benefits provided over the membership period are a series of distinct goods and services that are considered one performance obligation. The Group recognizes the revenues of membership service fees over time on a straight-line basis over their respective subscription periods. |
Cost of goods sold | Cost of goods sold Cost of goods sold consists of procurement costs of finished goods and material procurement costs, labor costs and processing costs for self-processed products. |
Fulfillment expenses | Fulfillment expenses Fulfillment expenses consists primarily of (i) outsourcing expenses charged by third party labor-force companies for provision of delivery riders and workers at regional processing centers and frontline fulfillment stations; (ii) lease expenses for regional processing centers and frontline fulfillment stations, and (iii) logistics expenses charged by third party couriers. Outsourcing expenses included in fulfillment expenses amounted to RMB1,256.9 million, RMB2,515.4 million and RMB4,266 million (US$669.4 million) for the years ended December 31, 2019, 2020 and 2021, respectively. |
Sales and marketing expenses | Sales and marketing expenses Sales and marketing expenses primarily consist of advertising expense and related expenses for personnel engaged in sales and marketing activities which are expensed as incurred. The amount s |
Product development expenses | Product development expenses Product development expenses consist primarily of payroll costs and related expenses for research and development employees involved in the development of “Dingdong Fresh” APP and mini program, category expansions and systems support as well as depreciation of servers and other equipment, bandwidth and data center costs, rent, utilities and other expenses necessary to support the Group’s business activities. Product development expenses are expensed as incurred. |
General and administrative expenses | General and administrative expenses General and administrative expenses consist primarily of employee related expenses for general corporate functions, including accounting, finance, tax, legal and human relations, depreciation of facilities and equipment, rental and other general corporate related expenses. |
Employee benefits | Employee benefits The full-time employees of the Group’s PRC subsidiaries participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to employees. The Group is required to accrue for these benefits based on certain percentages of the qualified employees’ salaries and make contributions to the plan |
Modification of redeemable convertible preferred shares | Modification of redeemable convertible preferred shares The Group assesses whether an amendment to the terms of its redeemable convertible preferred shares is an extinguishment or a modification using the fair value model. If the fair value of the redeemable convertible preferred shares immediately after the amendment changes by more than 10% from the fair value of the redeemable convertible preferred shares immediately before the amendment, the amendment is considered an extinguishment. An amendment that does not meet this criterion is a modification. When redeemable convertible preferred shares are extinguished, the difference between the fair value of the consideration transferred to the redeemable convertible preferred shareholders and the carrying amount of the redeemable convertible preferred shares (net of issuance costs) is treated as a deemed dividend to the redeemable convertible preferred shareholders. When redeemable convertible preferred shares are modified, the increase of the fair value immediately after the amendment is treated as a deemed dividend to the redeemable convertible preferred shareholders. Modifications that result in a decrease in the fair value of the redeemable convertible preferred shares are not recognized. |
Redeemable noncontrolling interests | Redeemable noncontrolling interests For the Company’s non-wholly owned subsidiaries, a noncontrolling interest is recognized to reflect the portion of equity that is not attributable, directly or indirectly, to the Company. When the noncontrolling interest is contingently redeemable upon the occurrence of a conditional event, which is not solely within the control of the Company, the noncontrolling interest is classified as mezzanine equity. The Company accretes changes in the redemption value over the period from the date that it becomes probable that the noncontrolling interest will become redeemable to the earliest redemption date using the effective interest method. When the noncontrolling interest is mandatorily redeemable on a fixed or determinable date, the noncontrolling interest is classified as liabilities. |
Share-based compensation | Share-based compensation Share-based awards granted to employees and senior management of the Group are accounted for under ASC 718, Compensation—Stock Compensation In accordance with ASC 718, the Company determines whether an award should be classified and accounted for as a liability award or equity award. Based on the Company’s assessment, all of the Company’s share-based awards to employees were classified as equity awards and are recognized in the consolidated financial statements based on their grant date fair values. The Company’s equity awards included a performance condition that required employees to meet a minimum performance standard in order to be eligible for vesting. The Company assessed and concluded it is highly probable that employees would be able to fully vest in their awards based on the nature of the performance condition and the Company’s historical experience. The Company, with the assistance of an independent third-party valuation firm, determined the fair value of the share options using a binomial option tree pricing model when estimating the fair value of the options granted to employees. As the Company’s award included both service and performance conditions, the Company records compensation costs on a tranche-by-tranche basis, with a corresponding impact reflected in additional paid-in capital. The Group accounts for forfeitures when they occur and reverses the previously recognized compensation costs for an award in the period which the employee resigns from or is terminated by the Group. |
Government subsidies | Government subsidies Government subsidies are received from provincial and local governments for operating a business in their jurisdictions and compliance with specific policies promoted by the local governments. There are no defined rules and regulations to govern the criteria necessary for companies to receive such benefits, and the amount of financial subsidy is determined at the discretion of the relevant government authorities. The government subsidies of non-operating nature with no further conditions to be met are recorded as non-operating income in “Other income” when received. The government subsidies with certain operating conditions are recorded as “Other non-current liabilities” and will be recorded as non-operating income when the conditions are met. The Group received financial subsidies of RMB0.5 million, RMB23.2 million and RMB16.8 million (US$2.6 million) during the years ended December 31, 2019, 2020 and 2021, respectively, from various local PRC government authorities which was recognized as “Other Income” in those respective years. Government subsidies with certain operating conditions amounting to RMB were recorded as “ O |
Interest income | Interest income Interest income is mainly generated from time deposits and short-term investments and is recognized on an accrual basis using the effective interest method. |
Leases | Leases The Group elects to account for all asset classes with lease and non-lease components as a single lease component and to exempt leases of vehicles and equipment with an initial term of 12 months or less from being recognized on the consolidated balance sheets. Payments related to those leases continue to be recognized in the consolidated statements of comprehensive loss on a straight-line basis over the lease term. From the Perspective of Lessee The Group has no finance leases for any of the periods presented. The Group determines whether a contract contains a lease at contract inception. A contract contains a lease if there is an identified asset and the Group has the right to control the use of the identified asset. At the commencement of each lease, management determines its classification as an operating or finance lease. For leases that qualify as operating leases, the Group recognizes the associated lease expense on a straight-line basis over the term of the lease beginning on the date of initial possession, which is generally when the Group enters the leased premises and begins to make improvements in preparation for its intended use. A lease liability is recognized for future fixed lease payments and a ROU asset representing the right to use the underlying asset during the lease term. The Group uses the incremental borrowing rate in determining the present value of lease payments, unless the implicit rate is readily determinable. The incremental borrowing rate is estimated on a portfolio basis considering the lease term, currency risk, credit risk and an adjustment for collateral. If lease terms include options to extend or terminate the lease, the operating lease ROU asset and lease liability are measured based on the reasonably certain criteria. The Group uses the discount rate as of the commencement date of the lease, incorporating the entire lease term. Current maturities and long-term portions of operating lease liabilities are classified as “Operating lease liabilities, current” and “Operating lease liabilities, non-current”, The operating lease ROU assets are measured at the amount of the lease liabilities with adjustments, if applicable, for lease prepayments made prior to or at lease commencement, initial direct costs incurred and lease incentives. Repayments of operating lease liabilities, variable lease payments and short-term lease payments are classified as operating activities in the consolidated statements of cash flows. Payments made for operating leases representing costs of bringing another asset to the condition and location necessary for its intended use are classified as investing activities in the consolidated statements of cash flows. |
Income taxes | Income taxes The Group follows the liability method of accounting for income taxes in accordance with ASC 740, Income Taxes The Group evaluates its uncertain tax positions using the provisions of ASC 740, which prescribes a recognition threshold that a tax position is required to meet before being recognized in the consolidated financial statements. The Group recognizes in the consolidated financial statements the benefit of a tax position which is “more likely than not” to be sustained under examination based solely on the technical merits of the position assuming a review by tax authorities having all relevant information. Tax positions that meet the recognition threshold are measured using a cumulative probability approach, at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. It is the Group’s policy to recognize interest and penalties related to unrecognized tax benefits, if any, as a component of income tax expenses. The actual penalties or benefits ultimately realized may differ from the Group’s estimates. Additionally, changes in facts, circumstances and new information may require the Group to adjust the recognition and measurement estimates with regard to individual tax positions and are recognized in the period in which the changes occur. The Group recorded the unrecognized tax benefits in “Other non-current |
PRC value-added taxes | PRC value-added taxes The Group is subject to Value-added taxes (“VAT”) on revenue generated from sales of products. The Group records revenue net of VAT. This VAT may be offset by qualified input VAT paid by the Group to suppliers. The net VAT balance between input VAT and output VAT is recorded in the “Other current assets” on the consolidated balance sheets. |
Segment reporting | Segment reporting The Group operates and manages its business as a single segment, in accordance with ASC 280, Segment Reporting |
Loss per share | Loss per share In accordance with ASC 260, Earnings Per Share |
Concentration of credit risk | Concentration of credit risk Financial instruments that potentially expose the Group to concentration of credit risk consist primarily of cash and cash equivalents, restricted cash, accounts receivable, amounts due from related parties and short-term investments. As of December 31, 2020, and 2021, the Group had million and million) of time The Group conducts credit evaluations on its customers and generally does not require collateral or other security from such customers. The Group periodically evaluates the creditworthiness of the existing customers in determining an allowance for doubtful accounts primarily based upon the age of the receivables and factors surrounding the credit risk of specific customers. |
Currency Convertibility Risk | Currency Convertibility Risk Substantially all of the Group’s operating activities are transacted in RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions take place either through the People’s Bank of China or other banks authorized by the PRC government to buy and sell foreign currencies at the exchange rates quoted by the People’s Bank of China. Approval of foreign currency payments by the People’s Bank of China or other regulatory institutions requires submitting a payment application form together with suppliers’ invoices, shipping documents and signed contracts. |
Foreign Currency Exchange Rate Risk | Foreign Currency Exchange Rate Risk The functional currency of the Company is US$, and the reporting currency is RMB. Since July 21, 2005, RMB has been permitted by the PRC government to fluctuate within a managed band against a basket of certain foreign currencies. The appreciation of the US$ against RMB in 2019 was approximately 1.3%. And the depreciation of the US$ against RMB was 6.3% and 2.3% in 2020 and 2021, respectively. Any significant revaluation of RMB may materially and adversely affect the cash flows, operating results and financial position of the Group. As a result, an appreciation of RMB against US$ would result in foreign currency translation loss when translating the net assets of the Group from US$ into RMB. The net foreign currency translation gain resulting from the translation from US$ to RMB reporting currency recorded in other comprehensive income was RMB30.4 million for the year ended December 31, |
Recent Accounting Pronouncements | Recent Accounting Pronouncements New accounting standards which have been adopted In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Financial Instruments- Credit Losses (Topic 326): Targeted Transition Relief and codification improvements to Topic 326 in ASU 2019-04 and ASU 2018-19 New accounting standards which have not yet been adopted In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance In June 2020, the FASB issued ASU No. 2020-06 , Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) |
Organization And Principal Ac_2
Organization And Principal Activities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Group's Major Subsidiaries | Dingdong (Cayman) Limited (the “Company”) was incorporated in the Cayman Islands in October 2018 by Mr. Liang Changlin, (the “Founder”) and Chief Executive Officer (“CEO”) of the Company. The Company, through its consolidated subsidiaries (collectively, the “Group”), operates fresh grocery e-commerce As of December 31, 2021, the Group’s major subsidiaries are as follows: Major subsidiaries Percentage of Ownership Date of Place of Major Dingdong Fresh Holding Limited (“Dingdong Fresh BVI”) 100 % October 30, 2018 British Virgin Investment holding Dingdong Fresh (Hong Kong) Limited (“Dingdong HK”) 100 % January 4, 2019 Hong Kong Investment holding Baqianlilu (Wuxi) Network Technology Co., Ltd. 100 % May 9, 2020 P RC E-commerce Shanghai 100me Internet Technology Co., Ltd. (“Shanghai 100me”) 100 % March 23, 2014 P RC E-commerce Yihengyishu (Shanghai) E-Commerce 100 % April 12, 2017 P RC E-commerce Chizhiyiheng (Shanghai) E-commerce 100 % July 18, 2018 P RC E-commerce Shilaiyunzhuan (Hangzhou) E-commerce 100 % January 4, 2019 P RC E-commerce Shishishun (Shenzhen) E-commerce 100 % July 12, 2019 P RC E-commerce Shishishun (Jiangsu) E-Commerce 100 % September 18, 2019 P RC E-commerce Chao Lizhi (Jiangsu) E-Commerce 100 % November 14, 2019 P RC E-commerce Beijing Bujiangjiu E-Commerce 100 % February 28, 2020 P RC E-commerce Shanghai Yushengbaigu Food Co., Ltd. 93.05 % October 21, 2020 P RC E-commerce Chizhiyiheng (Nanjing) Supply Chain Co., Ltd. 100 % August 30, 2021 P RC E-commerce |
Revenue From Contracts With C_2
Revenue From Contracts With Customers (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable | The customer advances and deferred revenue balances as of December 31, 2020 and 2021 were comprised of the following: As of December 31, 2020 2021 2021 RMB RMB US$ (in thousands) Customer advances and prepaid cards 57,081 96,785 15,188 Deferred revenue related to loyalty points 16,558 2,852 448 Deferred membership service revenue 66,765 143,843 22,571 Total 140,404 243,480 38,207 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | The following summarizes the Company’s financial assets measured and recorded at fair value on a recurring basis as of December 31, 2020 and 2021: Fair Value Measurements at Reporting Date Using As of Quoted Prices in Active Markets for Identical Assets (Level 1) Significant (Level 2) Significant (Level 3) ( RMB Short-term investments 1,006,245 — 1,006,245 — 1,006,245 — 1,006,245 — Fair Value Measurements at Reporting Date Using As of Quoted Prices in Active Markets for Identical Assets (Level 1) Significant (Level 2) Significant (Level 3) ( RMB Short-term investments 4,568,346 — 4,568,346 — 4,568,346 — 4,568,346 — |
Fair Value Measurement Inputs and Valuation Techniques | The Company estimated the fair values of the Series B4 Warrant using the Black-Scholes Option Pricing Model with the assistance of an independent third-party valuation firm using the corresponding inputs: As of December 31, 2020 Series B4 Warrant Expected volatility 51.35 % Risk-free interest rate 0.09 % Remaining contractual life 0.62 Fair value of the underlying preferred shares US$6.50 Warrant fair value US$118.58 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents a reconciliation of the warrant liabilities measured at fair value on a recurring basis using Level 3 unobservable inputs for the years ended December 31, 2020 and 2021: Warrant liabilities RMB (in thousands) Balance as of December 31, 2019 161,462 Fair value change (11,450 ) Foreign exchange translation (8,807 ) Exercise of EatTogether Warrant (Note 17) (33,045 ) Balance as of December 31, 2020 108,160 Warrant liabilities RMB (in thousands) Balance as of December 31, 2020 108,160 Fair value change 44,457 Foreign exchange translation 536 Exercise of Series B4 Warrant (Note 17) (153,153 ) Balance as of December 31, 2021 — Balance as of December 31, 2021 (US$) — |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | The Company’s inventories consist primarily of finished goods, which consists of products to be sold to customers, and packing materials as follows: As of December 31, 2020 2021 2021 RMB RMB US$ (in thousands) Products 329,065 487,066 76,431 Packing materials and others 57,366 50,406 7,910 Total 386,431 537,472 84,341 |
Prepayments and Other Current_2
Prepayments and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Summary of Other Current Assets | Other current assets consist of the following: As of December 31, 2020 2021 2021 RMB RMB US$ (in thousands) Deductible VAT 45,285 359,915 56,478 Others 52,593 101,928 15,994 Total 97,878 461,843 72,472 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consists of the following: As of December 31, 2020 2021 2021 RMB RMB US$ (in thousands) Electronic office equipment 29,720 58,463 9,174 Leasehold improvements 250,745 555,941 87,239 Furniture, fixtures and equipment 110,778 177,621 27,873 Total 391,243 792,025 124,286 Less: Accumulated depreciation (133,098 ) (328,367 ) (51,528 ) Construction in progress 14,546 8,713 1,367 Total 272,691 472,371 74,125 |
Schedule of Depreciation Included in Consolidated Statements of Income and Comprehensive Income | Depreciation expense was RMB34.7 million, RMB115.4 million and RMB213.1 million (US$33.4 million) for the years ended December 31, 2019, 2020 and 2021, respectively, and were included in the following financial statement line items in the consolidated statements of comprehensive loss: For the years ended December 31, 2019 2020 2021 2021 RMB RMB RMB US$ (in thousands) Fulfillment expenses 31,988 107,333 195,022 30,603 Sales and marketing expenses 865 2,018 2,666 419 General and administrative expenses 1,520 4,731 7,395 1,160 Product development expenses 361 1,272 7,999 1,255 Total 34,734 115,354 213,082 33,437 |
Other Non-Current Assets (Table
Other Non-Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Summary of Other Non-Current Assets | Other non-current As of December 31, 2020 2021 2021 RMB RMB US$ (in thousands) Rental deposits 111,521 167,282 26,250 Others 9,938 18,511 2,906 Total 121,459 185,793 29,156 |
Short-Term Borrowings (Table)
Short-Term Borrowings (Table) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt | As of December 31, 2020 2021 2021 RMB RMB US$ (in thousands) Short-term bank loans 449,649 630,000 98,861 Reversed factoring arrangements 784,873 2,491,046 390,899 Total 1,234,522 3,121,046 489,760 |
Long-Term Borrowings (Tables)
Long-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Long-term Debt Instruments | As of December 31, 2020 2021 2021 RMB RMB US$ (in thousands) Long-term borrowings 144,875 57,875 9,082 Less: Current portion of long-term borrowings (86,500 ) (57,875 ) (9,082 ) Total 58,375 — — |
Summary of Repayment Schedule of the Long-term Loans | Repayment schedule of the long-term borrowings as of December 31, 2021 is as follows: As of December 31, 2021 RMB US$ (in thousands) 2022 57,875 9,082 Total 57,875 9,082 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Summary of Supplemental Information Related to Operating Leases | A summary of supplemental information related to operating leases as of December 31, 2020 and 2021 is as follows: As of December 31, 2020 2021 2021 RMB RMB US$ (in thousands) Operating lease right-of-use 1,503,222 2,245,571 352,379 Operating lease liabilities, current 594,787 969,494 152,135 Operating lease liabilities, non-current 871,685 1,244,096 195,226 Total operating lease liabilities 1,466,472 2,213,590 347,361 Weighted average remaining lease term 2.85 years 2.79 years 2.79 years Weighted average discount rate 6.4 % 6.8 % 6.8 % |
Summary Lease, Cost | A summary of lease cost recognized in the Group’s consolidated statements of comprehensive loss and supplemental cash flow information related to operating leases is as follows: For the years ended December 31, 2019 2020 2021 2021 RMB RMB RMB US$ (in thousands) Operating lease cost 165,733 475,064 953,325 149,597 Short-term lease cost 1,859 7,391 12,227 1,919 Variable lease cost — — 8,247 1,294 Total 167,592 482,455 973,799 152,810 Cash paid for operating leases 168,787 500,458 1,002,511 157,316 Right-of-use 499,615 1,489,367 1,671,666 262,321 |
Summary of Maturity of Operating Lease Liabilities | A summary of maturity of operating lease liabilities under the Group’s non-cancelable As of December 31, 2021 RMB US$ (in thousands) 2022 1,080,579 169,566 2023 711,673 111,677 2024 379,318 59,523 2025 188,455 29,573 2026 59,163 9,284 Thereafter 1,067 168 Total future lease payments 2,420,255 379,791 Less: imputed interest (206,665 ) (32,430 ) Total operating lease liabilities 2,213,590 347,361 |
Accrued Expenses And Other Cu_2
Accrued Expenses And Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Summary of Accrued Liabilities And Other Liabilities Current | Accrued expenses and other current liabilities consist of the following: As of December 31, 2020 2021 2021 RMB RMB US$ (in thousands) Advance from shareholders 385,575 — — Accrued outsourcing expenses 343,681 385,305 60,463 Accrued transportation and logistic expenses 51,549 43,759 6,867 VAT and other tax payable 15,965 30,081 4,720 Deposit from suppliers 9,965 29,437 4,619 Interest payable 4,386 14,749 2,314 Accrued advertising expenses 9,925 43,916 6,892 Accrued utilities and other expenses 36,692 106,014 16,636 Total 857,738 653,261 102,511 |
Share Based Compensation (Table
Share Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Option Activities | The following table summarizes the Company’s share Number of Options Weighted Weighted grant date per option Weighted Remaining Contractual Aggregate Value US$ US$ Years US$ (in thousands) Share options outstanding as of December 31, 2020 224,295,105 0.2160 0.0496 9.55 20,468 Granted 200,923,883 0.2767 0.5092 Forfeited (40,751,365 ) 0.2793 0.2594 Share options outstanding as of December 31, 2021 384,467,623 0.2099 0.2676 8.28 126,484 Exercisable as of December 31, 2021 104,626,808 0.0746 0.0510 5.58 48,593 |
Summary Of Assumptions Used To Value The Share Options | The Group uses the binomial tree option pricing model to estimate the fair value of share options with the assistance of an independent third-party valuation firm. The assumptions used to value the share options were as follows: For the years ended December 31, 2019 2020 2021 Fair value of ordinary shares (US$) 2.78 4.78 4.78-15.78 Risk-free interest rate (%) 0.88-2.00 0.66-0.88 0.93-1.71 Expected volatility (%) 47-48 47-48 48 Expected dividend yield — — — Life of option 10 10 10 Exercise multiple 2.5 2.5 2.5 Post-vesting forfeiture rate — — — |
Summary Of Recognized Sharebased Compensation Expenses | For the above-mentioned incentive plans and awards, the Group recognized aggregate share-based compensation expenses for the years ended December 31, 2019, 2020 and 2021 as follows: For the years ended December 31, 2019 2020 2021 2021 RMB RMB RMB US$ (in thousands) Fulfillment expenses 258 1,974 32,673 5,127 Sales and marketing expenses 174 532 6,927 1,087 Product development expenses 1,043 4,370 42,666 6,695 General and administrative expenses 515 146,234 233,096 36,578 Total 1,990 153,110 315,362 49,487 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Loss Before Income Taxes By Jurisdiction | The Group’s loss before income taxes by jurisdiction consisted of: For the years ended December 31, 2019 2020 2021 2021 RMB RMB RMB US$ (in thousands) Non-PRC (114,137 ) (178,916 ) 20,929 3,284 PRC (1,759,246 ) (2,997,998 ) (6,440,615 ) (1,010,673 ) Tota l (1,873,383 ) (3,176,914 ) (6,419,686 ) (1,007,389 ) |
Schedule of Reconciliations of The Income Tax Expenses | The reconciliations of the income tax expenses for the years ended December 31, 2019, 2020 and 2021 were as follows: For the years ended December 31, 2019 2020 2021 2021 RMB RMB RMB US$ (in thousands) Loss before income tax expense (1,873,383 ) (3,176,914 ) (6,419,686 ) (1,007,389 ) PRC statutory tax rate 25 % 25 % 25 % 25 % Income tax benefit computed at the statutory income tax rate (468,346 ) (794,228 ) (1,604,922 ) (251,847 ) Non-deductible 17,455 6,368 (8,320 ) (1,306 ) Transfer pricing adjustment — — 102,468 16,079 Non-taxable — (126 ) (1,561 ) (245 ) Research and development super-deduction (5,831 ) (55,306 ) 64,806 10,170 Statutory income/(expense) 80,846 7,298 (5,244 ) (823 ) Effect of preferential tax 137,154 22,992 5,022 788 Changes in valuation allowances 353,871 784,611 1,465,818 230,019 Impact of changes in tax rate on deferred tax (143,683 ) (16,464 ) (5,023 ) (788 ) Effect of income tax rate difference in other jurisdictions 28,534 44,855 (3,671 ) (576 ) Income tax expenses — — 9,373 1,471 |
Schedule of Deferred Tax Assets And Liabilities | The principal components of the Group’s deferred income tax assets and liabilities as of December 31, 2020 and 2021 are as follows: As of December 31, 2020 2021 2021 RMB RMB US$ (in thousands) Deferred tax assets: Operating lease liabilities 366,618 553,397 86,840 Accrued expenses and other current liabilities 6,139 4,134 649 Government subsidies — 15,000 2,354 Tax losses carried forward 1,235,164 2,700,304 423,736 Less: valuation allowances * (1,253,620 ) (2,719,438 ) (426,739 ) Total deferred tax assets, net. 354,301 553,397 86,840 Deferred tax liabilities: Operating lease right-of-use (354,301 ) (553,397 ) (86,840 ) Total deferred tax liabilities, net. (354,301 ) (553,397 ) (86,840 ) Deferred tax assets/liabilities, net — — — * The Company operates through its PRC subsidiaries and evaluates the potential realization of deferred tax assets on an entity basis. The Group recorded valuation allowances against deferred tax assets of those PRC subsidiaries that are in a three-year cumulative financial loss or had incurred losses since inception as of December 31, 2020 and 2021. In making such determination, the Group also evaluates a variety of factors including the Group’s operating history, accumulated deficit, existence of taxable temporary differences and reversal periods. |
Schedule of Unrecognized Tax Benefits | The unrecognized tax benefits of the Group as of December 31, 2020 and 2021 are as follows: As of December 31, 2020 2021 2021 RMB RMB US$ (in thousands) Balance at beginning of the year 593 593 93 Additions — 117,468 18,433 Decreases — — — Settlement — (593 ) (93 ) Balance at end of the year 593 117,468 18,433 |
Schedule Of Components Of Income Tax Expense Benefit | The current and deferred components of income tax expenses appearing in the consolidated statements of comprehensive loss are as follows: For the years ended December 31, 2019 2020 2021 2021 RMB RMB RMB US$ (in thousands) Current tax — — 9,373 1,471 Deferred tax — — — — Total — — 9,373 1,471 |
Related Party Transactions an_2
Related Party Transactions and Balances (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of Related Parties That had Transactions or Balances with the Group | The related parties that had transactions or balances with the Group in 2019, 2020 and 2021 consisted of: Related Party Relationship with the Group Mr. Liang Changlin Founder and CEO of the Company Shanghai Tiejun Enterprise Consulting Center (Limited Partnership) (“Tiejun”) Controlled by Mr. Liang Changlin EatTogether Holding Limited (“EatTogether”) Controlled by Mr. Liang Changlin |
Summary of Related Party Balances Due From And Due To The Founder | The amounts due from related parties consisted of the following: Related party balances Amounts due from related parties: As of December 31, 2020 2021 2021 RMB RMB US$ (in thousands) Current: Loan to Mr. Liang Changlin 9,000 — — Loan to Tiejun 1,100 — — Total 10,100 — — |
Redeemable Convertible Prefer_2
Redeemable Convertible Preferred Shares (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Temporary Equity Disclosure [Abstract] | |
Summary of Redeemable Convertible Preferred Shares | The Company’s preferred shares activities for the years ended December 31, 2019, 2020 ad 2021, respectively, are summarized below: Series Angel Series Angel+ Series Pre-A Series A Preferred Series A+ Preferred Series B Preferred (in thousands of RMB and US$, except for number of shares) Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Balance as of 5,910,100 10,800 — — 8,985,050 47,004 22,096,550 122,088 1,060,200 12,272 17,140,700 277,706 Issuance of Preferred — — — — — — — — — — 2,332,400 37,159 Re-designation — — 7,803,400 18,577 — — — — — — — — Accretion of Preferred — 864 — (37,233 ) — 3,760 — 9,767 — 982 — 25,369 Deemed dividend — — — 46,168 — — — — Balance as of 5,910,100 11,664 7,803,400 27,512 8,985,050 50,764 22,096,550 131,855 1,060,200 13,254 19,473,100 340,234 Balance as of 5,910,100 11,664 7,803,400 27,512 8,985,050 50,764 22,096,550 131,855 1,060,200 13,254 19,473,100 340,234 Issuance of Preferred — — 465,550 10,967 — — — — — — — — Accretion of Preferred — 736 — 2,207 — 4,032 — 10,482 — 1,054 — 24,185 Balance as of 5,910,100 12,400 8,268,950 40,686 8,985,050 54,796 22,096,550 142,337 1,060,200 14,308 19,473,100 364,419 Balance as of 5,910,100 12,400 8,268,950 40,686 8,985,050 54,796 22,096,550 142,337 1,060,200 14,308 19,473,100 364,419 Issuance of Preferred Accretion of Preferred — 396 — 1,151 — 2,126 — 5,521 — 555 — 17,949 Automatic conversion of IPO (5,910,100 ) (12,796 ) (8,268,950 ) (41,837 ) (8,985,050 ) (56,922 ) (22,096,550 ) (147,858 ) (1,060,200 ) (14,863 ) (19,473,100 ) (382,368 ) Balance as of — — — — — — — — — — — — Balance as of — — — — — — Series B2 Series B3 Series B4-1 Series B4 Series C1 Series D Series D+ (in thousands of RMB and US$, except for number of shares) Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Balance as of — — — — — — — — — — — — — — Issuance of 11,072,800 203,707 28,013,200 737,920 — — 6,989,700 195,952 — — — — — — Accretion of — 16,323 — 45,884 — — — 8,842 — — — — — — Balance as of 11,072,800 220,030 28,013,200 783,804 — — 6,989,700 204,794 — — — — — — Balance as of 11,072,800 220,030 28,013,200 783,804 — — 6,989,700 204,794 — — — — — — Issuance of — — — — 7,269,600 259,914 — — 51,329,600 2,799,817 — — — — Accretion of — 16,109 — 57,341 — 24,171 — 15,697 — 164,287 — — — — Balance as of 11,072,800 236,139 28,013,200 841,145 7,269,600 284,085 6,989,700 220,491 51,329,600 2,964,104 — — — — Balance as of 11,072,800 236,139 28,013,200 841,145 7,269,600 284,085 6,989,700 220,491 51,329,600 2,964,104 — — — — Issuance of — — — — — — 6,989,750 359,832 2,895,100 158,507 49,207,650 4,547,263 21,264,750 2,099,195 Accretion of — 11,702 — 39,479 — 3,871 — (99,577 ) — 133,863 — 128,382 — 42,962 Automatic (11,072,800 ) (247,841 ) (28,013,200 ) (880,624 ) (7,269,600 ) (287,956 ) (13,979,450 ) (480,746 ) (54,224,700 ) (3,256,474 ) (49,207,650 ) (4,675,645 ) (21,264,750 ) (2,142,157 ) Balance as of — — — — — — — — — — — — — — Balance as of — — — — — — — |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interest | The movement in the carrying value of the redeemable noncontrolling interests is as follows: For the years ended December 31, 2021 2021 RMB US$ (in thousands) Balance as of December 31, 2020 — — Issuance of subsidiary shares 30,000 4,708 Accretion of redeemable noncontrolling interests — — Balance as of December 31, 2021 30,000 4,708 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Class of Stock Disclosures [Abstract] | |
Summary of Basic and Diluted Net Loss Per Share | Basic and diluted net loss per share for the years ended December 31, 2019, 2020 and 2021 are calculated as follows: For the years ended December 31, 2019 2020 2021 Ordinary Ordinary Class A Class B RMB RMB RMB US$ RMB US$ (in thousands, except for number of shares) Numerator: Net loss (1,873,383 ) (3,176,914 ) (4,628,133 ) (726,255 ) (1,800,926 ) (282,605 ) Accretion of redeemable convertible preferred shares (74,558 ) (320,301 ) (207,598 ) (32,577 ) (80,782 ) (12,676 ) Deemed dividend (46,168 ) — — — — — Numerator for computing basic and diluted net loss per share (1,994,109 ) (3,497,215 ) (4,835,731 ) (758,832 ) (1,881,708 ) (295,281 ) Denominator: Weighted average number of ordinary shares outstanding 61,446,250 63,690,000 140,170,091 140,170,091 54,543,800 54,543,800 Loss p er s hare (RMB): Basic and diluted net loss per share: (32.45 ) (54.91 ) (34.50 ) (5.41 ) (34.50 ) (5.41 ) |
Parent Company Only Condensed_2
Parent Company Only Condensed Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Balance Sheet Statements, Captions [Line Items] | |
Condensed Balance Sheet | Condensed balance sheets (in thousands) As of December 31, 2020 2021 2021 RMB RMB US$ ASSETS Current assets Cash and cash equivalents 551,705 24,500 3,845 Short-term investments — 700,052 109,853 Amounts due from subsidiaries — 8,496 1,333 Amounts due from related parties 9,000 — — Other current assets — 1,723 271 Total current assets 560,705 734,771 115,302 TOTAL ASSETS 560,705 734,771 115,302 LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ (DEFICIT)/EQUITY Current liabilities Other payables — 4,133 649 Amounts due to subsidiaries 20,390 2,569 403 Warrant liabilities 108,160 — — Total current liabilities 128,550 6,702 1,052 Non-current Share of losses in excess of investments in subsidiaries and amounts due from subsidiaries 662,264 — — Total non-current 662,264 — — TOTAL LIABILITIES 790,814 6,702 1,052 Mezzanine equity Redeemable convertible preferred shares 5,174,910 — — Shareholders’ (deficit)/equity Ordinary shares (US$0.000002 par value per share; 24,819,646,300 and nil shares authorized as of December 31, 2020 and 2021, respectively; 64,908,700 and nil shares issued and outstanding as of December 31, 2020 and 2021, respectively) 1 — — Class A ordinary shares — 3 1 Class B ordinary shares — 1 — Additional paid-in 117,298 13,685,062 2,147,485 Treasury stock — (7,042 ) (1,105 ) Accumulated deficit (5,499,357 ) (12,765,713 ) (2,003,219 ) Accumulated other comprehensive loss (22,961 ) (184,242 ) (28,912 ) TOTAL SHAREHOLDERS’ (DEFICIT)/EQUITY (5,405,019 ) 728,069 114,250 TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDER’S (DEFICIT)/EQUITY 560,705 734,771 115,302 |
Condensed Statements of Comprehensive Loss | Condensed statements of comprehensive loss (in thousands) For the years ended December 31, 2019 2020 2021 2021 RMB RMB RMB US$ Operating expenses: General and administrative expenses 375 (142,186 ) (271,436 ) (42,594 ) Total operating expenses 375 (142,186 ) (271,436 ) (42,594 ) Income/(loss) from operations 375 (142,186 ) (271,436 ) (42,594 ) Interest income 24,423 7,699 8,611 1,351 Interest expenses (39,477 ) (21,334 ) — — Other expenses — (29,141 ) — — Changes in fair value of warrant liabilities (100,672 ) 11,450 (44,457 ) (6,976 ) Share of losses in subsidiarie s (1,758,032 ) (3,003,402 ) (6,121,777 ) (960,641 ) Net loss (1,873,383 ) (3,176,914 ) (6,429,059 ) (1,008,860 ) Accretions of redeemable convertible preferred shares (74,558 ) (320,301 ) (288,380 ) (45,253 ) Deemed dividend (46,168 ) — — — Net loss attributable to ordinary shareholders (1,994,109 ) (3,497,215 ) (6,717,439 ) (1,054,113 ) Other comprehensive income/(loss), net of tax of nil: Foreign currency translation adjustments 30,409 (53,370 ) (161,281 ) (25,308 ) Comprehensive loss (1,842,974 ) (3,230,284 ) (6,590,340 ) (1,034,168 ) Accretions of redeemable convertible preferred shares (74,558 ) (320,301 ) (288,380 ) (45,253 ) Deemed dividend (46,168 ) — — — Comprehensive loss attributable to ordinary shareholders (1,963,700 ) (3,550,585 ) (6,878,720 ) (1,079,421 ) |
Condensed Statements of Cash Flow | Condensed statements of cash flows (in thousands) For the years ended December 31, 2019 2020 2021 2021 RMB RMB RMB US$ Net cash provided by/(used in) operating activities 24,414 7,564 (4,066 ) (638 ) Net cash used in investing activities (1,663,826 ) (1,957,689 ) (7,713,202 ) (1,210,370 ) Net cash generated from financing activities 1,340,157 2,281,673 7,215,688 1,132,299 Effect of exchange rate changes on cash and cash equivalents and restricted cash 20,632 (41,844 ) (25,625 ) (4,021 ) Net (decrease)/increase in cash and cash equivalents (278,623 ) 289,704 (527,205 ) (82,730 ) Cash and cash equivalents at beginning of the year 540,624 262,001 551,705 86,575 Cash and cash equivalents at end of the year 262,001 551,705 24,500 3,845 |
Organization And Principal Ac_3
Organization And Principal Activities - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Place of Incorporation | E9 |
Subsidiaries [Member] | Shanghai 100me Internet Technology Co., Ltd. ("Shanghai 100me") | |
Date of Incorporation | Mar. 23, 2014 |
Place of Incorporation | F4 |
Organization And Principal Ac_4
Organization And Principal Activities - Summary of Group's Major Subsidiaries (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule Of Major Subsidiaries [Line Items] | |
Place of Incorporation | E9 |
Dingdong Fresh Holding Limited ("Dingdong Fresh BVI") | Subsidiaries [Member] | |
Schedule Of Major Subsidiaries [Line Items] | |
Major subsidiaries | Dingdong Fresh Holding Limited (“Dingdong Fresh BVI”) |
Percentage of Ownership | 100.00% |
Date of Incorporation | Oct. 30, 2018 |
Place of Incorporation | D8 |
Major Operation | Investment holding |
Dingdong Fresh (Hong Kong) Limited ("Dingdong HK") | Subsidiaries [Member] | |
Schedule Of Major Subsidiaries [Line Items] | |
Major subsidiaries | Dingdong Fresh (Hong Kong) Limited (“Dingdong HK”) |
Percentage of Ownership | 100.00% |
Date of Incorporation | Jan. 4, 2019 |
Place of Incorporation | K3 |
Major Operation | Investment holding |
Baqianlilu (Wuxi) Network Technology Co., Ltd. | Subsidiaries [Member] | |
Schedule Of Major Subsidiaries [Line Items] | |
Major subsidiaries | Baqianlilu (Wuxi) Network Technology Co., Ltd. |
Percentage of Ownership | 100.00% |
Date of Incorporation | May 9, 2020 |
Place of Incorporation | F4 |
Major Operation | E-commerce |
Shanghai 100me Internet Technology Co., Ltd. ("Shanghai 100me") | Subsidiaries [Member] | |
Schedule Of Major Subsidiaries [Line Items] | |
Major subsidiaries | Shanghai 100me Internet Technology Co., Ltd. (“Shanghai 100me”) |
Percentage of Ownership | 100.00% |
Date of Incorporation | Mar. 23, 2014 |
Place of Incorporation | F4 |
Major Operation | E-commerce |
Yihengyishu (Shanghai) E-Commerce Co., Ltd. | Subsidiaries [Member] | |
Schedule Of Major Subsidiaries [Line Items] | |
Major subsidiaries | Yihengyishu (Shanghai) E-Commerce Co., Ltd. |
Percentage of Ownership | 100.00% |
Date of Incorporation | Apr. 12, 2017 |
Place of Incorporation | F4 |
Major Operation | E-commerce |
Chizhiyiheng (Shanghai) E-commerce Co., Ltd.("Chizhiyiheng Shanghai") | Subsidiaries [Member] | |
Schedule Of Major Subsidiaries [Line Items] | |
Major subsidiaries | Chizhiyiheng (Shanghai) E-commerce Co., Ltd.(“Chizhiyiheng Shanghai”) |
Percentage of Ownership | 100.00% |
Date of Incorporation | Jul. 18, 2018 |
Place of Incorporation | F4 |
Major Operation | E-commerce |
Shilaiyunzhuan (Hangzhou) E-commerce Co., Ltd. | Subsidiaries [Member] | |
Schedule Of Major Subsidiaries [Line Items] | |
Major subsidiaries | Shilaiyunzhuan (Hangzhou) E-commerce Co., Ltd. |
Percentage of Ownership | 100.00% |
Date of Incorporation | Jan. 4, 2019 |
Place of Incorporation | F4 |
Major Operation | E-commerce |
Shishishun (Shenzhen) E-commerce Co., Ltd. | Subsidiaries [Member] | |
Schedule Of Major Subsidiaries [Line Items] | |
Major subsidiaries | Shishishun (Shenzhen) E-commerce Co., Ltd. |
Percentage of Ownership | 100.00% |
Date of Incorporation | Jul. 12, 2019 |
Place of Incorporation | F4 |
Major Operation | E-commerce |
Shishishun (Jiangsu) E-Commerce Co., Ltd. | Subsidiaries [Member] | |
Schedule Of Major Subsidiaries [Line Items] | |
Major subsidiaries | Shishishun (Jiangsu) E-Commerce Co., Ltd. |
Percentage of Ownership | 100.00% |
Date of Incorporation | Sep. 18, 2019 |
Place of Incorporation | F4 |
Major Operation | E-commerce |
Chao Lizhi (Jiangsu) E-Commerce Co., Ltd. | Subsidiaries [Member] | |
Schedule Of Major Subsidiaries [Line Items] | |
Major subsidiaries | Chao Lizhi (Jiangsu) E-Commerce Co., Ltd. |
Percentage of Ownership | 100.00% |
Date of Incorporation | Nov. 14, 2019 |
Place of Incorporation | F4 |
Major Operation | E-commerce |
Beijing Bujiangjiu E-Commerce Co., Ltd. | Subsidiaries [Member] | |
Schedule Of Major Subsidiaries [Line Items] | |
Major subsidiaries | Beijing Bujiangjiu E-Commerce Co., Ltd. |
Percentage of Ownership | 100.00% |
Date of Incorporation | Feb. 28, 2020 |
Place of Incorporation | F4 |
Major Operation | E-commerce |
Shanghai Yushengbaigu Food Co., Ltd. | Subsidiaries [Member] | |
Schedule Of Major Subsidiaries [Line Items] | |
Major subsidiaries | Shanghai Yushengbaigu Food Co., Ltd. |
Percentage of Ownership | 93.05% |
Date of Incorporation | Oct. 21, 2020 |
Place of Incorporation | F4 |
Major Operation | E-commerce |
Chizhiyiheng (Nanjing) Supply Chain Co., Ltd. [Member] | Subsidiaries [Member] | |
Schedule Of Major Subsidiaries [Line Items] | |
Major subsidiaries | Chizhiyiheng (Nanjing) Supply Chain Co., Ltd. |
Percentage of Ownership | 100.00% |
Date of Incorporation | Aug. 30, 2021 |
Place of Incorporation | F4 |
Major Operation | E-commerce |
Summary Of Principal Accounti_3
Summary Of Principal Accounting Policies - Additional Information (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2021USD ($) | Jun. 08, 2021 | |
Foreign currency exchange rate, translation | 1 | |||||
Restricted cash term period | 12 months | 12 months | ||||
Estimated liabilities for return allowances | ¥ 0 | ¥ 0 | ||||
Deferred revenue, revenue recognized | 2.9 | $ 0.4 | 16.6 | |||
Outsourcing expenses | 4,266 | 669.4 | 2,515.4 | ¥ 1,256.9 | ||
Advertising expense | 1,023.6 | 160.6 | 322.4 | 130.2 | ||
Referral services | 122.3 | 18.7 | 76.1 | 66.3 | ||
Employee benefits expenses | 231.3 | 36.3 | 66.3 | ¥ 24.8 | ||
Cash and bank deposits | ¥ 5,238.8 | ¥ 2,456.7 | $ 822.1 | |||
Foreign currency exchange rate risk | 2.30% | 6.30% | 1.30% | 2.30% | ||
Other comprehensive income (loss), foreign currency transaction and translation adjustment, net of tax | ¥ 161.3 | 25.3 | ¥ 53.4 | |||
Other Noncurrent Liabilities [Member] | ||||||
Government subsidies | 60 | 0 | $ 9.4 | |||
Other Income [Member] | ||||||
Income from government subsidies | ¥ 16.8 | $ 2.6 | ¥ 23.2 | ¥ 0.5 | ||
RMB | ||||||
Foreign currency exchange rate, translation | 6.37 |
Summary Of Principal Accounti_4
Summary Of Principal Accounting Policies - Schedule of Property and equipment, net (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Furniture, fixtures and equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Furniture, fixtures and equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 4 years |
Electronic office equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Electronic office equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property Plant And Equipment estimated useful life | Over the shorter of the lease term or estimated useful life |
Revenue From Contracts With C_3
Revenue From Contracts With Customers -Summary Of Contract With Customer Asset And Liability (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Contract With Customer Asset And Liability [Line Items] | |||
Customer advances and prepaid cards | ¥ 96,785 | $ 15,188 | ¥ 57,081 |
Deferred Income, Current | 2,900 | 400 | 16,600 |
Total | 243,480 | 38,207 | 140,404 |
Revenue Related To Loyalty Points [Member] | |||
Contract With Customer Asset And Liability [Line Items] | |||
Deferred Income, Current | 2,852 | 448 | 16,558 |
Membership [Member] | |||
Contract With Customer Asset And Liability [Line Items] | |||
Deferred Income, Current | ¥ 143,800 | $ 22,600 | ¥ 66,765 |
Revenue From Contracts With C_4
Revenue From Contracts With Customers - Additional Informational (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2021USD ($) | |
Contract With Customer Asset And Liability [Line Items] | |||||
Contract with customer, liability, revenue recognized | ¥ 117,800 | $ 18,500 | ¥ 57,400 | ¥ 4,000 | |
Deferred income,current | ¥ 2,900 | 16,600 | $ 400 | ||
Revenue, remaining performance obligation, expected timing of satisfaction, explanation | future periods upon the usage of the prepaid card balances to purchase the Group’s products. | future periods upon the usage of the prepaid card balances to purchase the Group’s products. | |||
Contract with customer liability, current | ¥ 96,800 | 57,100 | 15,200 | ||
Loyalty Points Program [Member] | |||||
Contract With Customer Asset And Liability [Line Items] | |||||
Revenue, remaining performance obligation, expected timing of satisfaction, explanation | will be recognized as revenues when the points are redeemed | will be recognized as revenues when the points are redeemed | |||
Membership [Member] | |||||
Contract With Customer Asset And Liability [Line Items] | |||||
Deferred income,current | ¥ 143,800 | ¥ 66,765 | $ 22,600 | ||
Membership [Member] | Minimum [Member] | |||||
Contract With Customer Asset And Liability [Line Items] | |||||
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 month | 1 month | |||
Membership [Member] | Maximum [Member] | |||||
Contract With Customer Asset And Liability [Line Items] | |||||
Revenue, remaining performance obligation, expected timing of satisfaction, period | 12 months | 12 months | |||
Corporate Customers [Member] | Minimum [Member] | |||||
Contract With Customer Asset And Liability [Line Items] | |||||
Revenue from contract with customers, Billing terms | 7 days | 7 days | |||
Corporate Customers [Member] | Maximum [Member] | |||||
Contract With Customer Asset And Liability [Line Items] | |||||
Revenue from contract with customers, Billing terms | 30 days | 30 days |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Mar. 30, 2021shares | Apr. 30, 2020shares | |
Gain loss on derivative instruments | ¥ 44.5 | $ 7 | ¥ 11.5 | ||
Transfer of financial assets or liabilities | 0 | 0 | |||
Warrants outstanding | 0 | ||||
Fair Value, Nonrecurring [Member] | |||||
Assets, fair value disclosure | 0 | 0 | |||
Fair Value, Recurring [Member] | |||||
Liabilities, fair value disclosure | 0 | ||||
Financial Assets [Member] | |||||
Transfer of financial assets or liabilities | ¥ 0 | ¥ 0 | |||
Series B41 Redeemable Convertible Preferred Shares [Member] | Eat Together Warrant [Member] | |||||
Class of warrants or rights number of securities | shares | 6,664,000 | ||||
Series B4 Redeemable Convertible Preferred Shares [Member] | Eat Together Warrant [Member] | |||||
Class of warrants or rights number of securities | shares | 6,989,750 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary Of Fair Value Assets Measured On Recurring Basis (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Short-term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | ¥ 0 | |
Short-term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | |
Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | ¥ 4,568,346 | 1,006,245 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 4,568,346 | 1,006,245 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | |
Fair Value, Recurring [Member] | Short-term Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 4,568,346 | 1,006,245 |
Fair Value, Recurring [Member] | Short-term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | |
Fair Value, Recurring [Member] | Short-term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 4,568,346 | 1,006,245 |
Fair Value, Recurring [Member] | Short-term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | ¥ 0 | ¥ 0 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary Of Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques (Detail) - Series B Four Warrant [Member] - Warrant [Member] - Fair Value, Inputs, Level 3 [Member] | Dec. 31, 2020yr |
Measurement Input, Price Volatility [Member] | |
Derivative Liability, Measurement Input | 0.5135 |
Measurement Input, Risk Free Interest Rate [Member] | |
Derivative Liability, Measurement Input | 0.0009 |
Measurement Input, Expected Term [Member] | |
Derivative Liability, Measurement Input | 0.62 |
Measurement Input Fair Value Of The Underlying Preferred Shares [Member] | |
Derivative Liability, Measurement Input | 6.50 |
Measurement Input Warrant Fair Value [Member] | |
Derivative Liability, Measurement Input | 118.58 |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summary Of Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation (Detail) - Derivative Financial Instruments, Liabilities [Member] - Warrant [Member] ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance | ¥ 108,160 | ¥ 161,462 | |
Fair value change | 44,457 | (11,450) | |
Foreign exchange translation | 536 | (8,807) | |
Ending balance | 0 | $ 0 | 108,160 |
Eat Together Warrant [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Exercise of EatTogether Warrant | ¥ (153,153) | ¥ (33,045) |
Inventories - Summary Of Schedu
Inventories - Summary Of Schedule Of Inventory Current (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Inventory [Line Items] | |||
Products | ¥ 487,066 | $ 76,431 | ¥ 329,065 |
Packing materials and others | 50,406 | 7,910 | 57,366 |
Inventories | ¥ 537,472 | $ 84,341 | ¥ 386,431 |
Prepayments and Other Current_3
Prepayments and Other Current Assets - Summary of Other Current Assets (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Deductible VAT | ¥ 359,915 | $ 56,478 | ¥ 45,285 |
Others | 101,928 | 15,994 | 52,593 |
Total | ¥ 461,843 | $ 72,472 | ¥ 97,878 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment, Net (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | ¥ 792,025 | $ 124,286 | ¥ 391,243 |
Less: Accumulated depreciation | (328,367) | (51,528) | (133,098) |
Property, Plant and Equipment, Net | 472,371 | 74,125 | 272,691 |
Electronic office equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 58,463 | 9,174 | 29,720 |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 555,941 | 87,239 | 250,745 |
Furniture, fixtures and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 177,621 | 27,873 | 110,778 |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Net | ¥ 8,713 | $ 1,367 | ¥ 14,546 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation | ¥ 213,082 | $ 33,437 | ¥ 115,354 | ¥ 34,734 |
Property and Equipment, Net -_2
Property and Equipment, Net - Schedule of Depreciation Included in Consolidated Statements of Income and Comprehensive Income (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Schedule Of Depreciation Included In Consolidated Statements Of Income And Comprehensive Income [Line Items] | ||||
Depreciation | ¥ 213,082 | $ 33,437 | ¥ 115,354 | ¥ 34,734 |
Fulfillment expenses | ||||
Schedule Of Depreciation Included In Consolidated Statements Of Income And Comprehensive Income [Line Items] | ||||
Depreciation | 195,022 | 30,603 | 107,333 | 31,988 |
Sales and marketing expenses | ||||
Schedule Of Depreciation Included In Consolidated Statements Of Income And Comprehensive Income [Line Items] | ||||
Depreciation | 2,666 | 419 | 2,018 | 865 |
General and administrative expenses | ||||
Schedule Of Depreciation Included In Consolidated Statements Of Income And Comprehensive Income [Line Items] | ||||
Depreciation | 7,395 | 1,160 | 4,731 | 1,520 |
Product development expenses | ||||
Schedule Of Depreciation Included In Consolidated Statements Of Income And Comprehensive Income [Line Items] | ||||
Depreciation | ¥ 7,999 | $ 1,255 | ¥ 1,272 | ¥ 361 |
Other Non-Current Assets - Summ
Other Non-Current Assets - Summary of Other Non-Current Assets (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Rental deposits | ¥ 167,282 | $ 26,250 | ¥ 111,521 |
Others | 18,511 | 2,906 | 9,938 |
Total | ¥ 185,793 | $ 29,156 | ¥ 121,459 |
Short-Term Borrowings - Schedul
Short-Term Borrowings - Schedule of Short-term Debt (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Short-term Debt [Line Items] | |||
Short-term borrowings | ¥ 3,121,000 | $ 489,800 | ¥ 1,234,522 |
Short Term Loan [Member] | |||
Short-term Debt [Line Items] | |||
Short-term Bank Loans and Notes Payable | 630,000 | 98,861 | 449,649 |
Reversed Factoring Arrangements [Member] | |||
Short-term Debt [Line Items] | |||
Short-term Bank Loans and Notes Payable | 2,491,046 | 390,899 | 784,873 |
Short-term borrowings | ¥ 4,448,400 | $ 698,000 | ¥ 15,100 |
Short-Term Borrowings - Additio
Short-Term Borrowings - Additional Information (Detail) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||
Jul. 31, 2021CNY (¥) | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2021USD ($) | Jul. 31, 2021USD ($) | Jul. 01, 2021CNY (¥) | Jul. 01, 2021USD ($) | Jan. 31, 2021CNY (¥) | Jan. 31, 2021USD ($) | |
Short-term Debt [Line Items] | |||||||||||
Available Short term borrowings | ¥ 3,121,000,000 | ¥ 1,234,522,000 | $ 489,800 | ||||||||
Short term debt, Description | secured RMB denominated borrowings from financial institutions in the PRC that are repayable within one year. | secured RMB denominated borrowings from financial institutions in the PRC that are repayable within one year. | |||||||||
Short term debt, Weighted average interest rate | 3.67% | 3.39% | 3.67% | ||||||||
Repayment of short term borrowings | ¥ 7,672,124,000 | $ 1,203,924 | ¥ 210,117,000 | ¥ 906,582,000 | |||||||
Proceeds from short-term borrowings | 9,558,649,000 | 1,499,962 | 1,444,638,000 | ¥ 845,583,000 | |||||||
Reversed Factoring Arrangements [Member] | |||||||||||
Short-term Debt [Line Items] | |||||||||||
Available Short term borrowings | 4,448,400,000 | 15,100,000 | $ 698,000 | ||||||||
Collateral from bank | 2,769,700,000 | 434,600 | |||||||||
Proceeds from short-term borrowings | 8,220,600,000 | $ 1,290,000 | 945,000,000 | ||||||||
Two Thousand And Twenty Reversed Factoring Arrangement [Member] | |||||||||||
Short-term Debt [Line Items] | |||||||||||
Available Short term borrowings | 15,100,000 | ||||||||||
Two Thousand And Twenty One Reversed Factoring Arrangement One [Member] | |||||||||||
Short-term Debt [Line Items] | |||||||||||
Available Short term borrowings | 39,800,000 | 6,200 | |||||||||
Restricted cash | 66,000 | ||||||||||
Two Thousand And Twenty One Reversed Factoring Arrangement Two [Member] | |||||||||||
Short-term Debt [Line Items] | |||||||||||
Available Short term borrowings | 1,550,500,000 | 243,300 | |||||||||
Line of Credit [Member] | |||||||||||
Short-term Debt [Line Items] | |||||||||||
Short term debt, Unused borrowing capacity | 135,000,000 | 20,400,000 | 21,200 | ||||||||
Bank Loans and Notes Payable [Member] | |||||||||||
Short-term Debt [Line Items] | |||||||||||
Available Short term borrowings | ¥ 2,858,100,000 | $ 448,500 | |||||||||
Short term debt, Percentage bearing fixed interest rate | 3.60% | 3.60% | 3.60% | 3.60% | |||||||
Bank Loans and Notes Payable [Member] | Reversed Factoring Arrangements [Member] | |||||||||||
Short-term Debt [Line Items] | |||||||||||
Available Short term borrowings | ¥ 2,491,000,000 | ¥ 784,900,000 | $ 390,900 | ||||||||
Short term debt, Percentage bearing fixed interest rate | 3.60% | 3.60% | 3.60% | ||||||||
Short term debt, Terms | six | within six months | within six months | ||||||||
Repayment of short term borrowings | ¥ 6,514,500,000 | $ 1,022,300 | ¥ 160,100,000 | ||||||||
Short term debt, Maximum borrowing capacity | ¥ 5,000,000,000 | ¥ 1,800,000,000 | ¥ 800,000,000 | $ 282,500 | $ 784,600 | ¥ 300,000,000 | $ 47,100 | ¥ 2,000,000,000 | $ 313,800 | ||
Bank Loans and Notes Payable [Member] | Two Thousand And Twenty One Reversed Factoring Arrangement One [Member] | |||||||||||
Short-term Debt [Line Items] | |||||||||||
Short term debt, Percentage bearing fixed interest rate | 3.60% | 3.60% | |||||||||
Short term debt, Maximum borrowing capacity | ¥ 40,000,000 | $ 6,300 | |||||||||
Bank Loans and Notes Payable [Member] | Two Thousand And Twenty One Reversed Factoring Arrangement Two [Member] | |||||||||||
Short-term Debt [Line Items] | |||||||||||
Short term debt, Maximum borrowing capacity | ¥ 99,400,000 | $ 15,600 |
Long-Term Borrowings - Summary
Long-Term Borrowings - Summary of Long-term Debt Instruments (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Debt Disclosure [Abstract] | |||
Long-term borrowings | ¥ 57,875 | $ 9,082 | ¥ 144,875 |
Less: Current portion of long-term borrowings | (57,875) | (9,082) | (86,500) |
Total | ¥ 0 | $ 0 | ¥ 58,375 |
Long-Term Borrowings - Addition
Long-Term Borrowings - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2020CNY (¥) | Oct. 31, 2020CNY (¥) | Oct. 31, 2020USD ($) | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Oct. 31, 2020USD ($) | Oct. 31, 2019CNY (¥) | |
Proceeds from issuance of Long term debt | ¥ 0 | $ 0 | ¥ 128,000 | ¥ 60,000 | ||||||
Repayments of long term debt | 87,000 | 13,652 | 35,625 | 7,500 | ||||||
Secured Debt [Member] | Secured Loan Agreements With East West Bank [Member] | ||||||||||
Debt Instrument, Face Amount | $ | $ 68,000 | |||||||||
Proceeds from issuance of Long term debt | ¥ 68,000 | |||||||||
Debt instrument, Frequency of periodic payment | monthly | monthly | ||||||||
Debt instrument, Payment terms | from 2020 to 2022 | from 2020 to 2022 | ||||||||
Repayments of long term debt | ¥ 34,500 | ¥ 600 | $ 5,400 | |||||||
Long term debt, Percentage bearing fixed interest, Percentage rate | 4.15% | 4.15% | ||||||||
Secured Debt [Member] | Secured Loan Agreements With SPD Silicon Valley Bank [Member] | ||||||||||
Debt Instrument, Face Amount | ¥ 60,000 | |||||||||
Proceeds from issuance of Long term debt | ¥ 60,000 | $ 9,200 | ||||||||
Debt instrument, Frequency of periodic payment | monthly | monthly | ||||||||
Debt instrument, Payment terms | from 2020 to 2022 | from 2020 to 2022 | ||||||||
Repayments of long term debt | ¥ 5,000 | 30,000 | $ 4,700 | |||||||
Long term debt, Percentage bearing fixed interest, Percentage rate | 4.75% | 4.75% | ||||||||
Secured RMB Denominated Loan For General Working Capital Purposes [Member] | Secured Debt [Member] | ||||||||||
Debt Instrument, Face Amount | ¥ 60,000 | |||||||||
Proceeds from issuance of Long term debt | ¥ 60,000 | |||||||||
Debt instrument, Frequency of periodic payment | monthly | |||||||||
Debt instrument, Payment terms | from 2019 to 2021 | |||||||||
Repayments of long term debt | ¥ 22,500 | $ 3,500 | ¥ 30,000 | |||||||
Secured RMB Denominated Loan For General Working Capital Purposes [Member] | Secured Debt [Member] | Prime Rate [Member] | ||||||||||
Debt instrument, Basis spread on variable rate | 225.00% |
Long-Term Borrowings - Summar_2
Long-Term Borrowings - Summary of Repayment Schedule of the Long-term Loans (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Debt Disclosure [Abstract] | |||
2022 | ¥ 57,875 | $ 9,082 | |
Total | ¥ 57,875 | $ 9,082 | ¥ 144,875 |
Leases - Additional Informatio
Leases - Additional Information (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Operating Lease, Liability | ¥ 2,213,590 | $ 347,361 | ¥ 1,466,472 |
Operating Lease, Right-of-Use Asset | 2,245,571 | $ 352,379 | ¥ 1,503,222 |
Regional Processing Centers and Frontline Fulfillment Stations [Member] | |||
Operating lease, not yet commenced | 27,800 | ||
Operating Lease, Liability | 22,500 | ||
Operating Lease, Right-of-Use Asset | ¥ 24,200 |
Leases - Summary of Supplementa
Leases - Summary of Supplemental Information Related to Operating Lease (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Schedule Of Supplemental Information Related To Operating Leases [Abstract] | |||
Operating Lease, Right-of-Use Asset | ¥ 2,245,571 | $ 352,379 | ¥ 1,503,222 |
Operating lease liabilities, current | 969,494 | 152,135 | 594,787 |
Operating lease liabilities, non-current | 1,244,096 | 195,226 | 871,685 |
Total operating lease liabilities | ¥ 2,213,590 | $ 347,361 | ¥ 1,466,472 |
Weighted average remaining lease term | 2 years 9 months 14 days | 2 years 9 months 14 days | 2 years 10 months 6 days |
Weighted average discount rate | 6.80% | 6.80% | 6.40% |
Leases - Summary of Lease Cost
Leases - Summary of Lease Cost (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Lease, Cost [Abstract] | ||||
Operating lease cost | ¥ 953,325 | $ 149,597 | ¥ 475,064 | ¥ 165,733 |
Short-term lease cost | 12,227 | 1,919 | 7,391 | 1,859 |
Variable Lease, Cost | 8,247 | 1,294 | 0 | 0 |
Total | 973,799 | 152,810 | 482,455 | 167,592 |
Cash paid for operating leases | 1,002,511 | 157,316 | 500,458 | 168,787 |
Right-of-use assets obtained in exchange for operating lease liabilities. | ¥ 1,671,666 | $ 262,321 | ¥ 1,489,367 | ¥ 499,615 |
Leases - Summary of Maturity of
Leases - Summary of Maturity of Operating Lease Liabilities (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |||
2022 | ¥ 1,080,579 | $ 169,566 | |
2023 | 711,673 | 111,677 | |
2024 | 379,318 | 59,523 | |
2025 | 188,455 | 29,573 | |
2026 | 59,163 | 9,284 | |
Thereafter | 1,067 | 168 | |
Total future lease payments | 2,420,255 | 379,791 | |
Less: imputed interest | (206,665) | (32,430) | |
Total operating lease liabilities | ¥ 2,213,590 | $ 347,361 | ¥ 1,466,472 |
Accrued Expenses And Other Cu_3
Accrued Expenses And Other Current Liabilities - Summary of Accrued Liabilities And Other Liabilities Current (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Payables and Accruals [Abstract] | |||
Advance from shareholders | ¥ 0 | $ 0 | ¥ 385,575 |
Accrued outsourcing expenses | 385,305 | 60,463 | 343,681 |
Accrued transportation and logistic expenses | 43,759 | 6,867 | 51,549 |
VAT and other tax payable | 30,081 | 4,720 | 15,965 |
Deposit from suppliers | 29,437 | 4,619 | 9,965 |
Interest payable | 14,749 | 2,314 | 4,386 |
Accrued advertising expenses | 43,916 | 6,892 | 9,925 |
Accrued utilities and other expenses | 106,014 | 16,636 | 36,692 |
Total | ¥ 653,261 | $ 102,511 | ¥ 857,738 |
Ordinary Shares - Additional In
Ordinary Shares - Additional Information (Detail) $ / shares in Units, ¥ in Thousands | Jun. 08, 2021 | Jul. 31, 2021USD ($)$ / sharesshares | May 31, 2021CNY (¥)shares | Mar. 31, 2021shares | Apr. 30, 2020CNY (¥)shares | May 31, 2019shares | Dec. 31, 2021shares | Aug. 31, 2021shares | Dec. 31, 2020CNY (¥)shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019shares | |
Common Stock, Value | $ 50,000 | ¥ 1 | $ 50,000 | |||||||||
Common Stock, shares authorized | 25,000,000,000 | 25,000,000,000 | 25,000,000,000 | |||||||||
Common Stock, par or stated value per share | $ / shares | $ 0.000002 | |||||||||||
Stockholders' Equity Note, Stock Split | 1:50 | |||||||||||
Common Shares Held | 29,633,200 | |||||||||||
EatBetter Holding Limited [Member] | ||||||||||||
Stock Issued During Period, Shares, Issued for Services | 2,601,000 | |||||||||||
Stock Issued During Period, Value, Issued for Services | ¥ | ¥ 0 | |||||||||||
Common Shares Held | 29,633,200 | 0 | 0 | 0 | ||||||||
Offshore ESOP Platform [Member] | EatBetter Holding Limited [Member] | ||||||||||||
Number of ordinary shares issued | 17,398,450 | 22,782,950 | ||||||||||
Common Class A [Member] | ||||||||||||
Common Stock, shares, issued | 6,108,000 | 264,528 | ||||||||||
Conversion of stock, shares issued | 10,364,900 | |||||||||||
Common Stock, Voting Rights | one vote per share | |||||||||||
Common stock, conversion features | one | |||||||||||
Shares repurchased during period | 109,944 | |||||||||||
Common Class A [Member] | Conversion of Redeemable Preferred Stock [Member] | ||||||||||||
Common Stock, shares, issued | 250,826,100 | |||||||||||
Common Class B [Member] | ||||||||||||
Conversion of stock, shares issued | 54,543,800 | |||||||||||
Common Stock, Voting Rights | twenty votes per share | |||||||||||
American Depositary Shares [Member] | ||||||||||||
Common Stock, shares, issued | 4,072,000 | 176,352 | ||||||||||
Founder Shares [Member] | ||||||||||||
Stock Issued During Period, Shares, Issued for Services | 4,745,200 | |||||||||||
Stock Issued During Period, Value, Issued for Services | ¥ | ¥ 0 | |||||||||||
Other Designated Common Shares [Member] | ||||||||||||
Common Stock, par or stated value per share | $ / shares | $ 0.000002 | |||||||||||
Common stock,shares reserved | 2,500,000,000 | |||||||||||
Other Designated Common Shares [Member] | Common Class A [Member] | ||||||||||||
Common Stock, par or stated value per share | $ / shares | $ 0.000002 | |||||||||||
Common Stock, shares, issued | 20,000,000,000 | |||||||||||
Other Designated Common Shares [Member] | Common Class B [Member] | ||||||||||||
Common Stock, par or stated value per share | $ / shares | $ 0.000002 | |||||||||||
Common Stock, shares, issued | 2,500,000,000 | |||||||||||
Ordinary Shares [Member] | ||||||||||||
Common Stock, shares, issued | 64,908,700 | 64,908,700 | ||||||||||
Number of ordinary shares issued | [1] | 6,372,528 | ||||||||||
Series Angel+ preferred shares [Member] | Founder Shares [Member] | ||||||||||||
Conversion of stock, shares issued | 7,803,400 | |||||||||||
[1] | As of December 31, 2019, 2020 and 2021, nil, nil and 29,633,200 ordinary shares were held by EatBetter Holding Limited related to the Amended and Restated 2020 Share Incentive Plan (Note 14), respectively. These shares are considered legally issued but not outstanding. |
Share Based Compensation - Summ
Share Based Compensation - Summary of Option Activities (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Options, Granted | 30,808,793 | |||
Weighted Average Remaining Contractual Life | 4 years 2 months 15 days | |||
Offshore Share Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Options, Beginning balance | 224,295,105 | |||
Number of Options, Granted | 200,923,883 | |||
Number of Options, Offshore Forfeited | (40,751,365) | |||
Number of Options, Ending balance | 384,467,623 | 384,467,623 | 224,295,105 | |
Number of Options, Exercisable | 104,626,808 | 104,626,808 | ||
Weighted Average Exercise Price per option, Beginning balance | $ 0.2160 | |||
Weighted Average Exercise Price per option, Granted | 0.2767 | |||
Weighted Average Exercise Price per option, Forfeited | 0.2793 | |||
Weighted Average Exercise Price per option, Ending balance | $ 0.2099 | 0.2099 | $ 0.2160 | |
Weighted Average Exercise Price per option, Exercisable | 0.0746 | 0.0746 | ||
Weighted Average grant date fair value per option, Beginning balance | 0.0496 | |||
Weighted Average grant date fair value per option, Granted | 0.5092 | 0.05 | $ 0.01 | |
Weighted Average grant date fair value per option, Offshore Forfeited | 0.2594 | |||
Weighted Average grant date fair value per option, Ending balance | $ 0.2676 | 0.2676 | $ 0.0496 | |
Weighted Average grant date fair value per option, Exercisable | $ 0.0510 | |||
Weighted Average Remaining Contractual Life | 8 years 3 months 10 days | 9 years 6 months 18 days | ||
Weighted Average Remaining Contractual Life, Exercisable | 5 years 6 months 29 days | |||
Aggregate Intrinsic Value, Beginning balance | $ 20,468 | |||
Aggregate Intrinsic Value, Ending balance | $ 126,484 | $ 126,484 | $ 20,468 | |
Aggregate Intrinsic Value, Exercisable | $ 48,593 | $ 48,593 |
Share Based Compensation - Su_2
Share Based Compensation - Summary of Assumptions Used To Value The Share Options (Detail) - Binomial Tree Option Pricing Model [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Fair value of ordinary shares (US$) | $ 4.78 | $ 2.78 | |
Risk-free interest rate (%) Minimum | 0.93% | 0.66% | 0.88% |
Risk-free interest rate (%) Maximum | 1.71% | 0.88% | 2.00% |
Expected volatility (%) Minimum | 47.00% | 47.00% | |
Expected volatility (%) Maximum | 48.00% | 48.00% | 48.00% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Life of option | 10 years | 10 years | 10 years |
Exercise multiple | $ 2.5 | $ 2.5 | $ 2.5 |
Post-vesting forfeiture rate | 0.00% | 0.00% | 0.00% |
Maximum [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Fair value of ordinary shares (US$) | $ 15.78 | ||
Minimum [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Fair value of ordinary shares (US$) | $ 4.78 |
Share Based Compensation - Su_3
Share Based Compensation - Summary of Recognized Share based Compensation Expenses (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share based compensation Expenses | ¥ 315,362 | $ 49,487 | ¥ 153,110 | ¥ 1,990 |
Fulfillment Expenses [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share based compensation Expenses | 32,673 | 5,127 | 1,974 | 258 |
Selling and Marketing Expense [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share based compensation Expenses | 6,927 | 1,087 | 532 | 174 |
Product Development Expense [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share based compensation Expenses | 42,666 | 6,695 | 4,370 | 1,043 |
General and Administrative Expense [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share based compensation Expenses | ¥ 233,096 | $ 36,578 | ¥ 146,234 | ¥ 515 |
Share Based Compensation - Addi
Share Based Compensation - Additional Information (Detail) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | Sep. 05, 2020shares | Dec. 31, 2021CNY (¥)shares | Sep. 30, 2021shares | May 31, 2021CNY (¥)shares | May 31, 2021USD ($)shares | Apr. 30, 2021shares | Mar. 31, 2021shares | Jan. 31, 2021shares | Apr. 30, 2020CNY (¥)shares | Apr. 30, 2020USD ($)shares | Dec. 31, 2021CNY (¥)shares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020$ / shares | Dec. 31, 2020CNY (¥) | Dec. 31, 2019$ / shares | Dec. 31, 2019CNY (¥) | Dec. 31, 2021USD ($)$ / sharesshares | Oct. 31, 2020¥ / sharesshares |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||||||||||||||
Share based compensation arrangement weighted average contractual life of shares | 4 years 2 months 15 days | 4 years 2 months 15 days | ||||||||||||||||
Share based compensation arrangement number of share options granted | 30,808,793 | |||||||||||||||||
Allocated share-based compensation expense | ¥ 315,362 | $ 49,487 | ¥ 153,110 | ¥ 1,990 | ||||||||||||||
Senior Management Awards Two Thousand Twenty [Member] | ||||||||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||||||||||||||
Share based compensation arrangement number shares issued | 4,745,200 | 4,745,200 | ||||||||||||||||
Share-based compensation arrangement increase in authorized shares percentage | 5.00% | 5.00% | ||||||||||||||||
Allocated share-based compensation expense | ¥ 197,200 | $ 30,600 | ¥ 143,000 | |||||||||||||||
Senior Management Awards Two Thousand Twenty [Member] | Paid In Capital [Member] | ||||||||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||||||||||||||
Allocated share-based compensation expense | ¥ | ¥ 110,600 | |||||||||||||||||
Senior Management Awards Two Thousand Twenty [Member] | Mezzanine Equity [Member] | ||||||||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||||||||||||||
Allocated share-based compensation expense | $ | $ 32,400 | |||||||||||||||||
Senior Management Awards Two Thousand Twenty One [Member] | ||||||||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||||||||||||||
Shares Received | 2,601,000 | 2,601,000 | ||||||||||||||||
Series Angel Plus Preferred Shares [Member] | Senior Management Awards Two Thousand Twenty [Member] | ||||||||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||||||||||||||
Share based compensation arrangement number shares issued | 465,550 | 465,550 | ||||||||||||||||
Series B Four Minus Preferred Shares [Member] | Senior Management Awards Two Thousand Twenty [Member] | ||||||||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||||||||||||||
Share based compensation arrangement number shares issued | 605,600 | 605,600 | ||||||||||||||||
Offshore Share Incentive Plan [Member] | ||||||||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||||||||||||||
Share based compensation arrangement weighted average contractual life of shares | 8 years 3 months 10 days | 8 years 3 months 10 days | 9 years 6 months 18 days | |||||||||||||||
Share based compensation arrangement number of share options granted | 200,923,883 | 200,923,883 | ||||||||||||||||
Share-based compensation arrangement share options vested fair value | ¥ 31,400 | $ 4,900 | ¥ 2,500 | ¥ 2,400 | ||||||||||||||
Share-based compensation arrangement unrecognized sharebased compensation expense | ¥ 588,800 | ¥ 588,800 | $ 92,400 | |||||||||||||||
Weighted Average grant date fair value per option, Granted | $ / shares | $ 0.5092 | $ 0.05 | $ 0.01 | |||||||||||||||
Replaced Plan [Member] | ||||||||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||||||||||||||
Share based compensation arrangement number of shares available for grant | 9,681,668 | |||||||||||||||||
Share based compensation arrangement share options conversion factor per share | ¥ / shares | ¥ 14.8 | |||||||||||||||||
Share based compensation arrangement awards subscription rate | ¥ / shares | ¥ 0.05 | |||||||||||||||||
Offshore Share Incentive Plan Two Thousand Nineteen Plan Two [Member] | ||||||||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||||||||||||||
Share based compensation arrangement number share options authorized | 71,001,793 | |||||||||||||||||
Share based compensation arrangement number shares issued | 71,001,793 | |||||||||||||||||
Offshore Share Incentive Plan Two Thousand Twenty Plan Two [Member] | ||||||||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||||||||||||||
Share based compensation arrangement number share options authorized | 11,786,197 | |||||||||||||||||
Share based compensation arrangement number of share options granted | 11,786,197 | |||||||||||||||||
Offshore Share Incentive Plan Two Thousand Twenty Plan Three [Member] | ||||||||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||||||||||||||
Share based compensation arrangement number share options authorized | 23,096,715 | |||||||||||||||||
Share based compensation arrangement number shares issued | 23,096,715 | |||||||||||||||||
Two Thousand And Twenty Share Incentive Plan Four [Member] | Director [Member] | ||||||||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||||||||||||||
Share based compensation arrangement number of share options granted | 7,082,103 | |||||||||||||||||
Two Thousand And Twenty One Share Incentive Plan One [Member] | Director [Member] | ||||||||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||||||||||||||
Share based compensation arrangement number of share options granted | 854,608 | |||||||||||||||||
Two Thousand And Twenty One Share Incentive Plan Five [Member] | Director [Member] | ||||||||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||||||||||||||
Share based compensation arrangement number of share options granted | 14,862,751 | |||||||||||||||||
Share Incentive Plan [Member] | Director [Member] | ||||||||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||||||||||||||
Share based compensation arrangement number of share options granted | 147,315,628 | |||||||||||||||||
A&R 2020 Share Incentive Plan [Member] | ||||||||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||||||||||||||
Share based compensation arrangement awards, vesting period | 4 years | |||||||||||||||||
Share based compensation arrangement weighted average contractual life of shares | 10 years | |||||||||||||||||
Share based compensation arrangement number share options authorized | 461,535,280 | 461,535,280 | 461,535,280 | |||||||||||||||
Share based compensation arrangement number of share options granted | 40,181,400 | 461,535,280 | 461,535,280 | |||||||||||||||
Share based compensation arrangement awards subscription rate | $ / shares | $ 0.05 | |||||||||||||||||
A&R 2020 Share Incentive Plan [Member] | Share-based Payment Arrangement, Tranche One [Member] | ||||||||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||||||||||||||
Share based compensation arrangement awards, vesting rights percentage | 50.00% | |||||||||||||||||
A&R 2020 Share Incentive Plan [Member] | Share-based Payment Arrangement, Tranche Two [Member] | ||||||||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||||||||||||||
Share based compensation arrangement awards, vesting rights percentage | 25.00% | |||||||||||||||||
A&R 2020 Share Incentive Plan [Member] | Share-based Payment Arrangement, Tranche Three [Member] | ||||||||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||||||||||||||
Share based compensation arrangement awards, vesting rights percentage | 25.00% | |||||||||||||||||
A&R 2020 Share Incentive Plan [Member] | Share Based Compensation Award Tranche Four [Member] | ||||||||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||||||||||||||
Share based compensation arrangement awards, vesting period | 5 years | |||||||||||||||||
Share based compensation arrangement awards, vesting rights percentage | 25.00% | |||||||||||||||||
Share-based Payment Arrangement, Employee [Member] | Onshore Share Incentive Plan [Member] | ||||||||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||||||||||||||
Share-based compensation arrangement number share options purchased | 295,503 | 295,503 | ||||||||||||||||
Share based compensation arrangement awards, vesting period | 4 years | 4 years | ||||||||||||||||
Share based compensation arrangement weighted average contractual life of shares | 10 years | 10 years | ||||||||||||||||
Share based compensation arrangement number share options authorized | 10,471,912 | 10,471,912 | 10,471,912 | |||||||||||||||
Share based compensation arrangement number of share options granted | 10,471,912 | 10,471,912 | ||||||||||||||||
Share-based Payment Arrangement, Employee [Member] | Onshore Share Incentive Plan [Member] | Share-based Payment Arrangement, Tranche One [Member] | ||||||||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||||||||||||||
Share based compensation arrangement awards, vesting rights percentage | 50.00% | 50.00% | ||||||||||||||||
Share-based Payment Arrangement, Employee [Member] | Onshore Share Incentive Plan [Member] | Share-based Payment Arrangement, Tranche Two [Member] | ||||||||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||||||||||||||
Share based compensation arrangement awards, vesting rights percentage | 25.00% | 25.00% | ||||||||||||||||
Share-based Payment Arrangement, Employee [Member] | Onshore Share Incentive Plan [Member] | Share-based Payment Arrangement, Tranche Three [Member] | ||||||||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||||||||||||||
Share based compensation arrangement awards, vesting rights percentage | 25.00% | 25.00% |
Income Taxes - Schedule Of Comp
Income Taxes - Schedule Of Components Of Income Tax Expense Benefit (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Income Tax Disclosure [Abstract] | ||||
Current tax | ¥ 9,373 | $ 1,471 | ¥ 0 | ¥ 0 |
Deferred tax | 0 | 0 | 0 | 0 |
Income tax expenses | ¥ 9,373 | $ 1,471 | ¥ 0 | ¥ 0 |
Income Taxes - Schedule of Loss
Income Taxes - Schedule of Loss Before Income Taxes By Jurisdiction (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract] | ||||
Non-PRC | ¥ 20,929 | $ 3,284 | ¥ (178,916) | ¥ (114,137) |
PRC | (6,440,615) | (1,010,673) | (2,997,998) | (1,759,246) |
Total | ¥ (6,419,686) | $ (1,007,389) | ¥ (3,176,914) | ¥ (1,873,383) |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliations of The Income Tax Expenses (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Income Tax Disclosure [Abstract] | ||||
Loss before income tax expense | ¥ (6,419,686) | $ (1,007,389) | ¥ (3,176,914) | ¥ (1,873,383) |
PRC statutory tax rate | 25.00% | 25.00% | 25.00% | 25.00% |
Income tax benefit computed at the statutory income tax rate | ¥ (1,604,922) | $ (251,847) | ¥ (794,228) | ¥ (468,346) |
Non-deductible expenses | (8,320) | (1,306) | 6,368 | 17,455 |
Transfer pricing adjustment | 102,468 | 16,079 | ||
Non-taxable income | (1,561) | (245) | (126) | |
Research and development super-deduction | 64,806 | 10,170 | (55,306) | (5,831) |
Statutory income/(expense) | (5,244) | (823) | 7,298 | 80,846 |
Effect of preferential tax | 5,022 | 788 | 22,992 | 137,154 |
Changes in valuation allowances | 1,465,818 | 230,019 | 784,611 | 353,871 |
Impact of changes in tax rate on deferred tax | (5,023) | (788) | (16,464) | (143,683) |
Effect of income tax rate difference in other jurisdictions | (3,671) | (576) | 44,855 | 28,534 |
Income tax expenses | ¥ 9,373 | $ 1,471 | ¥ 0 | ¥ 0 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets And Liabilities (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | |
Deferred tax assets: | ||||
Operating lease liabilities | ¥ 553,397 | $ 86,840 | ¥ 366,618 | |
Accrued expenses and other current liabilities | 4,134 | 649 | 6,139 | |
Government subsidies | 15,000 | 2,354 | 0 | |
Tax losses carried forward | 2,700,304 | 423,736 | 1,235,164 | |
Less: valuation allowances | [1] | (2,719,438) | (426,739) | (1,253,620) |
Total deferred tax assets, net | 553,397 | 86,840 | 354,301 | |
Deferred tax liabilities: | ||||
Operating lease right-of-use assets | (553,397) | (86,840) | (354,301) | |
Total deferred tax liabilities, net | (553,397) | (86,840) | (354,301) | |
Deferred tax assets/liabilities, net | ¥ 0 | $ 0 | ¥ 0 | |
[1] | The Company operates through its PRC subsidiaries and evaluates the potential realization of deferred tax assets on an entity basis. The Group recorded valuation allowances against deferred tax assets of those PRC subsidiaries that are in a three-year cumulative financial loss or had incurred losses since inception as of December 31, 2020 and 2021. In making such determination, the Group also evaluates a variety of factors including the Group’s operating history, accumulated deficit, existence of taxable temporary differences and reversal periods. |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Tax Benefits (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | |
Income Tax Uncertainties [Abstract] | |||
Balance at beginning of the year | ¥ 593 | $ 93 | ¥ 593 |
Additions | 117,468 | 18,433 | 0 |
Decreases | 0 | 0 | 0 |
Settlement | (593) | (93) | 0 |
Balance at end of the year | ¥ 117,500 | $ 18,400 | ¥ 593 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) $ in Thousands | Apr. 01, 2018 | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2022 | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Income Tax Disclosure [Line Items] | |||||||||
Statutory income tax rate | 25.00% | 25.00% | 25.00% | 25.00% | |||||
Withholding Tax Rate On Dividend Distributed By Foreign Invested Enterprise To Its Immediate Holding Company | 10.00% | 10.00% | |||||||
Net tax operating losses from PRC subsidiaries | ¥ 2,700,300,000 | ¥ 2,700,300,000 | |||||||
Unrecognized tax benefits | 117,500,000 | ¥ 593,000 | ¥ 593,000 | 117,500,000 | $ 18,400 | $ 93 | |||
Unrecognized tax benefits on net basis against the deferred tax assets related to tax loss carry forwards | 108,100,000 | 600,000 | 108,100,000 | 17,000 | |||||
Unrecognized tax benefits income tax penalties and interest expense | ¥ 0 | 0 | |||||||
Description of income tax examination | tax years ended December 31, 2018 through period ended December 31, 2021 remain open to examination by the PRC tax authorities. | tax years ended December 31, 2018 through period ended December 31, 2021 remain open to examination by the PRC tax authorities. | |||||||
Net Income (Loss) Attributable to Parent | ¥ (6,429,059,000) | $ (1,008,860) | (3,176,914,000) | ¥ (1,873,383,000) | |||||
WFOE [Member] | |||||||||
Income Tax Disclosure [Line Items] | |||||||||
Unrecognized tax benefits | 9,400,000 | ¥ 9,400,000 | 1,500 | ||||||
Hong Kong [Member] | TwoTieredProfits Tax Regime [Member] | |||||||||
Income Tax Disclosure [Line Items] | |||||||||
Net Income (Loss) Attributable to Parent | ¥ 2,000,000 | ||||||||
Hong Kong [Member] | Tax Rate Sixteen Point Five Percent [Member] | TwoTieredProfits Tax Regime [Member] | |||||||||
Income Tax Disclosure [Line Items] | |||||||||
Income tax rate | 16.50% | ||||||||
Hong Kong [Member] | Profits On First HK Two Million [Member] | TwoTieredProfits Tax Regime [Member] | |||||||||
Income Tax Disclosure [Line Items] | |||||||||
Income tax rate | 8.25% | 8.25% | |||||||
China [Member] | |||||||||
Income Tax Disclosure [Line Items] | |||||||||
Statutory income tax rate | 25.00% | 25.00% | |||||||
Net tax operating losses from PRC subsidiaries | $ | $ 423,700 | ||||||||
China [Member] | Maximum [Member] | |||||||||
Income Tax Disclosure [Line Items] | |||||||||
Tax losses carry forwards period | 10 years | 10 years | |||||||
Operating Loss Carry Forwards Expiration Year | 2029 | 2029 | |||||||
China [Member] | Minimum [Member] | |||||||||
Income Tax Disclosure [Line Items] | |||||||||
Tax losses carry forwards period | 5 years | 5 years | |||||||
Operating Loss Carry Forwards Expiration Year | 2024 | 2024 | |||||||
China [Member] | Qualifying Small Scale Enterprises [Member] | |||||||||
Income Tax Disclosure [Line Items] | |||||||||
Preferential tax rate | 20.00% | 20.00% | |||||||
Threshold Percentage Of Reduction Of Taxable Income Eligible For Qualifying Enterprises With Minimal Profits | 75.00% | ||||||||
China [Member] | Qualifying Small Scale Enterprises [Member] | More Than 1 Million But Less Than 3 Million [Member] | |||||||||
Income Tax Disclosure [Line Items] | |||||||||
Threshold Percentage Of Reduction Of Taxable Income Eligible For Qualifying Enterprises With Minimal Profits | 12.50% | 50.00% | |||||||
Percentage Of Reduced CIT Rate Eligible For Qualifying Enterprises With Minimal profits | 20.00% |
Related Party Transactions an_3
Related Party Transactions and Balances - Schedule of Related Parties That Had Transactions or Balances With The Group (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Mr.Liang Changlin [Member] | |
Related Party Transactions Or Balances With The Group [Line Items] | |
Related party transactions by related party relationship with the group | Founder and CEO of the Company |
Shanghai Tiejun Enterprise Consulting Center [Member] | |
Related Party Transactions Or Balances With The Group [Line Items] | |
Related party transactions by related party relationship with the group | Controlled by Mr. Liang Changlin |
EatTogether Holding Limited [Member] | |
Related Party Transactions Or Balances With The Group [Line Items] | |
Related party transactions by related party relationship with the group | Controlled by Mr. Liang Changlin |
Related Party Transactions an_4
Related Party Transactions and Balances - Additional Information (Detail) ¥ in Millions, $ in Millions | Mar. 30, 2020CNY (¥) | Apr. 11, 2019CNY (¥) | Apr. 11, 2019USD ($) | Apr. 30, 2020shares | Dec. 31, 2021 | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) |
Prepayment For The Future Exercise Price Of EatTogether Warrant [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Amounts due to related parties | ¥ 190.5 | ||||||
Supplementary Agreement [Member] | Eat Together Warrant [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Payment for exercise of warrant | ¥ 28.7 | ||||||
Mr. Liang Changlin [Member] | Onshore Loans [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Aggregate principal amount | ¥ 190.5 | ||||||
Maturity date | Dec. 31, 2024 | ||||||
Founder [Member] | Series B Four One Redeemable Convertible Preferred Shares [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Temporary equity, Shares issued | shares | 6,664,000 | ||||||
Founder [Member] | Eat Together Warrant [Member] | Series B Four One Redeemable Convertible Preferred Shares [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Temporary equity, Shares issued | shares | 6,664,000 | ||||||
Founder [Member] | Supplementary Agreement [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Repayment of related party debt | ¥ 190.5 | ||||||
Eat Together Holding Limited [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Value of warrants issued to settle onshore loans | ¥ 190.5 | $ 28.7 |
Related Party Transactions an_5
Related Party Transactions and Balances - Summary of Related Party Balances Due from and Due to the Founder (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Current: | |||
Amounts due from related parties | ¥ 0 | $ 0 | ¥ 10,100 |
Mr Liang Changlin [Member] | |||
Current: | |||
Amounts due from related parties | 0 | 0 | 9,000 |
Shanghai Tiejun Enterprise Consulting Center [Member] | |||
Current: | |||
Amounts due from related parties | ¥ 0 | $ 0 | ¥ 1,100 |
Redeemable Convertible Prefer_3
Redeemable Convertible Preferred Shares - Additional Information (Detail) $ / shares in Units, ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||||||||
May 31, 2021USD ($)shares | Mar. 31, 2021CNY (¥)shares | Mar. 31, 2021USD ($)$ / sharesshares | Apr. 30, 2020USD ($)$ / sharesshares | Jun. 30, 2019USD ($)$ / sharesshares | May 31, 2019USD ($)$ / sharesshares | Mar. 31, 2019USD ($)$ / sharesshares | Jan. 31, 2019USD ($)$ / sharesshares | Nov. 30, 2018USD ($)$ / sharesshares | Oct. 31, 2018USD ($)$ / sharesshares | Sep. 30, 2018USD ($)$ / sharesshares | May 31, 2018USD ($)$ / sharesshares | Apr. 30, 2014CNY (¥)shares | Dec. 31, 2021CNY (¥)shares | Dec. 31, 2021USD ($)shares | Dec. 31, 2020CNY (¥)shares | Dec. 31, 2019CNY (¥) | Jun. 30, 2021shares | |
Temporary Equity [Line Items] | ||||||||||||||||||
Proceeds from Issuance of redeemable convertible preferred shares | ¥ 6,646,458 | $ 1,042,974 | ¥ 2,171,263 | ¥ 961,095 | ||||||||||||||
Dividends declared | ¥ | 0 | 0 | 0 | |||||||||||||||
Tempory equity accretion to redemption value adjustment | ¥ 288,400 | $ 45,300 | 320,301 | 74,558 | ||||||||||||||
Maximum [Member] | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Modification of preferred shares percentage immediately after change in terms compared to the fair value of the preferred shares immediately before the amendment at each modification date | 10.00% | 10.00% | ||||||||||||||||
Maximum [Member] | Exceeding Ten Percent Result To Extinguishment Accounting [Member] | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Threshold percentage of change in fair value used to determine the applicability of accounting | 10.00% | 10.00% | ||||||||||||||||
Minimum [Member] | Not Exceeding Ten Percent Result To Modification Accounting [Member] | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Threshold percentage of change in fair value used to determine the applicability of accounting | 10.00% | 10.00% | ||||||||||||||||
Series Angel Preferred Shares [Member] | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Number of preferred shares issued | 5,910,100 | |||||||||||||||||
Proceeds from Issuance of redeemable convertible preferred shares | ¥ | ¥ 10,000 | |||||||||||||||||
Series Pre-A Preferred Shares [Member] | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Number of preferred shares issued | 8,985,050 | |||||||||||||||||
Proceeds from Issuance of redeemable convertible preferred shares | $ | $ 6,500 | |||||||||||||||||
Temporary equity, shares issued price per share | $ / shares | $ 0.72 | |||||||||||||||||
Preferred shares liquidation preference percentage of original issue price | 100.00% | 100.00% | ||||||||||||||||
Preferred shares liquidation preference percentage of annual compound interest from the actual payment date of its purchase price | 8.00% | 8.00% | ||||||||||||||||
Series A Preferred Shares [Member] | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Number of preferred shares issued | 22,096,550 | |||||||||||||||||
Proceeds from Issuance of redeemable convertible preferred shares | $ | $ 17,400 | |||||||||||||||||
Temporary equity, shares issued price per share | $ / shares | $ 0.79 | |||||||||||||||||
Preferred shares liquidation preference percentage of original issue price | 100.00% | 100.00% | ||||||||||||||||
Preferred shares liquidation preference percentage of annual compound interest from the actual payment date of its purchase price | 8.00% | 8.00% | ||||||||||||||||
Series A+ Preferred Shares [Member] | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Number of preferred shares issued | 1,060,200 | |||||||||||||||||
Proceeds from Issuance of redeemable convertible preferred shares | $ | $ 1,800 | |||||||||||||||||
Temporary equity, shares issued price per share | $ / shares | $ 1.65 | |||||||||||||||||
Preferred shares liquidation preference percentage of original issue price | 100.00% | 100.00% | ||||||||||||||||
Preferred shares liquidation preference percentage of annual compound interest from the actual payment date of its purchase price | 8.00% | 8.00% | ||||||||||||||||
Series B Preferred Shares [Member] | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Number of preferred shares issued | 2,332,400 | 17,140,700 | ||||||||||||||||
Proceeds from Issuance of redeemable convertible preferred shares | $ 5,500 | $ 40,400 | 961,100 | |||||||||||||||
Temporary equity, shares issued price per share | $ / shares | $ 2.36 | $ 2.36 | ||||||||||||||||
Preferred shares liquidation preference percentage of original issue price | 100.00% | 100.00% | ||||||||||||||||
Preferred shares liquidation preference percentage of annual compound interest from the actual payment date of its purchase price | 8.00% | 8.00% | ||||||||||||||||
Stock issuance costs | ¥ | ¥ 5,000 | |||||||||||||||||
Series B2 Preferred Shares [Member] | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Number of preferred shares issued | 11,072,800 | |||||||||||||||||
Proceeds from Issuance of redeemable convertible preferred shares | $ 30,000 | 961,100 | ||||||||||||||||
Temporary equity, shares issued price per share | $ / shares | $ 2.71 | |||||||||||||||||
Preferred shares liquidation preference percentage of original issue price | 100.00% | 100.00% | ||||||||||||||||
Preferred shares liquidation preference percentage of annual compound interest from the actual payment date of its purchase price | 8.00% | 8.00% | ||||||||||||||||
Stock issuance costs | ¥ | ¥ 3,300 | |||||||||||||||||
Series B3 Preferred Shares [Member] | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Number of preferred shares issued | 28,013,200 | |||||||||||||||||
Proceeds from Issuance of redeemable convertible preferred shares | $ 110,000 | 961,100 | ||||||||||||||||
Temporary equity, shares issued price per share | $ / shares | $ 3.93 | |||||||||||||||||
Preferred shares liquidation preference percentage of original issue price | 100.00% | 100.00% | ||||||||||||||||
Preferred shares liquidation preference percentage of annual compound interest from the actual payment date of its purchase price | 8.00% | 8.00% | ||||||||||||||||
Stock issuance costs | ¥ | ¥ 9,000 | |||||||||||||||||
Series B4 Preferred Shares [Member] | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Number of preferred shares issued | 6,989,700 | |||||||||||||||||
Proceeds from Issuance of redeemable convertible preferred shares | $ 30,000 | ¥ 961,100 | ||||||||||||||||
Temporary equity, shares issued price per share | $ / shares | $ 4.29 | |||||||||||||||||
Preferred shares liquidation preference percentage of original issue price | 100.00% | 100.00% | ||||||||||||||||
Preferred shares liquidation preference percentage of annual compound interest from the actual payment date of its purchase price | 8.00% | 8.00% | ||||||||||||||||
Stock issuance costs | ¥ | ¥ 9,900 | |||||||||||||||||
Series B4 Preferred Shares [Member] | Series B4 Warrant [Member] | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Number of preferred shares issued | 6,989,750 | 6,989,750 | ||||||||||||||||
Proceeds from Issuance of redeemable convertible preferred shares | ¥ | ¥ 30,000 | |||||||||||||||||
Series B4 Preferred Shares [Member] | Eat Together Holding Limited [Member] | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Share based compensation arrangement number shares issued | 605,600 | |||||||||||||||||
Series B4-1 Preferred Shares [Member] | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Preferred shares liquidation preference percentage of original issue price | 100.00% | 100.00% | ||||||||||||||||
Preferred shares liquidation preference percentage of annual compound interest from the actual payment date of its purchase price | 8.00% | 8.00% | ||||||||||||||||
Series B4-1 Preferred Shares [Member] | Founder [Member] | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Number of preferred shares issued | 6,664,000 | |||||||||||||||||
Series B4-1 Preferred Shares [Member] | Founder [Member] | Eat Together Warrant [Member] | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Number of preferred shares issued | 6,664,000 | |||||||||||||||||
Proceeds from Issuance of redeemable convertible preferred shares | $ | $ 28,700 | |||||||||||||||||
Series C1 Preferred Shares [Member] | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Number of preferred shares issued | 2,895,100 | 2,895,100 | 39,952,300 | |||||||||||||||
Proceeds from Issuance of redeemable convertible preferred shares | ¥ 22,500 | $ 310,500 | ¥ 2,171,300 | |||||||||||||||
Temporary equity, shares issued price per share | $ / shares | $ 7.77 | $ 7.77 | ||||||||||||||||
Preferred shares liquidation preference percentage of original issue price | 100.00% | 100.00% | ||||||||||||||||
Preferred shares liquidation preference percentage of annual compound interest from the actual payment date of its purchase price | 8.00% | 8.00% | ||||||||||||||||
Stock issuance costs | ¥ 19,600 | $ 3,000 | ||||||||||||||||
Series C1 Preferred Shares [Member] | Two Thousand Nineteen Convertible Note [Member] | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Debt conversion, converted instrument, shares issued | 11,377,300 | |||||||||||||||||
Series Angel+ Preferred Shares [Member] | Founder [Member] | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Conversion of stock, shares issued | 7,803,400 | |||||||||||||||||
Series Angel+ Preferred Shares [Member] | Eat Together Holding Limited [Member] | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Share based compensation arrangement number shares issued | 465,550 | |||||||||||||||||
Series Angel Preferred Shares and Series Angel+ Preferred Shares [Member] | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Percentage of annual compound interest from the actual payment date of original issue price used to determine the redemption price of preferred share | 8.00% | 8.00% | ||||||||||||||||
Percentage of annual simple interest from the actual payment date of original issue price used to determine the redemption price of preferred share | 8.00% | 8.00% | ||||||||||||||||
Series Angel+ Preferred Shares and Series Angel Preferred Shares [Member] | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Preferred stock liquidation preference percentage of original price as adjusted for share subdivision on each preferred share | 100.00% | 100.00% | ||||||||||||||||
Series D Redeemable Convertible Preferred Shares [Member] | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Number of preferred shares issued | 49,207,650 | 49,207,650 | ||||||||||||||||
Proceeds from Issuance of redeemable convertible preferred shares | $ 700,000 | ¥ 6,646,500 | $ 1,043,000 | |||||||||||||||
Preferred shares liquidation preference percentage of original issue price | 100.00% | 100.00% | ||||||||||||||||
Preferred shares liquidation preference percentage of annual compound interest from the actual payment date of its purchase price | 8.00% | 8.00% | ||||||||||||||||
Stock issuance costs | ¥ 39,700 | $ 6,100 | ||||||||||||||||
Series D+ redeemable convertible preferred shares [Member] | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Number of preferred shares issued | 21,264,750 | |||||||||||||||||
Proceeds from Issuance of redeemable convertible preferred shares | $ 330,000 | ¥ 6,646,500 | $ 1,043,000 | |||||||||||||||
Preferred shares liquidation preference percentage of original issue price | 100.00% | 100.00% | ||||||||||||||||
Preferred shares liquidation preference percentage of annual compound interest from the actual payment date of its purchase price | 8.00% | 8.00% | ||||||||||||||||
Stock issuance costs | ¥ 21,300 | $ 3,300 | ||||||||||||||||
Common Class A [Member] | ||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||
Tempory equity accretion to redemption value adjustment | ¥ 207,598 | $ 32,577 | ||||||||||||||||
Common Stock, shares, issued | 299,797,728 | 299,797,728 | 0 | 250,826,100 |
Redeemable Convertible Prefer_4
Redeemable Convertible Preferred Shares - Summary of Redeemable Convertible Preferred Shares (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥)shares | Dec. 31, 2021USD ($)shares | Dec. 31, 2020CNY (¥)shares | Dec. 31, 2019CNY (¥)shares | |
Temporary Equity [Line Items] | ||||
Deemed Dividend, Value | ¥ 0 | $ 0 | ¥ 0 | ¥ 46,168 |
Series Angel Preferred Shares [Member] | ||||
Temporary Equity [Line Items] | ||||
Beginning balance, Shares | 5,910,100 | 5,910,100 | 5,910,100 | 5,910,100 |
Beginning balance | ¥ | ¥ 12,400 | ¥ 11,664 | ¥ 10,800 | |
Re-designation from ordinary shares to Series Angel+ preferred shares, Shares | 0 | |||
Re-designation from ordinary shares to Series Angel+ preferred shares | ¥ | ¥ 0 | |||
Issuance of Preferred Shares, Shares | 0 | 0 | ||
Issuance of Preferred Shares, Value | ¥ | ¥ 0 | ¥ 0 | ||
Accretion of Preferred Shares, Shares | 0 | 0 | 0 | 0 |
Accretion of Preferred Shares, Value | ¥ | ¥ 396 | ¥ 736 | ¥ 864 | |
Deemed Dividend, Shares | 0 | |||
Deemed Dividend, Value | ¥ | ¥ 0 | |||
Automatic conversion of preferred shares to ordinary shares upon IPO, Shares | (5,910,100) | (5,910,100) | ||
Automatic conversion of preferred shares to ordinary shares upon IPO | ¥ | ¥ (12,796) | |||
Ending balance | ¥ 0 | $ 0 | ¥ 12,400 | ¥ 11,664 |
Ending balance, Shares | 0 | 0 | 5,910,100 | 5,910,100 |
Series Angel+ Preferred Shares [Member] | ||||
Temporary Equity [Line Items] | ||||
Beginning balance, Shares | 8,268,950 | 8,268,950 | 7,803,400 | 0 |
Beginning balance | ¥ | ¥ 40,686 | ¥ 27,512 | ¥ 0 | |
Re-designation from ordinary shares to Series Angel+ preferred shares, Shares | 7,803,400 | |||
Re-designation from ordinary shares to Series Angel+ preferred shares | ¥ | ¥ 18,577 | |||
Issuance of Preferred Shares, Shares | 465,550 | 0 | ||
Issuance of Preferred Shares, Value | ¥ | ¥ 10,967 | ¥ 0 | ||
Accretion of Preferred Shares, Shares | 0 | 0 | 0 | 0 |
Accretion of Preferred Shares, Value | ¥ | ¥ 1,151 | ¥ 2,207 | ¥ (37,233) | |
Deemed Dividend, Shares | 0 | |||
Deemed Dividend, Value | ¥ | ¥ 46,168 | |||
Automatic conversion of preferred shares to ordinary shares upon IPO, Shares | (8,268,950) | (8,268,950) | ||
Automatic conversion of preferred shares to ordinary shares upon IPO | ¥ | ¥ (41,837) | |||
Ending balance | ¥ 0 | $ 0 | ¥ 40,686 | ¥ 27,512 |
Ending balance, Shares | 0 | 0 | 8,268,950 | 7,803,400 |
Series Pre-A Preferred Shares [Member] | ||||
Temporary Equity [Line Items] | ||||
Beginning balance, Shares | 8,985,050 | 8,985,050 | 8,985,050 | 8,985,050 |
Beginning balance | ¥ | ¥ 54,796 | ¥ 50,764 | ¥ 47,004 | |
Re-designation from ordinary shares to Series Angel+ preferred shares, Shares | 0 | |||
Re-designation from ordinary shares to Series Angel+ preferred shares | ¥ | ¥ 0 | |||
Issuance of Preferred Shares, Shares | 0 | 0 | ||
Issuance of Preferred Shares, Value | ¥ | ¥ 0 | ¥ 0 | ||
Accretion of Preferred Shares, Shares | 0 | 0 | 0 | 0 |
Accretion of Preferred Shares, Value | ¥ | ¥ 2,126 | ¥ 4,032 | ¥ 3,760 | |
Deemed Dividend, Shares | 0 | |||
Deemed Dividend, Value | ¥ | ¥ 0 | |||
Automatic conversion of preferred shares to ordinary shares upon IPO, Shares | (8,985,050) | (8,985,050) | ||
Automatic conversion of preferred shares to ordinary shares upon IPO | ¥ | ¥ (56,922) | |||
Ending balance | ¥ 0 | $ 0 | ¥ 54,796 | ¥ 50,764 |
Ending balance, Shares | 0 | 0 | 8,985,050 | 8,985,050 |
Series A Preferred Shares [Member] | ||||
Temporary Equity [Line Items] | ||||
Beginning balance, Shares | 22,096,550 | 22,096,550 | 22,096,550 | 22,096,550 |
Beginning balance | ¥ | ¥ 142,337 | ¥ 131,855 | ¥ 122,088 | |
Re-designation from ordinary shares to Series Angel+ preferred shares, Shares | 0 | |||
Re-designation from ordinary shares to Series Angel+ preferred shares | ¥ | ¥ 0 | |||
Issuance of Preferred Shares, Shares | 0 | 0 | ||
Issuance of Preferred Shares, Value | ¥ | ¥ 0 | ¥ 0 | ||
Accretion of Preferred Shares, Shares | 0 | 0 | 0 | 0 |
Accretion of Preferred Shares, Value | ¥ | ¥ 5,521 | ¥ 10,482 | ¥ 9,767 | |
Deemed Dividend, Shares | 0 | |||
Deemed Dividend, Value | ¥ | ¥ 0 | |||
Automatic conversion of preferred shares to ordinary shares upon IPO, Shares | (22,096,550) | (22,096,550) | ||
Automatic conversion of preferred shares to ordinary shares upon IPO | ¥ | ¥ (147,858) | |||
Ending balance | ¥ 0 | $ 0 | ¥ 142,337 | ¥ 131,855 |
Ending balance, Shares | 0 | 0 | 22,096,550 | 22,096,550 |
Series A+ Preferred Shares [Member] | ||||
Temporary Equity [Line Items] | ||||
Beginning balance, Shares | 1,060,200 | 1,060,200 | 1,060,200 | 1,060,200 |
Beginning balance | ¥ | ¥ 14,308 | ¥ 13,254 | ¥ 12,272 | |
Re-designation from ordinary shares to Series Angel+ preferred shares, Shares | 0 | |||
Re-designation from ordinary shares to Series Angel+ preferred shares | ¥ | ¥ 0 | |||
Issuance of Preferred Shares, Shares | 0 | 0 | ||
Issuance of Preferred Shares, Value | ¥ | ¥ 0 | ¥ 0 | ||
Accretion of Preferred Shares, Shares | 0 | 0 | 0 | 0 |
Accretion of Preferred Shares, Value | ¥ | ¥ 555 | ¥ 1,054 | ¥ 982 | |
Automatic conversion of preferred shares to ordinary shares upon IPO, Shares | (1,060,200) | (1,060,200) | ||
Automatic conversion of preferred shares to ordinary shares upon IPO | ¥ | ¥ (14,863) | |||
Ending balance | ¥ 0 | $ 0 | ¥ 14,308 | ¥ 13,254 |
Ending balance, Shares | 0 | 0 | 1,060,200 | 1,060,200 |
Series B Preferred Shares [Member] | ||||
Temporary Equity [Line Items] | ||||
Beginning balance, Shares | 19,473,100 | 19,473,100 | 19,473,100 | 17,140,700 |
Beginning balance | ¥ | ¥ 364,419 | ¥ 340,234 | ¥ 277,706 | |
Re-designation from ordinary shares to Series Angel+ preferred shares, Shares | 0 | |||
Re-designation from ordinary shares to Series Angel+ preferred shares | ¥ | ¥ 0 | |||
Issuance of Preferred Shares, Shares | 0 | 2,332,400 | ||
Issuance of Preferred Shares, Value | ¥ | ¥ 0 | ¥ 37,159 | ||
Accretion of Preferred Shares, Shares | 0 | 0 | 0 | 0 |
Accretion of Preferred Shares, Value | ¥ | ¥ 17,949 | ¥ 24,185 | ¥ 25,369 | |
Automatic conversion of preferred shares to ordinary shares upon IPO, Shares | (19,473,100) | (19,473,100) | ||
Automatic conversion of preferred shares to ordinary shares upon IPO | ¥ | ¥ (382,368) | |||
Ending balance | ¥ 0 | $ 0 | ¥ 364,419 | ¥ 340,234 |
Ending balance, Shares | 0 | 0 | 19,473,100 | 19,473,100 |
Series B2 Preferred Shares [Member] | ||||
Temporary Equity [Line Items] | ||||
Beginning balance, Shares | 11,072,800 | 11,072,800 | 11,072,800 | 0 |
Beginning balance | ¥ | ¥ 236,139 | ¥ 220,030 | ¥ 0 | |
Issuance of Preferred Shares, Shares | 11,072,800 | |||
Issuance of Preferred Shares, Value | ¥ | ¥ 203,707 | |||
Accretion of Preferred Shares, Value | ¥ | ¥ 11,702 | 16,109 | 16,323 | |
Automatic conversion of preferred shares to ordinary shares upon IPO, Shares | (11,072,800) | (11,072,800) | ||
Automatic conversion of preferred shares to ordinary shares upon IPO | ¥ | ¥ (247,841) | |||
Ending balance | ¥ 0 | $ 0 | ¥ 236,139 | ¥ 220,030 |
Ending balance, Shares | 0 | 0 | 11,072,800 | 11,072,800 |
Series B3 Preferred Shares [Member] | ||||
Temporary Equity [Line Items] | ||||
Beginning balance, Shares | 28,013,200 | 28,013,200 | 28,013,200 | 0 |
Beginning balance | ¥ | ¥ 841,145 | ¥ 783,804 | ¥ 0 | |
Issuance of Preferred Shares, Shares | 28,013,200 | |||
Issuance of Preferred Shares, Value | ¥ | ¥ 737,920 | |||
Accretion of Preferred Shares, Value | ¥ | ¥ 39,479 | 57,341 | 45,884 | |
Automatic conversion of preferred shares to ordinary shares upon IPO, Shares | (28,013,200) | (28,013,200) | ||
Automatic conversion of preferred shares to ordinary shares upon IPO | ¥ | ¥ (880,624) | |||
Ending balance | ¥ 0 | $ 0 | ¥ 841,145 | ¥ 783,804 |
Ending balance, Shares | 0 | 0 | 28,013,200 | 28,013,200 |
Series B4-1 Preferred Shares [Member] | ||||
Temporary Equity [Line Items] | ||||
Beginning balance, Shares | 7,269,600 | 7,269,600 | 0 | 0 |
Beginning balance | ¥ | ¥ 284,085 | ¥ 0 | ¥ 0 | |
Issuance of Preferred Shares, Shares | 7,269,600 | |||
Issuance of Preferred Shares, Value | ¥ | ¥ 259,914 | |||
Accretion of Preferred Shares, Value | ¥ | ¥ 3,871 | 24,171 | ||
Automatic conversion of preferred shares to ordinary shares upon IPO, Shares | (7,269,600) | (7,269,600) | ||
Automatic conversion of preferred shares to ordinary shares upon IPO | ¥ | ¥ (287,956) | |||
Ending balance | ¥ 0 | $ 0 | ¥ 284,085 | ¥ 0 |
Ending balance, Shares | 0 | 0 | 7,269,600 | 0 |
Series B4 Preferred Shares [Member] | ||||
Temporary Equity [Line Items] | ||||
Beginning balance, Shares | 6,989,700 | 6,989,700 | 6,989,700 | 0 |
Beginning balance | ¥ | ¥ 220,491 | ¥ 204,794 | ¥ 0 | |
Issuance of Preferred Shares, Shares | 6,989,750 | 6,989,750 | 6,989,700 | |
Issuance of Preferred Shares, Value | ¥ | ¥ 359,832 | ¥ 195,952 | ||
Accretion of Preferred Shares, Value | ¥ | ¥ (99,577) | 15,697 | 8,842 | |
Automatic conversion of preferred shares to ordinary shares upon IPO, Shares | (13,979,450) | (13,979,450) | ||
Automatic conversion of preferred shares to ordinary shares upon IPO | ¥ | ¥ (480,746) | |||
Ending balance | ¥ 0 | $ 0 | ¥ 220,491 | ¥ 204,794 |
Ending balance, Shares | 0 | 0 | 6,989,700 | 6,989,700 |
Series C1 Preferred Shares [Member] | ||||
Temporary Equity [Line Items] | ||||
Beginning balance, Shares | 51,329,600 | 51,329,600 | 0 | 0 |
Beginning balance | ¥ | ¥ 2,964,104 | ¥ 0 | ¥ 0 | |
Issuance of Preferred Shares, Shares | 2,895,100 | 2,895,100 | 51,329,600 | |
Issuance of Preferred Shares, Value | ¥ | ¥ 158,507 | ¥ 2,799,817 | ||
Accretion of Preferred Shares, Value | ¥ | ¥ 133,863 | 164,287 | ||
Automatic conversion of preferred shares to ordinary shares upon IPO, Shares | (54,224,700) | (54,224,700) | ||
Automatic conversion of preferred shares to ordinary shares upon IPO | ¥ | ¥ (3,256,474) | |||
Ending balance | ¥ 0 | $ 0 | ¥ 2,964,104 | ¥ 0 |
Ending balance, Shares | 0 | 0 | 51,329,600 | 0 |
Series D Redeemable Convertible Preferred Shares [Member] | ||||
Temporary Equity [Line Items] | ||||
Beginning balance, Shares | 0 | 0 | 0 | 0 |
Beginning balance | ¥ | ¥ 0 | ¥ 0 | ¥ 0 | |
Issuance of Preferred Shares, Shares | 49,207,650 | 49,207,650 | ||
Issuance of Preferred Shares, Value | ¥ | ¥ 4,547,263 | |||
Accretion of Preferred Shares, Value | ¥ | ¥ 128,382 | |||
Automatic conversion of preferred shares to ordinary shares upon IPO, Shares | (49,207,650) | (49,207,650) | ||
Automatic conversion of preferred shares to ordinary shares upon IPO | ¥ | ¥ (4,675,645) | |||
Ending balance | ¥ 0 | $ 0 | ¥ 0 | ¥ 0 |
Ending balance, Shares | 0 | 0 | 0 | 0 |
Series D+ redeemable convertible preferred shares [Member] | ||||
Temporary Equity [Line Items] | ||||
Beginning balance, Shares | 0 | 0 | 0 | 0 |
Beginning balance | ¥ | ¥ 0 | ¥ 0 | ¥ 0 | |
Issuance of Preferred Shares, Shares | 21,264,750 | 21,264,750 | ||
Issuance of Preferred Shares, Value | ¥ | ¥ 2,099,195 | |||
Accretion of Preferred Shares, Value | ¥ | ¥ 42,962 | |||
Automatic conversion of preferred shares to ordinary shares upon IPO, Shares | (21,264,750) | (21,264,750) | ||
Automatic conversion of preferred shares to ordinary shares upon IPO | ¥ | ¥ (2,142,157) | |||
Ending balance | ¥ 0 | $ 0 | ¥ 0 | ¥ 0 |
Ending balance, Shares | 0 | 0 | 0 | 0 |
Redeemable Noncontrolling Int_3
Redeemable Noncontrolling Interests - Summary Of Redeemable Noncontrolling Interests (Detail) - 12 months ended Dec. 31, 2021 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
Noncontrolling Interest [Abstract] | ||
Balance as of December 31, 2020 | ¥ 0 | $ 0 |
Issuance of subsidiary shares | 30,000 | 4,708 |
Accretion of redeemable noncontrolling interests | 0 | 0 |
Balance as of December 31, 2021 | ¥ 30,000 | $ 4,708 |
Redeemable Noncontrolling Int_4
Redeemable Noncontrolling Interests - Additional Information (Detail) $ in Thousands, ¥ in Millions | 12 Months Ended | |
Dec. 31, 2021CNY (¥)shares | Dec. 31, 2021USD ($)shares | |
Noncontrolling Interest [Abstract] | ||
Redeemable minority interest preferred shares | ¥ 30 | $ 4,708 |
Temporary Equity, Shares Issued | 2,727,273 | 2,727,273 |
Percentage of amount equal to the sum of its original issue price on each preferred shares | 100.00% | |
Percentage of annual compound interest calculated from the actual payment date of its purchase price | 8.00% |
Net Loss Per Share - Summary of
Net Loss Per Share - Summary of Basic and Diluted Net Loss Per Share (Detail) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥)¥ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020CNY (¥)¥ / sharesshares | Dec. 31, 2019CNY (¥)¥ / sharesshares | |
Numerator: | ||||
Net loss | ¥ (6,429,059) | $ (1,008,860) | ¥ (3,176,914) | ¥ (1,873,383) |
Accretion of redeemable convertible preferred shares | (288,400) | (45,300) | (320,301) | (74,558) |
Net loss attributable to ordinary shareholders | (6,717,439) | (1,054,113) | ¥ (3,497,215) | ¥ (1,994,109) |
Denominator: | ||||
Weighted average number of ordinary shares outstanding | shares | 63,690,000 | 61,446,250 | ||
Loss per share (RMB): | ||||
Basic and diluted net loss per share: | ¥ / shares | ¥ (54.91) | ¥ (32.45) | ||
Common Class A [Member] | ||||
Numerator: | ||||
Net loss | (4,628,133) | (726,255) | ||
Accretion of redeemable convertible preferred shares | (207,598) | (32,577) | ||
Deemed dividend | 0 | 0 | ||
Net loss attributable to ordinary shareholders | ¥ (4,835,731) | $ (758,832) | ||
Denominator: | ||||
Weighted average number of ordinary shares outstanding | shares | 140,170,091 | 140,170,091 | ||
Loss per share (RMB): | ||||
Basic and diluted net loss per share: | (per share) | ¥ (34.50) | $ (5.41) | ||
Common Class B [Member] | ||||
Numerator: | ||||
Net loss | ¥ (1,800,926) | $ (282,605) | ||
Accretion of redeemable convertible preferred shares | (80,782) | (12,676) | ||
Deemed dividend | 0 | 0 | ||
Net loss attributable to ordinary shareholders | ¥ (1,881,708) | $ (295,281) | ||
Denominator: | ||||
Weighted average number of ordinary shares outstanding | shares | 54,543,800 | 54,543,800 | ||
Loss per share (RMB): | ||||
Basic and diluted net loss per share: | (per share) | ¥ (34.50) | $ (5.41) | ||
Ordinary shares [Member] | ||||
Numerator: | ||||
Net loss | ¥ | ¥ (3,176,914) | ¥ (1,873,383) | ||
Accretion of redeemable convertible preferred shares | ¥ | (320,301) | (74,558) | ||
Deemed dividend | ¥ | 0 | (46,168) | ||
Net loss attributable to ordinary shareholders | ¥ | ¥ (3,497,215) | ¥ (1,994,109) | ||
Denominator: | ||||
Weighted average number of ordinary shares outstanding | shares | 63,690,000 | 61,446,250 | ||
Loss per share (RMB): | ||||
Basic and diluted net loss per share: | ¥ / shares | ¥ (54.91) | ¥ (32.45) |
Net Loss Per Share - Additional
Net Loss Per Share - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2021shares | |
Common Shares Held | 29,633,200 |
Ordinary shares [Member] | |
Preferred Stock, Conversion Basis | fifty |
Statutory Reserves - Additional
Statutory Reserves - Additional Information (Detail) - CNY (¥) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statutory Reserves [Abstract] | |||
Statutory accounting practices, statutory capital and surplus rate on after tax profits | 10.00% | ||
Statutory accounting practices, statutory capital and surplus rate on registered capital | 50.00% | ||
Statutory accounting practices, statutory capital and surplus required | ¥ 0 | ¥ 0 | ¥ 0 |
Restricted Net Assets - Additio
Restricted Net Assets - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Restricted Asset Disclosure [Abstract] | |
Statutory accounting practices, statutory capital and surplus rate on after tax profits | 10.00% |
Parent Company Only Condensed_3
Parent Company Only Condensed Financial Information - Condensed Balance Sheets (Detail) ¥ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Jul. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) |
Current assets | |||||||
Cash and cash equivalents | ¥ 662,768 | $ 104,003,000 | ¥ 1,376,153 | ¥ 938,559 | |||
Short-term investments | 4,568,346 | 716,873,000 | 1,006,245 | ||||
Amounts due from related parties | 0 | 0 | 10,100 | ||||
Other Current assets | 461,843 | 72,472,000 | 97,878 | ||||
Total current assets | 6,516,323 | 1,022,553,000 | 3,027,040 | ||||
TOTAL ASSETS. | 9,420,058 | 1,478,213,000 | 4,924,412 | ||||
Current liabilities | |||||||
Warrant liabilities | 0 | 0 | 108,160 | ||||
Total current liabilities | 7,348,520 | 1,153,143,000 | 4,739,019 | ||||
Non-current liabilities: | |||||||
Total non-current liabilities | 1,313,469 | 206,112,000 | 930,060 | ||||
TOTAL LIABILITIES. | 8,661,989 | 1,359,255,000 | 5,669,079 | ||||
Shareholders' (deficit)/equity: | |||||||
Ordinary shares | $ 50,000 | 1 | $ 50,000 | ||||
Additional paid-in capital | 13,685,062 | 2,147,485,000 | 151,657 | ||||
Treasury stock | 7,042 | 1,105,000 | 0 | ||||
Accumulated deficit | (12,765,713) | (2,003,219,000) | (6,048,274) | ||||
Accumulated other comprehensive loss | (184,242) | (28,912,000) | (22,961) | ||||
TOTAL SHAREHOLDERS' (DEFICIT)/EQUITY | 728,069 | 114,250,000 | (5,919,577) | ¥ (2,489,690) | ¥ (509,403) | ||
TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' (DEFICIT)/EQUITY | 9,420,058 | 1,478,213,000 | 4,924,412 | ||||
Common Class A [Member] | |||||||
Shareholders' (deficit)/equity: | |||||||
Ordinary shares | 3 | 1,000 | |||||
Common Class B [Member] | |||||||
Shareholders' (deficit)/equity: | |||||||
Ordinary shares | 1 | ||||||
Parent Company [Member] | |||||||
Current assets | |||||||
Cash and cash equivalents | 24,500 | 3,845,000 | 551,705 | ||||
Short-term investments | 700,052 | 109,853,000 | 0 | ||||
Amounts due from subsidiaries | 8,496 | 1,333,000 | 0 | ||||
Amounts due from related parties | 0 | 0 | 9,000 | ||||
Other Current assets | 1,723 | 271,000 | 0 | ||||
Total current assets | 734,771 | 115,302,000 | 560,705 | ||||
TOTAL ASSETS. | 734,771 | 115,302,000 | 560,705 | ||||
Current liabilities | |||||||
Other payables | 4,133 | 649,000 | 0 | ||||
Amounts due to subsidiaries | 2,569 | 403,000 | 20,390 | ||||
Warrant liabilities | 0 | 0 | 108,160 | ||||
Total current liabilities | 6,702 | 1,052,000 | 128,550 | ||||
Non-current liabilities: | |||||||
Share of losses in excess of investments in subsidiaries and amounts due from subsidiaries | 0 | 0 | 662,264 | ||||
Total non-current liabilities | 0 | 0 | 662,264 | ||||
TOTAL LIABILITIES. | 6,702 | 1,052,000 | 790,814 | ||||
Mezzanine Equity: | |||||||
Redeemable convertible preferred shares | 0 | 0 | 5,174,910 | ||||
Shareholders' (deficit)/equity: | |||||||
Ordinary shares | 1 | ||||||
Additional paid-in capital | 13,685,062 | 2,147,485,000 | 117,298 | ||||
Treasury stock | (7,042) | (1,105,000) | 0 | ||||
Accumulated deficit | (12,765,713) | (2,003,219,000) | (5,499,357) | ||||
Accumulated other comprehensive loss | (184,242) | (28,912,000) | (22,961) | ||||
TOTAL SHAREHOLDERS' (DEFICIT)/EQUITY | 728,069 | 114,250,000 | (5,405,019) | ||||
TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' (DEFICIT)/EQUITY | 734,771 | 115,302,000 | ¥ 560,705 | ||||
Parent Company [Member] | Common Class A [Member] | |||||||
Shareholders' (deficit)/equity: | |||||||
Ordinary shares | 3 | $ 1,000 | |||||
Parent Company [Member] | Common Class B [Member] | |||||||
Shareholders' (deficit)/equity: | |||||||
Ordinary shares | ¥ 1 |
Parent Company Only Condensed_4
Parent Company Only Condensed Financial Information - Condensed Balance Sheets (Parenthetical) (Detail) - $ / shares | Dec. 31, 2021 | Jul. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Common Stock, par or stated value per share | $ 0.000002 | |||
Common Stock, shares authorized | 25,000,000,000 | 25,000,000,000 | ||
Common Class A [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Common Stock, par or stated value per share | $ 0.000002 | $ 0.000002 | ||
Common Stock, shares authorized | 20,000,000,000 | 0 | ||
Common Stock, shares, issued | 299,797,728 | 250,826,100 | 0 | |
Common Stock, shares, outstanding | 270,054,584 | 0 | ||
Common Class B [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Common Stock, par or stated value per share | $ 0.000002 | $ 0.000002 | ||
Common Stock, shares authorized | 2,500,000,000 | 0 | ||
Common Stock, shares, issued | 54,543,800 | 0 | ||
Common Stock, shares, outstanding | 54,543,800 | 0 | ||
Parent Company [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Common Stock, par or stated value per share | $ 0.000002 | $ 0.000002 | ||
Common Stock, shares authorized | 0 | 24,819,646,300 | ||
Common Stock, shares, issued | 0 | 64,908,700 | ||
Common Stock, shares, outstanding | 0 | 64,908,700 | ||
Parent Company [Member] | Common Class A [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Common Stock, par or stated value per share | $ 0.000002 | $ 0.000002 | ||
Common Stock, shares authorized | 20,000,000,000 | 0 | ||
Common Stock, shares, issued | 299,797,728 | 0 | ||
Common Stock, shares, outstanding | 270,054,584 | 0 | ||
Parent Company [Member] | Common Class B [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Common Stock, par or stated value per share | $ 0.000002 | $ 0.000002 | ||
Common Stock, shares authorized | 2,500,000,000 | 0 | ||
Common Stock, shares, issued | 54,543,800 | 0 | ||
Common Stock, shares, outstanding | 54,543,800 | 0 |
Parent Company Only Condensed_5
Parent Company Only Condensed Financial Information - Condensed Statements of Comprehensive Loss (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Operating expenses: | ||||
Total operating costs and expenses | ¥ 26,451,146 | $ 4,150,762 | ¥ 14,497,967 | ¥ 5,621,447 |
Loss from operations | (6,330,020) | (993,318) | (3,162,180) | (1,741,335) |
Interest income | 45,324 | 7,112 | 16,244 | 25,486 |
Interest expenses | 85,151 | 13,362 | 38,758 | 58,130 |
Other expenses | 57,785 | 9,068 | 48,696 | 3,146 |
Changes in fair value of warrant liabilities | (44,500) | (7,000) | (11,500) | |
Net loss | (6,429,059) | (1,008,860) | (3,176,914) | (1,873,383) |
Accretion of redeemable convertible preferred shares | (288,400) | (45,300) | (320,301) | (74,558) |
Deemed dividend | 0 | 0 | 0 | (46,168) |
Net loss attributable to ordinary shareholders | (6,717,439) | (1,054,113) | (3,497,215) | (1,994,109) |
Other comprehensive income/(loss), net of tax of nil: | ||||
Foreign currency translation adjustments | (161,281) | (25,308) | (53,370) | 30,409 |
Comprehensive loss | (6,590,340) | (1,034,168) | (3,230,284) | (1,842,974) |
Comprehensive loss attributable to ordinary shareholders | (6,878,720) | (1,079,421) | (3,550,585) | (1,963,700) |
Parent Company [Member] | ||||
Operating expenses: | ||||
General and administrative expenses | (271,436) | (42,594) | (142,186) | 375 |
Total operating costs and expenses | (271,436) | (42,594) | (142,186) | 375 |
Loss from operations | (271,436) | (42,594) | (142,186) | 375 |
Interest income | 8,611 | 1,351 | 7,699 | 24,423 |
Interest expenses | 0 | 0 | (21,334) | (39,477) |
Other expenses | 0 | 0 | (29,141) | 0 |
Changes in fair value of warrant liabilities | (44,457) | (6,976) | 11,450 | (100,672) |
Share of losses in subsidiaries | (6,121,777) | (960,641) | (3,003,402) | (1,758,032) |
Net loss | (6,429,059) | (1,008,860) | (3,176,914) | (1,873,383) |
Accretion of redeemable convertible preferred shares | (288,380) | (45,253) | (320,301) | (74,558) |
Deemed dividend | 0 | 0 | 0 | (46,168) |
Net loss attributable to ordinary shareholders | (6,717,439) | (1,054,113) | (3,497,215) | (1,994,109) |
Other comprehensive income/(loss), net of tax of nil: | ||||
Foreign currency translation adjustments | (161,281) | (25,308) | (53,370) | 30,409 |
Comprehensive loss | (6,590,340) | (1,034,168) | (3,230,284) | (1,842,974) |
Comprehensive loss attributable to ordinary shareholders | ¥ (6,878,720) | $ (1,079,421) | ¥ (3,550,585) | ¥ (1,963,700) |
Parent Company Only Condensed_6
Parent Company Only Condensed Financial Information - Condensed Statements of Cash Flow (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by operating activities | ¥ (5,666,538) | $ (889,203) | ¥ (2,055,697) | ¥ (964,275) |
Net cash used in investing activities | (4,065,340) | (637,941) | (1,021,219) | (185,629) |
Net cash generated from financing activities | 9,042,640 | 1,418,988 | 3,656,665 | 1,676,274 |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (90,778) | (14,245) | (67,860) | 34,670 |
Net increase/(decrease) in cash and cash equivalents and restricted cash | (780,016) | (122,401) | 511,889 | 561,040 |
Cash and cash equivalents and restricted cash at the beginning of the year | 1,450,448 | 227,607 | 938,559 | 377,519 |
Cash and cash equivalents and restricted cash at the end of the year | 670,432 | 105,206 | 1,450,448 | 938,559 |
Parent Company [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by operating activities | (4,066) | (638) | 7,564 | 24,414 |
Net cash used in investing activities | (7,713,202) | (1,210,370) | (1,957,689) | (1,663,826) |
Net cash generated from financing activities | 7,215,688 | 1,132,299 | 2,281,673 | 1,340,157 |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (25,625) | (4,021) | (41,844) | 20,632 |
Net increase/(decrease) in cash and cash equivalents and restricted cash | (527,205) | (82,730) | 289,704 | (278,623) |
Cash and cash equivalents and restricted cash at the beginning of the year | 551,705 | 86,575 | 262,001 | 540,624 |
Cash and cash equivalents and restricted cash at the end of the year | ¥ 24,500 | $ 3,845 | ¥ 551,705 | ¥ 262,001 |