Company: VSA
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001410578-25-001300
Chunk: 164

Company: VisionSys AI Inc
Filing Date: 2025-05-15
Form: 20-F
Item: Item 5
Chunk 164
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as apportioned based on the amount of time that they devote to teaching) and teaching assistants, as well as rental payments for our learning centers, and to a lesser extent, depreciation relating to property and equipment used at our learning centers. The following table sets forth a breakdown of our cost of revenues from continuing operations in absolute amounts and as percentages of net revenues from continuing operations for the periods indicated:

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​                                                                                                     For the Year Ended December 31,
​                            ​                      2022                           2023                                          2024
​                            ​         ​   ​    % of net    ​         ​   ​    % of net    ​         ​   ​          ​   ​    % of net
​                                    RMB        revenues            RMB        revenues            RMB            US$        revenues
​                            ​                                                                     (in thousands, except percentages)
Personnel cost and welfare   ​   474,312   ​        33.8    ​   465,921   ​        33.9    ​   435,557   ​     59,671   ​        37.2
Rental cost                      128,875   9.2                  129,877   9.4                  131,039         17,952   11.2         
Depreciation expenses             55,911   4.0                   38,026   2.8                   28,013          3,838   2.4          
Others                            69,318   5.0                  117,016   8.5                  152,547         20,899   13.0         
Cost of revenues                 728,416   52.0                 750,840   54.6                 747,156        102,360   63.8         
​
Our cost of revenues from continuing operations is primarily affected by the number of our learning centers. In terms of the STEM education business, we had a total of 217, 220 and 218 learning centers for students aged between three and eighteen as of December 31, 2022, 2023 and 2024, respectively.
Operating Expenses
Our operating expenses consist primarily of selling and marketing expenses, general and administrative expenses and, to a lesser extent