Company: VSA
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001410578-25-001300
Chunk: 163

Company: VisionSys AI Inc
Filing Date: 2025-05-15
Form: 20-F
Item: Item 5
Chunk 163
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 in these periods. Total gross profit from the divested entities is RMB740.6 million, RMB398.4 million and RMB70.5 million (US$9.7 million), respectively, representing approximately 52.4%, 39.0% and 14.3% of our consolidated total gross profit in these periods. As of December 31, 2023 and 2024, total assets of the divested entities are RMB275.6 million and nil, respectively, which represented approximately 27.1% and nil of our consolidated total assets as of these dates. See note 3 to our audited consolidated financial statements included in this annual report for additional information regarding the financial impact by the Divestiture.
Key Components of Results of Operations for our Continuing Operations
Net Revenues
We derive substantially all of our net revenues from tuition fees that we charge students. In 2022, 2023 and 2024, we generated net revenues from continuing operations of RMB1,399.8 million, RMB1,375.2 million and RMB1,170.9 million (US$160.4 million), respectively. We record tuition fees that we collect in advance as deferred revenue. Our net revenues from continuing operations are presented net of business tax and surcharges.
Number of Student Enrollments
Student enrollments in our STEM education programs increased from approximately 209,400 in 2022 to approximately 210,600 in 2023, and decreased to approximately 191,200 in 2024.
Our total student enrollments are affected by the continuing popularity of our existing courses and programs and the number and popularity of new courses and new programs we offer. In 2024, our STEM robotics programming and computer programming courses were the two most popular courses in our courses and programs offering portfolio.

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Tuition fees
Our net revenues from continuing operations are affected by the tuition fees for each of our courses. Courses under STEM education programs typically are composed of multiple levels, with each level consisting of 64 to 120 learning hours in one year. For our STEM education programs, our standard tuition fees are between RMB8,000 and RMB23,400 in 2024. We recruit students primarily through our direct marketing efforts. Our tuition fees for STEM education programs are paid up-front to the extent permitted by applicable laws and regulations.
Cost of Revenues
Our cost of revenues from continuing operations primarily consists of payroll and employee benefits for our instructors (