Company: VSA
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001410578-25-001300
Chunk: 167

Company: VisionSys AI Inc
Filing Date: 2025-05-15
Form: 20-F
Item: Item 5
Chunk 167
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.0 million but not exceeding RMB3.0 million is subject to the tax rate of 20%. From January 1, 2023 to December 31, 2027, the 25% of the assessable profit before tax less than RMB3.0 million is subject to the tax rate of 20% for our subsidiaries and the VIEs that are qualified as “Small Profit Enterprises”. Subject to the approvals from the tax authorities in certain locations in mainland China, our subsidiaries and the VIEs that are based in these locations are required to use the deemed profit method to determine their income tax.

94

Results of Operations
The following table sets forth a summary of our consolidated results of operations for the periods indicated, both in absolute amounts and as percentages of our net revenues. This information should be read together with our consolidated financial statements and related notes included elsewhere in this annual report. The operating results in any period are not necessarily indicative of the results that may be expected for any future period.
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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)
Net revenues                                                        ​   1,399,844           100.0        1,375,192           100.0        1,170,858          160,407   ​       100.0
Cost of revenues(1)                                                 ​   (728,416)          (52.0)        (750,840)          (54.6)        (747,156)        (102,360)          (63.8)
Gross profit                                                        ​     671,428            48.0          624,352            45.4          423,702           58,047   36.2         
Operating expenses(1):                                              ​           ​               ​                ​               ​                ​                ​               ​
Selling and marketing                                               ​   (280,093)          (