Company: VSA
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001410578-25-001300
Chunk: 168

Company: VisionSys AI Inc
Filing Date: 2025-05-15
Form: 20-F
Item: Item 5
Chunk 168
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,673)   ​      (7,079)   ​       (4.4)
Net income (loss)                                                   ​      85,233             6.1           10,354             0.8    ​   (587,102)         (80,432)          (50.1)
Notes:

(1)   Share-based compensation expenses were allocated in cost of revenues and operating expenses as follows:
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                 ​                    ​      ​       ​       ​      ​       ​      ​      ​  
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​                                      ​                       For the Year Ended December 31
​                                            2022           2023      ​   2024               
​                                             RMB            RMB          RMB            US$ 
​                                      ​                                       (in thousands)
Cost of revenues                              244             19             24             3
Selling and marketing expenses                227             24              3             0
General and administrative expenses        10,179          2,551          1,314           180
Research and development expenses             734            149          —              —   
​
The Year Ended December 31, 2024, Compared to the Year Ended December 31, 2023
Net revenues
Our net revenues from continuing operations decreased by 14.9% from RMB1,375.2 million in 2023 to RMB1,170.9 million (US$160.4 million) in 2024. This decrease was primarily driven by a slowdown in course consumption, mainly due to a reduction in student enrollments of STEM education from approximately 210,600 in 2024.
Cost of Revenues
Our cost of revenues from continuing operations decreased by 0.5% from RMB750.8 million in 2023 to RMB747.2 million (US$102.4 million) in 2024, primarily driven by a decrease in personnel cost and welfare resulting from our personnel optimization measures. 

95

Gross Profit and Gross Margin
As a result of the foregoing, our gross profit decreased by 32.1% from RMB624.4 million in 2023 to RMB423.7 million (US$58.0 million) in 2024. Our gross profit margin decreased from 45.4% in 2023 to 36.2% in 2024, primarily driven by the decreased net revenues coupled with relatively stable fixed costs,