Company: VSA
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001410578-25-001300
Chunk: 165

Company: VisionSys AI Inc
Filing Date: 2025-05-15
Form: 20-F
Item: Item 5
Chunk 165
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, research and development expenses. The following table sets forth our operating expenses related to 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)                                                                  
Selling and marketing expenses        ​   280,093   ​    20.0       ​    268,399   ​    19.5       ​    221,829   ​    30,390    ​    18.9    
General and administrative expenses       397,440   28.4                 330,848   24.1                 689,144        94,412    58.9         
Research and development expenses         20,248    1.4                  11,654    0.8                  19,101         2,617     1.6          
Total operating expenses                  697,781   49.8                 610,901   44.4                 930,074        127,419   79.4         
​
Our selling and marketing expenses primarily consist of compensation expenses relating to our personnel involved in selling and marketing, including our enrollment advisors based at our learning centers, advertising expenses relating to our marketing activities, and, to a lesser extent, rental expenses relating to our selling and marketing functions. 
Our general and administrative expenses primarily consist of compensation expenses related to our management, administrative personnel and impairment of assets. To a lesser extent, our general and administrative expenses include office expenses relating to administrative functions. 
Our research and development expenses primarily consist of a portion of the personnel costs of our instructors as determined based on the amount of time that they devote to research and development-related activities, as well as the personnel costs of our software engineers.

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Seasonality
Seasonal fluctuations have affected, and are likely to continue to affect, our business. Historically, we