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VSA on Nasdaq

VisionSys AI Inc

VisionSys AI Inc is an educational services company in the Cayman Islands, listed on Nasdaq (VSA).1

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Last updated Oct 21, 2026.

Overview

$149.0KRevenue, fiscal 20252
$245.8MNet income, fiscal 20252

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  • TickerVSA on Nasdaq1
  • IndustryServices-Educational Services1
  • HeadquartersE91
  • Incorporated inCayman Islands3
  • Business addressRoom 1501, 15F, Building A2, Yanjing Headquarters Base, Yanjiao, Sanhe City, 0652013
  • Filer categoryNon-accelerated filer3

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13, 2025. Maxim Group LLC acted as the sole lead/exclusive placement agent in connection with the offering.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

22.1%Gross margin2
-3836.9%Operating margin2
164963.8%Net margin2
-99.9%Revenue growth, 20252
1673.0%Return on equity2

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue0¢$116.0K
  • Profit100¢$245.8M

Out of $149.0K in revenue.2

Financial statements

Revenue56789102$149.0K in 2025−100% since 2019
0$100.0M$200.0M$300.0M$400.0M2019: $294.7M$294.7M20192020: $290.9M$290.9M2020−1%2021: $374.5M$374.5M2021+29%2022: $357.8M$357.8M2022−4%2023: $193.7M$193.7M2023−46%2024: $160.4M$160.4M2024−17%2025: $149.0K$149.0K2025−100%
Gross profit56789102$33.0K in 2025−100% since 2019
0$100.0M$200.0M$300.0M2019: $126.0M$126.0M20192020: $127.4M$127.4M2020+1%2021: $186.0M$186.0M2021+46%2022: $204.7M$204.7M2022+10%2023: $87.9M$87.9M2023−57%2024: $58.0M$58.0M2024−34%2025: $33.0K$33.0K2025−100%
Operating income56789102-$5.7M in 2025−96% since 2019
-$200.0M-$150.0M-$100.0M-$50.0M0$50.0M2019: -$157.7M-$157.7M20192020: -$123.6M-$123.6M2020−22%2021: -$57.9M-$57.9M2021−53%2022: $13.5M$13.5M20222023: $1.9M$1.9M2023−86%2024: -$69.4M-$69.4M20242025: -$5.7M-$5.7M2025−92%
Net income56789102$245.8M in 2025
-$200.0M-$100.0M0$100.0M$200.0M$300.0M2019: -$149.2M-$149.2M20192020: -$118.2M-$118.2M2020−21%2021: -$74.7M-$74.7M2021−37%2022: $12.4M$12.4M20222023: $1.5M$1.5M2023−88%2024: -$80.4M-$80.4M20242025: $245.8M$245.8M2025
Fiscal year20182019202020212022202320242025
Revenue$294.7M5$290.9M6$374.5M7$357.8M8$193.7M9$160.4M10$149.0K2
Cost of revenue$168.6M5$163.5M6$188.5M7$153.1M8$105.8M9$102.4M10$116.0K2
Gross profit$126.0M5$127.4M6$186.0M7$204.7M8$87.9M9$58.0M10$33.0K2
Research and development$19.1M5$15.4M6$16.6M7$10.4M8$1.6M9$2.6M10
Operating income-$157.7M5-$123.6M6-$57.9M7$13.5M8$1.9M9-$69.4M10-$5.7M2
Income before tax-$56.8M7$15.4M8$2.0M9-$69.0M10-$5.7M2
Income tax-$6.0M5-$5.4M6$17.9M7$3.0M8-$1.1M9$4.3M10
Net income-$149.2M5-$118.2M6-$74.7M7$12.4M8$1.5M9-$80.4M10$245.8M2
Earnings per share-$2.795-$2.166-$1.327$1.118
Earnings per share (diluted)-$2.795-$2.166-$1.327$1.058
Shares (weighted, basic)56.3M shares954.7M shares1053.9M shares250.0M shares2193.8M shares2
Shares (weighted, diluted)57.6M shares957.7M shares1053.9M shares250.0M shares2193.8M shares2

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Corporate structure

VisionSys AI Inc sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of VisionSys AI Inc

  • Arena Investors Filed SCHEDULE 13G/A on VisionSys AI Inc, latest Feb 13, 2026 (2 filings since Dec 4, 2025)
  • King Theodore Walker Cheng-De Filed SCHEDULE 13G/A on VisionSys AI Inc, latest Jan 29, 2025 (6 filings since Nov 26, 2021)
  • Shaoyun Han Filed SC 13D/A on VisionSys AI Inc, latest Jul 31, 2024 (5 filings since Nov 16, 2021)
  • KKR Group Partnership L.P. Filed SC 13D/A on VisionSys AI Inc, latest Feb 26, 2024 (5 filings since Dec 1, 2021)
  • New Oriental Filed SC 13D/A on VisionSys AI Inc, latest Nov 18, 2021
  • VisionSys AI Inc E9

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What VisionSys AI Inc reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, net$3.0M10 Dec 31, 2024$9.3M9 Dec 31, 2023−68.2%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$7.9M2 Dec 31, 2025$6.6M10 Dec 31, 2024+18.8%
Stakes in other companies (equity method)10.2M CNY10 Dec 31, 202418.9M CNY10 Dec 31, 2023−45.9%
Long-term investments$3.1M10 Dec 31, 2024$5.9M9 Dec 31, 2023−47.0%

Intangibles and goodwill

ItemLatestA year beforeChange
Intangible assets, net (excluding goodwill)$7.4M2 Dec 31, 2025$745.0K9 Dec 31, 2023+887.1%
Finite-lived intangibles, gross76.3M CNY2 Dec 31, 2025
Accumulated amortization3.8M CNY2 Dec 31, 2025
Finite-lived intangibles, net$7.4M2 Dec 31, 2025

Inventory

ItemLatestA year beforeChange
Inventory, total10.5M CNY10 Dec 31, 20249.4M CNY10 Dec 31, 2023+11.9%

Former names

  • TCTM Kids IT Education Inc.Feb 26, 2024 to Sep 19, 20253
  • Tarena International, Inc.Nov 26, 2013 to Feb 20, 20243

Filings

127 filings to the SEC since October 2021: 5 annual reports, 19 large holders, 103 other. The latest 20:

  1. Jul 10, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  2. Jul 1, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  3. Jun 5, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  4. May 11, 202620-F ANNUAL REPORT EDGAR
  5. May 5, 2026F-6 POS EDGAR
  6. Apr 30, 2026NT 20-F NOTIFICATION OF LATE FILING EDGAR
  7. Apr 21, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  8. Apr 16, 2026424B5 PROSPECTUS SUPPLEMENT EDGAR
  9. Apr 2, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  10. Mar 31, 2026424B5 PROSPECTUS SUPPLEMENT EDGAR
  11. Mar 11, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  12. Mar 5, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  13. Feb 13, 2026SCHEDULE 13G/A EDGAR
  14. Feb 12, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  15. Feb 2, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  16. Jan 6, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  17. Dec 19, 20256-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  18. Dec 5, 20256-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  19. Dec 4, 2025SCHEDULE 13G EDGAR
  20. Nov 25, 20256-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR

The 127 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

  • Arena InvestorsSCHEDULE 13G/A, 2 filings Dec 4, 2025 to Feb 13, 202611
  • Theodore Walker Cheng-De KingSCHEDULE 13G/A, 6 filings Nov 26, 2021 to Jan 29, 202512
  • Shaoyun HanSC 13D/A, 5 filings Nov 16, 2021 to Jul 31, 202413
  • KKR Group Partnership L.P.SC 13D/A, 5 filings Dec 1, 2021 to Feb 26, 202414
  • New OrientalSC 13D/A, 1 filing Nov 18, 202115

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Jane Street Group, LLC14,310$58.6K0.0%New
Citadel Advisors LLC11,602$47.5K0.0%New
Rhumbline Advisers72$2940.0%New

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How VisionSys AI Inc is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARVisionSys AI Inc1
  • CIK0001592560
  • Filer statusNon-accelerated filer not an emerging growth company; not a shell company4
  • Incorporated inCayman Islands4
  • Fiscal year endsDecember 311
  • Industry code (SIC)8200 Services-Educational Services1
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance1
  • Business addressRoom 1501, 15F, Building A2, Yanjing Headquarters Base, Yanjiao, Sanhe City, Langfang, Hebei Province 065201, China1
  • Phone92968703681
  • Shares outstanding560,023,829 Common Class A shares; 7,206,059 Common Class B shares as of Dec 31, 20254
  • AuditorAssentsure PAC, Singapore PCAOB ID 6783; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceNov 26, 20131
  • Filings290 in all: 6-K (136), SC 13G/A (26), SC 13D/A (23), SC 13G (18), UPLOAD (14), 20-F (12), CORRESP (12), S-8 (5)1
    All 30 form types

    DRSLTR (4), 424B3 (3), 424B5 (3), DRS/A (3), EFFECT (3), NT 20-F (3), SC 13D (3), SC 13E3/A (3), 6-K/A (2), F-1/A (2), F-3/A (2), F-6 POS (2), SCHEDULE 13G/A (2), 424B4 (1), 8-A12B (1), CERTNAS (1), DRS (1), F-1 (1), F-3 (1), F-6 (1), SC 13E3 (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (20-F) May 11, 2026

Securities registered for trading

ClassSymbolExchange
American Depositary Shares, eachVSANASDAQ
Class A ordinary sharesNASDAQ

From the cover page of the 20-F filed May 11, 2026 (Section 12(b) of the Exchange Act).4

Sources

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