VisionSys AI Inc VSA
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No price or market cap here: this company files no 10-K, so the only share count SEC publishes for it counts its ordinary shares in its home market, while its US listing is a depositary receipt standing for some number of them. That number is in no filing, so a price multiplied by that count is not this company's value and is not shown. The financial statements below are as filed.
Valuation FY2025 figures against the last close
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Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $149.0K | $160.4M | $193.7M | $357.8M | $374.5M | $290.9M | $294.7M | — | — | — |
| Cost of revenue | $116.0K | $102.4M | $105.8M | $153.1M | $188.5M | $163.5M | $168.6M | — | — | — |
| Gross profit | $33.0K | $58.0M | $87.9M | $204.7M | $186.0M | $127.4M | $126.0M | — | — | — |
| R&D | — | $2.6M | $1.6M | $10.4M | $16.6M | $15.4M | $19.1M | — | — | — |
| SG&A | $5.8M | $94.4M | $46.6M | $87.6M | $89.4M | $96.6M | $103.9M | — | — | — |
| Operating income | -$5.7M | -$69.4M | $1.9M | $13.5M | -$57.9M | -$123.6M | -$157.7M | — | — | — |
| Interest expense | — | $11.0K | $153.0K | $391.0K | $366.0K | $30.0K | — | — | — | — |
| Pre-tax income | -$5.7M | -$69.0M | $2.0M | $15.4M | -$56.8M | -$123.6M | -$155.2M | — | — | — |
| Income tax | — | $4.3M | $1.1M | $3.0M | $17.9M | $5.4M | $6.0M | — | — | — |
| Net income | $245.8M | -$80.4M | $1.5M | $12.4M | -$74.7M | -$118.2M | -$149.2M | — | — | — |
| EPS, basic | — | — | — | 1.11 | -1.32 | -2.16 | -2.79 | — | — | — |
| EPS, diluted | — | — | — | 1.05 | -1.32 | -2.16 | -2.79 | — | — | — |
| Shares, diluted (wtd. avg.) | 193.8M | 50.0M | 53.9M | 57.7M | 57.6M | 54.3M | 53.4M | 54.9M | 56.8M | 59.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $7.9M | $6.6M | $39.4M | $51.6M | $61.5M | $56.3M | $82.4M | $78.4M | — | — |
| Receivables | — | — | — | $10.0M | $7.6M | $5.0M | $4.5M | — | — | — |
| Total current assets | $7.9M | $7.7M | $79.0M | $96.8M | $97.2M | $82.2M | $115.1M | — | — | — |
| Property, plant and equipment | — | $3.0M | $9.3M | $17.8M | $47.0M | $71.2M | $82.8M | — | — | — |
| Goodwill | — | — | $7.0M | $7.7M | $8.3M | $8.1M | $7.6M | — | — | — |
| Other intangibles | $7.4M | — | $745.0K | $1.1M | $1.6M | $2.1M | $2.5M | — | — | — |
| Total assets | $15.2M | $13.8M | $143.4M | $193.9M | $257.6M | $300.3M | $360.8M | — | — | — |
| Accounts payable | — | $818.0K | $704.0K | $918.0K | $1.4M | $1.6M | $2.4M | — | — | — |
| Short-term debt | — | — | — | — | $30.0M | — | — | — | — | — |
| Total current liabilities | $546.0K | $248.4M | $339.6M | $385.2M | $461.4M | $409.1M | $340.3M | — | — | — |
| Total liabilities | $546.0K | $260.9M | $354.9M | $412.4M | $507.5M | $474.9M | $418.7M | — | — | — |
| Retained earnings | -$185.3M | -$413.0M | -$342.0M | -$353.3M | -$395.5M | -$313.5M | -$183.8M | — | — | — |
| Total equity | $14.7M | -$247.0M | -$211.0M | -$217.5M | -$248.6M | -$173.5M | -$57.5M | — | — | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$26.9M | -$16.6M | -$16.8M | -$4.0M | $1.4M | -$16.7M | -$4.6M | — | — | — |
| Depreciation and amortisation | — | $5.6M | $6.6M | $13.6M | $19.7M | $27.2M | $28.0M | — | — | — |
| Stock-based compensation | — | $183.0K | $386.0K | $2.4M | $3.0M | $5.6M | $8.5M | — | — | — |
| Capital expenditure | $10.9M | — | — | — | — | — | — | — | — | — |
| Investing cash flow | -$10.9M | -$12.5M | $10.1M | -$3.3M | $5.3M | -$101.0K | -$7.4M | — | — | — |
| Financing cash flow | $20.0M | $1.5M | -$5.0M | -$306.0K | $3.6M | -$10.5M | $10.7M | — | — | — |
| Buybacks | — | $1.0M | $342.0K | $2.5M | — | — | $727.0K | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001213900-26-054539.
Plot the figures US dollars
Income statement
Revenue
Cost of revenue
Gross profit
R&D
SG&A
Total operating expenses
Operating income
Interest expense
Pre-tax income
Income tax
Net income
EPS, basic
EPS, diluted
Shares, diluted (wtd. avg.)
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | $294.7M | $290.9M | $374.5M | $357.8M | $193.7M | $160.4M | $149.0K |
| Gross profit | — | — | — | $126.0M | $127.4M | $186.0M | $204.7M | $87.9M | $58.0M | $33.0K |
| Net income | — | — | — | -$149.2M | -$118.2M | -$74.7M | $12.4M | $1.5M | -$80.4M | $245.8M |
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