Concord Healthcare Group Co., Ltd. (Concord Healthcare) released its audited results for the year ended 31 December 2025.

Revenue and Profitability • Revenue increased 18.4% year on year to RMB 459.92 million (USD ≈64.6 million). • The company swung from a RMB 67.25 million gross loss in 2024 to a RMB 31.95 million gross profit in 2025, lifting gross margin from -17.3% to 6.9%. • Net loss narrowed 36.9% to RMB 305.80 million, versus RMB 484.82 million in 2024. • Basic and diluted loss per share improved to RMB 0.34, compared with RMB 0.62 a year earlier.

Segment Performance • Hospital business revenue grew 37.4% to RMB 373.26 million, driven primarily by the first full year of proton therapy operations at Guangzhou Concord Cancer Hospital. • Medical equipment, software and related services revenue fell 25.8% to RMB 86.66 million amid weaker demand for equipment sales and operating lease expiry.

Cost Structure and Expenses • Cost of revenue declined 6.1% to RMB 427.97 million; variable costs dropped 17.1% while fixed costs rose 3.1% due to higher depreciation from proton equipment. • Administrative expenses fell 36.4% to RMB 133.84 million after cost-control measures, and research & development spending decreased 9.7% to RMB 28.17 million. • Selling and distribution expenses rose 7.9% to RMB 52.74 million on increased brand promotion. • Finance costs advanced 13.1% to RMB 123.53 million, reflecting a larger opening balance of bank and other borrowings.

Balance Sheet Highlights • Cash and cash equivalents stood at RMB 294.48 million, up 44.0% from year-end 2024. • Net current liabilities widened to RMB 576.04 million due to higher short-term borrowings. • Total indebtedness was RMB 3.10 billion, with 16.8% fixed-rate. • Gearing ratio eased to 65.0% from 67.8%; current ratio slipped to 0.54 from 0.63.

Cash Flow • Net cash used in operating activities narrowed to RMB 113.08 million (2024: RMB 185.96 million) on improved revenue. • Net cash generated from investing activities reached RMB 110.91 million, reversing a prior-year outflow, aided by proceeds from disposal of financial assets and related-party repayments. • Financing cash inflow declined to RMB 92.10 million as loan repayments exceeded new borrowings; proceeds from two H-share placings totaled HKD 352.72 million.

Capital Expenditure and Commitments • 2025 capex was RMB 88.06 million, mainly for property, plant and equipment. • Outstanding capital commitments totaled RMB 0.43 million at year-end.

Equity and Share Capital • Total equity climbed to RMB 2.03 billion from RMB 1.90 billion after two share placings that added 67.32 million H shares. • No dividend was declared for 2025.

Operational Developments • The proton therapy center in Guangzhou completed more than 550 patient treatments in its first full year of operation, with head & neck, breast, and CNS tumors as key indications. • Collaboration with Mayo Clinic deepened, including nearly 100 international written consultations. • The company launched a proprietary large-language model for proton therapy and obtained a medical-device registration certificate for its imaging software. • Light-asset CSS (Cloud System Solutions) business expanded, supported by policy-driven demand from lower-tier hospitals. • Overseas expansion initiated through a memorandum with Indonesia’s National Hospital in Surabaya to co-develop a cancer service center.

Outlook Management plans to leverage proton therapy, AI integration, and asset-light business models to reinforce its position in high-end oncology services and pursue further international opportunities, while continuing to implement cost-control and efficiency measures.