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olivLaw · US equity research

Concord Medical Services Holdings Limited CCM

Services-Offices & Clinics of Doctors of Medicine · SIC 8011 · Vertical: Services-Offices & Clinics of Doctors of Medicine (SIC 8011)

3.70USD−3.90% · 1 dayClose 04 Nov 2026

Concord Medical Services Holdings Limited (CCM) provides a full range of oncology services in China through its own cancer hospitals and clinics and a network of cooperative centers in partner hospitals. It matters now because China's rising cancer caseload supports demand, while the company shifts toward its own hospitals, which it expects to become the main growth driver.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Concord Medical Services Holdings Limited (CCM) stock was 3.70 USD (−3.90% on the day), with market capitalisation 481.9 m USD, dividend yield 0.00%, beta 0.15, 52-week range 2.94–5.74 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
481.9 m USD
shares as of 31 Dec 2025
P/E (TTM)
unavailable
Diluted EPS TTM -0.10 · TTM to 31 Dec 2025
E/P (TTM)
-2.70%
TTM to 31 Dec 2025
Dividend yield
0.00%
DPS 12m 0.00
Beta (2y)
0.15
Volatility (1y) 89%
52-week range
2.945.74

Price history

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Technical reading

RSI (14)
49.8
neutral
Bollinger (20, 2)
3.27 – 4.14
in the lower half of the band · %B 0.50 · band width 23.4%
SMA 50 / 200
3.83 / 4.22
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.01 / -0.03
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+18.6%−1.1%+19.7 pp—
3 months−23.9%−0.5%−23.4 pp—
6 months−25.6%+4.4%−29.9 pp—
Year to date−4.1%+12.3%−16.5 pp—
1 year−29.7%+13.5%−43.2 pp−16.5%
3 years−66.7%+76.4%−143.1 pp−48.9%
5 years−85.4%+63.7%−149.0 pp—
Max drawdown (1y)
−48.8%
08 May 2026 → 01 Oct 2026
Max drawdown (5y)
−88.3%
08 Nov 2021 → 01 Oct 2026
Compound annual growth (5y)
−31.9%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue27.8 m28.5 m34.2 m76.2 m68.4 m75.7 m52.6 m65.9 m
Revenue YoY−45.4%+2.6%+20.0%+123.0%−10.2%+10.6%−30.5%+25.2%
Net income-34.2 m-44.1 m-47.5 m-42.6 m-71.0 m-41.9 m-42.2 m-13.3 m
Net income YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
Diluted EPSunavailableunavailableunavailableunavailable-0.54-0.32-0.32-0.10
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
net %-123.0%-154.8%-139.0%-55.9%-103.7%-55.4%-80.3%-20.2%
Free cash flow-29.7 m-61.5 m-61.0 m-100.2 m-63.7 m-54.9 m-75.1 m-36.9 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
42.6 m USD
Financial debt
492.9 m USD
Net debt
450.3 m USD
Equity
264.6 m USD
Total assets
936.3 m USD
Debt / equity
1.86x
Current ratio
0.48x
ROE
-5.5%
ROA
-1.4%
FCF margin
-56.1%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
75.7 m
2024
52.6 m
2025
65.9 m

SEC (XBRL)· 29 Apr 2026verified

Cost of revenue
2023
86.5 m
2024
63.4 m
2025
62.2 m

SEC (XBRL)· 29 Apr 2026verified

Gross profit
2023
-10.8 m
2024
-10.8 m
2025
3.7 m

SEC (XBRL)· 29 Apr 2026verified

Operating income
2023
-65.2 m
2024
-72.9 m
2025
-37.4 m

SEC (XBRL)· 29 Apr 2026verified

Interest expense
2023
23.3 m
2024
26.5 m
2025
21.8 m

SEC (XBRL)· 29 Apr 2026verified

Pre-tax income
2023
78.3 m
2024
-91.7 m
2025
-53.4 m

SEC (XBRL)· 29 Apr 2026verified

Income tax
2023
-3.5 m
2024
-2.4 m
2025
867.0 k

SEC (XBRL)· 29 Apr 2026verified

Net income
2023
-41.9 m
2024
-42.2 m
2025
-13.3 m

SEC (XBRL)· 29 Apr 2026verified

Diluted EPS
2023
-0.32
2024
-0.32
2025
-0.10

SEC (XBRL)· 29 Apr 2026verified

Weighted average diluted shares
2023
131.1 m
2024
131.1 m
2025
131.1 m

SEC (XBRL)· 29 Apr 2026verified

Balance sheet · USD

Cash
2023
8.2 m
2024
29.6 m
2025
42.6 m

SEC (XBRL)· 29 Apr 2026verified

Receivables
2023
10.4 m
2024
7.0 m
2025
6.3 m

SEC (XBRL)· 29 Apr 2026verified

Inventories
2023
5.7 m
2024
4.6 m
2025
6.6 m

SEC (XBRL)· 29 Apr 2026verified

Current assets
2023
86.9 m
2024
134.8 m
2025
134.7 m

SEC (XBRL)· 29 Apr 2026verified

Property, plant & equipment, net
2023
499.6 m
2024
507.5 m
2025
532.6 m

SEC (XBRL)· 29 Apr 2026verified

Goodwill
2023
78.8 m
2024
81.8 m
2025
81.8 m

SEC (XBRL)· 29 Apr 2026verified

Intangibles (excl. goodwill)
2023
45.5 m
2024
40.0 m
2025
36.6 m

SEC (XBRL)· 29 Apr 2026verified

Total assets
2023
852.7 m
2024
921.5 m
2025
936.3 m

SEC (XBRL)· 29 Apr 2026verified

Accounts payable
2023
18.2 m
2024
27.3 m
2025
17.1 m

SEC (XBRL)· 29 Apr 2026verified

Short-term debt
2023
146.8 m
2024
141.5 m
2025
140.3 m

SEC (XBRL)· 29 Apr 2026verified

Long-term debt
2023
280.9 m
2024
369.0 m
2025
352.6 m

SEC (XBRL)· 29 Apr 2026verified

Current liabilities
2023
274.8 m
2024
291.2 m
2025
279.5 m

SEC (XBRL)· 29 Apr 2026verified

Total liabilities
2023
606.6 m
2024
699.9 m
2025
671.7 m

SEC (XBRL)· 29 Apr 2026verified

Equity
2023
246.1 m
2024
221.6 m
2025
264.6 m

SEC (XBRL)· 29 Apr 2026verified

Shares outstanding at year end
2023
—
2024
—
2025
130.3 m

SEC (XBRL)· 29 Apr 2026verified

Cash flow · USD

Operating cash flow
2023
-38.9 m
2024
-54.5 m
2025
-28.9 m

SEC (XBRL)· 29 Apr 2026verified

Capex
2023
15.9 m
2024
20.7 m
2025
8.1 m

SEC (XBRL)· 29 Apr 2026verified

Free cash flow
2023
-54.9 m ≈
2024
-75.1 m ≈
2025
-36.9 m ≈

SEC (XBRL)· 29 Apr 2026derived

Investing cash flow
2023
-6.7 m
2024
-81.3 m
2025
7.7 m

SEC (XBRL)· 29 Apr 2026verified

Financing cash flow
2023
36.3 m
2024
157.0 m
2025
28.2 m

SEC (XBRL)· 29 Apr 2026verified

Computed indicators

Growth

Revenue growth (YoY)
25.2%
computed by olivLawFY 2025
Revenue CAGR 3Y
-1.3%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
14.0%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
5.6%
computed by olivLawFY 2025
EBITDA margin
unavailable
input data missing
EBIT margin
-56.8%
computed by olivLawFY 2025
Net margin
-20.2%
computed by olivLawFY 2025
FCF margin
-56.1%
computed by olivLawFY 2025

Returns

ROE
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
ROA
-1.4%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
-4.4%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROCE
-5.7%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
450.3 m USD
computed by olivLawbalance sheet at 31 Dec 2025
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
Interest coverage
-1.7x
computed by olivLawFY 2025

Liquidity

Current ratio
0.5x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
0.5x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
0.2x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
-28.9 m USD
computed by olivLawFY 2025
Capital expenditure
8.1 m USD
computed by olivLawFY 2025
Free cash flow
-36.9 m USD
computed by olivLawFY 2025
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
37 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days inventory outstanding
33 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days payables outstanding
130 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Cash conversion cycle
-61 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

Market and valuation

Market capitalisation
481.9 m USD
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
932.2 m USD
computed by olivLawbalance sheet at 31 Dec 2025
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-2.7%
computed by olivLawFY 2025
P/B
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
P/S
7.3x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
insufficient data
EV/Sales
14.2x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-7.7%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Dividend yield
0.0%
computed by olivLawFY 2025
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 43.8% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

3.70 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 481.9 m USD

Key indicators

Market capitalisation
481.9 m USD
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
unavailable
insufficient data
P/B
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
EV/EBITDA
unavailable
input data missing
ROE
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
Net margin
-20.2%
computed by olivLawFY 2025
Revenue growth (YoY)
25.2%
computed by olivLawFY 2025
Dividend yield
0.0%
computed by olivLawFY 2025

Coverage and freshness

30/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: SEC (XBRL)published 29 Apr 2026
verified 475derived 3

Score by group

44% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · the base of the ratio is not positive
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the base of the ratio is not positive

no valuation method could be computed

Multiple comparisons use the SIC vertical: Services-Offices & Clinics of Doctors of Medicine (SIC 8011)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Quality-4.4%0 (on a fixed band)24%
Net margin · Quality-20.2%13 (vs peers)14%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth-1.3%0 (on a fixed band)19%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet-1.7x0 (on a fixed band)14%
Current ratio · Balance sheet0.5x0 (on a fixed band)10%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-7.7%0 (on a fixed band)19%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet0/100 · 2/3 factors with a value
  • Growth· partial0/100 · 1/2 factors with a value
  • Quality5/100 · 2/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Concord Medical Services Holdings Ltd (CCM). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 65.9 m USD in 2025; YoY growth 25.2%; net margin -20.2%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

What contradicts it

  • ROIC: -4.4%
  • Net margin: -20.2%
  • Revenue CAGR 3Y: -1.3%
  • Interest coverage: -1.7x
  • Current ratio: 0.5x
  • FCF yield: -7.7%

Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Services-Offices & Clinics of Doctors of Medicine (SIC 8011) · same industry (4-digit SIC) · compared with 8 companies

Multiples and returns vs the median

P/E
—
vertical median —
EV/EBITDA
—
vertical median —
P/S
7.3x
vertical median 0.8x
above median (+800.0%)
P/B
—
vertical median 1.6x
ROE
—
vertical median -11.5%
Net margin
-20.2%
vertical median -5.8%
below median
EBIT margin
-56.8%
vertical median -6.0%
below median
Revenue YoY
25.2%
vertical median 13.2%
above median (+91.4%)
Net debt/EBITDA
—
vertical median —
Dividend yield
0.0%
vertical median —

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
TDOCTeladoc Health, Inc.1.8 bn—-11.5%-6.3%−1.5%+28% / −47%
STLNStarling Oncology, Inc.707.3 m——-6.2%+27.8%+121% / +306%
SBCSBC Medical Group Holdings Incorporated547.1 m11.419.3%28.0%−15.5%+49% / −51%
CCMConcord Medical Services Holdings Ltd481.9 m——-20.2%+25.2%−30% / −67%
AIRSAirSculpt Technologies, Inc.122.6 m—-12.0%-7.8%−15.8%−52% / −66%
LFMDLifeMD, Inc.118.1 m—6.5%0.1%+25.3%−36% / −68%
BMGLBasel Medical Group Ltd8.2 m—-169.7%-94.0%unavailable−64% / unavailable
AUNAAuna S.A.——7.5%2.5%+13.2%0% / unavailable
HIMSHims & Hers Health, Inc.0—-32.0%-5.5%+59.0%−33% / +200%

1- and 3-year price returns: for CCM from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 29 Apr 2026; since then the company filed 6-K (22 Sept 2026), 6-K (02 Jul 2026), 6-K (18 May 2026), 6-K (13 May 2026).

    In brief

    Concord Medical Services Holdings Limited (CCM) provides a full range of oncology services in China through its own cancer hospitals and clinics and a network of cooperative centers in partner hospitals. It matters now because China's rising cancer caseload supports demand, while the company shifts toward its own hospitals, which it expects to become the main growth driver.

    SWOT

    Strengths

    • Integrated network of hospitals, clinics and cooperative centers across several provinces, with experience leasing radiotherapy and imaging equipment.
    • Established position in oncology, with recognition among referring doctors.
    • Structural demand supported by rising case numbers and insurance coverage.

    Weaknesses

    • Limited experience operating its own centers and in services such as chemotherapy and proton therapy.
    • The cooperative network has shrunk, and patient visits fell over the period reviewed.
    • Contracted percentages can be reduced over the life of contracts and depend on bargaining power.

    Opportunities

    • Shanghai Hospital and its proton therapy center could open new revenue sources after 2027 to 2028.
    • Developing its own hospitals could increase control over services and revenue.
    • Cloud services and digital platforms described in the source could extend the offer to hospitals.

    Threats

    • Chinese government policy can change quickly, with effects on prices and operations.
    • Price ceilings cap revenue in some regions and can reduce profitability.
    • Delays in approvals and construction could postpone or reduce the benefits of new projects.

    Risks

    • Delays in hospital constructionhigh

      Construction and approval of new hospitals have taken years and were affected by the pandemic and a lengthy approval process, which can postpone opening 1.

    • Ability to run new unitsmedium

      Limited experience in services such as chemotherapy and proton therapy could affect service quality and reputation if new centers miss expected standards 1.

    • Medical and internet regulationmedium

      The industry is heavily regulated, and the internet hospital does not yet hold an internet information services license, which could bring penalties if not fixed 1.

    • Price ceilings and tariff regulationmedium

      Tariffs are subject to provincial ceilings, and pricing policies could reduce the profitability of units 1.

    • Country risk and legal accesshigh

      The company operates mainly in China, and the source flags risks from policy changes, the legal system and possible delisting from U.S. markets 1.

    Investment thesis

    What would need to be true (bull case)

    • Demand for oncology in China is supported by demographic trends and rising medical coverage, and the company already runs an operating network.
    • If its own hospitals reach the expected efficiency, the company could diversify revenue beyond cooperative contracts.
    • Its experience leasing and managing equipment could remain an advantage over hospitals that cannot operate such equipment alone.

    What would break the thesis

    • The cooperative network has shrunk and patient volumes in existing centers have fallen, which could weigh on revenue.
    • New hospital projects carry high costs and delays, and their profitability may arrive later than expected.
    • Government policy and price ceilings in China can change operating conditions and profitability quickly.

    What to watch

    • Construction progress of Shanghai Hospital and its proton therapy center2027
    • New contracted percentages negotiated with partner hospitals2027

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 29 Apr 2026; since then the company filed 6-K (22 Sept 2026), 6-K (02 Jul 2026), 6-K (18 May 2026), 6-K (13 May 2026).

    The business

    History and structure: the company was incorporated in the Cayman Islands in 2007 and became the ultimate holding company in 2008 after the reorganization that brought Ascendium under its control 1. Its China hospital business sits largely in Concord Healthcare, in which the group held a 32.68% voting interest at December 31, 2025, after several capital raises and H-share placings in 2025 1. The company exited Singapore by divesting Concord International Hospital and now focuses fully on hospital operations in China 1.

    In 2025 the cooperative network was not reduced further: no centers were closed in 2025, after three closures in 2023 and two in 2024, while treatment and diagnostic patient visits in cooperative centers continued to decline 1. The stated direction is growth in its own hospitals, including Shanghai Hospital, whose proton therapy center is expected to start operations in 2028 1.

    Segments

    Self-owned hospitals and clinics

    This covers the four self-owned cancer and diagnostic units operating at the end of 2025, with revenue generated from outpatient and inpatient healthcare services 1. It is the segment the company presents as the future growth driver, particularly through Shanghai Hospital and its proton therapy center 1.

    Cooperative center network

    It comprises eight cooperative centers in six hospitals across more than six cities and five provinces or administrative regions, with radiotherapy or imaging equipment leased and managed 1. Revenue depends on the contracted percentage of center income, and the number of centers has declined in recent years 1.

    Stake in Concord Healthcare

    The company holds a voting interest in Concord Healthcare, the subsidiary that runs its China hospital business, and this interest has been diluted through successive capital transactions 1. Its exposure to this segment changes with each equity transaction at the subsidiary level 1.

    Market context

    The source indicates rising cancer incidence in China, with estimates for 2022 of about 4.8 million new cancer cases and 2.5 million cancer deaths, higher than in previous years 1. Demand is supported by an aging population, urbanization, rising incomes, government health spending and insurance coverage, while public hospitals often lack the funds or expertise to buy and run radiotherapy equipment themselves 1. The company believes the oncology market will remain favorable, but a change in government policy or a drop in radiotherapy cases treated could affect results 1.

    Globally, the cited source estimates 19.3 million new cancer cases in 2020, a rising trend that supports long-term demand 1. Medical service prices in China are, however, subject to ceilings set by provincial authorities, so tariffs vary between regions 1.

    Trends

    • Rising cancer caseloadtailwind

      Cancer incidence and mortality in China have risen over the past decade, and demand for diagnosis and treatment grows with aging and urbanization 1. If this trend continues, it could support patient volumes across the company's network 1.

    • Price ceilings and government policyheadwind

      Service fees are capped by provincial price ceilings, and policy shifts can change the industry quickly 1. This could limit revenue per unit or raise compliance costs 1.

    • Shift toward own hospitalsmixed

      The company is investing in its own hospitals, including Shanghai Hospital, but construction and ramp-up carry high costs and low early profitability 1. The effect depends on how quickly these units reach efficiency 1.

    • Shrinking cooperative networkheadwind

      The number of cooperative centers fell after the closures in 2023 and 2024, and patient visits in these centers declined year on year 1. This reflects both expiring contracts and a focus on the company's own hospitals 1.

    Competitive position

    The source does not name the company's competitors explicitly, but it describes implicit competition from public hospitals that can buy and operate radiotherapy equipment themselves, and from other oncology service providers in China 1. Competitive pressure also shows in the gradual decline of contracted percentages as equipment prices fall 1.

    Competitive position depends on the reputation of doctors and centers, their location and the ability to negotiate contracted percentages with partner hospitals 1. The company notes its brand is known among referring doctors but less so among patients 1.

    • Public hospitals in China

      Named in the source as an alternative for radiotherapy and imaging, with their own resources to buy equipment. Not a listed company.

    • Other oncology service providers in China

      As a group, they compete for patients and for contracts with partner hospitals, as the source's description implies.

    • Partner hospitals in the cooperative network

      They could become indirect competitors if they buy their own equipment, a factor the source cites as limiting the network.

    • Medical equipment suppliers

      Falling equipment prices affect negotiated percentages and can shift bargaining power with partners.

    News & filings

    Sources

    1. [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Concord Medical Services Holdings Limited · 29 Apr 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.