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6-K 1 tm2526644d1_6k.htm FORM 6-K

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of September 2025

 

 

 

Commission File Number: 001-34563

 

 

 

CONCORD MEDICAL SERVICES HOLDINGS LIMITED

 

 

 

Room A1-A5 26/F, East Zone, Hanwei Plaza
No. 7 Guanghua Road, Chaoyang District,
Beijing 100020

People’s Republic of China

(Address of principal executive office)

 

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F x         Form 40-F ¨

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨

 

 

 

 


 

EXHIBIT INDEX

 

Exhibit No.   Description
     
Exhibit 99.1   Press Release

 

 


 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  CONCORD MEDICAL SERVICES HOLDINGS LIMITED
   
  By: /s/ Jianyu Yang
  Name: Jianyu Yang
  Title: Chairman and Chief Executive Officer

 

Date: September 26, 2025

 

 

 

EX-99.1 2 tm2526644d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

Concord Medical Reports Financial Results for the First Half of 2025

 

BEIJING, September 26, 2025 /PRNewswire/ -- Concord Medical Services Holdings Limited (“Concord Medical” or the “Company”) (NYSE: CCM), a healthcare provider specialized in cancer treatment, research, education and prevention in China, today announced its unaudited consolidated financial results for the six months ended June 30, 2025[1].

 

2025 First Half Highlights

 

·         Total net revenues were RMB200.6 million (US$28.0 million) in the first half of 2025, representing a 8.3% decrease from total net revenues of RMB218.8 million in the same period last year. Total net revenues included the net revenues from the hospital business of RMB153.0 million (US$21.4 million) and the net revenues from the network business of RMB47.6 million (US$6.6 million).

 

·         Gross loss was RMB4.3 million (US$0.6 million) in the first half of 2025, compared to the gross loss of RMB41.6 million in the first half of 2024. The gross loss margin was 2.1% for the first half of 2025, compared to 19.0% for the same period last year.

 

·         Net loss attributable to ordinary shareholders in the first half of 2025 was RMB27.1 million (US$3.8 million), compared to RMB172.3 million in the same period last year.

 

·         Basic and diluted loss per share for Class A and Class B ordinary shares in the first half of 2025 were both RMB0.21 (US$0.03), compared to RMB1.31 in the same period last year.

 

·         Adjusted EBITDA[2] was negative RMB62.2 million (US$8.7 million) in the first half of 2025, compared to negative RMB148.0 million in the same period last year.

 

Dr. Jianyu Yang, Chairman and Chief Executive Officer of Concord Medical, commented, “The precision of proton therapy helps prevent long-term damage to critical functional areas—including the brain, heart, and rectum—while allowing clinicians to safely escalate radiation doses to target sites to improve efficacy in refractory cancers. With minimal impact on surrounding normal tissues, patients benefit from fewer side effects and faster recovery, making proton therapy an optimal treatment option in cases where balancing efficacy and safety is critical.

 

 

[1] This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations of RMB into U.S. dollars are made at a rate of RMB7.1636 to US$1.00, the noon buying rate in New York City for cable transfers payable in RMB, as certified for customs purposes by the Federal Reserve Bank of New York on June 30, 2025.

 

[2] Adjusted EBITDA is defined as net income/(loss) plus interest expenses, net, income tax expenses, depreciation and amortization and other adjustments. Other adjustments include foreign exchange loss, net, other income, net, gain on disposal of equity method investment, gain on disposal of subsidiaries, change in fair value of derivative liability, changes in fair value of short-term investments and gain on disposal of long-lived equipment.

 

 


 

As the first proton therapy center in South mainland China to commence clinical operations, Guangzhou Concord Cancer Hospital has developed specialized treatment protocols for a range of malignancies. In patients with nasopharyngeal carcinoma, aged between 10 and 71, we observed significant tumor regression, with elderly patients experiencing only mild mucosal reactions. For central nervous system tumors, the hospital achieved successful functional preservation even in extensive irradiation fields such as whole-brain and whole-spine treatments. In pediatric care, as of June 30, the Company treated its youngest proton therapy patient, a child of just over one year old. Through advanced radiotherapy techniques and careful anesthetic management, the hospital was able to provide effective protection and treatment.

 

These results highlight the clinical value of proton therapy in improving outcomes for challenging cancers while preserving function in critical organs. Looking forward, the Company will remain committed to advancing proton therapy, enhancing public understanding of precision radiotherapy, strengthening patient confidence, and expanding patient access to internationally advanced diagnostic and therapeutic technologies, innovative medications, and patient-centered care.”

 

2025 First Half Financial Results

 

Net Revenues

 

Hospital Business

 

Net revenues from the hospital business were RMB153.0 million (US$21.4 million) in the first half of 2025, representing a 11.1% increase from net revenues of RMB137.8 million in the first half of 2024, mainly because of the commencement of proton therapy operations at Guangzhou Concord Cancer Hospital.

 

Network Business

 

Net revenues from the network business were RMB47.6 million (US$6.6 million), representing a 41.3% decrease from net revenues of RMB81.0 million in the first half of 2024, mainly because (1) demand for medical equipment and software decreased under the current macroeconomic environment, leading to delayed overall business demand, and (2) operating lease revenue decreased since this is no longer the Company’s main business and expired contracts were not renewed.

 

 


 

Cost of Revenues

 

Hospital Business

 

Cost of revenues of the hospital business in the first half of 2025 was RMB157.2 million (US$21.9 million), representing a 9.6% decrease from cost of revenues of RMB174.0 million in the first half of 2024, mainly because (1) efficiency of human resources improved as the Company implemented a strategy focused on enhancing operational efficiency and reducing costs, (2) consumables cost, maintenance cost and lease cost decreased along with the development of the hospital business.

 

Network Business

 

Cost of revenues of the network business was RMB47.7million (US$6.7 million), representing a 44.8% decrease from RMB86.4 million in the first half of 2024, mainly because of the decrease in cost as a result of the decrease in revenue generated from sales and installation of medical equipment and software, and from management and technical support services.

 

Gross Loss and Gross Loss Margin

 

Gross loss from the operating business was RMB4.3million (US$0.6 million) in the first half of 2025, compared to RMB41.6 million in the same period last year. The gross loss margin for the first half of 2025 was 2.1%, compared to the gross loss margin of 19.0% for the same period last year. The improvement in gross loss margin of the operating business was mainly because of adjustments in the Company’s revenue structure, with the commencement of the proton therapy business bringing efficiency improvements, and the strategic focus on enhancing operational efficiency and reducing costs.

 

Operating Expenses

 

Selling expenses were RMB21.0 million (US$2.9 million) in the first half of 2025, compared to RMB25.0 million in the first half of 2024. Selling expenses as a percentage of net revenues was 10.5% in the first half of 2025, compared to 11.4% in the first half of 2024.

 

 


 

General and administrative expenses were RMB119.4 million (US$16.7 million) in the first half of 2025, of which employee benefit expenses were RMB51.0 million (US$7.1 million). In the same period of last year, general and administrative expenses were RMB131.2 million. The decrease was mainly attributable to the decrease in staff cost and listing expenses, and the strategic focus on enhancing operational efficiency and reducing costs. General and administrative expenses as a percentage of net revenues were 59.5% in the first half of 2025, compared to 59.9% in the first half of 2024.

 

Capital Expenditures

 

Comparing to RMB168.4 million in the first half of 2024, capital expenditures were RMB100.6 million (US$14.0 million) in the first half of 2025, mainly due to the decrease in deposit for equipment and construction fees for our hospital business.

 

Bank Loans and Other Borrowings

 

As of June 30, 2025, the Company had bank loans and other borrowings totaling RMB3.6 billion (US$508.4 million).

 

About Non-GAAP Financial Measures

 

To supplement the consolidated financial statements presented in accordance with United States Generally Accepted Accounting Principles (“GAAP”), Concord Medical uses certain non-GAAP measures. Concord Medical presents the non-GAAP measure of adjusted EBITDA, which is defined in this announcement as net loss plus interest expenses, net, income tax expenses, depreciation and amortization and other adjustments. Other adjustments include foreign exchange loss, net, other income, net, gain on disposal of equity method investment, gain on disposal of subsidiaries, change in fair value of derivative liability, changes in fair value of short-term investments and gain on disposal of long-lived equipment. Furthermore, adjusted EBITDA eliminates the impact of items that the Company does not consider to be indicative of the performance of the network business and hospital business. The Company believes investors will similarly use adjusted EBITDA as one of the key metrics to evaluate its financial performance and to compare its current operating results with corresponding historical periods and with other companies in the healthcare services industry. The presentation of these additional measures should not be considered a substitute for or superior to GAAP results or as being comparable to results reported or forecasted by other companies. The non-GAAP measures have been reconciled to GAAP measures in the attached financial information.

 

 


 

About Concord Medical

 

Concord Medical Services Holdings Limited is a healthcare provider featuring a full cycle of premium oncology services including cancer diagnosis, treatment, education and prevention. The Company focuses on providing multidisciplinary cancer care in all aspects of oncology healthcare services in its cancer hospitals and equipping them with technologically advanced equipment such as the state-of-the-art proton therapy system. The Company is striving to improve the quality and accessibility of cancer care through its network of self-owned cancer hospitals and clinics as well as partnered hospitals across China. For more information, please see http://ir.ccm.cn.

 

Safe Harbor Statement

 

This announcement contains forward-looking statements. These forward-looking statements can be identified by words or phrases such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar expressions. Forward-looking statements are inherently subject to uncertainties and contingencies beyond the Company’s control and based upon premises with respect to future business decisions, which are subject to change. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

 

For more information, please contact:

 

Concord Medical Services Holdings Limited Consolidated Balance Sheets (in thousands)

Investor Relations

+86 10 5903 6688

ir@ccm.cn

 

 


 

Concord Medical Services Holdings Co., Ltd.

 

    December 31,        
    2024     June 30, 2025  
    RMB     RMB     US$  
    (Audited)     (Unaudited)     (Unaudited)  
ASSETS                  
Current assets                        
Cash and cash equivalents     216,224       177,389       24,763  
Short-term investment     134,621       -       -  
Restricted cash, current portion     20,758       20,216       2,822  
Accounts receivable, net     51,168       57,360       8,007  
Prepayments and other current assets, net     527,760       756,672       105,627  
Inventories     33,441       13,691       1,911  
Total current assets     983,972       1,025,328       143,130  
                         
Non-current assets                        
Property, plant and equipment, net     3,704,325       3,684,147       514,287  
Right-of-use assets, net     520,817       507,849       70,893  
Goodwill     572,216       572,216       79,878  
Intangible assets, net     292,142       273,976       38,246  
Deposits for non-current assets     174,883       210,055       29,323  
Long-term investments     472,166       457,016       63,797  
Other non-current assets     5,867       2,878       402  
Total non-current assets     5,742,416       5,708,137       796,826  
                         
Total assets     6,726,388       6,733,465       939,956  
                         
LIABILITIES AND EQUITY                        
Current liabilities                        
Accounts payable     199,394       112,190       15,661  
Accrued expenses and other liabilities     846,194       904,149       126,214  
Income tax payable     1,623       16,416       2,292  
Operating lease liabilities, current     45,448       47,061       6,569  
Short-term bank and other borrowings     649,680       611,708       85,391  
Long-term bank and other borrowings, current portion     383,016       762,772       106,479  
Total current liabilities     2,125,355       2,454,296       342,606  
                         
Non-current liabilities                        
Long-term bank and other borrowings, non-current portion     2,693,693       2,267,655       316,554  
Deferred tax liabilities     82,870       80,134       11,186  
Operating lease liabilities, non-current     138,894       133,332       18,612  
Other long-term liabilities     67,827       76,028       10,613  
Total non-current liabilities     2,983,284       2,557,149       356,965  
Total liabilities     5,108,639       5,011,445       699,571  
EQUITY                        
Class A ordinary shares     68       68       10  
Class B ordinary shares     37       37       5  
Treasury stock     (7 )     (7 )     (1 )
Additional paid-in capital     2,169,693       2,230,839       311,413  
Accumulated other comprehensive loss     (77,349 )     (70,404 )     (9,828 )
Accumulated deficit     (4,372,832 )     (4,399,967 )     (614,212 )
Total Concord Medical Services Holdings Limited shareholders' deficit     (2,280,390 )     (2,239,434 )     (312,613 )
Noncontrolling interests     3,898,139       3,961,454       552,998  
                         
Total equity     1,617,749       1,722,020       240,385  
                         
Total liabilities and equity     6,726,388       6,733,465       939,956  

 

 


 

Concord Medical Services Holdings Co., Ltd.

Consolidated Profit & Loss

(in thousands, except for number of shares and per share data)

 

    June 30, 2024     June 30, 2025  
    RMB     RMB     US$  
    (Unaudited)     (Unaudited)     (Unaudited)  
Revenues, net of business tax, value-added tax and related surcharges                  
Hospital     137,772       153,007       21,359  
Network     81,038       47,608       6,646  
Total net revenues     218,810       200,615       28,005  
Cost of revenues:                        
Hospital     (173,963 )     (157,192 )     (21,943 )
Network     (86,443 )     (47,706 )     (6,660 )
Total cost of revenues     (260,406 )     (204,898 )     (28,603 )
                         
Gross loss     (41,596 )     (4,283 )     (598 )
                         
Operating expenses:                        
Selling expenses     (24,975 )     (21,006 )     (2,932 )
General and administrative expenses     (131,173 )     (119,361 )     (16,662 )
                         
Operating loss     (197,744 )     (144,650 )     (20,192 )
Interest expense     (68,668 )     (87,660 )     (12,237 )
Foreign exchange loss, net     (30,269 )     (1,906 )     (266 )
Interest income     5,990       4,574       639  
Change in fair value of derivative liability     (108,777 )     -       -  
Income from equity method investments     6,070       7,477       1,044  
Gain on disposal of subsidiaries     47,997       -       -  
Other expenses, net     1,388       (894 )     (125 )
Gain on disposal of equity method investment     -       37,471       5,231  
Changes in fair value of short-term investments     6,631       -       -  
                         
Loss before income tax     (337,382 )     (185,588 )     (25,906 )
Income tax expenses     8,674       (19,784 )     (2,762 )
Net loss     (328,708 )     (205,372 )     (28,668 )
                         
Net loss attributable to noncontrolling interests     (156,450 )     (178,237 )     (24,881 )
Net loss attributable to Concord Medical Services Holdings Limited     (172,258 )     (27,135 )     (3,787 )
                         
Loss per share for Class A and Class B ordinary shares                        
Basic     (1.31 )     (0.21 )     (0.03 )
Diluted     (1.31 )     (0.21 )     (0.03 )
                         
Weighted average number of class A and class B ordinary shares outstanding:                        
Basic     131,053,858       131,053,858       131,053,858  
Diluted     131,053,858       131,053,858       131,053,858  
Other comprehensive loss, net of tax of nil                        
Foreign currency translation, net tax of nil     (6,273 )     6,945       969  
Total other comprehensive loss, net of tax     (6,273 )     6,945       969  
Comprehensive loss     (334,981 )     (198,427 )     (27,699 )
Comprehensive loss attributable to noncontrolling interests     (156,450 )     (178,237 )     (24,881 )
Comprehensive loss attributable to Concord Medical Services Holdings Limited’s shareholders     (178,531 )     (20,190 )     (2,818 )

 

 


 

Reconciliation from net income to adjusted EBITDA(*) (in RMB thousands, unaudited)

 

    For the six months ended     For the six months ended  
    June 30, 2024     June 30, 2025  
Net loss     (328,708 )     (205,372 )
Interest expenses, net     62,678       83,086  
Income tax expenses     (8,674 )     19,784  
Depreciation and amortization     43,654       74,985  
Other adjustments     83,030       (34,671 )
Adjusted EBITDA     (148,020 )     (62,188 )
EBITDA margin     -68 %     -31 %

 

(*) Definition of adjusted EBITDA: Adjusted EBITDA is defined as net loss plus interest expenses, net, income tax expenses, depreciation and amortization, and other adjustments. Other adjustments include foreign exchange loss, net, other income, net, gain on disposal of equity method investment, gain on disposal of subsidiaries, change in fair value of derivative liability, changes in fair value of short-term investments and gain on disposal of long-lived equipment.