CONCORD HC GP(02453): Income and profits double, proton therapy drives hospital business explosion

In 2025, it is a crucial year for CONCORD HC GP (02453), the first stock of high-end cancer medical services, in terms of strategic transformation and improved profitability. The company's latest 2025 performance announcement shows that its core hospital business achieved significant growth under the drive of proton therapy, successfully turning the group's overall gross profit from a loss to a profit for the first time since its listing, marking a new stage in the company's development. Financial performance: Structural optimization, profit turning point emerging According to the 2025 performance announcement, CONCORD HC GP achieved total revenue of 460 million yuan for the year, an increase of 18.4% year-on-year. The most impressive data comes from the hospital business, with revenue reaching 373 million yuan, a year-on-year increase of 37.4%, accounting for 81.2% of total revenue. More importantly, the group achieved a gross profit of 32 million yuan, reversing the previous year's gross loss of as high as 67 million yuan, with the gross profit margin increasing from -17.3% to 7.0%. This milestone of "turning a loss into a profit" is mainly attributed to the comprehensive operation of the proton therapy center at the Guangzhou Taihe Cancer Hospital and the effectiveness of cost control measures. Growth engine: Proton therapy business entering the harvest period The core DRIVE of the company's performance growth is clearly aimed at its heavy investment in proton therapy business. Proton therapy, known as the "pearl on the crown of cancer radiotherapy", can precisely target tumors and maximize the protection of surrounding healthy tissues. The proton therapy center at the Guangzhou Taihe Cancer Hospital under CONCORD HC GP was put into full clinical operation in December 2024, becoming the first proton therapy system in operation in South China, equipped with four 360-degree rotating gantry treatment rooms, with an annual theoretical capacity of up to 2,000 cases. Calculated at about 300,000 yuan per course of treatment, the full-load annual revenue potential exceeds 600 million yuan. The center quickly generated benefits after operation: in July 2025, it completed the first proton therapy for choroidal melanoma in the country and ranked third in the industry rankings. By the end of the first year of operation in 2025, its services had covered 31 provinces and more than 20 countries, with patient ages ranging from 1 to 91 years old, demonstrating strong technological barriers and brand attraction, providing stable cash flow and revenue growth for the hospital business. In addition, relying on its international layout, AI capabilities, and the mature cross-border medical service capabilities of the Guangzhou Taihe Cancer Hospital, the company has formulated a strategy of "medical service going global + AI". In 2025, the Guangzhou Taihe Cancer Hospital became an important choice for international cancer patients to receive cross-border treatment, attracting patients from countries such as Iraq, Indonesia, and Bangladesh, covering diseases such as meningioma, spinal cord tumors, mainly seeking precise diagnosis and treatment solutions such as proton therapy and international cutting-edge drugs. The company has officially signed a cooperation memorandum with the Surabaya National Hospital in Indonesia to jointly build a comprehensive cancer service center. The global output of "medical + AI" lays the foundation for the company's next performance turnaround. Strategic synergy: Innovative payment and AI empowerment to build a moat To break through the market bottleneck of high costs of proton therapy, CONCORD HC GP actively builds an innovative payment ecosystem. The company has cooperated with insurance institutions such as MSH Wanxin and Zhongjiandai to include proton therapy in their high-end medical insurance products, and successfully included it in the coverage of the "Shenzhen Hui Min Bao" guarantee, significantly reducing the patient's self-payment ratio and increasing the treatment accessibility. At the same time, the company deepened its layout of "AI + medical", independently developed and deployed the world's first large language model in the field of proton therapy in May 2025. The model integrates data from nearly ten thousand high-quality radiotherapy cases, assisting clinical decision-making, not only improving internal operational efficiency, but also strengthening its technological leadership in the field of precision radiotherapy. Conclusion Overall, CONCORD HC GP's 2025 performance confirms the effectiveness of its proton therapy strategy. The growth of hospital business and the turnaround of gross profit mark the company's crossing of the difficult stage of heavy asset investment, entering the "performance realization period". Against the background of a significant imbalance between supply and demand in cancer medical services, relying on proton therapy as a scarce asset, cooperation resources with top international medical institutions, and AI technology empowerment, CONCORD HC GP has established a differentiated competitive moat. Although achieving full profitability will still take time, the emergence of a financial turning point undoubtedly adds a key and positive chapter to its long-term value investment story.