Concord Medical Services Holdings Ltd
CCM · Services-Offices & Clinics of Doctors of Medicine · EDGAR filings ↗
Grade
D44Loss-making China hospital operator with negative equity, deep operating losses and governance/HFCAA overhang.
Strengths
- Revenue grew 21% (60th pct) and cash/investments at 75th pct give ~11 quarters runway
- Net income loss narrowed somewhat year over year
Risks
- Deeply negative operating margin (-57.6%) and OCF margin (-44%), gross margin only 5.7% (7.5th pct)
- Negative book equity, current ratio 0.48, China VIE/dividend-restriction and HFCAA/PCAOB red flags
Notable findings
- Negative equityNegative book equity (debt/equity -1.64)
- Net lossNet loss (net margin -20.2%)
- Cash burnNegative free cash flow (-36.9M)
- Weak liquidityCurrent ratio 0.48 (<1)
- Strong balance sheetStrong balance sheet — $103M cash & investments, ~11 quarters of runway
Key metrics
Gross margin
5.6%
Operating margin
-56.8%
Net margin
-20.2%
Return on equity
4.4%
Return on assets
-1.4%
ROIC
-15.4%
Revenue growth (QoQ)
25.2%
Debt / equity
-1.6×
Current ratio
0.5×
Free cash flow
-$37M
Tangible book value
-$419M
Cash & investments
$103M
Cash runway
11q
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-29 | 2025-12-31 | 0001104659-26-050692 ↗ |
| 20-F | 2025-04-25 | 2024-12-31 | 0001410578-25-000907 ↗ |
| 20-F | 2024-04-19 | 2023-12-31 | 0001104659-24-049117 ↗ |
| 20-F | 2023-04-19 | 2022-12-31 | 0001410578-23-000729 ↗ |
| 20-F | 2022-04-29 | 2021-12-31 | 0001410578-22-001107 ↗ |
| 20-F | 2021-10-15 | 2020-12-31 | 0001104659-21-126753 ↗ |
| 20-F | 2020-04-30 | 2019-12-31 | 0001104659-20-054484 ↗ |
| 20-F | 2019-04-30 | 2018-12-31 | 0001144204-19-022514 ↗ |
| 20-F | 2018-04-30 | 2017-12-31 | 0001144204-18-023992 ↗ |
| 20-F | 2017-05-01 | 2016-12-31 | 0001144204-17-023641 ↗ |
| 20-F | 2016-04-28 | 2015-12-31 | 0001144204-16-097228 ↗ |
| 20-F | 2015-04-27 | 2014-12-31 | 0001193125-15-148374 ↗ |