CONCORD HC GP, a company listed on the main board of the Hong Kong Stock Exchange, recently issued a profit alert. The announcement indicates that the company expects revenue for the first half of 2026 to be between 2.6 billion yuan and 2.8 billion yuan (RMB), marking a year-on-year increase of 29% to 39%. Gross profit is projected to be between 63 million yuan and 83 million yuan (RMB), representing a substantial year-on-year surge of 16,349% to 21,571%.
Industry analysts suggest that this significant improvement in gross profit signals that CONCORD HC GP's proton therapy center, which has been under development for several years, is entering a phase of scaled operations. The contribution of its high-end radiotherapy business to operating performance is now increasing. This trend aligns with the common operational patterns observed in international proton centers.
Data shows that the proton center at CONCORD HC GP's subsidiary, Guangzhou Concord Cancer Center, began full clinical operations in December 2024. It is equipped with four 360-degree rotating gantry treatment rooms and has an annual design capacity of up to 2,000 patients. In 2025, the center treated over 550 patients, covering more than 40 disease types. As of July 2026, it has cumulatively served over 1,000 patients, with services reaching across all 31 provincial-level administrative regions in China and more than 20 countries worldwide.
Drawing from international experience, proton centers in mature markets like the United States and Japan typically undergo three phases: "construction," "ramp-up," and "volume growth." Due to significant equipment investment and high fixed operating costs, profitability is often limited in the initial stages post-launch. As patient numbers continue to grow, fixed costs are gradually diluted, leading to improved operational efficiency and profitability.
The shift in CONCORD HC GP's business structure during 2025 is also noteworthy. In 2025, the company's hospital business revenue reached 3.73 billion yuan, a substantial year-on-year increase of 37.4%, and its share of total revenue rose to 81.2%. Analysts indicate that this data reflects a strategic shift in focus for CONCORD HC GP. The company's business is transitioning from equipment sales solutions, which have high gross profit volatility, toward its core medical services, which offer greater sustainability and a stronger competitive moat.
More significantly, the company's self-developed imaging AI product received a medical device registration certificate in the second half of 2025. Additionally, its proprietary large language model for the proton therapy vertical domain has been put into application. AI technology is now being used in image analysis and proton therapy workflows, helping to improve diagnostic efficiency and operational standardization levels, while also providing digital support for future medical technology exports.
Currently, CONCORD HC GP is exploring a dual-drive model combining "hospital operations" and "technology exports." The day before the profit alert was issued, CONCORD HC GP announced that it had signed a cooperation agreement with the Ministry of Health of the Republic of Uzbekistan. Industry observers view this as an important milestone in the company's international expansion into the Central Asian market, representing a step toward replicable overseas medical cooperation models by exporting its medical capabilities and technology. Compared to one-off equipment exports, long-term operational partnerships can generate recurring service revenue and facilitate the export of comprehensive capabilities, including medical management, AI software, and talent training.