Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXC ...

Core Viewpoint - Concord Medical Services Holdings Limited, a healthcare provider specializing in cancer treatment, announced the adoption of the Fifth Amended and Restated Memorandum and Articles of Association during its 2024 annual general meeting of shareholders held on December 27, 2024 [1]. Group 1: Company Overview - Concord Medical provides a full cycle of premium oncology services, including cancer diagnosis, treatment, education, and prevention [2]. - The company focuses on multidisciplinary cancer care and operates cancer hospitals equipped with advanced technology, such as a state-of-the-art proton therapy system [2]. - Concord Medical aims to enhance the quality and accessibility of cancer care through its network of self-owned hospitals and partnered facilities across China [2].

Group 1 - Concord Medical Services Holdings Limited will hold its 2024 annual general meeting of shareholders on December 27, 2024, at 10:00 a.m. Beijing Time [1] - The purpose of the meeting includes amending the Company's memorandum and articles of association to reflect the change in the ratio of its American depositary shares to Class A ordinary shares, effective July 30, 2024 [2] - Shareholders will have the opportunity to discuss Company affairs with management during the meeting [2] Group 2 - Concord Medical is a healthcare provider specializing in a full cycle of premium oncology services, including cancer diagnosis, treatment, education, and prevention [3] - The Company aims 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 [3] - Concord Medical is equipped with technologically advanced equipment, such as a state-of-the-art proton therapy system [3]

Core Insights - Concord Medical Services Holdings Limited announced that its subsidiary, Guangzhou Concord Cancer Center, has obtained a large medical equipment procurement license for its proton equipment, enabling it to offer proton therapy treatment services [1][2][3] Group 1: Company Developments - Guangzhou Hospital completed the installation of proton equipment in September 2020 and began clinical trials in November 2022 [2] - The National Health Commission of the PRC approved Guangzhou Hospital's application for the procurement license on September 14, 2024, allowing the hospital to start proton therapy services soon [2] - Concord Healthcare, a subsidiary of Concord Medical, also confirmed the receipt of the license for Guangzhou Hospital on September 15, 2024 [3] Group 2: Company Overview - Concord Medical provides a full cycle of premium oncology services, including cancer diagnosis, treatment, education, and prevention, focusing on multidisciplinary cancer care [4] - The company aims to enhance the quality and accessibility of cancer care through its network of self-owned and partnered hospitals across China [4] - Concord Healthcare serves cancer patients through both self-owned and third-party medical institutions, offering a comprehensive range of oncology healthcare services [5]

Group 1 - Concord Medical Services Holdings Limited has regained compliance with the NYSE's minimum average share price requirement of US$1.00 over a 30 trading-day period, as notified by the NYSE on August 6, 2024 [1] - The company had previously received a compliance notice from the NYSE on February 12, 2024, indicating it was below the compliance standards due to the trading price of its American Depositary Shares [1] Group 2 - Concord Medical is a healthcare provider specializing in a full cycle of premium oncology services, including cancer diagnosis, treatment, education, and prevention [2] - The company aims 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 [2] - Concord Healthcare, a subsidiary of Concord Medical, provides oncology healthcare services through both self-owned and third-party medical institutions, focusing on precision radiation therapy and integrated oncology-related services [3]

Core Viewpoint - Concord Medical Services Holdings Limited plans to change the ratio of its American depositary shares (ADSs) to Class A ordinary shares from 1 ADS representing 3 Class A shares to 1 ADS representing 30 Class A shares, effective July 30, 2024 [1][2] Group 1: ADS Ratio Change - The change in the ADS Ratio will be equivalent to a one-for-ten reverse ADS split, requiring ADS holders to exchange every 10 existing ADSs for 1 new ADS [1] - No fractional new ADSs will be issued; instead, fractional entitlements will be aggregated and sold, with net cash proceeds distributed to ADS holders [2] - The change in the ADS Ratio is expected to increase the ADS trading price proportionally, although no assurance can be given regarding the exact price post-change [2] Group 2: Company Overview - Concord Medical is a healthcare provider specializing in a full cycle of oncology services, including cancer diagnosis, treatment, education, and prevention [3] - The company aims to enhance the quality and accessibility of cancer care through its network of self-owned and partnered hospitals across China [3] - Concord Healthcare, a subsidiary, provides oncology healthcare services and medical equipment to both self-owned and third-party medical institutions [4]

Financial Reporting - Concord Healthcare filed its annual report for the year ended December 31, 2023, on April 19, 2024[4] Stock Market Activity - Concord Healthcare's H shares were listed on the HKSE on January 9, 2024[4]

Regulatory Compliance - The company is subject to the Overseas Listing Trial Measures, which require filing with the CSRC for subsequent offerings after March 31, 2023[15]. - The company is classified as a "Commission-identified Issuer" under the HFCAA, which may lead to delisting if the PCAOB cannot inspect its auditors for two consecutive years[20]. - The company is required to comply with PRC laws and regulations, which may impact its ability to generate profits and positive cash flows in the future[25]. - The company faces risks related to regulatory approvals for overseas offerings and cybersecurity oversight, which could materially affect its operations[13]. - The company is subject to various regulatory requirements, including obtaining an ICP License for its internet hospital, which could lead to penalties or disruptions if not complied with[30]. - The company may face challenges in obtaining necessary approvals for offshore offerings, which could delay or restrict its ability to raise capital[90]. - The company is not required to file with the CSRC for its initial listing but must comply with filing requirements for subsequent offerings[90]. - The evolving regulatory landscape may lead to increased scrutiny and compliance costs for the company, affecting its financial performance and market position[94]. - The company must obtain various permits for its hospital partners to operate medical equipment, and failure to do so could materially affect its business operations[50]. - The company is subject to the Foreign Exchange Administration Regulation, which requires prior approval for capital account items, including direct equity investments and loans[212]. Financial Performance - The company reported net losses of RMB522.7 million, RMB769.0 million, and RMB531.0 million (US$74.8 million) for the years 2021, 2022, and 2023, respectively[35]. - Negative cash flows from operating activities were RMB216.7 million and RMB276.5 million (US$38.9 million) in 2022 and 2023, respectively[35]. - As of December 31, 2023, the company had an accumulated deficit of RMB4,064.6 million (US$572.5 million) and total shareholders' deficit of RMB2,121.9 million (US$298.9 million)[35]. - The company received HK$554.9 million (approximately US$71.0 million) through the effective listing of Concord Healthcare on the HKSE[35]. - Total net revenues for the company were RMB485.6 million, RMB472.1 million, and RMB537.4 million (US$75.7 million) in 2021, 2022, and 2023, respectively[142]. - The top five hospital partners contributed approximately 6.0% of total net revenues in 2023, down from 15.9% in 2022 and 17.1% in 2021[40]. - Net revenues from public medical insurance programs represented approximately 10%, 16%, and 24% of total net revenues in 2021, 2022, and 2023, respectively[42]. Operational Challenges - The company launched its internet hospital in May 2021, aiming to connect cancer patients with healthcare resources, but faces challenges in attracting and retaining patients due to limited experience in this area[29]. - The company may experience significant fluctuations in financial performance due to the opening of new cancer hospitals, which typically have lower income and higher operating costs initially[30]. - The company faces competition from existing cooperative centers and may struggle to secure new agreements with top-tier hospitals due to limited availability and increasing competition[33]. - The company may not successfully recruit qualified medical professionals for its new centers, impacting service quality and patient attraction[32]. - The company’s agreements with hospital partners may be subject to early termination, which could harm its reputation and future growth prospects[33]. - The company is sensitive to regulatory, economic, and competitive conditions in Shanghai and Guangzhou, which could materially affect its operations[42]. Strategic Initiatives - The company plans to establish and operate proton centers and cancer hospitals, with the Guangzhou Hospital's proton center already completed and the Shanghai Hospital's proton center expected to be operational by 2027[28]. - The construction of the Shanghai Hospital began in September 2017, with an estimated completion date of January 2026, facing delays due to COVID-19 and regulatory processes[30]. - The company has integrated online and offline medical resources into cloud system solutions, launching several platforms in 2020 and 2021, but the success of these services is uncertain[28]. - The company has established strategic collaboration with MD Anderson for clinical practice development and cancer center management, renewing the agreement for another ten years in 2020[143]. - The company selectively acquires businesses to complement organic growth, including the acquisition of China Medstar for approximately £17.1 million in 2008[138]. Market Conditions - The oncology healthcare service market in China is fragmented, with intense competition primarily based on service range, reputation, and patient satisfaction[180]. - The high net-worth population in China is expected to grow, increasing demand for high-quality medical services not available in public hospitals[69]. - China's oncology healthcare service market revenue grew from RMB265.6 billion in 2016 to RMB495.1 billion in 2022, with a CAGR of 10.9%, and is expected to reach RMB768.7 billion by 2026, at a CAGR of 11.6% from 2022 to 2026[138]. - The number of cancer cases in China is projected to increase from approximately 2.8 million in 2022 to approximately 3.3 million in 2026[138]. Legal and Compliance Risks - The company may face significant costs and operational disruptions if identified as a critical information infrastructure operator under PRC cybersecurity laws[96]. - The company has not been involved in any investigations regarding cybersecurity review by the CAC as of the report date[15]. - The company has not experienced any material cybersecurity breaches to date, but acknowledges the potential for significant legal and financial liabilities if such breaches occur in the future[69]. - The company may face liability claims due to incorrect clinical decisions by medical professionals, which could result in significant legal costs and harm its reputation[55]. - The company does not carry professional malpractice liability insurance at many cooperative centers, exposing it to significant legal and financial risks[57]. Human Resources and Management - Key management personnel, including the CEO and CFO, are critical for the company's growth, and losing them could disrupt business strategy implementation[59]. - The company employs a dedicated operations department to supervise and support the effective operation of its cancer hospitals and cooperative centers, conducting scheduled annual evaluations[168]. - The company has established a medical affairs department to support training and clinical research, facilitating knowledge sharing among medical professionals across its network[171]. Insurance and Risk Management - The company maintains property insurance for medical equipment to protect against natural disasters, although it does not have product liability insurance[185]. - The company has engaged qualified third-party service providers for the proper disposal of medical waste, adhering to environmental regulations[183]. - The company emphasizes the importance of radiation safety and has implemented internal policies for the disposal of medical waste in compliance with PRC laws[183]. Shareholder and Corporate Governance - Dr. Jianyu Yang holds 40.1% of the company, representing 73.2% of total voting rights, due to the dual-class share structure[115]. - The company’s articles of association contain anti-takeover provisions that could limit shareholders' opportunities to sell shares at a premium[72]. - The dual-class structure may prevent the inclusion of Class A ordinary shares in major indices, potentially affecting trading volume and market perception[121]. - Holders of ADSs have limited rights compared to shareholders, which may affect their ability to influence company decisions[113]. Environmental and Social Responsibility - The company must comply with environmental regulations regarding medical waste management and pollution control[210]. - The company is required to obtain a waste discharge license for discharging medical sewage, in accordance with the Environmental Protection Law[210].

Core Viewpoint - Concord Medical Services Holdings Limited has received a notification from the New York Stock Exchange indicating that it is below compliance standards due to the trading price of its American depositary shares, with a cure period until August 12, 2024, to regain compliance [1][2]. Company Overview - Concord Medical is a healthcare provider in China specializing in cancer treatment, research, education, and prevention, offering a full cycle of premium oncology services [4]. - The company aims to enhance the quality and accessibility of cancer care through its network of self-owned cancer hospitals and clinics, as well as partnerships with other hospitals across China [4]. Compliance Details - The NYSE considers a company "below criteria" if the average closing price of its securities is less than $1.00 over a consecutive 30 trading-day period [2]. - To regain compliance, Concord Medical must ensure that its ADS trading price and average trading price exceed $1.00 within the cure period [2]. - The company can regain compliance at any time during the cure period if it meets the required closing price on the last trading day of any calendar month [2]. Company Actions - In response to the compliance issue, the company intends to monitor market conditions and is considering its options to address the situation [3].

Group 1 - Concord Medical Services Holdings Limited announced the listing of a minority stake of 39,420,200 H shares in its subsidiary, Concord Healthcare, on the HKSE at an initial public offer price of HK$14.28 per H share, starting January 9, 2024 [1][2] - The gross proceeds from the initial public offering are HK$562.9 million (approximately US$72.2 million), with plans to allocate approximately 59.4% for repaying bank borrowings, 30.6% for constructing the Shanghai Concord Cancer Center, and 10.0% for working capital and other corporate purposes [2] - Concord Medical focuses on providing a full cycle of premium oncology services, including cancer diagnosis, treatment, education, and prevention, aiming to improve the quality and accessibility of cancer care across China [3][4] Group 2 - Concord Healthcare serves cancer patients through both self-owned and third-party medical institutions, offering a full spectrum of oncology healthcare services and leveraging precision radiation therapy [4] - The company provides integrated oncology-related services, including the sale and installation of medical equipment, software, management, technical support, and operating leases to a network of enterprise customers, primarily hospitals [4]