5月27日，中信建投证券发布了对复星国际(00656.HK)的首次覆盖报告，给予公司"增持"评级。报告指 出，公司下属健康板块拥有包括复星医药、复宏汉霖、复锐医疗等多家上市公司，医药产业全方位布 局；快乐板块拥有豫园、老庙黄金、Club Med、三亚亚特兰蒂斯等多个优质资产和品牌；富足板块控 股复星葡萄牙保险、鼎睿再保险、BFC等全球化布局的多元资产。现阶段公司积极实施聚焦主业的战 略，公司资产展现出稳健的增长态势，资产质量持续优化，值得市场关注。 在富足板块，集团资产质量稳步提升。中信建投证券以保险业务为例，指出复星葡萄牙保险2024年毛保 费收入达约欧元61.7亿元，充分发挥复星"全球组织+本地运营"能力，通过海外拓展将国际业务占比由 2014年的约5%提高至29.8%；境内两家保险公司迎来关键发展机遇，其中复星保德信人寿的总保费收入 从2023年的人民币43.5亿元大幅增长至2024年的人民币92.5亿元，复星联合健康保险的保费收入也稳步 提升，并且两家公司均实现盈利。两家公司的不断成长有望为集团未来发展奠定坚实基础。 中信建投证券认为，复星国际目前积极实施"聚焦主业，瘦身健体"战略，资产质量有望持续回 ...

投资建议：公司持续推动"聚焦主业，瘦身健体"的战略调整，加速非核心业务的退出，预计资产质量持 续提升。预计2025-2027 年归母净利润分别为12.21 亿元/19.51 亿元/25.03 亿元，公司目前PB 低于0.3 倍，资产质量的修复有待市场逐步认知，首次覆盖，给予"增持"评级。 风险分析 简评 健康板块全方位布局：复星医药直接运营的业务包括制药、医疗器械、医学诊断、医疗健康服务，并通 过参股国药控股覆盖到医药商业领域。（1）核心制药板块涵盖创新药、成熟产品和疫苗三大领域：创 新药聚焦肿瘤（实体瘤/血液瘤）与免疫炎症治疗；成熟产品通过首仿药、复杂制剂、改良型新药研发 及产线整合实现降本增效；疫苗板块依托细菌性/病毒性技术平台推进自研与合作管线。重点产品包 括：汉利康（首个国产利妥昔单抗，适应症覆盖淋巴瘤、白血病及类风湿关节炎，国内首个获批RA 治 疗）；汉曲优（中欧美三地获批曲妥珠单抗，全球50 余国上市，适应症为HER2 阳性乳腺癌及胃癌）； 汉斯状（首个欧盟批准用于广泛期小细胞肺癌的PD-1 单抗，覆盖肺癌、食管癌等癌种，获五大CSCO指 南推荐）；奕凯达（国内首个CAR-T 产品，适应症为复发/ ...

金融、文旅合作空间巨大 多年以来，复星以"深度产业运营+深度产业投资"见长，持续深耕健康、快乐、富足三大业务板块；而 中信集团金融与实业并举，旗下拥有综合金融、先进智造、先进材料、新消费和新型城镇化五大业务板 块，双方在综合金融服务民营企业的业务层面，如资本市场、国际金融等领域，均有许多想象空间。 复星旗下有复星旅游文化集团，拥有地中海俱乐部度假村及三亚亚特兰蒂斯等知名度假品牌资源，可以 加强与中信集团旗下的中信建设等投资运营项目的合作，双方在文旅度假领域可以实现业务互补。 实际上，双方在深圳金沙湾项目已经达成深入合作——2024年11月29日，复星旅文联合中信城开投资集 团有限公司及深圳市大鹏新区管理委员会，在深圳大鹏金沙湾国际旅游度假区签署合作协议，引入地中 海.邻境度假村。 5月9日，复星国际有限公司(简称"复星国际")与中国中信集团有限公司(简称"中信集团")在北京签署战 略合作协议。 中信集团董事长奚国华表示，希望双方围绕综合金融、文旅康养和国际化等领域，进一步探索合作新模 式，实现产品和服务相互嵌入、相互赋能，打造央企和民企合作新典范。复星国际董事长郭广昌表示， 希望以此为新起点，充分发挥复星核心 ...

历经四次递表后，Mirxes Holding Company Limited（以下简称Mirxes;）的闯关之旅终于迎来了好消 息！ 在近日通过港交所聆讯之后，Mirxes（02629.HK）马不停蹄地发起全球发售，计划于5月15日起至5月 20日招股，预计2025年5月23日挂牌上市。 此次Mirxes全球发售4662万股，其中90%为国际发售、10%为香港公开发售，无超额配股权。每股发售 价23.30港元，每手100股，最多募资约10.86亿港元。 在支出方面，销售及分销开支、研发开支、一般及行政开支整体处于增长状态。2024年，这三项支出分 别为1619.75万美元、1910.44万美元、4595.95万美元。 截至2025年5月7日，Mirxes拥有一种核心产品（即GASTROClear™）、两种其他商业化产品（即 LUNGClear™及Fortitude™）及六种处于临床前阶段的候选产品。 其中，核心产品GASTROClear™为一个由12种miRNA生物标志物组成的用于胃癌筛查的基于血液的 miRNA检测组。GASTROClear™已于2019年5月获得新加坡卫生科学局（HSA;）的C类体外诊断 ...

复星国际在港交所公告，出售葡萄牙里斯本项目中大楼部分未来单元。 ...

2024 年報 年報 2024 財務摘要 2 致股東的信 3 業務概覽 6 管理層討論與分析 11 五年統計 38 企業管治報告 39 董事及高級管理人員簡歷 54 董事會報告 59 獎項及榮譽 92 獨立核數師報告 93 綜合損益表 98 綜合收益表 99 綜合財務狀況表 101 綜合權益變動表 103 綜合現金流量表 107 財務報表附註 112 公司資料 313 詞彙定義 314 財務摘要 截至12月31日止年度 以人民幣百萬元列示 2024 2023 收入 192,142.0 198,200.3 健康 46,552.9 46,314.4 快樂 76,710.1 88,946.4 富足 55,114.1 51,779.5 保險 39,313.8 37,453.6 資管 15,800.3 14,325.9 智造 15,585.9 12,755.6 內部抵銷 (1,821.0) (1,595.6) 歸屬於母公司股東之（虧損）╱利潤 (4,348.9) 1,379.1 健康 901.1 580.2 快樂 (1,878.6) (263.9) 富足 (2,656.2) 237.3 保險 1,716.1 790.2 ...

Group 1 - The company, Fosun International, announced an increase in its stake in the non-listed shares of Fuhong Hanlin, with a deadline set for April 21, 2025 [1] - In previous announcements, Ms. Tseng Chi-Ling was identified as the largest single shareholder of HenLink, holding 27.69% of its shares [1] - Mr. Liu Hsing-Jin and Mr. Ho Tung-Kuang hold 26.60% and 11.89% of HenLink's shares, respectively [1]

Core Insights - Nanyang Commercial Bank ("NCB") and Fosun International Limited ("Fosun") signed a strategic cooperation agreement, marking a deepening of their partnership and commitment to support Fosun's future development strategy [1][3] Group 1: Strategic Cooperation - The signing of the strategic cooperation agreement signifies a long-term, stable, and deep financial partnership between NCB and Fosun, entering a new phase of collaboration [3] - NCB will leverage its experience in cross-border operations to provide professional banking services, combining with Fosun's global and industrial advantages for mutual benefit and development [3] Group 2: Historical Context - NCB and Fosun have been collaborating since 2010, establishing a solid foundation for their partnership over the past fifteen years [3] - The cooperation has allowed both entities to build a strong relationship, paving the way for deeper ties in the future [3] Group 3: Future Directions - NCB aims to continue working alongside high-quality enterprises like Fosun, utilizing its strengths in cross-border operations and integrating financial technology and AI to enhance product and service offerings [3] - The goal is to provide comprehensive and high-quality financial services to support Fosun's strategic development and achieve mutual benefits [3]

Core Viewpoint - Guozheng International Securities maintains a "buy" rating for Fosun International (00656.HK), citing a stable leverage ratio and improved financing channels, with a target price of HKD 7.5, indicating an 87% upside potential from the current price [1] Financial Performance - Fosun International reported total revenue of RMB 192.14 billion for 2024, with its four core subsidiaries contributing RMB 134.65 billion, accounting for 70.1% of total revenue [1] - The industrial operating profit reached RMB 4.9 billion, and the net profit attributable to shareholders, excluding significant one-time impacts, was RMB 750 million [1] - The group signed asset exit agreements worth approximately RMB 17.5 billion and RMB 30 billion on a consolidated basis [1] - As of the reporting period, the group's total debt to total capital ratio was 52.0%, with cash, bank balances, and time deposits amounting to RMB 106.34 billion [1] Financing Activities - Fosun successfully refinanced an USD 870 million loan due on March 28, 2025, with USD 675 million sourced from a new syndicate loan [1] - On April 1, Fosun Gaokai issued the second phase of asset-backed debt financing tools, raising RMB 1 billion with a 1+1 year term and a coupon rate of 4.7%, achieving a subscription multiple of 1.38 times [1] Strategic Focus - The company completed RMB 13.6 billion in public market financing in 2024, continuing to exit non-core assets while repurchasing core assets, including the privatization of Fosun Tourism and acquisitions in Fosun Pharma and Yuyuan [2] - The health sector showed robust growth, with Fosun Pharma's net profit attributable to shareholders increasing by 55% year-on-year to RMB 900 million [2] - The insurance segment in Portugal reported total premium income of EUR 6.17 billion, maintaining the top market share, with international business premiums growing by 7.8% year-on-year [2] Management Outlook - Fosun's management indicated plans to continue exiting heavy asset projects to reduce financial leverage, aiming to decrease interest-bearing liabilities from over RMB 80 billion to RMB 60 billion [2] - The targets for industrial operating profit and net profit attributable to shareholders are set at RMB 10 billion [2] Analyst Ratings - Other securities firms, including Industrial Securities and Kaiyuan Securities, have also reiterated their "overweight" and "buy" ratings for Fosun International, expressing optimism about its future performance [3]

Group 1 - S&P Global released the "Sustainability Yearbook (China Edition) 2025," recognizing Fosun International for its ongoing efforts in ESG, marking its second consecutive year in the top 1% [1][4] - Over 1,600 Chinese companies were evaluated for the yearbook, with only about 160 achieving the honor, requiring a CSA score in the top 15% of their industry [4] - Fosun International achieved a CSA score of 70, significantly surpassing the industry average by nearly 40 points, ranking in the top 5% globally as of April 2025 [4] Group 2 - Fosun International has consistently received high ESG ratings, maintaining an MSCI ESG rating of AA since 2021, and an AA- rating from Hang Seng, while being included in the FTSE4Good Index Series [6] - The company has established a comprehensive ESG management system, integrating ESG requirements into its operations and addressing key social issues through various initiatives [6] - Looking ahead, Fosun aims to deepen its industry engagement, enhance innovation, and promote sustainable business development to create long-term value for stakeholders [6]