Core Viewpoint - The announcement details the adjustment of the sale of 100% equity in Guangzhou Taotong by Fosun International, with a revised valuation of RMB 723 million due to changes in brand relationships [1] Financial Impact - The adjusted sale price for Fosun Happy Purchase is RMB 316.6 million, consisting of cash payment of RMB 291.8 million and RMB 24.81 million for subscription of 1.11 million A-shares of Hangzhou Tianyuan, representing 0.80% [1] - The total consideration for the sale amounts to RMB 393.6 million, while the book value of Guangzhou Taotong is approximately RMB 322.5 million [1] - The group will record a gain of approximately RMB 71.08 million from this transaction [1] Valuation Method - The valuation of Guangzhou Taotong was conducted using both the income approach and market approach, yielding results of RMB 723 million and RMB 739 million respectively, with the income approach being selected for final valuation [1] - The income approach was based on a forecast period of 5 years and a weighted average cost of capital of 10.56% [1] - The independent valuation was performed by Kun Yuan Asset Appraisal Co., Ltd [1] Related Transaction Nature - The transaction involves related parties, with Huang Zhen, Tang Bin, and Yao Yu being directors of significant subsidiaries, necessitating compliance with reporting and announcement regulations, exempting independent shareholder approval [1] Subscription of Hangzhou Tianyuan - Hangzhou Tianyuan is listed on the Shenzhen Stock Exchange's ChiNext board (301335) and specializes in pet products, with a projected net profit of RMB 36.6 million for 2024 and a net asset value of RMB 1.921 billion as of June 30, 2025 [1]

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 進展公告 關連交易 有關出售廣州淘通之股權 及 可能認購杭州天元之股權 茲提 述 復星 國 際有 限公 司 （「本公司 」）日 期 為 2025 年 3 月 14 日及 2025 年 5 月 28 日之公告（「 前 期 公 告 」），内容 有關 復星開心購（ 海南 ）科技有限公司、 黃 震 先生、唐 斌 先 生 、姚宇先生 及 廣州淘通科技股份有限公司 （「廣州淘通 」） 其他 若干現有股東（作為「賣 方 」）與杭州天元寵物用品股份有限公司（「杭 州 天 元 」，作 為買 方，與賣方統稱「訂約方 」）訂立買賣協議 及買賣協議 之 補充協 議（「補充協議 一 」）出 售廣州淘通 之股權。除文義另有所指外，本公告所使用 之詞彙與前 期 公告 所界 定 者具 有 相同 涵義。本 公 告 旨在 提 供有 關 本次交易之 進 一步詳情。 由於 ...

Core Viewpoint - Fosun International announced the sale of 40% equity and voting rights in a target company for €310 million, maintaining a 59.86% stake post-transaction [1] Group 1 - Fosun International's indirect subsidiary Fidelidade is the seller in this transaction [1] - MEIF7 is identified as the buyer in the agreement [1] - The target company will continue to be a subsidiary of Fosun International after the sale [1]

公告表示，出售事项基于三项关键裨益：(i)优化卖方的资本结构及提升其流动性状况；(ii)藉与经验丰 富的战略伙伴携手契机，共同推动目标公司业务发展及价值创造，同时保持卖方于医疗健康行业关键战 略资产的控制权；及(iii)强化股权结构，为目标公司的中期增长提供更强的支持与动力。 目标公司(即Luz Saúde, S.A.)为一间根据葡萄牙法律成立的有限责任公司，其为葡萄牙医疗市场上最大 的私人医疗集团之一，在葡萄牙提供广泛的综合医院及临床服务。截至本公告日期，其为Fidelidade的 附属公司。Fidelidade拟将出售事项的所得款项用于优化其资本结构及偿付能力状况。 格隆汇9月5日丨复星国际(00656.HK)发布公告，2025年9月4日(里斯本时间)，Fidelidade(公司的间接附 属公司，作为卖方)与MEIF 7(作为买方)签订协议，据此，卖方同意出售目标公司40%的股份及表决权， 基础代价为欧元3.10亿元。交割后，卖方将持有目标公司59.86%的股份及表决权，而目标公司将仍为公 司的附属公司。 ...

据悉，目标公司为葡萄牙医疗市场上最大的私人医疗集团之一，在葡萄牙提供广泛的综合医院及临床服 务。截至本公告日期，其为Fidelidade的附属公司。 公告称，出售事项基于叁项关键裨益：(i)优化卖方之资本结构及提升其流动性状况;(ii)借与经验丰富的 战略伙伴携手契机，共同推动目标公司业务发展及价值创造，同时保持卖方于医疗健康行业关键战略资 产的控制权;及(iii)强化股权结构，为目标公司的中期增长提供更强的支持与动力。 复星国际(00656)公布，于2025年9月4日(里斯本时间)，Fidelidade(该公司的间接附属公司，作为卖方)与 MEIF7(作为买方)签订协议，据此，卖方拟向买方出售Luz Saúde,S.A.40%的股份及表决权，基础代价为 欧元3.1亿元。交割后，卖方将持有目标公司59.86%的股份及表决权，而目标公司将仍为公司的附属公 司。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 須予披露交易 有關出售 LUZ SAÚDE, S.A.之股權 出售事項 於 2025 年 9 月 4 日（里斯本時間），Fidelidade（本公司之間接附屬公司，作 為賣方 ） 與 MEIF 7（作為 買方 ） 簽訂協議，據此， 賣方 同意出售及買方同意 購買 目標公司 40%的股 份 及表決權， 基礎 代價為 歐 元 310 百 萬 元。 交 割後 ， 賣方 將持有 目標公司 59.86%的 股份 及表決權，而 目 標公 司 將仍 為本公司的附 屬公司。 MEIF 7（作為買方） 據董事作出一切合理查詢後所深知、盡悉及確信，買方及其最終實益 擁有人均為獨立於本公司及其關連人士之第三方。 排 出售事項的代價應 於交 割 日轉 讓 目標 公司 股 份的 同 時，由買方 以現金 方式 全 額支付。 出售事項的代價 乃經公平磋商後達成，並參考以下因素釐定： (i)目 標公 司 之未 來 發展；(ii)目標公 ...

Core Viewpoint - Fosun International reported a total revenue of 87.3 billion yuan for the first half of 2025, a year-on-year decrease of 10.8% [1] - The group's net profit attributable to shareholders was 660 million yuan, down 8.2% year-on-year [1] Revenue Breakdown - The revenue from the Happiness, Abundance, Health, and Intelligent Manufacturing segments decreased by 21.9%, increased by 3.3%, decreased by 3.0%, and decreased by 24.6%, respectively, totaling 33.72 billion, 27.83 billion, 22.57 billion, and 4.02 billion yuan [1] Insurance Sector Performance - Fosun Portugal Insurance achieved total premium income of 3.27 billion euros, up 16.5% year-on-year, with a market share of 29.3% [1] - The international business premium income was 920 million euros, up 4.3%, accounting for 28.2% of total premium income [2] - The net profit for Fosun Portugal Insurance was 133 million euros, an increase of 27.6% [1] Reinsurance and Health Insurance - Dingrui Reinsurance reported total premiums of 1.06 billion USD, a year-on-year increase of 25.1%, with a net profit of 90 million USD and a ROE of 13.4% [2] - Fosun United Health Insurance achieved total premium income of 3.64 billion yuan, up 31.1% year-on-year, with a net profit of 33 million yuan [2] Wealth Management and Technology - Fosun Wealth Holdings launched the FinRWA Platform, focusing on real-world asset technology and tokenization projects [3] - The team for Star Road Technology consists of professionals from major tech companies, enhancing operational efficiency and development quality [3] Pharmaceutical Sector - Fosun Pharma reported revenue of 19.426 billion yuan, with innovative drug revenue growing by 14.26% to over 4.3 billion yuan [4] - The net profit attributable to shareholders was 1.702 billion yuan, an increase of 38.94% [4] Subsidiary Performance - Yuyuan's revenue decreased by 30.68% to 19.112 billion yuan, with a net profit decline of 94.50% to 63 million yuan [4] - Fosun Tourism's revenue reached a historical high of 9.535 billion yuan, up 1.3% year-on-year, with an operating profit of 1.269 billion yuan, up 22.4% [4] Future Outlook - The company adjusted its revenue forecasts for 2025-2026 to 96 billion and 103.4 billion yuan, respectively, with net profit estimates of 730 million and 930 million yuan [5] - The EPS estimates for 2025-2026 are adjusted to 0.02 and 0.03 yuan, respectively [5]

人民财讯9月4日电，据海南日报，9月3日，海南省省长刘小明在海口会见复星国际联席董事长汪群斌一 行。双方围绕用好海南自贸港政策优势和复星国际行业优势，就推进旅游产品迭代升级、助力国际旅游 消费中心建设，打造矿业一体化产业链、推动新能源产业高质量发展等内容进行交流探讨。 ...

Report Summary Company Events - **New Borrowings**: - As of the end of Q2 2025, China Railway Construction Investment Group Co., Ltd. had a new borrowing balance of 20.464 billion yuan, accounting for 51.61% of the net assets at the end of the previous year [2]. - As of June 30, 2025, China Railway Construction Corporation Limited had a cumulative new borrowing of 116.674 billion yuan, accounting for 27.61% of the net assets at the end of 2024 [2]. - As of the end of the second quarter, Shaanxi Financial Holding Group Co., Ltd. had a new borrowing balance of 4.015 billion yuan, accounting for 24.60% of the net assets at the end of the previous year [2]. - As of June 30, 2025, Pinghu State - owned Assets Holding Group Co., Ltd. had a cumulative new borrowing of 11.872 billion yuan, accounting for 31.70% of the net assets of 37.449 billion yuan at the end of 2024 [2]. - **External Guarantee Growth**: - As of the end of June 2025, the external guarantee balance of Suqian Canal Port Area Development Group Co., Ltd. was 5.5789083 billion yuan, with a new increase of 1.8564613 billion yuan compared to the end of 2024, and the new external guarantee balance in the first half of 2025 accounted for 37.02% of the audited net assets at the end of 2024 [2]. - As of June 30, 2025, the single - household guarantee balance of Chengdu Xingjin Urban Construction Investment Co., Ltd. for Chengdu Xingjin Construction Investment Group Co., Ltd. reached 6.2865 billion yuan, accounting for 88.16% of the net assets at the end of the previous year [2]. - **New Bond Issuance**: On September 2, Fosun International planned to issue 4NC2.5 - term, RegS senior unsecured notes with an expected upper - limit scale of 400 million US dollars, to be priced as soon as today, with an initial price guidance in the 7.2% area, and planned to be listed on the Singapore Exchange [2]. - **Asset Transfer**: - Shaoxing State - owned Capital Operation Co., Ltd. planned to transfer 49% of the equity of Shaoxing Public Utilities Group Co., Ltd. and 18.39% of the equity of Shaoxing Cultural Tourism Group Co., Ltd. for free, accounting for 35.82% of the net assets in the consolidated statement for the same period. It was also planned that Shaoxing State - owned Assets Control Group Co., Ltd. would absorb and merge Shaoxing State - owned Capital Operation Co., Ltd. [2]. - Chang'an Huitong Group Co., Ltd. planned to transfer 30.3414% of the equity of Shaanxi Chang'an Huitong Financial Leasing Co., Ltd. to its wholly - owned subsidiary Qinchuangyuan Science and Technology Innovation Investment Co., Ltd. for free, which did not involve a change in the scope of the consolidated statements and had no significant impact on the company's main financial indicators [2]. - **Credit Rating Changes**: - Xiamen Tungsten Co., Ltd.'s long - term credit rating of the company's main body was upgraded from AA+ to AAA, and the rating outlook was stable [2][3]. - Moody's confirmed the "Ba2" corporate family rating of CITIC Resources Holdings Limited and adjusted the rating outlook from "stable" to "negative" [3]. Report Industry Investment Rating No information provided. Report's Core View No information provided.

Report Industry Investment Rating - Not provided Core Viewpoints - The secondary IG market in Japan faced pressure due to heavy supply, with new issues widening and perpetuals under pressure. Chinese IG also widened, while some Chinese property and Macau gaming bonds showed mixed performance. Fosun's new bond issuance and tender offer are part of its debt management, and its credit profile is improving [2][8][11] Summary by Relevant Catalogs Trading Desk Comments - Yesterday, there were 6 Japanese and 1 Indian bond in the IG new issuance pipeline, pressuring the Japanese secondary IG market. New issues like JERA/HOKKEL/MITSCO widened 2 - 4bps, and perpetuals were pressured by the bear - steepening USD yield curve. Japanese insurance hybrids/AT1s and Yankee AT1s/insurance hybrids declined. China IG widened 2 - 4bps, with better selling on TMT names. Some bonds like FOSUNI 26 - 28s and DALWAN 11 02/13/26 rose. In Chinese properties and Macau gaming, bonds had mixed performance. TW lifers tightened, Korea IG widened, and SEA space had various movements [2] - This morning, new bonds like MUFG 31 - 36/MUFG 6.35 Perp had different price changes. FOSUNI 6.8 09/09/29 was 0.3pt higher, and ADANEM 30 - 31s were 0.2 - 0.5pt higher [3] - In the LGFV space, there was a mixed two - way session with more selling, and bonds repriced 30 - 50bps wider from YTD tights [4] - The top performers included BIMLVN 7 3/8 05/07/26 with a 1.3 price increase, while top underperformers like GLPSP 4 1/2 PERP dropped 2.3 [5] Macro News Recap - On Tuesday, S&P (-0.69%), Dow (-0.55%), and Nasdaq (-0.82%) were lower. US Aug'25 S&P Global Manufacturing PMI was 53.0 (lower than expected), and ISM Manufacturing PMI/Prices were 48.7/63.7 (lower than expected). UST yield was higher, with 2/5/10/30 - year yields at 3.66%/3.74%/4.28%/4.97% [7] Desk Analyst Comments - Analysts are neutral on the new FOSUNI 6.8 09/09/29. Fosun priced the bond at 6.8% (vs IPT of 7.2%), with an issue size capped at USD400mn on an order book over USD2.5bn. The bond has a 4 - year tenor with a 2.5 - year non - call period. Analysts view its valuation as fair, and for Chinese HY, they prefer BTSDF 9.125 07/24/28 and EHICARs [8] - Fosun announced a tender offer for USD500mn FOSUNI 5 05/18/26, to be financed by the new bond issue and/or internal resources. The offer expires on 10 Sep'25 4pm (GMT) and will be settled around 16 Sep'25. Participation in the tender offer doesn't provide priority allocation for the new bond [9] - The new issuance and tender offer are part of Fosun's debt maturity management. In 2025, Fosun has repurchased bonds via tender offers and called the remaining amount. As of Jun'25, it held RMB16bn cash and RMB89.2bn total debt at holdco level, with a plan to deleverage further [10] - Fosun's credit profile is improving due to asset disposals, debt maturity management, and better access to funding channels onshore and offshore. It has issued bonds and raised loans in 2024 - 2025 [11] Offshore Asia New Issues (Priced) - Multiple issuers including Arab National Bank, Ares Capital, Credit Agricole, etc., have priced new bonds with different sizes, tenors, coupons, and issue ratings [12] Offshore Asia New Issues (Pipeline) - Fubon Life, PTT Global Chemical, and Sumitomo Life Insurance have bonds in the issuance pipeline with specified tenors, pricing, and issue ratings [13] News and Market Color - Yesterday, 37 onshore credit bonds were issued with an amount of RMB25bn. Month - to - date, 99 credit bonds were issued, raising RMB68bn, a 10.8% yoy decrease. NIO's 2Q25 revenue rose 9% yoy to RMB19bn. India regulator approved SMBC's acquisition of 20% shareholding in YES Bank, and the US revoked TSMC waiver for shipping chipmaking tools to China [14]