Core Viewpoint - Fosun International (00656.HK) announced the sale of a 40% stake in its subsidiary Luz Saúde, S.A. to MEIF 7 for €310 million, aiming to optimize its capital structure and enhance liquidity [1] Group 1: Transaction Details - The agreement was signed on September 4, 2025 (Lisbon time) [1] - Following the transaction, Fosun will retain 59.86% of the shares and voting rights in Luz Saúde [1] - Luz Saúde is one of the largest private healthcare groups in Portugal, providing a wide range of hospital and clinical services [1] Group 2: Strategic Rationale - The sale aims to optimize the seller's capital structure and improve liquidity [1] - Collaboration with an experienced strategic partner is expected to drive business development and value creation for Luz Saúde while maintaining control over key strategic assets in the healthcare sector [1] - The transaction is designed to strengthen the equity structure, providing better support and momentum for the mid-term growth of Luz Saúde [1]

Core Viewpoint - Fosun International (00656) announced the sale of a 40% stake in Luz Saúde, S.A. for €310 million, aiming to optimize capital structure and enhance liquidity while maintaining control over key strategic assets in the healthcare sector [1] Group 1: Transaction Details - The agreement was signed on September 4, 2025, between Fidelidade (the seller) and MEIF7 (the buyer) [1] - Post-transaction, the seller will hold 59.86% of the shares and voting rights in the target company, which will remain a subsidiary of Fosun International [1] Group 2: Strategic Benefits - The sale is based on three key benefits: 1. Optimizing the seller's capital structure and improving liquidity [1] 2. Collaborating with an experienced strategic partner to drive business development and value creation while retaining control over critical assets in the healthcare sector [1] 3. Strengthening the equity structure to provide stronger support and momentum for the target company's mid-term growth [1] Group 3: Company Background - Luz Saúde, S.A. is one of the largest private healthcare groups in the Portuguese market, offering a wide range of comprehensive hospital and clinical services [1] - As of the announcement date, Luz Saúde is a subsidiary of Fidelidade [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。 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]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年8月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 復星國際有限公司 | | | 呈交日期: | 2025年9月3日 | | | I. 法定/註冊股本變動 | 不適用 | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00656 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 8,166,558,124 | | 0 | | 8,166,558,124 | | 增加 / 減少 (-) | | | 0 | | ...

Group 1 - Recently, Fosun International successfully issued a total of $400 million in senior unsecured bonds on September 3, showcasing its financing capability in the international market [1][3] - The bonds have a term of 4NC2.5 and a coupon rate set at 6.8%, which is attractive to investors [3] - Standard & Poor's assigned a BB- issuer rating to Fosun International with a stable outlook, enhancing confidence in the bond issuance [3] Group 2 - The funds raised will primarily be used for refinancing part of the existing offshore debt, including payments related to any tender offers [3] - Additional funds will be allocated for the company's working capital and general corporate purposes to support Fosun International's ongoing development [3]

Summary of Key Points Overall Market Trends - The overall market shows a rebound in institutional attention, particularly in the mechanical, pharmaceutical, and automotive sectors [5][6][7] - The Shanghai and Shenzhen 300 indices have shown varied performance across different sectors, with banking and utilities leading in gains [1][2] Industry Insights - The pharmaceutical sector is witnessing significant advancements in the small molecule GLP-1RA space, with Orforglipron leading globally and domestic pipelines gaining value [28][30][31] - The mechanical industry is focusing on unmanned intelligent equipment, highlighted by the upcoming military parade showcasing new technologies [35][36][38] Company-Specific Updates - **Old Phoenix (老凤祥)**: The company reported a 10.5% year-on-year increase in Q2 revenue, with a focus on brand rejuvenation and product upgrades [42][44] - **Federation Pharmaceutical (联邦制药)**: The company achieved a 4.61% increase in revenue for H1 2025, with significant growth in its formulation segment [46][48] - **Giant Star Agriculture (巨星农牧)**: The company experienced a 66.49% increase in revenue for H1 2025, driven by a substantial rise in pig sales [51][52] - **China Shenhua (中国神华)**: The company reported a decline in revenue but maintained strong integrated operations, with a focus on asset injection and sustainable dividends [56][58] Investment Recommendations - The small molecule GLP-1RA market is expected to provide new growth opportunities, with several domestic companies positioned to benefit from international expansion [33] - Companies involved in the mechanical sector, particularly those developing robotic technologies, are recommended for investment due to their innovative potential [39][40]