截至2024年年报，复星国际营业总收入1921.42亿元、净利润-43.49亿元。 本文源自：金融界 作者：行情君 8月12日，复星国际(00656)盘中上涨8.43%，截至14:26，报5.79元/股，成交1.51亿元。 复星国际有限公司是一家创新驱动的全球家庭消费产业集团，主要业务涵盖健康、快乐、富足、智造四 大板块，为全球家庭客户提供高品质的产品和服务。公司2021年总收入达到人民币1,612.9亿元，总资产 达到人民币8,064亿元，位列福布斯全球上市公司2000强榜单第459位，MSCI ESG评级为AA。 ...

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7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8月5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 | | | 8,166,433,124 | | 0 | | 8,166,433,124 | | 增加 / 減少 ...

Core Insights - The core viewpoint is that Fosun International is fully embracing AI as a transformative force, shifting from "business + AI" to "AI + business" to become a leading AI application company [1][6]. Group 1: AI Leadership and Transformation - AI leadership is essential in the current era, emphasizing the need for humans and machines to coexist as a community of fate rather than machines serving humans [3][8]. - The competition in AI is seen as a core battleground for technological sovereignty, impacting the fundamental competitiveness of nations and enterprises [3][4]. - The historical analogy of the Ford Model T illustrates the importance of embracing new technologies rather than optimizing outdated ones, as those who adapt will thrive [3][4]. Group 2: AI as Infrastructure - AI is defined as a revolutionary infrastructure that is indispensable and fundamentally reshapes economic and social operations, similar to past technological revolutions [4][5]. - The emergence of AI fundamentally reconstructs production relationships, transitioning decision-making from human-centric to human-machine collaborative processes, leading to exponential productivity increases [4][5]. Group 3: Strategic Positioning of Fosun - Fosun's strategy is to focus on being a leading AI application user rather than a developer of foundational large models, emphasizing practical applications of AI in industry [6][7]. - The shift from "business + AI" to "AI + business" is crucial, as it involves integrating AI into the foundational structure of business processes rather than merely enhancing existing systems [6][7]. Group 4: AI in Pharmaceutical Development - Fosun Pharma recognizes the potential of AI in drug development, utilizing AI to enhance decision-making and operational efficiency, exemplified by the PharmAID platform which improves information accuracy by 50% and efficiency by 30% [7]. - The development cycle for new drugs has been significantly reduced from 18 months to 5 months through AI applications, showcasing the transformative impact of AI on productivity [7]. Group 5: AI Leadership and Collaboration - AI leadership is characterized by three forms of symbiosis: human and machine collaboration, traditional and digital economies coexisting, and individual enterprises thriving within an ecosystem [8]. - The ultimate goal of AI leadership is to achieve "full participation" where all employees evolve collectively, fostering a partnership between humans and machines [8].

Core Viewpoint - S&P has initiated coverage of Fidelidade, granting it an "A" long-term issuer credit rating and financial strength rating, with a stable outlook, reflecting confidence in its market position and financial stability [1][2]. Group 1: Market Position and Performance - Fidelidade holds a leading market share of 30% in the Portuguese market and has expanded its international business in Peru, Chile, Africa, and Asia, contributing to diversified profitability [2]. - In 2024, Fidelidade achieved a 12.6% growth in insurance revenue, with a net profit of €173.5 million [2]. - The Solvency II ratio reached 194% at the end of 2024, indicating strong capital strength and profitability [2]. Group 2: Ratings and Recognition - This is the second time Fidelidade has received an "A" credit rating, with Fitch upgrading its financial strength rating to "A+" and long-term issuer default rating to "A" in September 2024 [3]. - The recognition from two leading global rating agencies enhances confidence in Fidelidade's strategic direction and reflects its commitment to financial discipline and value creation for stakeholders [3]. Group 3: Strategic Development - Fidelidade is one of the four core subsidiaries of Fosun International and maintains its leading position in the Portuguese market while expanding its international presence, particularly in Peru and Bolivia [3].

ESG融入投资体系 以高标准遵循国际责任投资原则 20世纪90年代起，ESG投资理念便在国际资本市场逐渐兴起，并形成广泛共识。ESG投资理念即在选择投资标的时，不仅关注其财务状况，还关注其社会责 任的履行，考量企业在环境、社会及公司治理等方面的表现。 复星创立于1992年，经过超30年的投资布局和稳健发展，已成为一家创新驱动的全球家庭消费产业集团。 7月15日，在2025新京报贝壳财经年会"ESG的全球实践与中国答案"论坛上，复星国际公司秘书兼ESG管理委员会负责人史美明表示，随着社会对企业的期 望越来越高，投资者和消费者对企业的ESG（环境、社会和公司治理）表现也越来越关注。 史美明认为，ESG评级是一个管理工具和平台，帮助利益相关方了解企业的ESG实践。企业重视ESG评级工作，可以促进企业ESG系统的管理，同时，借助 评级工具，不断以国际化视野，了解国际最佳实践，也可借此逐步优化内部规章制度和风险管理流程。 复星国际在ESG实践上一直走在前列。复星国际MSCI ESG评级为AA；在最新标普全球企业可持续发展评估中位列全球同业前5%，入选标普全球《可持续 发展年鉴2025》并在《可持续发展年鉴》（中国版）2 ...

Core Insights - The innovative drug sector is experiencing a significant uptrend driven by new drug launches, reduced losses in biotech, and major business development (BD) activities, with a positive outlook for continued growth in the industry [1] - Fosun International's health sector is gaining market attention due to its innovative transformation in the pharmaceutical industry, showcasing unique value in "innovation," "technology," and "globalization" [1] Group 1: Company Developments - Fosun Pharma and its subsidiary, Hualan Biological Engineering, are entering a critical phase of pipeline realization, with a focus on differentiated and internationalized R&D strategies [1][4] - The PD-1 monoclonal antibody, Hanshuo (Sru Li Single Antibody Injection), has become the first globally approved first-line treatment for extensive-stage small cell lung cancer (ES-SCLC) [1] - Hualan's HLX43, a PD-L1 antibody-drug conjugate (ADC), is positioned to address unmet clinical needs in advanced/metastatic solid tumors, showing promising initial efficacy in non-small cell lung cancer (NSCLC) and thymic squamous cell carcinoma (TSCC) [2][3] Group 2: Market Expansion and Collaborations - Fosun is actively promoting its innovative products internationally, having established deep collaborations with over 20 leading biopharmaceutical companies to expand into global markets [5] - The approval of Sru Li Single Antibody in the EU and its coverage across over 30 countries demonstrates Fosun's capabilities in overseas registration and market access [5] - Ongoing clinical trials for innovative therapies targeting gastric cancer and breast cancer further indicate Fosun's commitment to expanding its global clinical capabilities [5] Group 3: Future Growth Potential - The combination of self-research, licensing, and globalization strategies positions Fosun for sustainable and high-value growth, with a strong pipeline and innovative technology platforms [6] - The recent approval of multiple new drugs by the National Medical Products Administration (NMPA) is expected to boost Fosun's performance, especially with the upcoming medical insurance negotiations [6] - The Chinese biotechnology sector has seen a significant revaluation, with a 72% increase year-to-date, indicating a robust outlook for the innovative drug market [6][7]

Group 1 - The core point of the news is that Yuyuan Industrial (豫园股份) is planning to raise up to RMB 2 billion through equity financing for its subsidiary, Jewelry Fashion Group, by introducing investors [1] - The financing will involve a maximum of 40 investors, with Bank of China Asset Management agreeing to invest RMB 400 million for a 3.5596% stake in the target company [1] - After the completion of this capital increase, Yuyuan Industrial will indirectly hold 91.03% of the target company's expanded equity [1] Group 2 - On November 20, 2024, Yuyuan Industrial and its subsidiaries signed investment agreements with 36 external investors, who collectively contributed RMB 770 million to Hekezhu Ying, making them limited partners [2] - Hekezhu Ying will use a total of RMB 980 million to subscribe to the target company's new registered capital, representing 9.8196% of the expanded equity [2] - The ordinary partner of Hekezhu Ying is Senche Business Consulting, a wholly-owned subsidiary of Yuyuan Industrial, which contributed RMB 10 million [2] Group 3 - On December 20, 2024, Yuyuan Industrial and its subsidiaries entered into an agreement with Bank of China Asset Management for an additional capital increase of RMB 600 million [3] - This investment will allow Bank of China Asset Management to acquire a 5.6054% stake in the target company through a new registered capital of RMB 146,328,846 [3] - Prior to and after this capital increase, Yuyuan Industrial will hold 100% and 91.03% of the target company's equity, respectively, assuming no changes in equity total [3]

Financial Performance - Total revenue for 2024 was RMB 192,142 million, a decrease from RMB 198,200.3 million in 2023, representing a decline of approximately 0.5%[5] - The net loss attributable to shareholders was RMB 4,348.9 million in 2024, compared to a profit of RMB 1,379.1 million in 2023[5] - The basic and diluted earnings per share for 2024 were both RMB (0.53), a decline from RMB 0.17 in 2023[5] - Total revenue for the group reached RMB 192.14 billion, a slight decrease of 3.1% compared to the same period in 2023[21] - The net profit of the group was RMB 4.9 billion, remaining stable compared to the same period in 2023, despite significant declines in net profit for some subsidiaries[21] - The group achieved a profit attributable to the parent company of approximately RMB 750 million, excluding significant one-time impacts[21] - The group reported a loss attributable to equity holders of RMB 4,348.9 million, a significant increase of 415.3% compared to a profit of 1,379.1 million in the previous year[43] - The group's total revenue for the reporting period was RMB 192,142.0 million, a decrease of RMB 6,058.3 million or 3.1% compared to the same period in 2023[39] Revenue Segmentation - Revenue from the health segment reached RMB 46,552.9 million, representing a year-on-year growth of 0.5%, while the happiness segment saw a decline of 13.8% to RMB 76,710.1 million[41] - The wealth segment's revenue increased by 6.4% to RMB 55,114.1 million, with insurance and asset management contributing 71% and 12% respectively to the total wealth segment revenue[39] - The health segment accounted for 24.0% of total revenue, while the happiness segment represented 39.5%[41] Global Operations and Market Presence - Overseas revenue accounted for 49.3% of total revenue in 2024, indicating a strong global presence[9] - The group’s overseas product sales revenue reached RMB 12.1 billion, a significant increase of 30.76% year-on-year[25] - Fosun Portugal Insurance achieved a global business revenue of €1.84 billion, with international business accounting for 29.8% of total revenue, indicating sustained growth in overseas operations[27] - The group has disposed of non-strategic and non-core assets worth approximately RMB 75 billion from 2022 to 2024[24] Investment and Innovation - In 2024, the company invested approximately RMB 6.9 billion in technological innovation, establishing over 20 global innovation centers across multiple industries[11] - The company established a RMB 5 billion biopharmaceutical industry fund in partnership with Shenzhen's leading fund to promote high-quality development in the Greater Bay Area[15] - The company successfully issued RMB 11.1 billion in domestic and foreign public debt in 2024 and issued USD 300 million in offshore bonds[16] Strategic Initiatives - The company plans to continue focusing on core industries while strategically exiting non-core assets to enhance operational efficiency[7] - The Sanya "Super Mediterranean" project was launched, aiming to create a multi-faceted AI-themed resort with world-class water entertainment facilities[7] - The "Kangyang + Insurance" ecological insurance model successfully launched with 14,000 community health insurance policies, generating a total premium of RMB 12.85 billion[14] Corporate Governance and Risk Management - The board of directors is committed to high standards of corporate governance to protect shareholder interests and enhance corporate value[151] - The company has established a risk management and internal control system that integrates internal audit results and external auditor findings to achieve risk control objectives[194] - The company emphasizes the importance of effective communication with shareholders to improve investor relations and ensure timely disclosure of company information[199] Sustainability and ESG Initiatives - The company has maintained an AA rating in the MSCI ESG rating for four consecutive years, highlighting its commitment to sustainable development[17] - The group aims to enhance transparency in climate action with the release of its second climate information disclosure report in April 2024[36] - The company has committed to donating RMB 10 million worth of artemisinin-based anti-malarial drugs to Africa over the next three years[37] Research and Development - The health sector launched 16 innovative drugs and biosimilars, including the approval of a rabies vaccine and trastuzumab injection in the US and Canada, highlighting significant R&D achievements[31] - Gland Pharma plans to enhance R&D efficiency and expand into international markets, focusing on high-demand therapeutic areas[58] - Fuhong Hanlin aims to deepen product innovation and market expansion in key areas such as oncology and autoimmune diseases in 2025[60] Consumer and Market Trends - The occupancy rate of Atlantis Sanya Hotel maintained over 98% during the Spring Festival, indicating strong market demand[18] - The opening amount of Tuopai T68 liquor increased by 80% year-on-year, reflecting strong consumer preference[18] - The number of smart selection stores under Yuyuan Holdings exceeded 800, enhancing channel management and operational quality[76] Financial Health and Debt Management - As of December 31, 2024, total debt amounted to RMB 214,104.6 million, an increase from RMB 211,923.9 million as of December 31, 2023, with a debt-to-capital ratio of 52.0%, up from 50.4% in the previous year[127][132] - The average cost of debt for the reporting period was 5.63%, an increase of 3 percentage points compared to the average cost of debt for the full year of 2023[128] - The net cash flow from operating activities for 2024 was RMB 26,884.7 million, with a pre-tax profit of RMB 342.1 million[138]

Core Viewpoint - Fosun International reported a total revenue of 192.14 billion RMB for the fiscal year 2024, with a significant portion of revenue coming from its four core subsidiaries, which accounted for 70.1% of total revenue [1] Financial Performance - The group recorded a loss of 4.35 billion RMB, primarily due to a significant reduction in the book value of shares from Alibaba's low-priced buyback of Cainiao [1] - Excluding this factor, the profit attributable to shareholders was approximately 750 million RMB [1] - The company successfully repaid a total of 11.1 billion RMB in domestic and international public debt and returned to the offshore US dollar bond market after three years, issuing bonds worth 300 million USD [2] - As of the end of 2024, the total debt-to-capital ratio was 52.0%, with cash and bank deposits totaling 106.34 billion RMB [2] Strategic Focus - Fosun emphasized a strategy of "balance between offense and defense," continuing to divest non-core assets while also making strategic investments in its main business areas [3] - The health sector saw an increase in ownership of Fosun Kerry to 100%, and the launch of a new payment model for its CAR-T product, benefiting over 800 lymphoma patients [3] - The tourism sector's "Super Mediterranean" project was launched, aiming to create a multi-faceted AI-themed resort [3] Insurance Sector Growth - Two domestic insurance companies under Fosun achieved profitability, with total premium income for Fosun Protector Life increasing from 4.346 billion RMB in 2023 to 9.251 billion RMB in 2024 [4] - The group signed asset exit agreements worth approximately 17.5 billion RMB at the group level and about 30 billion RMB at the consolidated level, optimizing the balance sheet [4] Innovation and Globalization - Fosun invested approximately 6.9 billion RMB in technology innovation in 2024, establishing over 20 global innovation centers [6] - The health sector's innovative products, such as the PD-1 monoclonal antibody, received EU approval, contributing to a net profit of 820 million RMB, a 50.3% increase year-on-year [6] - The group has deep industry layouts in over 35 countries, with overseas revenue growing by 6.2%, accounting for 49.3% of total revenue [7] Future Outlook - Fosun plans to continue focusing on its core business while leveraging its global capabilities and innovation drive, maintaining a healthy cash flow to support steady growth [9]

Revenue Performance - Total revenue for the year ended December 31, 2024, was RMB 192,142 million, a slight decrease from RMB 198,200 million in 2023, representing a decline of approximately 0.54%[3] - The group's total revenue reached RMB 192.14 billion, a slight decrease of 3.1% compared to the same period in 2023[20] - The total revenue for the health segment reached RMB 45,336,335, while the happiness segment generated RMB 76,481,021, and the insurance segment contributed RMB 39,313,691, leading to a combined total revenue of RMB 192,142,001[131] - Total revenue for the year ended December 31, 2023, was RMB 198,200,310, a decrease from RMB 192,142,001 in 2024, representing a decline of approximately 3.4%[136] Profit and Loss - The net loss attributable to shareholders for 2024 was RMB 1,379.1 million, a significant improvement from a loss of RMB 4,348.9 million in 2023[3] - The company reported a net loss of RMB 2,212,730,000 for 2024, compared to a profit of RMB 5,347,126,000 in 2023, indicating a significant decline in performance[112] - The group recorded a net loss of RMB 2,212,730 for the year, with the health segment contributing a profit of RMB 3,270,437 and the happiness segment a loss of RMB 2,853,148[131] - The net profit for Gland Pharma was $84 million, a 6% increase year-over-year, with a net profit margin of 12%[52] Segment Performance - The insurance segment reported a profit of RMB 1,716.1 million for 2024, compared to a profit of RMB 790.2 million in 2023, indicating a growth of 117.5%[3] - The health segment's revenue for 2024 was RMB 46,552.9 million, slightly up from RMB 46,314.4 million in 2023, showing a growth of 0.51%[3] - Revenue from the health segment reached RMB 46,552.9 million, representing a year-on-year growth of 0.5%, while the happiness segment saw a decline of 13.8% to RMB 76,710.1 million[36] - The wealth segment's revenue increased by 6.4% to RMB 55,114.1 million, with insurance contributing RMB 39,313.8 million, a growth of 5.0%[36] Investment and Innovation - Fosun's investment in technology innovation reached approximately RMB 6.9 billion in 2024, with over 20 global innovation centers established across various industries[10] - The company established a RMB 5 billion biopharmaceutical industry fund in collaboration with Shenzhen's guiding fund to promote high-quality development in the Greater Bay Area[13] - The innovative drug PD-1 monoclonal antibody is expected to be approved for marketing in the EU by early 2025, becoming the first PD-1 innovative drug approved for extensive first-line treatment of small cell lung cancer in the EU[12] - The company is investing heavily in R&D, allocating RMB 5 billion for the development of new healthcare technologies and products over the next two years[194] Debt and Financial Management - The company issued a total of RMB 11.1 billion in domestic and foreign public debt in 2024, successfully issuing USD 300 million in offshore bonds[15] - The group's total debt as of December 31, 2024, was RMB 214.105 billion, slightly up from RMB 211.924 billion in 2023, with a debt-to-capital ratio of 52.0%[107][108] - The group aims to reduce interest-bearing liabilities and strengthen its ability to navigate economic cycles, targeting an "investment grade" rating in the future[15] - The company has taken proactive liquidity and debt management measures, including diversifying financing channels and disposing of non-strategic and non-core assets to enhance cash reserves[118] Market Expansion and Strategy - Fosun International is exploring strategic acquisitions to enhance its market presence, targeting companies in the biotechnology sector with a budget of up to USD 1 billion[192] - The company plans to expand its footprint in Southeast Asia, aiming to establish a presence in three new countries by the end of 2025[194] - Fosun Group plans to expand its business in high-potential regions like the Middle East and enhance operational efficiency through innovative strategies in 2025[75] - The company emphasized a balanced approach of "advancing and retreating" in its core business strategy, focusing on both divesting non-core assets and expanding core operations[6] Customer and User Engagement - The company highlighted a user base expansion, with active users increasing by 20% to reach 5 million in the health technology segment[192] - The digital user base of Fosun Portugal Insurance surpassed 1.9 million, representing nearly 20% of Portugal's population, with significant improvements in medical reimbursement and auto insurance claim rates[29] - The group’s consumer membership reached 12 million, contributing 52.4% to sales, with plans to enhance high-net-worth customer operations through precise services[28] Sustainability and ESG - The MSCI ESG rating has been maintained at AA level for four consecutive years, reflecting the company's commitment to sustainable development[16] - The group maintained an MSCI ESG rating of AA and was ranked in the top 5% of its industry in the S&P Global Corporate Sustainability Assessment[34] Future Outlook - Fosun International provided a positive outlook for 2025, projecting a revenue growth of 10% to 12% driven by new product launches and market expansion strategies[194] - The company plans to propose a final dividend of HKD 0.02 per share for the year ended December 31, 2024, amounting to approximately RMB 163.65 million, pending shareholder approval[158] - The company announced a new partnership with a leading tech firm to enhance its data analytics capabilities, aiming to improve customer insights and service delivery[194]