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]

Financial Performance - Total revenue for the first half of 2024 reached RMB 97.84 billion, a slight increase of 0.8% compared to RMB 97.06 billion in the same period of 2023[9]. - Operating profit for the industry segment was RMB 3.47 billion, reflecting a 3.0% increase year-on-year[9]. - Profit attributable to shareholders of the parent company was RMB 720.1 million, down from RMB 1.36 billion in the same period last year[6]. - The group's profit attributable to shareholders was RMB 720 million, a decrease of RMB 640 million compared to the same period in 2023, primarily due to one-time losses from the disposal of non-core assets[10]. - The total profit attributable to shareholders for the six months ended June 30, 2024, was RMB 720.1 million, a decrease of 47.0% from RMB 1,359.7 million in the same period of 2023[33]. - The net profit for the six months ended June 30, 2024, was RMB 2,502.7 million, a decrease of 45.3% from RMB 4,572.9 million in the same period of 2023[142]. Revenue Breakdown - The health segment's revenue composition included 63% from pharmaceutical products, 9% from medical devices and diagnostics, and 28% from health services and consumption[29]. - The affluent segment's revenue consisted of 68% from insurance, 14% from asset management, and 18% from investment management[29]. - The technology and manufacturing segment's revenue was composed of 60% from technology and manufacturing and 40% from resources and environment[29]. - The Health segment generated RMB 23,260.5 million, accounting for 23.6% of total revenue, a decrease of 2.4% from RMB 23,837.6 million in the previous year[31]. - The Wealth segment saw a revenue increase of 5.9%, reaching RMB 26,947.3 million, up from RMB 25,435.0 million in the prior year[31]. - The Asset Management segment reported a significant growth of 21.4%, with revenue rising to RMB 8,489.7 million from 6,992.6 million year-on-year[31]. Debt and Financial Ratios - The adjusted total debt to total capital ratio was 50.2%, continuing a downward trend since 2020[1]. - As of the reporting period, the group's adjusted total debt was RMB 210.7 billion, with a total debt-to-capital ratio of 50.2%, maintaining a downward trend since 2020[13]. - The average debt cost for the group was 5.8%, with a slight increase of 19 basis points compared to the end of 2023, benefiting from stable domestic bank borrowing costs[13]. - The total debt of Fosun International reached RMB 222.31 billion as of June 30, 2024, an increase from RMB 211.92 billion at the end of 2023[118]. - The debt-to-capital ratio was 51.5% as of June 30, 2024, up from 50.4% at the end of 2023, indicating a slight increase in leverage[125]. Assets and Liabilities - Total assets increased by 1.7% to RMB 821,888 million compared to the end of 2023[29]. - The total assets as of June 30, 2024, amounted to RMB 821,888,026 thousand, reflecting a 1.7% increase from RMB 808,387,589 thousand at the end of 2023[35]. - Total liabilities increased to RMB 612,662,935 thousand from RMB 599,812,751 thousand, reflecting a rise of approximately 2.8%[146]. - The company’s inventory increased to RMB 26,920,793 thousand from RMB 26,233,846 thousand, which is an increase of about 2.62%[145]. Strategic Initiatives - The company invested approximately RMB 3.5 billion in scientific innovation during the reporting period[2]. - The group plans to continue enhancing the FES system to respond swiftly to global market challenges and explore value increments through investment and entrepreneurship systems[25]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[38]. - The company is focusing on strategic acquisitions to enhance its portfolio and market position[38]. Market and Membership Growth - The group's consumer membership reached 35.86 million, with membership sales contribution increasing to 52.3%, up 1.6 percentage points year-on-year[20]. - The MyFidelidade APP registered users exceeded 1.6 million, accounting for over 15% of Portugal's total population, with digital channel sales growing by 16% year-on-year[22]. - The membership platform "复遊會" had over 6.9 million members, a growth of 12.6%, with revenue of RMB 172.7 million, remaining stable year-on-year[74]. ESG and Sustainability - Fosun's MSCI ESG rating was AA, making it the only comprehensive enterprise in Greater China with this rating[3]. - The group received recognition as one of the top 1% in the global Sustainable Development Yearbook (China Edition) 2024 and was awarded the title of "Best Progress Company in the Industry" for its ESG efforts[26]. Foreign Exchange and Financial Management - The group faced foreign exchange risks due to holding assets and liabilities denominated in foreign currencies, which could lead to potential exchange losses or gains affecting profits or net assets[136]. - The group has adopted appropriate hedging strategies to mitigate foreign exchange risks and does not engage in speculative trading[138]. - The company recognized a foreign exchange gain of RMB 784,427 thousand in 2024, compared to a loss in the previous year, indicating a significant improvement in foreign exchange management[185].

Financial Performance - Total revenue for the first half of 2024 reached RMB 97.84 billion, a slight increase of 0.8% compared to RMB 97.06 billion in the same period of 2023[3]. - The profit attributable to shareholders of the parent company was RMB 720.1 million, a decrease of RMB 640 million from RMB 1.36 billion in the same period of 2023, primarily due to one-time losses from the disposal of non-core assets[6]. - The group's operating profit for the reporting period was RMB 3.47 billion, benefiting from strong performance in Fosun Portugal Insurance, which saw a 3.0% increase compared to the same period in 2023[5]. - The group reported a basic earnings per share of RMB 0.09, down from RMB 0.17 in the same period of 2023[3]. - The group’s profit attributable to shareholders was RMB 720 million, a decrease of 47.0% compared to the same period in 2023[28]. - The group reported that approximately 80% of customer service interactions were handled by the chatbot Maria, enhancing operational efficiency[20]. - The group reported a net impairment loss of RMB 993,202 across various segments[147]. - The total profit for the period was RMB 2,502,725, with the health segment contributing RMB 1,667,444 to this figure[145]. Revenue Breakdown - The group's total revenue from the Happiness segment was RMB 43,172.1 million, a slight increase of 0.4% from RMB 43,001.6 million in the previous year[32]. - In the Health segment, pharmaceutical products, medical devices and diagnostics, and health services and consumer income accounted for 63%, 9%, and 28% of total revenue, respectively[29]. - The Wealth segment's insurance, asset management, and investment income represented 68%, 14%, and 18% of total revenue, respectively[29]. - The health sector reported revenue of RMB 23,260.5 million for the six months ended June 30, 2024, a decrease of 2.4% compared to RMB 23,837.6 million for the same period in 2023[39]. - The Wealth segment reported a profit of RMB 26.8 million, down 86.9% from RMB 204.7 million in the previous year[34]. - The insurance segment reported a revenue of RMB 18,457.6 million, a slight increase of 0.1% year-on-year, and a profit attributable to shareholders of RMB 1,174.9 million, up 56.5%[80]. Asset Management and Debt - The group's adjusted total debt reached RMB 210.7 billion, with a debt-to-capital ratio of 50.2%, maintaining a downward trend since 2020[10]. - Average debt cost for the group was 5.8%, with a slight increase of 19 basis points compared to the end of 2023[10]. - The group maintained a stable credit outlook with a BB- rating confirmed by S&P, reflecting improvements in its credit situation[8]. - As of June 30, 2024, total debt amounted to RMB 222,309.5 million, an increase from RMB 211,923.9 million as of December 31, 2023[117]. - The long-term debt ratio was 47.6% as of June 30, 2024, down from 55.0% as of December 31, 2023[117]. - Total liabilities reached RMB 612,662,935,000, up from RMB 599,812,751,000, indicating an increase of approximately 2.83%[128]. Investments and Innovations - The group invested approximately RMB 3.5 billion to enhance its technology and innovation capabilities during the reporting period[18]. - The group established a logistics investment fund in Japan with an initial fundraising target of USD 100 million, primarily from external investors[15]. - The group launched the F-i6000 fully automated chemiluminescence immunoassay analyzer, which has been approved for market[19]. - The group achieved approval for 9 indications of 4 innovative drugs/biosimilars, including the domestically approved lyophilized rabies vaccine in China[19]. - The group completed 53 FES tool certifications and trained 1,154 experts, enhancing operational capabilities across 68 subsidiaries[23]. Market Performance and Strategy - The group continues to focus on core industries and household consumption, mitigating some adverse effects from the macroeconomic environment[5]. - The group is committed to a "lean and healthy" strategy, focusing on enhancing competitiveness while providing high-quality products and services to global family customers[4]. - The group plans to continue deepening the FES system to respond swiftly to global market challenges and enhance competitive advantages[23]. - The group plans to sell its entire stake in HAL, with the transaction yet to be completed as of the announcement date[40]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[151]. Subsidiary Performance - The group's Club Med achieved a global revenue of RMB 8,894.4 million in the first half of 2024, a year-on-year increase of 10.3%[13]. - Fosun Pharma achieved operating revenue of RMB 20,383 million during the reporting period, with a year-on-year growth of approximately 5.32% excluding COVID-related products[41]. - Gland Pharma's consolidated revenue for the reporting period was USD 354 million, reflecting a 44% year-on-year growth[49]. - Fosun Health achieved operating revenue of RMB 2.96 billion, a year-on-year decrease of 5.8%[56]. - Yuyuan Holdings reported an operating income of RMB 27.57 billion, a slight increase year-on-year, but net profit attributable to shareholders fell by 48.5% to RMB 1.14 billion due to decreased investment income from asset disposals[64]. Customer Engagement and Digital Transformation - The number of consumer members reached 35.86 million, with member sales contribution increasing to 52.3%, up 1.6 percentage points year-on-year[17]. - The MyFidelidade APP registered over 1.6 million users, accounting for more than 15% of Portugal's total population, with digital sales channels growing by 16%[20]. - The membership platform "Fuyouhui" has over 6.902 million members, a growth of 12.6% year-on-year[73]. Corporate Social Responsibility - The group announced a donation of RMB 10 million worth of artemisinin-based anti-malarial drugs to Africa over the next three years[25]. - The group was recognized as one of the top 1% in the Standard Global "Sustainable Development Yearbook (China Edition) 2024" for its ESG efforts[24].

Financial Performance - In 2023, Fosun International achieved total revenue of RMB 198.2 billion, representing an 8.6% year-on-year growth[1]. - The operating profit from industrial operations reached RMB 4.9 billion, a year-on-year increase of 20.4% compared to 2022[1]. - The net profit attributable to shareholders was RMB 1.38 billion, recovering from a loss of RMB 831.8 million in 2022[9]. - The company's total revenue for 2023 reached RMB 198.2 billion, representing a year-on-year increase of 8.6%[11]. - Net profit attributable to shareholders was RMB 1.38 billion, an increase of RMB 2.21 billion compared to the previous year[11]. - The revenue from the four core subsidiaries contributed 72% to the overall income, with Fosun Tourism achieving a revenue of RMB 17.15 billion, up 24.5% year-on-year[11]. - The group’s profit attributable to equity holders reached RMB 1,379.1 million, a significant increase of 265.8% compared to the previous year[74]. - The insurance segment reported a profit of RMB 790.2 million, marking a 126.6% increase year-on-year[74]. Debt Management - As of the end of the reporting period, Fosun reduced interest-bearing debt by RMB 15 billion compared to the end of 2022, with a total debt to total capital ratio of 50.4%, down 2.9 percentage points[2]. - The company's interest-bearing debt was RMB 211.92 billion, a decrease of RMB 15 billion from the end of 2022, with a total debt to total capital ratio of 50.4%, down 2.9 percentage points from December 31, 2022[21]. - The average debt cost slightly increased by 89 basis points to 5.60% from 4.71% in 2022, while the total interest-bearing debt decreased by RMB 15 billion to RMB 211.9 billion[27]. - The group’s total debt to total capital ratio decreased by 2.9 percentage points to 50.4%[27]. - The company signed a RMB 12 billion syndicated loan agreement with eight domestic banks at the beginning of 2023, reflecting strong support for private enterprises[21]. Revenue Sources - Overseas revenue amounted to RMB 89.2 billion, a 6% year-on-year increase, accounting for 45% of total revenue[2]. - Fosun's health segment generated revenue of RMB 46.3 billion, while the happiness segment saw revenue rise to RMB 88.9 billion, up from RMB 70.7 billion in 2022[9]. - Fosun Portugal Insurance reported a gross premium income of EUR 5.207 billion and a net profit of EUR 180 million in 2023[16]. - The health segment generated revenue of RMB 46,314.4 million, a decrease of 3.5% compared to the previous year, while the happiness segment saw a revenue increase of 25.7% to RMB 88,946.4 million[72]. - The Happy segment reported a revenue of RMB 88,946.4 million, a 25.7% increase year-on-year, primarily due to rising gold prices and strong post-pandemic vacation demand[119]. Investment and Innovation - The company invested RMB 7.4 billion in technological innovation during the reporting period[4]. - The company invested a total of RMB 7.4 billion in scientific innovation throughout 2023, supporting the development of new technologies and products[17]. - The company is focusing on AI applications across over 80 product matrices, enhancing the quality of grassroots medical development and clinical technology innovation[20]. - The company is actively promoting consumption scene innovation, integrating technology with offline experiences to enhance customer engagement[20]. - The company aims to achieve carbon peak by 2028 and carbon neutrality by 2050, with the establishment of a carbon neutrality committee and the release of its first TCFD report in April 2023[43]. Market Expansion and Strategy - Fosun's global strategy has led to the establishment of a presence in over 35 countries and regions, enhancing its operational capabilities and market reach[14]. - The company plans to focus on light asset operations and actively invest in core industries to enhance its ecosystem capabilities and value in 2024[5]. - The company aims to expand its light asset operation capabilities, leveraging its operational strengths to seize opportunities in the current financing environment[20]. - The company is committed to building a super cultural and commercial complex exceeding 1 million square meters in Shanghai's core business area[20]. ESG and Social Responsibility - Fosun's MSCI ESG rating is AA, making it the only comprehensive enterprise in Greater China with this rating[4]. - The company actively promotes carbon neutrality and energy-saving measures, demonstrating commitment to environmental protection[21]. - The company encourages its subsidiaries to enhance ESG efforts, reflecting a commitment to sustainable development[23]. - The company provided over 2,000 emergency relief items valued at RMB 1 million to Turkey following the earthquake in February 2023[44]. Health Sector Developments - The CAR-T cell therapy product, Yikaida®, has treated hundreds of patients and received approval for a second-line indication in June 2023[17]. - Fosun Pharma focuses on innovative drug development in key disease areas such as oncology and central nervous system disorders, enhancing its product pipeline through diverse collaboration models[48]. - Fosun Health aims to provide comprehensive health management services through an integrated online and offline medical service platform, enhancing accessibility for users across major economic regions in China[52]. - Fosun Pharma's innovative drug pipeline includes 6 new drugs with 8 indications approved for market, alongside 29 generic drug varieties[92]. Tourism and Leisure - In 2023, the revenue of Club Med reached RMB 15.12 billion, an increase of 19.2% compared to 2022, and 118.3% of the 2019 level[20]. - Fosun Tourism's total revenue reached RMB 17,151.8 million in 2023, a year-on-year increase of 24.5%[127]. - Sanya Atlantis achieved a revenue of RMB 1.67 billion in 2023, a significant increase of 90.9% year-on-year, with an average occupancy rate of 81.9%[20]. - Club Med's revenue was RMB 15,122.5 million in 2023, growing approximately 19.2% year-on-year and reaching 118.3% of 2019 levels[128]. Manufacturing and Production - The smart manufacturing segment achieved revenue of RMB 12,755.6 million, a year-on-year increase of 23.2%, while profit attributable to shareholders decreased by 22.3% to RMB 934.1 million[168]. - Hainan Mining's revenue for the reporting period reached RMB 198,200.3 million, an increase of RMB 15,774.5 million or 8.6% year-on-year[71]. - Hainan Mining completed the acquisition of a 49% stake in Rock Oil for USD 163 million, making it a wholly-owned subsidiary[172]. Insurance Sector Performance - The total gross premium of Fosun Portugal Insurance reached EUR 5.207 billion, a slight increase of 1.7% year-on-year, with non-life insurance premiums growing by 10.5%[143]. - Dingrui Reinsurance reported gross premium income of USD 1.761 billion, down from USD 2.295 billion in 2022[146]. - The insurance segment reported a revenue of RMB 37,453.6 million, a decrease of 5.1% year-on-year, primarily due to the disposal of AmeriTrust[141].

Financial Performance - The company's total revenue for the year ended December 31, 2023, was RMB 198.2 billion, representing an 8.6% increase year-on-year[4]. - Net profit attributable to shareholders reached RMB 1.38 billion, an increase of RMB 2.21 billion compared to the previous year[4]. - The group's operating profit amounted to RMB 4.9 billion, representing a year-on-year increase of 20.4%[25]. - The group's profit attributable to shareholders reached RMB 1,379.1 million, a significant increase of 265.8% compared to a loss of RMB 831.8 million in the previous year[74]. - The total profit for the year ended December 31, 2023, was RMB 5,347,126 thousand, a significant increase from RMB 2,996,562 thousand in 2022, representing an increase of approximately 78.5%[172]. Revenue Contributions - The four core subsidiaries contributed 72% to the overall revenue growth, with Fosun Tourism achieving a revenue of RMB 17.15 billion, up 24.5% year-on-year[4]. - The revenue of the jewelry fashion group under Yuyuan Co. reached RMB 36.7 billion in 2023, representing an 11% year-on-year growth, outperforming the industry average[13]. - Club Med achieved a record revenue of RMB 15.12 billion in 2023, a 19.2% increase compared to 2022, and 118.3% of the 2019 level[14]. - The average occupancy rate of Atlantis Sanya reached 81.9% in 2023, with a significant year-on-year revenue growth of 90.9% to RMB 1.67 billion[14]. - Fosun Tourism's total revenue was RMB 17,151.8 million, a year-on-year increase of 24.5%, with a profit of RMB 307.2 million compared to a loss of RMB 544.9 million in 2022[118]. Debt and Financial Position - The company's total interest-bearing debt decreased by RMB 15 billion to RMB 211.92 billion by the end of 2023, with a debt-to-capital ratio of 50.4%, down 2.9 percentage points from the end of 2022[17]. - Cash and bank balances reached RMB 92.5 billion, indicating a strong financial position[27]. - The average debt cost slightly increased to 5.60%, up 89 basis points from 4.71% in 2022[26]. - The group's total debt to total capital ratio decreased by 2.9 percentage points to 50.4%[27]. - The group has achieved a cash inflow of approximately RMB 40 billion by the end of the reporting period[26]. Innovation and R&D - In 2023, the company invested a total of RMB 7.4 billion in scientific innovation, covering multiple industry sectors with over ten innovation centers[10]. - The company plans to strengthen its research and development investments to seize global development opportunities[68]. - The company is actively exploring cutting-edge technologies such as RNA and gene therapy to boost its innovation capacity[50]. - The health segment emphasizes innovation, internationalization, integration, and intelligence to enhance product and brand strength[49]. - R&D investment totaled RMB 5,937 million, an increase of 0.88% year-on-year, with R&D expenses at RMB 4,346 million, up 1.02%[83]. Market Expansion and Global Operations - Overseas revenue amounted to RMB 89.2 billion, accounting for 45% of total revenue, with a year-on-year growth of 6%[7]. - The company has successfully launched multiple innovative drugs in overseas markets, including the first Chinese independently developed monoclonal antibody approved in over 40 countries[7]. - The company’s subsidiary, Fosun Pharma, received approval for its innovative drug, Hansizhuang®, in Indonesia, marking the first Chinese PD-1 monoclonal antibody approved in Southeast Asia[31]. - Fosun Pharma is expanding its pharmaceutical product distribution in over 40 countries in Africa, with a local manufacturing facility under construction in Côte d'Ivoire[88]. - Gland Pharma has expanded its presence to over 60 countries, focusing on strategic acquisitions and partnerships for growth[53]. Sustainability and ESG - The group has been recognized with an MSCI ESG AA rating for three consecutive years, ranking in the top 6% globally in sustainability assessments[20]. - The company released its first TCFD report in April 2023, demonstrating its commitment to climate action and sustainable financing[45]. - The company committed to achieving carbon peak by 2028 and carbon neutrality by 2050, supporting the Paris Agreement's 1.5°C target[44]. - The company received an ESG rating of 11.7 from Sustainalytics, ranking fourth globally among insurance companies and second in Europe[133]. - The company’s MSCI ESG rating remains at AA, making it the only comprehensive enterprise in Greater China with this rating[47]. Strategic Focus and Business Segments - The company is focusing on core family consumption sectors and has exited non-core assets to strengthen its financial position[5]. - The company aims to create more quality products and services for one billion families globally through its strategic initiatives[6]. - The company aims to enhance its core business focus and improve operational capabilities while gradually exiting non-core industries[68]. - The Happy Sector targets family consumption needs and has built a global happiness ecosystem, with investments in various segments including jewelry, food, and tourism[55]. - The Wealth Sector leverages insurance as a core financial asset, creating a global asset management ecosystem to enhance the company's health, happiness, and intelligent manufacturing sectors[60]. Insurance and Financial Services - The insurance segment reported a revenue of RMB 37,453.6 million, a 5.1% year-over-year decline, but a profit of RMB 790.2 million, a significant increase of 126.6% compared to the previous year[130]. - Fosun Portugal Insurance's total gross premium for 2023 was €5.207 billion, a slight increase of 1.7%, with non-life insurance premiums growing by 10.5% to €2.902 billion[132]. - The international business of Fosun Portugal Insurance saw a 10.6% increase in total premiums, reaching €1,703 million, highlighting the advantages of its international diversification strategy[132]. - Dingrui Reinsurance recorded a net profit of USD 200 million in 2023, a significant recovery from a loss of USD 261 million in 2022, with net asset value increasing from USD 1.12 billion to USD 1.28 billion[137]. - Fosun P&C Life reported total premium income of RMB 4,346 million in 2023, a year-on-year increase of 77.45%, with new single premium growth in agent channels, postal agency channels, and professional agency channels at 23%, 161%, and 222% respectively[138]. Product Development and Launches - The company successfully launched 5 products (19 indications) in mainland China and 2 products in Europe, Australia, and Indonesia, with significant approvals for new indications of its core product Hanshuang®[90]. - Three new products were launched in new regions, including the Soprano Titanium™ platform in North America, Opus in international markets, and Alma Veil™ in North America, enhancing the product portfolio[99]. - The company launched a strategic new product "藏品•舍得 10 年" targeting the RMB 1,000 price segment, enhancing its market positioning[116]. - The company has established a multi-level health and elderly care service brand, Fosun Kangyang, which includes three major brands and focuses on elderly care, rehabilitation, and community health services[54]. - The company aims to enhance its integrated online and offline medical services and expand specialty service capabilities in key economic regions[104].