復 星 國 際 有 限 公 司 Dear Non-registered Holder (Note) , 25 September 2025 Fosun International Limited (the "Company") Notice of Publication of (i) Interim Report 2025; (ii) Circular dated 25 September 2025 in relation to Major Transaction in relation to Deemed Disposal of Equity Interest in Jewelry Fashion Group; (iii) Circular dated 25 September 2025 in relation to Proposed Adoption of the 2025 H Share RSU Scheme of Fosun Pharma and Notice of Extraordinary General Meeting; and (iv) Proxy Form (collectively the ...

FOSUN INTERNATIONAL LIMITED （在香港註冊成立之有限公司） (Incorporated in Hong Kong with limited liability) (Stock Code / 股份代號: 00656) N OT IF IC ATI ON LET TE R 通 知 信 函 25 September 2025 Dear Registered Holder, Fosun International Limited (the "Company") Notice of Publication of (i) Interim Report 2025; (ii) Circular dated 25 September 2025 in relation to Major Transaction in r elation to Deemed Disposal of Equity Interest in Jewelry Fashion Group; (iii) Circular dated 25 September 2025 in relation to Proposed Adoption ...

為本人╱吾等之代表，出席本公司於2025年10月23日（ 星期四 ）上午十時正假座中國上海市黃浦區中山東二路600號外灘金 融中心S1幢39樓舉行之股東特別大會（「大會」），藉以考慮並酌情批准大會通告所載決議案，並於大會（ 及其任何續會 ）以 本人╱吾等名義，就該決議案按下文所載指示代表本人╱吾等投票。除文義另有所指外，此處所使用之詞彙與本公司日 期為2025年9月25日通函所使用者具有相同涵義。 地址為 為復星國際有限公司（「本公司」）股本中已發行股份 （ 附 註 2 ） 股之登記持有人， 茲委任 （ 附 註 3 ） 大會主席，或 地址為 或（ 如其未克出席） 地址為 於2025年10月23日（星期四）召開之股東特別大會適用之代表委任表格 本代表委任表格所涉及的股份 本人╱吾等 （ 附 註 1 ） | （ | 附 | 註 | ） | （ | 附 | 註 | ） | 普通決議案 | 贊成 | 反對 | 4 | 4 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 受限於並以復星醫藥股東於復星醫 ...

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通告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本通告全部或任何部分內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 除文 義另 有所 指外 ，本 通告 所用 詞彙 與復 星國 際有 限公 司（「 本公 司」）日期 為2025 年9 月 25 日的通函（「通函」，內容有關建議採納復星醫藥2025年H股受限制股份單位計劃 ）所界定者 具有相同涵義。本通告所載決議案的詳情載於通函內。 股東特別大會通告 茲通告本公司謹訂於2025年10月23日（ 星期四 ）上午十時正假座中國上海市黃浦區中山東二 路600號外灘金融中心S1幢39樓舉行股東特別大會（「股東特別大會」）討論下列事項： 1. 作為特別事項，考慮並酌情通過（ 無論有否修訂）下列決議案為普通決議案： 「動議： 受限於並以復星醫藥股東於復星醫藥臨時股東會通過批准採納復星醫藥2025年H股受限 制股份單位計劃的普通決議案為條件，批准採納2025年H股受限制股份單位計劃（ 其註 有「A」字樣之副本已提呈大會，並由大會主席簽署以資識別 ），以及授權本公司任何董 事及╱ 或其 ...

此 乃 要 件 請 即 處 理 閣下如對本通函任何方面或應採取之行動有任何疑問，應諮詢股票經紀或其他註冊 證券交易商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已出售或轉讓名下所有復星國際有限公司之股份，應立即將本通函連同隨附 之代表委任表格送交買主或承讓人，或經手買賣之銀行、股票經紀或其他代理商， 以便轉交買主或承讓人。 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通函之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本通函全部或任何 部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 建議採納復星醫藥2025年H股受限制股份單位計劃 及 股東特別大會通告 董事會函件載列於本通函第8至42頁。 2025年9月25日 | 董事會函件 | | | | | | | | | | | | | | | | | | | | | | 8 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | -- ...

此 乃 要 件 請 即 處 理 閣下如對本通函任何方面或應採取之行動有任何疑問，應諮詢股票經紀或其他註冊 證券交易商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已出售或轉讓名下所有復星國際有限公司之股份，應立即將本通函送交買主 或承讓人，或經手買賣之銀行、股票經紀或其他代理商，以便轉交買主或承讓人。 本通函僅供參考之用，並不構成收購、購買或認購本通函所述證券的邀請或要約。 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通函之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本通函全部或任何 部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 主要交易 有關視作出售珠寶時尚集團之股權 本封面中使用的大寫術語具有與本通函標題「釋義」一節中相同之涵義。董事會函件 載於本通函第5至21頁。 本次增資已根據上市規則第14.44條獲股東書面批准，以代替本公司股東大會。本通 函寄送予股東僅供參考。 2025年9月25日 | 釋義 | | | | 1 | | --- | --- | --- | --- | --- | | 董事會函件 | | | | 5 | | 附錄一 | — | ...

2025 | 目錄 | | --- | | 財務摘要 | 02 | | --- | --- | | 業務概覽 | 03 | | 管理層討論與分析 | 10 | | 簡明中期綜合損益表 | 35 | | 簡明中期綜合收益表 | 36 | | 簡明中期綜合財務狀況表 | 38 | | 簡明中期綜合權益變動表 | 40 | | 簡明中期綜合現金流量表 | 42 | | 簡明中期綜合財務報表附註 | 44 | | 法定披露 | 80 | | 公司資料 | 101 | | 詞彙定義 | 102 | 財務摘要 | | | 截至6月30日止六個月 | | | --- | --- | --- | --- | | 以人民幣百萬元列示 | | 2025 | 2024 | | 總收入 | | 87,283.1 | 97,838.4 | | 健康 | | 22,565.2 | 23,260.5 | | 快樂 | | 33,721.4 | 43,172.1 | | 富足 | | 27,828.3 | 26,947.3 | | 保險 | | 20,890.3 | 18,457.6 | | 資管 | | 6,938.0 | 8,489.7 ...

Core Viewpoint - The meeting between Sichuan Provincial Party Committee Secretary and Fosun International Chairman focused on seizing strategic opportunities for development in the western region and enhancing cooperation in various sectors [1] Group 1: Strategic Opportunities - The discussion emphasized the importance of the new era of western development and the Chengdu-Chongqing economic circle [1] - Both parties aim to deepen collaboration in key areas such as biomedicine, intelligent manufacturing, and cultural tourism [1] Group 2: Investment and Development - There is a commitment to increase investment in Chengdu and accelerate industrial transformation and upgrading [1] - The goal is to better support high-quality development in Chengdu [1]

Core Viewpoint - Fosun International reported a decline in revenue and net profit for the first half of 2025, indicating temporary pressure on group performance, particularly in the happiness segment which is expected to recover [1][2] Financial Performance - In H1 2025, the company achieved revenue of 87.283 billion yuan, a decrease of 10.8%, and a net profit attributable to shareholders of 0.661 billion yuan, down 8.2% [1][2] - The health segment generated revenue of 22.565 billion yuan, accounting for 25.6% of total revenue, with a net profit of 0.756 billion yuan, representing 107.6% of the segment's contribution, up 48.3% [1][2] - The happiness segment reported revenue of 33.721 billion yuan, making up 38.3% of total revenue, with a net loss of 0.0435 billion yuan, a decline of 364.5% [1][2] - The wealth segment's revenue was 27.828 billion yuan, accounting for 31.5% of total revenue, with a net profit of 0.243 billion yuan, up 807.1% [1][2] - The manufacturing segment generated revenue of 4.021 billion yuan, representing 4.6% of total revenue, with a net profit of 0.138 billion yuan, up 205.5% [1][2] Cost and Profitability - The company experienced a slight increase in expense ratios, with total sales expenses of 9.205 billion yuan, down 3.24%, and a sales expense ratio of 10.55%, up 0.82 percentage points [3] - Management expenses totaled 12.077 billion yuan, down 8.79%, with a management expense ratio of 13.84%, up 0.30 percentage points [3] - The overall gross margin improved to 48.82%, up 5.29 percentage points, while the net profit margin remained stable at 0.76%, up 0.02 percentage points [3][4] Strategic Initiatives - The company has been actively optimizing its asset structure by exiting non-core assets, having disposed of over 80 billion yuan since 2020, with plans to continue this strategy over the next 3-5 years [4] - The company aims to reduce interest-bearing liabilities, which have decreased to 89.2 billion yuan in H1 2025, thereby alleviating financial pressure and enhancing risk resilience [4] - The company is focusing on strengthening its domestic business while accelerating overseas operations in sectors such as pharmaceuticals, tourism, insurance, and mining to build a global operational system [4] Investment Outlook - The company is expected to see steady improvement in asset structure and cash flow as it continues to exit non-core assets [5] - Revenue projections for 2025-2027 are estimated at 199.532 billion yuan, 208.374 billion yuan, and 218.196 billion yuan, with net profits of 1.128 billion yuan, 1.462 billion yuan, and 1.786 billion yuan respectively [5]

Investment Rating - The report maintains a "Buy" rating for the company [3][5] Core Views - The company is undergoing a phase of asset optimization, gradually exiting non-core assets, which is improving its asset structure and cash flow [3][13] - The company is leveraging its strong resource synergy and industry chain advantages to continue its global business expansion [3][13] - The financial forecasts for 2025-2027 are adjusted, with expected revenues of 199.53 billion, 208.37 billion, and 218.20 billion, and corresponding net profits of 1.13 billion, 1.46 billion, and 1.79 billion, leading to PE ratios of 37x, 29x, and 24x respectively [3][4] Financial Performance Summary - In H1 2025, the company reported revenues of 87.28 billion, a decrease of 10.8%, and a net profit of 0.66 billion, down 8.2% [2][10] - The health segment generated revenues of 22.57 billion, accounting for 25.6% of total revenue, with a net profit of 0.76 billion, up 48.3% [2][11] - The happiness segment saw revenues of 33.72 billion, down 21.9%, with a net loss of 0.44 billion [2][11] - The wealth segment reported revenues of 27.83 billion, up 3.3%, with a net profit of 0.24 billion, a significant increase of 807.1% [2][11] - The manufacturing segment had revenues of 4.02 billion, down 24.6%, but net profit increased by 205.5% to 0.14 billion [2][11] Expense and Profitability Metrics - The company experienced a slight increase in expense ratios, with total sales expenses of 9.21 billion, down 3.24%, and management expenses of 12.08 billion, down 8.79% [12] - The gross margin improved to 48.82%, an increase of 5.29 percentage points, while the net profit margin remained stable at 0.76% [12] Future Outlook - The company aims to continue optimizing its asset structure and reducing debt, with total liabilities expected to decrease to 89.2 billion by H1 2025 [13] - The focus will be on strengthening domestic operations while accelerating overseas business development in sectors like pharmaceuticals, tourism, insurance, and mining [13]