Core Viewpoint - A new equity investment partnership named Zhongbao Investment Intelligence (Jiaxing) has been officially registered, focusing on equity investment and venture capital through private funds [1][5]. Group 1: Company Information - The registered capital of Zhongbao Investment Intelligence is 172 million RMB [2]. - The executive partner is Jia Jingjing, and the company is classified as a limited partnership [2]. - The business scope includes equity investment and venture capital activities, requiring registration with the Asset Management Association of China [2]. Group 2: Partner Composition - The partnership includes notable companies such as Fosun International, which is participating through its subsidiary Shanghai Fosun High Technology [2]. - Guoxin Capital and Zhongbao Investment are also significant partners, enhancing the institution's financial and industrial resource integration capabilities [2]. Group 3: Market Impact - The collaboration among these diverse enterprises signifies deep cooperation in capital operations, potentially revitalizing the venture capital market [3]. - The establishment of this partnership is expected to create more value returns for investors by accurately connecting with quality projects and promoting innovative enterprises [3]. - The firm is now operational and aims to leverage shareholder advantages to explore quality projects and achieve capital appreciation [5].

Group 1 - The core strategy of Fosun International focuses on "focusing on core business, deepening globalization, and increasing innovation," which has received positive recognition from multiple brokerages after the release of its mid-2025 performance [1][2] - Major brokerages such as Citigroup, Industrial Securities, and Huaxi maintain "buy" or "overweight" ratings for Fosun, with target prices ranging from HKD 6.5 to 7.5 [1] - In the first half of 2025, Fosun's overseas revenue reached RMB 466.7 billion, accounting for 53% of total revenue, indicating robust global business expansion [2] Group 2 - Fosun's health sector has shown resilience and innovation, with several innovative drugs achieving breakthroughs, including four innovative drugs approved for five indications domestically and internationally [1] - The insurance sector has also performed well, with Fosun's Portuguese insurance premium income reaching EUR 3.27 billion, a year-on-year increase of 16.5%, maintaining its leading position in the Portuguese market [2] - The asset management and fintech sectors are gaining traction, with Fosun Wealth's Xinglu Technology making strides in the virtual asset market and enhancing its financial licenses [3] Group 3 - Fosun has demonstrated strong financing capabilities and an optimized financial structure, with an average debt cost reduced to 5.3%, a decrease of 50 basis points year-on-year [3] - The company has successfully expanded its financing channels and completed the early redemption of offshore USD bonds due in October 2025 [3] - Brokerages are optimistic about Fosun's long-term growth potential, highlighting its focus on advantageous and promising industries through various strategies [3]

Core Viewpoint - FOSUN International (00656) has received positive evaluations from multiple domestic and international brokerages following the announcement of its mid-year results for 2025, with a consensus on its strategy of "focusing on core business, deepening globalization, and enhancing innovation" [1] Group 1: Business Performance - In the first half of 2025, FOSUN demonstrated robust business resilience and innovation momentum, with several brokerages maintaining "buy" or "hold" ratings and target prices ranging from HKD 6.5 to 7.5 [1] - FOSUN Pharma (600196) achieved significant breakthroughs with four innovative drugs approved for five indications both domestically and internationally, alongside 57 generic drugs approved [1] - The global sales of the anti-PD-1 monoclonal antibody, Hansizhuang, reached RMB 597.7 million, with approvals in nearly 40 countries and regions [1] Group 2: Global Operations - FOSUN's overseas revenue reached RMB 46.67 billion in the first half of 2025, accounting for 53% of total revenue, indicating strong global business expansion [2] - Club Med achieved record global performance with revenue of RMB 9.25 billion, while FOSUN's insurance segment in Portugal reported total premium income of EUR 3.27 billion, a 16.5% year-on-year increase [2] - The insurance sector also saw strong growth, with Dingrui Reinsurance's gross premium income increasing by 25.1% to USD 1.061 billion [2] Group 3: Financial Management - FOSUN's asset management and fintech sectors are viewed positively, with the launch of the FinRWA Platform and completion of several financial license upgrades [3] - The company demonstrated strong financing capabilities, with over RMB 8 billion in asset exits and subsidiary dividends returning to the group in the first half of 2025, and a reduction in average debt cost to 5.3%, down 50 basis points year-on-year [3] - FOSUN successfully expanded its financing channels and completed the early redemption of offshore USD bonds maturing in October 2025, while maintaining a stable BB- rating from S&P [3]

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]

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]