复星国际(00656) - 2025 - 中期业绩

Interim Results Announcement Financial Highlights The Group's total revenue for the six months ended June 30, 2025, was RMB 87.28 billion, a 10.8% year-on-year decrease, with profit attributable to owners of the parent at RMB 661.2 million, down 8.2% year-on-year, primarily due to a shift from profit to loss in the Happiness segment despite growth in Health and Wealth segments Financial Performance (RMB million) | For the six months ended June 30 | 2025 | 2024 | | :--- | :--- | :--- | | Total Revenue | 87,283.1 | 97,838.4 | | Health | 22,565.2 | 23,260.5 | | Happiness | 33,721.4 | 43,172.1 | | Wealth | 27,828.3 | 26,947.3 | | Intelligent Manufacturing | 4,021.3 | 5,331.6 | | Profit/(Loss) attributable to owners of the parent | 661.2 | 720.1 | | Health | 755.8 | 509.7 | | Happiness | (434.6) | 164.3 | | Wealth | 243.1 | 26.8 | | Intelligent Manufacturing | 137.8 | 45.1 | | Earnings per share - Basic (RMB) | 0.08 | 0.09 | Business Overview Facing macroeconomic challenges in H1 2025, the Group steadfastly executed its "Lean and Fit" strategy, focusing on core industries of healthcare, consumer, and insurance, while strengthening its business foundation through technological innovation and global expansion, resulting in increased overseas revenue contribution, significant R&D investment, and optimized asset portfolio with reduced financing costs - The Group has successfully transformed into an innovation-driven global family consumer industry group, building an industrial ecosystem covering three core segments: Health, Happiness, and Wealth[4] - The Group continues to deepen its "in-depth industrial operation + industrial investment" dual-driver strategy, forming unique competitive advantages in global business layout, technological innovation conversion, ecosystem building, and FES management system optimization[4] - The Group steadfastly executed its "Lean and Fit" strategy, continuously focusing on core industries of healthcare, consumer, and insurance, and strengthening its business foundation[6] - During the reporting period, the Group's overseas business revenue reached RMB 46.67 billion, accounting for 53% of total revenue, an increase of 6.6 percentage points compared to the same period in 2024[6] - The Group's overall R&D investment reached RMB 3.6 billion, with a particular focus on medical research and development[6] Strategy and Development The Group is committed to global cultivation and technological innovation, optimizing its asset portfolio, and diversifying financing channels to enhance resilience and drive sustainable growth Global Cultivation and Technological Innovation The Group has a global industrial presence in over 40 countries and regions, providing high-quality products and innovative solutions to global family customers, despite a revenue decline primarily due to Yuyuan Inc.'s performance, offset by strong insurance business growth - The Group has an industrial presence in over 40 countries and regions globally, committed to providing high-quality products and services and innovative solutions to global family customers[5] - During the reporting period, the Group's revenue reached RMB 87.28 billion, a 10.8% year-on-year decrease, primarily due to a decline in Yuyuan Inc.'s revenue, but with strong growth in the insurance business[6] - The Group's industrial operating profit reached RMB 3.15 billion, a 9.3% year-on-year decrease, and net profit attributable to the parent company was RMB 660 million, an 8.2% year-on-year decrease[8] Asset Portfolio Optimization and Diversification of Financing Channels The Group maintains a proactive and prudent liquidity and debt management policy, intensifying the disposal of non-core assets, strengthening cash reserves, and successfully issuing bonds while reducing financing costs - The Group adheres to a proactive and prudent liquidity and debt management policy, increasing the disposal of non-core assets to strengthen cash reserves[9] - In H1 2025, the Group successfully issued USD bonds and domestic bonds, and for the 9th consecutive year, organized an overseas syndicated loan, with financing costs decreasing by over 30 basis points to 5.3%[9] - The Group has prioritized debt reduction as a financial strategic focus since 2020, completing the exit of over RMB 10 billion equivalent in non-strategic and non-core assets in H1 2025[10] Enhancing Quality and Efficiency of Overseas Business, Accelerating Global Deep Operations As a global enterprise rooted in China, the Group continues to enhance quality and efficiency across multiple countries and regions, strengthening deep operations and ecological synergy capabilities Global R&D and Business Expansion Capabilities Henlius's Hansizhuang® received marketing approval in the EU and other regions, becoming the first anti-PD-1 monoclonal antibody approved for small cell lung cancer in the EU, now approved in over 30 countries and regions, while HLX22 received orphan drug designation from the US FDA and European Commission for gastric cancer treatment - Henlius's Hansizhuang® received marketing approval in the EU and other regions, becoming the first anti-PD-1 monoclonal antibody approved for small cell lung cancer indication in the EU, and has been approved in over 30 countries and regions globally[14] - HLX22 (recombinant humanized anti-HER2 monoclonal antibody injection) received orphan drug designation from the US FDA and European Commission for gastric cancer treatment[14] Global Business Growth of Overseas Enterprises Fidelidade received an "A" rating from S&P, Hainan Mining's Bougouni Lithium Mine started trial production with overseas revenue rising to 57%, Yuyuan Lantern Festival expanded to Vietnam and Thailand, and Club Med's H1 2025 global turnover reached a new high - Fidelidade received its first "A" rating from S&P, recognizing its high-quality and balanced business portfolio, continuous international expansion, and stable financial performance[13] - Hainan Mining's Bougouni Lithium Mine Phase I in Mali officially started trial production, accelerating the creation of a "mining + energy" network covering West Africa, the Middle East, and Southeast Asia, with overseas revenue proportion rising to 57%[14] - Following its debut in Paris at the end of 2023, the Yuyuan Lantern Festival continued to appear in Hanoi, Vietnam, and Bangkok, Thailand, in 2025, and the Chinese time-honored brand Songhelou opened its first overseas store in London, UK[14] - Fosun Tourism Group's Club Med achieved a record-high global turnover in H1 2025, growing by 3.8% compared to the same period in 2024[15] Global Capital Operation Capabilities The Group completed the sale of HAL shares while retaining HAFS for asset services, Fosun International Securities and Asset Management upgraded licenses for virtual asset services, and strategic collaborations deepened in the Middle East - The Group completed the sale of its shares in German private bank HAL, but fully retained HAFS, its asset services entity, which will expand into emerging markets leveraging its global network[18] - Fosun International Securities and Fosun International Asset Management received approval from the Hong Kong SFC to upgrade their licenses, allowing them to provide virtual asset trading and management services; Star Road Technology launched a global leading one-stop RWA technology, issuance, and distribution platform[18] - The Group's presence in the Middle East continues to deepen, with Fosun Pharma forming a strategic partnership with Fakeeh Care Group, and FFT establishing a joint venture with Khaled Juffali Company to provide production line solutions for Saudi Arabia's electric vehicle industry[18] Multi-dimensional Industrial Ecosystem Resonance, Activating Growth Flywheel The Group leverages its "515 Fosun Family Day" to foster cross-business and cross-segment synergy, covering over 23,000 employee families, and plans to enhance customer asset value and operational efficiency through precise services and value creation - The Group linked over 50 enterprises within its ecosystem through the "515 Fosun Family Day" event, forming cross-business and cross-segment synergistic effects, covering over 23,000 employee families[17] - In the future, the Group will fully leverage its ecological synergy advantages to continuously enhance customer asset value and operational efficiency through precise services and value creation[19] Technological Innovation Drives Product Power, Laying Foundation for Sustainable Development The Group emphasizes technological innovation as a core strategic pillar, building a "self-R&D + investment incubation + ecological cooperation" integrated global innovation system, with notable advancements in healthcare, happiness, and wealth segments - The Group emphasizes technological innovation as a core strategic pillar, building a "self-R&D + investment incubation + ecological cooperation" integrated global innovation system[20] - Health Segment: Fosun Pharma's 4 innovative drugs with 5 indications, developed independently or licensed-in, received marketing approval domestically and internationally, filling gaps in rare disease oncology treatment[23] - Happiness Segment: Club Med continues to implement its "Happy Digitalization" strategy, investing over EUR 175 million in the past decade to enhance guest experience and operational efficiency[23] - Wealth Segment: Fidelidade applied AI large model technology, increasing medical reimbursement invoice recognition rate to 51% and auto insurance claim rate to 66%[24] Building FES System, Efficient Management for Enduring Success FES is the Group's core business management system, evolved to build a century-old enterprise and foster a culture of continuous improvement, with 56 FES tools certified and promoted, 1,443 experts trained, and 947 improvement projects executed, leading to enhanced efficiency in operations like Hainan Mining's smart ore sorting and Bajiaochang gas field's production growth - FES is the Group's core business management system, evolved to build a century-old enterprise and establish a culture of continuous improvement[26] - During the reporting period, the Group completed the certification and promotion of 56 FES tools, trained and certified 1,443 experts, and executed 947 improvement projects[27] - Hainan Mining improved efficiency through photoelectric smart ore sorting technology, and the Bajiaochang gas field achieved a 40% year-on-year increase in production[26] Continuously Deepening Business for Good, Diverse Initiatives for Sustainable Development The Group was again recognized in S&P Global's "Sustainability Yearbook 2025" and ranked in the top 1%, also listed in the FTSE4Good Index for four consecutive years, demonstrating its commitment to ESG through initiatives like donating antimalarial drugs to Africa and supporting rural doctors - The Group was again successfully selected for S&P Global's "Sustainability Yearbook 2025" and ranked in the top 1%, and has been included in the FTSE4Good Index for four consecutive years[29] - Fosun Pharma pledged to donate RMB 10 million worth of artemisinin-based antimalarial drugs to Africa over the next three years, having cumulatively treated over 84 million severe malaria patients globally[30] - The Rural Doctor Program covers 78 project counties in 16 provinces, municipalities, and autonomous regions, supporting 25,000 rural doctors and benefiting 16.34 million rural residents[31] Management Discussion and Analysis In H1 2025, the Group's total revenue decreased by 10.8% to RMB 87.28 billion, and net profit attributable to the parent decreased by 8.2% to RMB 661.2 million, primarily due to a decline in the Happiness segment, despite profit growth in Health and Wealth segments, while total assets decreased by 7.6% but the asset base remained stable, with all business segments continuing to deepen operations, focusing on innovation and global expansion to navigate a complex macroeconomic environment - As of the end of the reporting period, the Group's equity attributable to owners of the parent reached RMB 118.1379 billion, and total assets reached RMB 735.6872 billion, a 7.6% decrease compared to the end of 2024[33] - During the reporting period, the Group's revenue was RMB 87.2831 billion, a 10.8% year-on-year decrease, primarily due to a decline in revenue from the Happiness segment[34] Business Review This section provides a detailed review of the Group's business performance, including segment-wise revenue and profit analysis, asset allocation, and the corporate structure of its principal businesses, offering insights into the financial contributions and strategic positioning of each segment Segment Revenue and Profit Group Segment Revenue (RMB million) | Segment | For the six months ended June 30, 2025 | Share | For the six months ended June 30, 2024 | Share | Year-on-year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Health | 22,565.2 | 25.6% | 23,260.5 | 23.6% | (3.0%) | | Happiness | 33,721.4 | 38.3% | 43,172.1 | 43.7% | (21.9%) | | Wealth | 27,828.3 | 31.5% | 26,947.3 | 27.3% | 3.3% | | Insurance | 20,890.3 | 23.7% | 18,457.6 | 18.7% | 13.2% | | Asset Management | 6,938.0 | 7.8% | 8,489.7 | 8.6% | (18.3%) | | Intelligent Manufacturing | 4,021.3 | 4.6% | 5,331.6 | 5.4% | (24.6%) | | Inter-segment Eliminations | (853.1) | | (873.1) | | | | Total | 87,283.1 | 100.0% | 97,838.4 | 100.0% | (10.8%) | Group Segment Profit/(Loss) Attributable to Owners of the Parent (RMB million) | Segment | For the six months ended June 30, 2025 | Share | For the six months ended June 30, 2024 | Share | Year-on-year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Health | 755.8 | 107.6% | 509.7 | 68.3% | 48.3% | | Happiness | (434.6) | (61.9%) | 164.3 | 22.0% | (364.5%) | | Wealth | 243.1 | 34.7% | 26.8 | 3.7% | 807.1% | | Insurance | 1,217.9 | 173.5% | 1,174.9 | 157.6% | 3.7% | | Asset Management | (974.8) | (138.8%) | (1,148.1) | (153.9%) | 15.1% | | Intelligent Manufacturing | 137.8 | 19.6% | 45.1 | 6.0% | 205.5% | | Inter-segment Eliminations | (40.9) | | (25.8) | | | | Total | 661.2 | 100.0% | 720.1 | 100.0% | (8.2%) | Asset Allocation Group Asset Allocation (RMB million) | Segment | As of June 30, 2025 | Share | As of December 31, 2024 | Share | Change vs. End of 2024 | | :--- | :--- | :--- | :--- | :--- | :--- | | Health | 133,231.6 | 17.9% | 130,092.2 | 16.2% | 2.4% | | Happiness | 190,548.6 | 25.6% | 187,879.2 | 23.3% | 1.4% | | Wealth | 391,071.6 | 52.5% | 459,114.7 | 57.0% | (14.8%) | | Insurance | 217,053.0 | 29.1% | 190,995.3 | 23.7% | 13.6% | | Asset Management | 174,018.6 | 23.4% | 268,119.4 | 33.3% | (35.1%) | | Intelligent Manufacturing | 29,827.8 | 4.0% | 27,895.6 | 3.5% | 6.9% | | Inter-segment Eliminations | (8,992.4) | | (8,453.7) | | | | Total | 735,687.2 | 100.0% | 796,528.0 | 100.0% | (7.6%) | Corporate Structure of Principal Businesses The Group's simplified corporate structure diagram outlines significant investments as of June 30, 2025, including consolidated and unconsolidated entities across the Health, Happiness, Wealth, and Intelligent Manufacturing segments - The Group's simplified corporate structure diagram outlines significant investments as of June 30, 2025, including consolidated and unconsolidated entities, covering the Health, Happiness, Wealth, and Intelligent Manufacturing segments[42] Health Segment The Health segment's revenue decreased by 3.0% year-on-year, primarily due to a decline in Fosun Pharma's revenue, while profit attributable to owners of the parent increased by 48.3% year-on-year, mainly driven by higher profits from Fosun Pharma Health Segment Financial Performance (RMB million) | Metric | For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | Year-on-year Change | | :--- | :--- | :--- | :--- | | Revenue | 22,565.2 | 23,260.5 | (3.0%) | | Profit attributable to owners of the parent | 755.8 | 509.7 | 48.3% | - Health segment revenue decreased by 3.0% year-on-year, primarily due to a decline in Fosun Pharma's revenue; profit attributable to owners of the parent increased by 48.3% year-on-year, mainly due to higher profits from Fosun Pharma[47] Fosun Pharma Fosun Pharma's operating revenue decreased, but innovative drug revenue grew steadily by over RMB 4.3 billion, a 14.26% year-on-year increase, with net profit attributable to shareholders at RMB 1.702 billion and operating cash flow increasing by 11.90%, supported by RMB 2.584 billion in R&D investment focused on innovative drugs and high-value medical devices - Fosun Pharma achieved operating revenue of RMB 19.426 billion, a slight decrease, but innovative drug revenue grew steadily by over RMB 4.3 billion, a 14.26% year-on-year increase[48] - Net profit attributable to Fosun Pharma shareholders was RMB 1.702 billion, and net cash flow from operating activities was RMB 2.134 billion, a 11.90% year-on-year increase[48] - R&D investment in H1 2025 totaled RMB 2.584 billion, focusing on innovative drugs and high-value medical devices, with 4 innovative drugs across 5 indications receiving marketing approval[49] Henlius Henlius's total revenue increased to approximately RMB 2.8195 billion, with overseas product profit more than doubling, driven by increased R&D expenditure of approximately RMB 995.4 million for innovative projects, and its 6 products (25 indications) now approved in nearly 60 countries/regions, benefiting over 850,000 patients globally - Henlius's total revenue was approximately RMB 2.8195 billion, an increase of approximately RMB 73.4 million year-on-year, with overseas product profit achieving over 2x breakthrough growth[51] - R&D expenditure was approximately RMB 995.4 million, an increase of approximately RMB 169.8 million year-on-year, used to increase investment in innovative R&D projects[51] - As of August 22, 2025, Henlius's 6 products (25 indications) have been successfully approved for marketing in nearly 60 countries/regions, including China, the US, and Europe, benefiting over 850,000 patients globally[52] Gland Pharma Gland Pharma's consolidated operating revenue remained flat, but post-tax profit reached INR 4.02 billion, a 20% year-on-year increase, with a post-tax profit margin of 13.7%, driven by the launch of 12 molecular drugs in the US market and a focus on expanding capacity, strengthening CDMO capabilities, and deepening biopharmaceutical collaborations - Gland Pharma's consolidated operating revenue remained flat, with post-tax profit reaching INR 4.02 billion, a 20% year-on-year increase, and a post-tax profit margin of 13.7%[55] - In H1 2025, 12 molecular drugs were launched in the US market, with a commitment to expanding production capacity and enhancing complex injectable and CDMO businesses based on a strong R&D pipeline[55][56] - The company focuses on the GLP-1 sector and capacity expansion, strengthening CDMO capabilities, deepening biopharmaceutical collaborations, and implementing a country-specific market expansion strategy[57] Sisram Medical Sisram Medical's global sales and distribution network generated total revenue of USD 165.5 million, a 1.9% year-on-year decrease, with profit for the period at USD 9.0 million, a 31.9% year-on-year reduction, while launching new AI-based skincare and imaging platforms and expanding its injectable filler business globally - Sisram Medical's global sales and distribution network generated total revenue of USD 165.5 million, a 1.9% year-on-year decrease, with profit for the period at USD 9.0 million, a 31.9% year-on-year reduction[59][60] - Two new products were launched: Universkin, an AI-based personalized skincare system, and Alma IQ™, a new generation imaging platform[61] - The company is strengthening its global footprint in the injectable filler business and building a commercialization foundation for the peptide-powered botulinum toxin product DAXXIFY in mainland China[61] Fosun Health Fosun Health controls 19 comprehensive and specialized hospitals, clinics, and third-party testing institutions with 6,600 approved beds and 9 internet hospital licenses, having added 7 new provincial/municipal key specialties, totaling 75, with all four Greater Bay Area hospitals establishing international medical centers and implementing AI-powered smart healthcare services - Fosun Health controls 19 comprehensive hospitals, specialized hospitals, clinics, and third-party testing institutions, with a total of 6,600 approved beds and holds 9 internet hospital licenses[63] - 7 new provincial/municipal key specialties were added, totaling 75; all four Greater Bay Area hospitals have established international medical centers[63] - In smart healthcare and AI, the four Greater Bay Area hospitals provide AI smart outbound calling services for overdue patients, and Fosun Health Cloud HIS launched an AI assistant to improve doctors' diagnostic efficiency[63] Fosun Eldercare (Shanghai Zhuli) Fosun Eldercare has invested in and operates elderly care and nursing institutions in nearly ten cities, securing over 11,000 beds and generating operating revenue of RMB 401 million, with its "large annuity insurance + eldercare community residency rights" product in collaboration with insurance companies achieving new premium sales of RMB 2.41 billion - Fosun Eldercare has invested in and operates elderly care and nursing institutions in nearly ten cities, securing a total of over 11,000 beds, and achieved operating revenue of RMB 401 million[65] - The "large annuity insurance + eldercare community residency rights" insurance product, in collaboration with insurance companies, achieved new premium sales of RMB 2.41 billion[66] Happiness Segment The Happiness segment's revenue decreased by 21.9% year-on-year, resulting in a loss attributable to owners of the parent of RMB 434.6 million, primarily due to a reduction in Yuyuan Inc.'s net profit attributable to the parent Happiness Segment Financial Performance (RMB million) | Metric | For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | Year-on-year Change | | :--- | :--- | :--- | :--- | | Revenue | 33,721.4 | 43,172.1 | (21.9%) | | (Loss)/Profit attributable to owners of the parent | (434.6) | 164.3 | (364.5%) | - Happiness segment revenue decreased by 21.9% year-on-year, and loss attributable to owners of the parent was RMB 434.6 million, primarily due to a reduction in Yuyuan Inc.'s net profit attributable to the parent[68] Yuyuan Inc. Yuyuan Inc. reported operating revenue of RMB 19.112 billion, a 30.68% year-on-year decrease, with net profit attributable to shareholders at RMB 62.81 million, a 94.50% year-on-year reduction, despite a rebound in Q2 for the jewelry fashion group and a 55% increase in GMV for Yuyuan Garden Phase I, while its time-honored restaurant brand Songhelou Noodle House successfully launched in London - Yuyuan Inc. achieved operating revenue of RMB 19.112 billion, a 30.68% year-on-year decrease; net profit attributable to Yuyuan Inc. shareholders was RMB 62.81 million, a 94.50% year-on-year reduction[69] - The jewelry fashion group's performance was under pressure, but Q2 operating revenue showed a rebound trend; Yuyuan Garden Phase I achieved a Gross Merchandise Volume (GMV) of RMB 2.61 billion in H1, a 55% year-on-year increase[70] - "Songhelou Noodle House" successfully debuted on the Thames, marking a global breakthrough for the time-honored catering IP[70] Shede Spirits Shede Spirits reported operating revenue of RMB 2.7012 billion, a 17.4% year-on-year decrease, with net profit attributable to shareholders at RMB 443.3 million, a 25.0% year-on-year decrease, despite mid-to-high-end liquor revenue reaching RMB 1.9733 billion, and the company expanded its digital ecosystem marketing and overseas presence to 40 countries, though the number of distributors decreased to 2,585 - Shede Spirits achieved operating revenue of RMB 2.7012 billion, a 17.4% year-on-year decrease; net profit attributable to Shede Spirits shareholders was RMB 443.3 million, a 25.0% year-on-year decrease[73] - Mid-to-high-end liquor achieved operating revenue of RMB 1.9733 billion, with deepened digital ecosystem marketing, expanded ecosystem reach, and accelerated overseas business expansion, now present in 40 countries and regions[73] - As of the end of the reporting period, the total number of distributors was 2,585, a decrease of 78 compared to the end of 2024[74] Fosun Tourism Group Fosun Tourism Group successfully completed its privatization and delisted from the Hong Kong Stock Exchange, with tourism operations revenue reaching RMB 10.231 billion, a 1.6% year-on-year increase (excluding Thomas Cook impact), and Club Med's turnover growing by 3.8% to RMB 9.2532 billion, achieving a global average occupancy rate of 69.8% and an average daily bed price of RMB 2,021.2 - Fosun Tourism Group has successfully completed its privatization and officially delisted from the Hong Kong Stock Exchange[75] - Tourism operations revenue reached RMB 10.231 billion, a 1.6% year-on-year increase (excluding the impact of Thomas Cook); revenue was RMB 9.5345 billion, a 1.3% year-on-year increase[76] - Club Med's turnover was RMB 9.2532 billion, a 3.8% year-on-year increase; global average room occupancy rate reached 69.8%, and average daily bed price was RMB 2,021.2, a 5.1% year-on-year increase[77] Lanvin Group Lanvin Group's overall revenue faced pressure, reaching EUR 133.4 million, a 22.0% year-on-year decrease, despite flagship brand Lanvin's artistic director Peter Copping's debut at Paris Fashion Week and Sergio Rossi's new collection, as the company actively adjusts its strategic layout, appoints new executives, and plans to expand into high-growth regions like the Middle East - Lanvin Group's overall revenue faced pressure, achieving operating revenue of EUR 133.4 million, a 22.0% year-on-year decrease[81] - Flagship brand Lanvin's artistic director Peter Copping presented his debut show at Paris Fashion Week, and Sergio Rossi launched its first collection under new creative director Paul Andrew[81] - The company is actively adjusting its strategic layout, appointing an Executive President and Co-CEO, accelerating corporate transformation, and planning to expand business into high-growth regions such as the Middle East[82] Wealth Segment The Wealth segment encompasses two sub-segments: Insurance and Asset Management (including Hive City asset management and investment asset management) - The Wealth segment includes two sub-segments: Insurance and Asset Management (Hive City asset management and investment asset management)[83] Insurance Business The Insurance segment's revenue increased by 13.2% year-on-year, with profit attributable to owners of the parent rising by 3.7% year-on-year, primarily driven by increased profits from European insurance businesses Insurance Segment Financial Performance (RMB million) | Metric | For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | Year-on-year Change | | :--- | :--- | :--- | :--- | | Revenue | 20,890.3 | 18,457.6 | 13.2% | | Profit attributable to owners of the parent | 1,217.9 | 1,174.9 | 3.7% | - Insurance segment revenue increased by 13.2% year-on-year, and profit attributable to owners of the parent increased by 3.7% year-on-year, primarily due to increased profits from European insurance businesses[86] Fidelidade Fidelidade's Gross Written Premiums (GWP) reached EUR 3.271 billion, a 16.5% year-on-year increase, achieving a 29.3% market share in Portugal, with international business accounting for 28.2% of total business and overseas GWP reaching EUR 924 million, while net profit grew by 27.6% to EUR 133 million, and the company achieved significant ESG recognition - Fidelidade's Gross Written Premiums (GWP) reached EUR 3.271 billion, a 16.5% year-on-year increase, achieving a 29.3% market share in the overall Portuguese market[87] - International business accounted for 28.2% of total business, with overseas GWP reaching EUR 924 million; net profit was EUR 133 million, a 27.6% year-on-year increase[88] - Achieved significant achievements in ESG, receiving a CDP climate rating of B from the international environmental disclosure organization and an upgraded "Low Risk" ESG rating from Sustainalytics[89] Peak Re Peak Re achieved gross written premiums of USD 1.061 billion and reinsurance revenue of USD 661 million, increasing by 25.1% and 36.8% year-on-year respectively, maintaining an A- (Excellent) rating from A.M. Best, expanding its presence in Asian emerging markets, and obtaining a 3B insurance company license for its Bermuda subsidiary, with net profit reaching USD 88.8 million and net assets growing to USD 1.52 billion - Peak Re achieved gross written premiums of USD 1.061 billion and reinsurance revenue of USD 661 million, increasing by 25.1% and 36.8% year-on-year respectively[90] - Continuously maintained an A- (Excellent) rating from A.M. Best, deepened its presence in Asian emerging markets, and obtained a 3B insurance company license for its Bermuda subsidiary[90][91] - Achieved net profit of USD 88.8 million, with net assets increasing from USD 1.43 billion at the end of 2024 to USD 1.52 billion at the end of the reporting period[92] Fosun-Prudential Life Fosun-Prudential Life's total premium income was RMB 5.365 billion, a 0.8% year-on-year increase, with a comprehensive investment yield of 2.8%, and cumulatively achieved 3,938 eldercare community policies, corresponding to premiums of RMB 3.90 billion, continuously providing high-quality eldercare benefits to customers - Fosun-Prudential Life's total premium income was RMB 5.365 billion, a 0.8% year-on-year increase, with a comprehensive investment yield of 2.8%[93] - Cumulatively achieved 3,938 eldercare community policies, corresponding to premiums of RMB 3.90 billion, continuously providing high-quality eldercare benefits to customers[94] Fosun United Health Insurance Fosun United Health Insurance achieved insurance business revenue of RMB 3.642 billion, a 31.1% year-on-year increase, and net profit of RMB 32.9 million, a RMB 47.9 million year-on-year increase, serving over 7.19 million customers, and actively promoting its "insurance + eldercare" ecological synergy strategy with 1,733 eldercare community policies corresponding to RMB 1.630 billion in premiums - Fosun United Health Insurance achieved insurance business revenue of RMB 3.642 billion, a 31.1% year-on-year increase; net profit was RMB 32.9 million, a RMB 47.9 million year-on-year increase[95] - Cumulatively served over 7.19 million customers, an increase of 2.3% compared to the end of 2024[95] - Actively promoted the "insurance + eldercare" ecological synergy strategy, cumulatively achieving 1,733 eldercare community policies, corresponding to premiums of RMB 1.630 billion[96] Asset Management Business The Asset Management segment's revenue decreased by 18.3% year-on-year, primarily due to reduced revenue from Hive City-related businesses, while the loss attributable to owners of the parent decreased by 15.1%, mainly due to an increase in share of profits from associates Asset Management Segment Financial Performance (RMB million) | Metric | For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | Year-on-year Change | | :--- | :--- | :--- | :--- | | Revenue | 6,938.0 | 8,489.7 | (18.3%) | | Loss attributable to owners of the parent | (974.8) | (1,148.1) | 15.1% | - Asset Management segment revenue decreased by 18.3% year-on-year, primarily due to reduced revenue from Hive City-related businesses; loss attributable to owners of the parent decreased by 15.1%, mainly due to an increase in share of profits from associates[99] Fosun Capital Fosun Capital manages 30 funds with over RMB 20 billion in assets, with 6 invested companies applying for IPOs and 2 successfully listed during the reporting period - Fosun Capital manages 30 funds with assets under management exceeding RMB 20 billion; during the reporting period, 6 invested companies applied for IPOs, of which 2 have successfully listed[100] Fosun RZ Capital (Shanghai Zhiying) Fosun RZ Capital manages nearly RMB 10 billion in assets, having invested in over a hundred quality enterprises, with 4 new investments in AI+robotics, intelligent manufacturing, and new overseas expansion sectors, and 10 projects successfully exited during the reporting period - Fosun RZ Capital's total assets under management are nearly RMB 10 billion, having invested in over a hundred quality enterprises; during the reporting period, 4 new investments were made in AI+robotics, intelligent manufacturing, and new overseas expansion sectors, and 10 projects achieved successful exits[101] HAL HAL's total revenue decreased by 3.4% year-on-year to EUR 218.3 million, with pre-tax profit falling from EUR 62.3 million in the same period of 2024 to EUR 55.1 million, as the Group completed the sale of all HAL shares but retained HAFS for further expansion of asset services - HAL's total operating revenue decreased by 3.4% year-on-year to EUR 218.3 million; pre-tax profit decreased from EUR 62.3 million in the same period of 2024 to EUR 55.1 million[102] - The Group has completed the sale of all HAL shares but retained all shares of HAFS, which will further expand its asset services business[102] BCP BCP's consolidated net profit increased by 3.5% year-on-year to EUR 502.3 million, achieving a Return on Equity (ROE) of 14.3%, with consolidated total assets increasing by 5.8% to EUR 105.5 billion, and total capital adequacy ratio and CET1 ratio reaching 20.2% and 16.2% respectively, while mobile customers grew by 9% - BCP's consolidated net profit was EUR 502.3 million, a 3.5% year-on-year increase; Return on Equity (ROE) reached 14.3%[103] - Consolidated total assets were EUR 105.5 billion, a 5.8% year-on-year increase; total capital adequacy ratio and Common Equity Tier 1 (CET1) ratio reached 20.2% and 16.2% respectively[103] - The number of mobile customers increased by 9% compared to the same period last year, now accounting for 73% of active customers[104] BFC Bund Financial Center BFC recorded total operating revenue of RMB 367.4 million, a 5.9% year-on-year decrease, with operating EBITDA at RMB 217.2 million, an 8.5% year-on-year decrease, despite introducing luxury brands, upgrading its B2 floor to an IP supermarket, and creating a pet-friendly space, while adding approximately 153,000 new members, bringing the total to 1.385 million, by leveraging proprietary IP festivals and international IPs to target fashion-conscious young customers - BFC recorded total operating revenue of RMB 367.4 million, a 5.9% year-on-year decrease; operating EBITDA was RMB 217.2 million, an 8.5% year-on-year decrease[107] - Introduced trendy luxury brands such as Jimmy Choo and Maison Kitsuné, upgraded the South Zone B2 floor to an IP supermarket, and created a pet-friendly entertainment space[107] - Added approximately 153,000 new members, bringing the total membership to approximately 1.385 million, precisely targeting fashion-conscious young customer groups by creating proprietary IP festivals and introducing internationally renowned IPs[107] Intelligent Manufacturing Segment The Intelligent Manufacturing segment's revenue decreased by 24.6% year-on-year, but increased by 14.0% excluding consolidation scope changes, while profit attributable to owners of the parent increased by 205.5% year-on-year, primarily due to higher profits from FFT Intelligent Manufacturing Segment Financial Performance (RMB million) | Metric | For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | Year-on-year Change | | :--- | :--- | :--- | :--- | | Revenue | 4,021.3 | 5,331.6 | (24.6%) | | Profit attributable to owners of the parent | 137.8 | 45.1 | 205.5% | - Intelligent Manufacturing segment revenue decreased by 24.6% year-on-year, but increased by 14.0% if the impact of changes in consolidation scope is excluded; profit attributable to owners of the parent increased by 205.5% year-on-year, primarily due to higher profits from FFT[109] Hainan Mining Hainan Mining's net profit attributable to listed company shareholders decreased by 30.36% year-on-year to RMB 280.5 million, primarily due to falling iron ore and oil prices, despite operating revenue increasing by 10.46% to RMB 2.4153 billion through measures like significantly boosting oil and gas production, with the Bougouni Lithium Mine and 20,000-ton lithium hydroxide project entering trial production and oil and gas equity production growing over 50% year-on-year - Hainan Mining's net profit attributable to listed company shareholders decreased by 30.36% year-on-year to RMB 280.5 million, primarily due to falling iron ore and oil prices[110] - Operating revenue reached RMB 2.4153 billion, a 10.46% year-on-year increase, by implementing measures such as significantly boosting oil and gas production to address challenges[110] - The Bougouni Lithium Mine and the 20,000-ton lithium hydroxide project have entered trial production, and oil and gas equity production increased by over 50% year-on-year[111] Wansheng Co. Wansheng Co.'s operating revenue increased by 17.07% year-on-year to RMB 1.62315 billion, while net profit attributable to shareholders decreased by 65.02% year-on-year to RMB 26.32 million, despite main product sales growing by 6.29% to 105,400 tons, and the Weifang base's 44,200-ton high-end new material integrated production project (Phase I) entering equipment installation and commissioning - Wansheng Co.'s operating revenue was RMB 1.62315 billion, a 17.07% year-on-year increase; net profit attributable to Wansheng Co. shareholders was RMB 26.32 million, a 65.02% year-on-year decrease[113] - Main product sales were 105,400 tons, a 6.29% year-on-year increase; the Weifang base's annual production of 44,200 tons of high-end new material integrated production project (Phase I) has entered the equipment installation and commissioning phase[114][115] FFT FFT's global new order value was approximately RMB 3.755 billion, with active utilization of AI technology to develop various AI agents for enhanced production efficiency and reduced engineer input, and future plans to strengthen profitability in the automotive industry, expand automation clients in other industrial sectors, and accelerate industrial digitalization - FFT's global new order value was approximately RMB 3.755 billion[116] - Actively utilizing artificial intelligence technology to develop various AI agents to enhance production efficiency and reduce engineer input[116] - Future plans include strengthening profitability in the automotive industry's main business, expanding automation clients in other industrial sectors, and accelerating the development of industrial digitalization business[117] Financial Review In H1 2025, the Group's net interest expense slightly decreased, while tax expense increased due to higher taxable profit; total debt slightly rose, but the proportion of medium-to-long-term debt remained stable; cash and bank balances decreased, mainly due to the disposal of HAL, leading to a slight increase in the total debt to total capital ratio but an improved interest coverage ratio Net Interest Expense The Group's net interest expense after capitalization decreased from RMB 6.248 billion to RMB 6.1824 billion, primarily due to lower borrowing interest rates - The Group's net interest expense after capitalization decreased from RMB 6.248 billion to RMB 6.1824 billion, primarily due to lower borrowing interest rates[118] Taxation The Group's taxation for the six months ended June 30, 2025, was RMB 1.2016 billion, an increase of RMB 91.7 million compared to the same period in 2024, mainly due to higher taxable profit - The Group's taxation for the six months ended June 30, 2025, was RMB 1.2016 billion, an increase of RMB 91.7 million compared to the same period in 2024, primarily due to higher taxable profit[119] Group Debt and Liquidity As of June 30, 2025, the Group's total debt was RMB 222.1005 billion, an increase from December 31, 2024, with medium-to-long-term debt accounting for 48.5% of total debt, a slight decrease from 48.7% at the end of 2024, and cash and bank balances decreasing to RMB 67.8301 billion, mainly due to no longer holding HAL - As of June 30, 2025, the Group's total debt was RMB 222.1005 billion, an increase compared to December 31, 2024[120] - Medium-to-long-term debt accounted for 48.5% of total debt, a slight decrease from 48.7% at the end of 2024[120] - Cash and bank balances and time deposits were RMB 67.8301 billion, a decrease of RMB 38.5092 billion compared to the end of 2024, primarily due to the Group no longer holding HAL[120] Total Debt to Total Capital Ratio As of June 30, 2025, the total debt to total capital ratio (leverage ratio) was 53.0%, an increase from 52.0% as of December 31, 2024 - As of June 30, 2025, the total debt to total capital ratio (leverage ratio) was 53.0%, an increase from 52.0% as of December 31, 2024[121] Available Financing Sources As of June 30, 2025, the Group had unutilized bank credit facilities totaling RMB 139.4399 billion, and strategic cooperation agreements with multiple banks provided total available credit of approximately RMB 331.1029 billion, of which RMB 191.6630 billion had been utilized - As of June 30, 2025, the Group's total unutilized bank credit facilities amounted to RMB 139.4399 billion[122] - Strategic cooperation agreements with multiple banks provided total available credit of approximately RMB 331.1029 billion, of which RMB 191.6630 billion had been actually utilized[122][123] Interest Coverage Ratio For the six months ended June 30, 2025, the interest coverage ratio was 2.5 times, compared to 2.4 times in the same period of 2024, primarily due to an increase in the Group's EBITDA during the reporting period - For the six months ended June 30, 2025, the interest coverage ratio was 2.5 times, compared to 2.4 times in the same period of 2024, primarily due to an increase in the Group's EBITDA during the reporting period[124] Condensed Interim Consolidated Financial Statements This section presents the unaudited condensed interim consolidated financial statements for the six months ended June 30, 2025, including the statement of profit or loss, statement of comprehensive income, and statement of financial position, providing investors with detailed insights into the Group's financial performance and asset-liability status during the reporting period Condensed Interim Consolidated Statement of Profit or Loss This subsection provides the condensed interim consolidated statement of profit or loss, detailing the Group's revenues, expenses, and net profit or loss for the reporting period Condensed Interim Consolidated Statement of Comprehensive Income This subsection presents the condensed interim consolidated statement of comprehensive income, outlining the Group's total comprehensive income, including profit or loss and other comprehensive income, for the reporting period Condensed Interim Consolidated Statement of Financial Position This subsection details the condensed interim consolidated statement of financial position, providing a snapshot of the Group's assets, liabilities, and equity as of the end of the reporting period Notes to the Financial Statements This section provides detailed notes to the condensed interim consolidated financial statements, explaining the basis of preparation, changes in accounting policies, operating segment information, revenue composition, finance costs, taxation, earnings per share, trade and bills receivables and payables, and liquidity information, offering essential context and details for understanding the financial data Basis of Preparation and Changes in Accounting Policies The condensed interim financial information is prepared in accordance with HKAS 34 and should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2024, with the Board deeming the going concern basis appropriate and the adoption of revised HKFRS having no material impact - The condensed interim financial information is prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" and should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2024[131] - The Board considers it appropriate to prepare the financial information on a going concern basis, taking into account unutilized credit facilities and projected cash flows[131] - The revised Hong Kong Financial Reporting Standards, specifically Hong Kong Accounting Standard 21 (Amendment) regarding lack of exchangeability, had no material impact on the condensed interim consolidated financial information for this period[133][134] Operating Segment Information The Group categorizes its business units into five reportable operating segments—Health, Happiness, Insurance, Asset Management, and Intelligent Manufacturing—based on products and services provided, with Insurance and Asset Management falling under the Wealth segment - The Group categorizes its business units into five reportable operating segments based on products and services provided: Health, Happiness, Insurance, Asset Management, and Intelligent Manufacturing, with Insurance and Asset Management belonging to the Wealth segment[135][136] Revenue from External Customers (RMB thousand) | Region | 2025 | 2024 | | :--- | :--- | :--- | | Mainland China | 40,613,216 | 51,965,319 | | Portugal | 12,991,583 | 11,850,498 | | Other Countries and Regions | 33,678,291 | 34,022,622 | | Total | 87,283,090 | 97,838,439 | Total Revenue, Other Income and Gains This section provides a detailed breakdown of the Group's total revenue, other income, and gains, offering insights into the various sources contributing to the Group's overall financial performance Total Revenue Source Analysis (RMB thousand) | Source | 2025 | 2024 | | :--- | :--- | :--- | | Sales of goods | 42,270,442 | 54,029,245 | | Services rendered | 21,781,799 | 22,351,895 | | Insurance business income | 20,296,216 | 18,212,384 | | Rental income | 1,535,221 | 1,115,431 | | Interest income | 1,646,477 | 2,376,578 | | Total | 87,283,090 | 97,838,439 | Other Income and Gains Analysis (RMB thousand) | Category | 2025 | 2024 | | :--- | :--- | :--- | | Subtotal of Other Income | 5,594,608 | 4,692,595 | | Subtotal of Gains | 2,687,020 | 2,910,809 | | Total | 8,281,628 | 7,603,404 | Finance Costs This section details the composition of the Group's finance costs, including interest expenses, lease interest expenses, and other financial charges, after deducting capitalized interest, providing a clear overview of borrowing-related expenditures Finance Costs Composition (RMB thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Total interest (excluding lease interest expense) | 6,033,622 | 6,309,323 | | Lease interest expense | 494,937 | 465,656 | | Less: Capitalized interest | (369,385) | (558,130) | | Net interest expense | 6,167,504 | 6,243,638 | | Bill discount interest | 14,874 | 4,394 | | Bank charges and other finance costs | 322,263 | 211,511 | | Total finance costs | 6,504,641 | 6,459,543 | Profit Before Tax The Group's profit before tax is calculated after deducting costs of sales, insurance service expenses, depreciation, and amortization, and after accounting for net impairment losses on financial assets and gains/losses from disposal of subsidiaries/associates - The Group's profit before tax is calculated after deducting costs of sales, insurance service expenses, depreciation and amortization, and after accounting for net impairment losses on financial assets, gains/losses from disposal of subsidiaries/associates, and other items[150][151] Taxation Taxation expenses primarily comprise corporate income tax from Mainland China, Portugal, Hong Kong, and other regions, calculated based on applicable tax rates, with prepaid land appreciation tax and additional provisions made during the period Major Components of Tax Expense (RMB thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Current - Portugal, Hong Kong and other regions | 275,073 | 689,644 | | Current - Mainland China corporate income tax | 833,903 | 1,257,409 | | Current - Mainland China land appreciation tax | 120,522 | (389,274) | | Deferred tax | (27,924) | (447,857) | | Tax expense for the period | 1,201,574 | 1,109,922 | - Tax expense primarily comprises corporate income tax from Mainland China, as well as Portugal, Hong Kong, and other regions, calculated based on applicable tax rates in each region[152][153] - During the period, prepaid land appreciation tax amounted to RMB 65.539 million, and an additional land appreciation tax provision of RMB 87.460 million was made[155] Earnings Per Share Attributable to Ordinary Equity Holders of the Parent This section details the calculation of basic and diluted earnings per share attributable to ordinary equity holders of the parent, providing the profit figures and weighted average number of ordinary shares used for these computations Basis for Earnings Per Share Calculation (RMB thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Profit attributable to ordinary equity holders of the parent | 661,162 | 720,117 | | Adjusted profit attributable to ordinary equity holders of the parent for basic EPS calculation | 660,493 | 719,040 | | Profit attributable to ordinary equity holders of the parent for diluted EPS calculation | 661,162 | 720,117 | Number of Shares for Earnings Per Share (shares) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Weighted average number of ordinary shares outstanding during the period for basic EPS calculation | 8,124,117,230 | 8,136,799,651 | | Weighted average number of ordinary shares for diluted basic EPS calculation | 8,135,446,536 | 8,149,182,940 | | Basic earnings per share (RMB) | 0.08 | 0.09 | | Diluted earnings per share (RMB) | 0.08 | 0.09 | Trade and Bills Receivables Trade and bills receivables primarily originate from the Health and Happiness segments, with credit periods typically ranging from 90 to 180 days for Health and 30 to 360 days for Happiness Trade and Bills Receivables (RMB thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade receivables | 12,704,887 | 12,447,980 | | Bills receivables | 343,677 | 382,580 | | Total | 13,048,564 | 12,830,560 | - Trade receivables primarily originate from the Health segment and the Happiness segment, with credit periods typically ranging from 90 to 180 days for the Health segment and 30 to 360 days for the Happiness segment[162] Trade and Bills Payables Trade and bills payables primarily arise from the Health and Happiness segments, generally settled within 30 to 60 days or according to property construction progress Trade and Bills Payables (RMB thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade payables | 18,426,894 | 19,772,155 | | Bills payables | 3,241,177 | 3,243,706 | | Total | 21,668,071 | 23,015,861 | - Trade and bills payables primarily originate from the Health segment and the Happiness segment, generally settled within 30 to 60 days or according to property construction progress[163] Dividends The Board resolved not to declare an interim dividend for the reporting period, while the proposed final dividend of HKD 0.02 per ordinary share for the year ended December 31, 2024, was approved at the AGM on June 5, 2025 - The Board resolved not to declare an interim dividend for the reporting period (for the six months ended June 30, 2024: nil)[165] - The proposed final dividend of HKD 0.02 per ordinary share for the year ended December 31, 2024, was approved at the Annual General Meeting on June 5, 2025[164] Liquidity Information The Group presents all assets and liabilities in its consolidated statement of financial position by liquidity order, further disclosing amounts expected to be recovered or settled within or beyond 12 months, with assets recoverable within 12 months totaling RMB 251.979 billion and liabilities payable within 12 months totaling RMB 252.236 billion as of June 30, 2025 - The Group presents all assets and liabilities in its consolidated statement of financial position in order of liquidity, and further discloses the amounts of each asset and liability item expected to be recovered or settled within or beyond 12 months[166] - As of June 30, 2025, assets expected to be recovered within not more than twelve months amounted to RMB 251.979 billion, and liabilities expected to be settled within not more than twelve months amounted to RMB 252.236 billion[131][167][168] Other Information This section covers events after the reporting period, interim dividend decisions, share repurchase activities, updates on share award and share option schemes, the Audit Committee's review of interim results, compliance with corporate governance code, publication of the interim report, forward-looking statements, and definitions of terms Events After the Reporting Period As of the date of this announcement, the Group has no post-reporting period events requiring disclosure - As of the date of this announcement, the Group has no post-reporting period events requiring disclosure[171] Interim Dividend The Board resolved not to declare an interim dividend for the reporting period - The Board resolved not to declare an interim dividend for the reporting period[172] Repurchase, Sale or Redemption of the Company's Listed Securities The Company repurchased a total of 31,082,500 shares on the Hong Kong Stock Exchange during the reporting period for a total consideration of HKD 126,306,230, all of which have been cancelled - The Company repurchased a total of 31,082,500 shares on the Hong Kong Stock Exchange during the reporting period, for a total consideration of HKD 126,306,230, and all repurchased shares have been cancelled[173] 2025 Share Repurchase Details (HKD) | Month | Number of Shares Repurchased | Repurchase Price Per Share (Highest) | Repurchase Price Per Share (Lowest) | Total Repurchase Price Paid | | :--- | :--- | :--- | :--- | :--- | | January 2025 | 299,500 | 4.09 | 4.05 | 1,222,760.00 | | March 2025 | 4,423,000 | 4.22 | 4 | 18,298,375.00 | | April 2025 | 26,360,000 | 4.45 | 3.75 | 106,785,095.00 | | Total | 31,082,500 | – | – | 126,306,230.00 | Share Award Scheme The 2015 Share Award Scheme was terminated on March 16, 2023, but unvested awarded shares remain valid, while the 2023 Share Award Scheme granted a total of 15,213,000 awarded shares to 91 selected participants on June 27, 2025, all of which have been issued to the trustee - The 2015 Share Award Scheme was terminated on March 16, 2023, but unvested awarded shares remain valid[175] - The 2023 Share Award Scheme granted a total of 15,213,000 awarded shares to 91 selected participants on June 27, 2025, all of which have been issued to the trustee[176][177] Share Option Scheme The 2007 and 2017 Share Option Schemes have expired or been terminated, but unexercised share options remain valid, while the 2023 Share Option Scheme granted 49,530,000 share options on June 27, 2025, to subscribe for a total of 49,530,000 shares in the Company's capital - The 2007 and 2017 Share Option Schemes have expired or been terminated, but unexercised share options remain valid[178] - The 2023 Share Option Scheme granted 49,530,000 share options on June 27, 2025, to subscribe for a total of 49,530,000 shares in the Company's capital[179] Review of Interim Results The Company's Audit Committee has reviewed the interim results for the reporting period and found no objections to the accounting treatments adopted by the