FOSUN INTL(HK:00656)2024-03-27 14:50Financial 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].