Feng Huang Wang Cai Jing·2025-05-28 09:09Core Viewpoint - CITIC Securities initiated coverage on Fosun International (00656.HK) with a "Buy" rating, highlighting the company's diversified asset portfolio and robust growth in asset quality, which warrants market attention [1]. Health Sector - Fosun's health sector encompasses pharmaceuticals, medical devices, diagnostics, and healthcare services, with key products including Hanlikang, Hanquyou, Hanshuang, and Yikaida [2]. - Hanlikang is the first domestically produced rituximab approved for treating lymphoma, leukemia, and rheumatoid arthritis; Hanquyou is a trastuzumab approved in over 50 countries for HER2-positive breast and gastric cancer; Hanshuang is the first PD-1 monoclonal antibody approved for first-line treatment of small cell lung cancer in over 30 countries; Yikaida is the first CAR-T product in China for relapsed/refractory large B-cell lymphoma [2]. Leisure Sector - The leisure sector is being optimized with a focus on brand development, particularly through the Oriental aesthetics concept, with Yuyuan Holdings enhancing its financial stability and multi-brand strategy [2]. - Club Med, under Fosun Tourism, achieved record revenue by focusing on high-end all-inclusive offerings, while Atlantis Sanya reached new occupancy highs, maintaining brand competitiveness [2]. Wealth Sector - The asset quality of Fosun's wealth sector is steadily improving, with Fosun Portugal Insurance projected to achieve approximately €6.17 billion in gross premium income in 2024, increasing the international business share from about 5% in 2014 to 29.8% [3]. - Domestic insurance companies, including Fosun P&C and Fosun United Health Insurance, are experiencing significant growth, with Fosun P&C's total premium income expected to rise from RMB 4.35 billion in 2023 to RMB 9.25 billion in 2024, both companies achieving profitability [3]. - The ongoing growth of these companies is expected to lay a solid foundation for the group's future development [3].