Zhi Tong Cai Jing·2025-09-09 02:08Core 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]