Welltower Reports Fourth Quarter 2025 Results [Accessibility Statement] Skip NavigationTOLEDO, Ohio, Feb. 10, 2026 /PRNewswire/ -- Welltower Inc. (NYSE:WELL) today announced results for the quarter ended December 31, 2025.Fourth Quarter and Other Recent Highlights- Expanded the previously announced 10 Year Executive Continuity and Alignment Program to include seven Executive Vice Presidents of Welltower who have agreed to a reduced annual salary and a single, long-term equity-based incentive award which is ...

China's Travel: Turning Up the Joy Dial Travel is emerging as a powerful answer to China's call for people's wellbeing and happiness, echoing policymakers' push to boost service consumption, improve employment, and further open the country to the world. Demand tailwinds have strengthened our conviction in Chinese airlines and hotels. A cumulative Rmb50 trillion in revenue in five years: We expect domestic tourism spending to represent 18% of per capita consumption in 2030, vs. 13% in 2023. The 11% CAGR will ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 特别提示：本公告所载2025年度的财务数据为昆药集团股份有限公司（以下简称"公司"）初步核算数 据，未经会计师事务所审计，与2025年度报告中披露的最终数据可能存在差异，提请投资者注意投资风 险。 一、2025年度主要财务数据和指标 单位：万元 注：1、本报告期初数同法定披露的上年年末数。 2、上述数据以未经审计的合并报表数据填列，最终结果以公司2025年年度报告为准。 证券代码：600422 证券简称：昆药集团 公告编号：2026-005号 2025年，公司处于外部环境复杂变化与内部模式深度转型的关键阶段，多重因素叠加对业绩形成了阶段 性影响。中成药集采实际执行进度不及预期、医保控费政策持续深化，公司院内存量业务承受一定压 力，而增量业务仍处于准入与成长期，对院内业务收入产生直接影响。同时，零售终端受阶段性客流波 动、行业竞争加剧、动销节奏有所放缓等因素影响，加之公司精品国药板块部分产品尚处于渠道拓展阶 段，受行业波动影响较为显著。此外，公司内部渠道与模式变革正处于深化阶段，在 ...

Core Insights - The long-term care insurance (LTCI) system, referred to as the "sixth insurance" in social security, has been implemented for nearly a decade, covering approximately 300 million people and benefiting over 3.3 million disabled individuals, with an average annual reduction in financial burden of 12,000 yuan per person [1][2] - The LTCI aims to address the societal issue of "one person disabled, the whole family unbalanced" by expanding family care responsibilities into a socialized mutual assistance framework, thus providing a safety net for disabled families [2][4] - The program has seen significant growth, with the number of designated service institutions increasing to 12,000, ten times that of the initial phase, and a focus on integrating care services across various settings [5][4] Group 1: Service Implementation and Demand - The LTCI has introduced services such as "home bathing," which has become a highly anticipated monthly event for families, exemplified by the case of a disabled elderly man in Ningbo [1] - Data from the National Health Commission indicates that over 45 million elderly individuals in China require long-term care, highlighting the increasing demand for such services as the population ages [2] - The most pressing needs identified among the disabled population include basic life care services, particularly bathing, facial cleaning, and oral hygiene [2][3] Group 2: Policy Development and Future Directions - The LTCI system has been progressively expanded since its pilot launch in 2016, with ongoing efforts to enhance service quality and coverage, as reflected in government work reports from 2021 to 2025 [4][5] - The initiative is seen as a strategic measure to address population aging, with plans to transition from pilot programs to a fully established system that ensures universal coverage [5][6] - The integration of technology in care services is being emphasized, with developments such as real-time monitoring devices for disabled individuals being implemented in various institutions [7][8] Group 3: Professionalization and Market Impact - The LTCI has led to the professionalization of caregiving roles, with long-term care workers now recognized as a distinct profession, enhancing their job satisfaction and societal value [6][7] - The introduction of community-based care models has gained popularity, allowing elderly individuals to receive care close to home, thereby improving their quality of life [7] - The LTCI has stimulated significant market demand for caregiving services, with institutions reporting increased occupancy rates and a growing need for care facilities [7][8]

Core Viewpoint - The Union Cabinet's decision to raise the foreign direct investment (FDI) limit in the insurance sector to 100% is not expected to significantly enhance foreign investment due to the critical role of distribution networks, necessitating partnerships with Indian businesses [1]. Group 1: FDI Limit and Market Dynamics - Interest is anticipated to be higher in general and health insurance compared to life insurance, which relies heavily on distribution networks [2]. - The increase in Net Owned Funds (NOF) for foreign reinsurers from Rs 5,000 crore to Rs 1,000 crore may attract foreign reinsurers to enter through the mainland route, aligning them with the IFSC Insurance Office in GIFT City [2]. - The previous increase of the FDI limit from 49% to 74% in 2021 did not lead to a significant rise in foreign insurers' interest [5]. Group 2: Distribution Challenges - The business model in the insurance sector is deeply rooted in established distribution systems, such as agency networks and bancassurance partnerships, which are not easily replicated [3][4]. - New entrants will need to effectively navigate the distribution landscape to translate interest into meaningful scale [5]. Group 3: Potential for New Entrants - The 100% FDI norm may incentivize foreign players by providing them with authority and management control, particularly in the non-life insurance sector where dependence on agency-driven distribution is lower [8]. - The move is seen as a catalyst for attracting inbound capital and encouraging new market entries, especially in general and health insurance segments [9]. - Foreign entrants in life insurance are likely to prioritize partnerships with Indian players that have established distribution networks [10]. Group 4: Industry Reforms and Future Outlook - The increase in FDI is viewed as a watershed moment for the industry, likely leading to more meaningful foreign players entering the market [11]. - There is an expectation of gradual evolution in distribution methods and further reforms in the insurance sector [12]. - Interest among foreign reinsurers to enter through GIFT City is growing, with several companies already in advanced stages of obtaining licenses [14][15].

Summary of Key Points from the Conference Call Industry Overview - **Industry**: China Consumer Sector - **Event**: Citi's 2025 China Conference - **Participants**: 44 China consumer companies were hosted, leading to the identification of five investment themes in the consumer sector [1][9] Investment Themes 1. **Shift Towards Experience Consumption**: - Consumers are increasingly valuing emotional experiences over physical goods, seeking happiness and self-expression through services [2] - Companies like Pop Mart provide affordable entertainment options that resonate with young consumers [2] 2. **Focus on Well-being**: - Younger generations are prioritizing spending on wellness, including health, fitness, and mindfulness [3] - Growth opportunities are seen in sectors like sportswear (Anta), health supplements (H&H), and beauty care (Giant Bio) [3] 3. **Rising Silver Economy**: - The aging population is driving demand for leisure and cultural experiences, benefiting industries like tourism (H World, Atour) and health supplements [4] 4. **Emerging New Channels**: - New offline channels such as membership stores and snack specialty chains are gaining traction, helping to offset declines in traditional distribution [5] 5. **Multi-brand Strategy**: - Companies are expanding their brand portfolios to meet diverse consumer demands, with a focus on easing channel inventory pressure [6] Company-Specific Insights Pop Mart (9992.HK) - **Sustainability of IP Operation**: Pop Mart is seen as a growth play due to its strong IP incubation capabilities. Concerns about growth sustainability are being addressed through new product launches [10] - **LABUBU Durability**: The company plans to enhance its LABUBU IP with new products and has postponed the launch of LABUBU 4.0 to 2026 [11] - **Overseas Expansion**: Plans to operate over 60 stores in the US by the end of 2025, with expansions into Canada and Mexico [13] Laopu Gold (6181.HK) - **Sales Growth Expectations**: Management expects high revenue growth in 2H25E driven by price adjustments and new store sales [16] - **Price Adjustment Strategy**: A recent price increase of over 25% aims to maintain a gross profit margin (GPM) of at least 40% [17] - **Store Expansion Plans**: Focus on expanding floor areas in existing malls rather than entering new ones [22] Haidilao International Holding Ltd (6862.HK) - **Recovery in Table-Turn**: Management anticipates positive momentum in table-turn rates due to seasonal factors and a low comp base [30] - **Operational Improvements**: Plans to terminate loss-making pilot programs to save on operational expenses [32] China Resources Beer (0291.HK) - **Sales Performance**: The company reported low single-digit year-over-year sales growth, outperforming peers [34] - **Margin Outlook**: Expected GPM improvement in 2H25E, with a target dividend payout ratio increase to ~60% in 2025E [36] Midea Group (0300.HK) - **Sales Growth Target**: Management maintains a target of ~10% sales growth for 2025, with a focus on air-conditioning sales recovery [40] - **Overseas Business Expansion**: Plans to increase overseas production to ~30% and grow sales in developed markets through M&A [41] Li Ning (2331.HK) - **Sales Guidance**: Maintained guidance for 2025 with expectations of flat sales and high single-digit net profit margin growth [48] Nongfu Spring (9633.HK) - **Sales Guidance**: Management reiterated a mid-teen percentage growth target for 2025, with limited impact from price wars in the beverage sector [51] Cosmetics Sector - **Mixed Performance**: Domestic brands like Mao Geping and Chicmax showed strong growth, while others lagged behind [56] - **Growth Strategies**: Companies are focusing on online sales growth and improving operational efficiency to enhance margins [57][59] Additional Insights - **Consumer Trends**: There is a notable shift towards experiential consumption and wellness, indicating a changing landscape in consumer preferences [2][3] - **Operational Strategies**: Companies are adopting multi-brand strategies and optimizing supply chains to enhance profitability and meet diverse consumer demands [6][14] This summary encapsulates the key insights and trends discussed during the conference, highlighting the evolving dynamics within the China consumer sector and specific company strategies.

Group 1 - The core viewpoint emphasizes that optimizing supply and enriching experiences are crucial for expanding domestic demand and boosting consumption in Sichuan, particularly through services for key demographics like the elderly [1] Group 2 - In Chengdu's Anjing Station, the "Anyi" panda-themed train has operated 57 trips this year, serving over 17,000 passengers, with 75% being seniors aged 60 and above, highlighting a new growth point in consumption [3] - The city of Panzhihua is a popular winter wellness destination for seniors, attracting a significant number of elderly visitors seeking to escape the cold [3] Group 3 - Xianjia Village is one of the first rural areas in Panzhihua to develop a comprehensive wellness tourism industry, with projected revenue of 135 million yuan in 2024 [5] - Annually, over 500,000 people visit Panzhihua for wellness purposes, with the wellness industry's added value exceeding 10 billion yuan for five consecutive years, reaching 17.7 billion yuan in 2024, accounting for 12.7% of the city's GDP [5]

Core Insights - Click Holdings Limited announced the acquisition of 100% equity interest in Bowser Human Resources Limited and Top Team Consultants Limited, enhancing its market position in human resources solutions [1][2] - The acquisitions are expected to create immediate synergies, driving operational efficiency and cost reduction across business segments [2] Company Overview - Click Holdings Limited is a leader in AI-powered human resources and senior care solutions, connecting clients with a talent pool of over 23,200 professionals [3] - The company operates in various sectors, including nursing, logistics, and professional services [3] Strategic Growth - The acquisitions are projected to drive approximately 200% growth in sales of the professional services sector and 15% growth in the logistics sector [2] - By leveraging Bowser and Top Team's industry expertise alongside its proprietary AI-powered platform, the company aims to deliver enhanced value to clients in Hong Kong's labor market and Silver Economy [2]

Core Insights - The aging population born in the 1960s is shifting the elderly consumption market from a "survival" model to a "development" model, indicating a growing vitality in the silver economy [1] - The "China Urban Silver Economy Development Index" was launched to provide a standardized measure for the development of the silver economy across China [1][7] Evaluation System - The index is based on a comprehensive evaluation system that includes both supply and demand, focusing on the "R&D—Production—Consumption—Supporting" ecosystem of the silver industry [2] - It consists of four layers: foundation, industry, environment, and radiation, and evaluates five dimensions: demand potential, supply level, industrial synergy, environmental support, and value creation [2] Indicator Weight Design - Industrial synergy holds the highest weight at 28%, followed by supply level at 26%, demand potential at 17%, value creation at 15%, and environmental support at 14% [3] - The index covers 10 representative cities across four major economic regions, categorized into "Balanced Development," "Regional Center," and "Specialized Practice" to ensure comprehensive evaluation [3] Policy Support - The General Office of the State Council issued guidelines in January 2024 to promote the development of the silver economy, marking a significant policy-driven acceleration [4] Market Growth - In Beijing, the number of newly established elderly care institutions reached 138,600 in the first three quarters of 2025, a year-on-year increase of 30.54%, with smart elderly care services growing by 70.87% [5] - Cities like Shanghai and Chengdu are implementing strategic plans to enhance their silver economy sectors, focusing on high-quality development and technological innovation [5] Industry Dynamics - The index serves as a "barometer" for industry dynamics and provides guidance for local governments to optimize resource allocation and align decisions with industry needs [7] - It aims to promote differentiated development paths for cities, attracting investment and consumption in the silver economy, and driving the clustering of related industries [7]

Core Insights - Welltower Inc. announced a series of transactions totaling $23 billion to enhance its focus on rental housing for the growing seniors population, including $14 billion in acquisitions primarily in the US and UK [1][6] - The company expects these transactions to be accretive to its normalized funds from operations (FFO) per share in 2026, with significant future earnings growth potential [1][12] Acquisition Details - The largest component of the transactions is the acquisition of a real estate portfolio of Barchester-operated communities in the UK for £5.2 billion, forming a long-term partnership with Barchester [4][5] - Welltower also purchased 100% of the HC-One-operated portfolio for £1.2 billion, funded partially through the repayment of a £660 million loan [7][8] - The company is under contract or has closed an additional $4 billion of seniors housing acquisitions across over 150 communities and 12,000 units [9] Financial Strategy - The transactions are expected to be fully funded through cash on hand and $9 billion from asset sales and loan repayments [1][6] - Welltower anticipates net aggregate proceeds of approximately $6.0 billion from the divestiture of an 18 million square foot outpatient medical portfolio valued at $7.2 billion [10][11] Operational Focus - Following these transactions, Welltower's percentage of in-place net operating income (NOI) from the seniors housing business is expected to rise to the mid-80% range [2][12] - The company aims to drive operational and technological transformation across its seniors housing portfolio to enhance the experience for residents and employees [2][3] Market Positioning - Welltower's strategic focus on seniors housing is seen as a pathway to long-term compounding of per-share growth for investors [3][12] - The company emphasizes its commitment to high-quality care and operational excellence, with 86% of its communities rated as good or outstanding by the Care Quality Commission in the UK [8][9]