Core Viewpoint - Fosun Tourism Group is focusing on a light asset strategy post-privatization, aiming to expand its Club Med brand and develop new product lines, including super cultural tourism malls, by 2035 [2][4]. Group 1: Club Med Expansion - By 2035, Fosun plans to operate 100 Club Med Mediterranean resorts, 20 Club Med Joyview resorts, and 5 super cultural tourism malls globally [2][3]. - Club Med Mediterranean resorts account for nearly 90% of Fosun's revenue, with reported operating revenue of 10.23 billion yuan, of which 9.25 billion yuan comes from Club Med [2][4]. Group 2: Super Cultural Tourism Malls - The first super cultural tourism mall is set to open in Chongqing in 2026, covering nearly 500,000 square meters and featuring immersive theme districts and indoor theme parks [3]. - The strategy for super cultural tourism malls focuses on revitalizing existing assets in prime locations, indicating a shift towards commercial tourism transformation [3][4]. Group 3: Asset Optimization and Capital Structure - Fosun is accelerating its light asset strategy, planning to divest heavy asset projects like those in Lijiang and Taicang by 2026 [6]. - The independent listing of Atlantis in Sanya through a REITs model is underway, which is expected to improve cash flow and reduce overall debt [6][8]. Group 4: AI Integration in Operations - Fosun is leveraging AI technology to enhance customer experience and operational efficiency, providing personalized services based on visitor data [7][8]. - The AI systems are designed to automate quality control and operational processes, allowing staff to focus on customer engagement [7][8]. Group 5: Focus on Inbound Tourism - Inbound tourism is identified as a key growth area, with Club Med Lijiang receiving 20% of its visitors from international tourists and Atlantis seeing a 140% increase in international visitors year-on-year [10][11]. - The company aims to address challenges faced by international tourists, such as booking difficulties and the need for personalized services, to enhance their experience [10][11].

Core Insights - Fosun Tourism Group has unveiled its new strategy for 2026, emphasizing a continued shift towards a light-asset model following its privatization, with plans for global expansion and asset optimization [1][7] Group 1: Strategic Goals - By 2035, the company aims to operate 100 Club Med resorts globally, 20 Joyview resorts, and 5 super cultural tourism malls, targeting different segments of the vacation market [3][4] - The Club Med brand accounts for nearly 90% of Fosun Tourism's revenue, with a reported operating revenue of 102.3 billion yuan in the first half of 2025, of which 92.5 billion yuan came from Club Med [3][4] Group 2: Asset Management - The company plans to divest from heavy asset projects such as Lijiang and Taicang, with the latter already selling 250 properties this year, and aims to complete these divestitures by 2026 [8] - The independent listing of Atlantis in Sanya through a REITs model is underway, which is expected to improve cash flow and reduce overall debt for the company [7][8] Group 3: New Product Lines - The super cultural tourism mall project is set to open in Chongqing in 2026, covering nearly 500,000 square meters and featuring immersive theme districts and indoor amusement parks [4][5] - The company is focusing on revitalizing existing commercial assets in China, leveraging their prime locations for cultural tourism transformation [4][5] Group 4: AI Integration - Fosun Tourism is adopting AI technology to enhance customer experience, providing personalized services based on visitor profiles and improving operational efficiency through automated feedback systems [10][11] - The integration of AI aims to standardize non-standardized tourism products, allowing staff to focus on building connections with guests [10][11] Group 5: Focus on Inbound Tourism - The company is prioritizing the inbound tourism market, with Club Med Lijiang receiving 20% of its visitors from international tourists and Atlantis seeing a 140% year-on-year increase in international visitors [12] - To attract international guests, the company is addressing challenges such as booking difficulties and service customization to enhance the overall visitor experience [12][13]