Core Viewpoint - Fosun International reported a significant loss of RMB 23.4 billion for the year 2025, primarily due to non-cash impairment charges related to past projects and goodwill from non-core business segments, rather than a deterioration in operational fundamentals [1][2]. Financial Performance - For the year ending December 31, 2025, Fosun's total revenue was RMB 173.4 billion, a decline of 9.74% year-on-year [2]. - The net loss attributable to shareholders was RMB 23.396 billion, representing a staggering drop of 437.97% compared to the previous year [2]. Strategic Focus - The company is implementing a "slimming down and focusing on core business" strategy, with the impairment charges allowing for better resource allocation towards high-growth sectors [3]. - Approximately 55% of the impairment charges were related to real estate, while 45% pertained to non-core assets [3]. Core Business Growth - The four core enterprises—Fosun Pharma, Yuyuan, Fosun Portugal Insurance, and Fosun Tourism—generated total revenues of RMB 128.2 billion, accounting for 74% of the group's total revenue, an increase of 3% year-on-year [4]. - Fosun Pharma's innovative drug revenue reached RMB 9.893 billion, a year-on-year increase of 29.59%, contributing to 33.16% of its pharmaceutical business revenue [4]. Insurance Sector Performance - Fosun's insurance businesses showed comprehensive growth, with Fosun Portugal Insurance achieving gross premiums of EUR 6.53 billion and a net profit of EUR 201 million, up 15.8% [5]. - Domestic insurance companies under Fosun, including Fosun Baodexin Life, reported a scale premium of RMB 13.28 billion, a 41.6% increase, and a net profit of RMB 650 million, up 492% [5]. Tourism and Consumer Sector - Fosun's tourism segment, particularly Club Med, achieved record revenues of RMB 17.97 billion, a 2.1% increase, with an average global occupancy rate of 75.8%, up 1.8% year-on-year [5]. - The opening of overseas stores for brands like Songhe Lou and Laomiao reflects Fosun's expansion strategy in the consumer sector [5]. Future Outlook - The company aims to restore a profit level of RMB 10 billion and reduce total liabilities to below RMB 60 billion, targeting an "investment-grade" rating [6]. - Fosun is focusing on practical applications of AI to enhance operational efficiency rather than pursuing large model concepts [6]. Stock Performance - As of the latest update, Fosun International's stock price was HKD 4.14, reflecting a 2.48% increase, with a market capitalization of HKD 33.81 billion [7].

Core Viewpoint - Fosun International reported a significant loss of approximately RMB 23.4 billion for the fiscal year 2025, attributed mainly to non-cash impairment charges rather than a deterioration in operational fundamentals [1][2] Financial Performance - For the year ending December 31, 2025, Fosun's total revenue reached RMB 173.4 billion, a decline of 9.74% year-on-year [1] - The net profit attributable to shareholders plummeted by 437.97% to RMB 23.396 billion [1] Strategic Focus - The company is implementing a "streamlining and focusing on core business" strategy, with asset impairment charges being described as "roof repairs on a sunny day" to better allocate resources towards high-growth sectors [2] - Real estate-related impairments accounted for approximately 55% of the total, while non-core asset impairments made up about 45% [2] Core Business Growth - The four core enterprises—Fosun Pharma, Yuyuan, Fosun Portugal Insurance, and Fosun Tourism—generated total revenues of RMB 128.2 billion, representing 74% of the group's total revenue, an increase of 3% year-on-year [2] - Fosun Pharma's innovative drug revenue reached RMB 9.893 billion, a year-on-year increase of 29.59%, contributing to 33.16% of the pharmaceutical business revenue [3] Insurance Sector Performance - Fosun's insurance businesses showed comprehensive growth, with Fosun Portugal Insurance achieving gross premiums of EUR 6.53 billion and a net profit of EUR 201 million, up 15.8% [3] - Domestic insurance companies, including Fosun Baodexin Life, reported a scale premium of RMB 13.28 billion, a 41.6% increase, and a net profit of RMB 650 million, growing by 492% [3] Consumer and Tourism Developments - Yuyuan's restaurant brand Songhe Lou opened its first overseas store in London, while the jewelry brand Laomiao launched its first overseas store in Kuala Lumpur [4] - Club Med achieved record revenue of RMB 17.97 billion, a 2.1% increase, with an average global occupancy rate of 75.8%, up 1.8% [4] Future Outlook - The company aims to restore a profit scale of RMB 10 billion and reduce total liabilities to below RMB 60 billion, targeting an "investment-grade" rating [4] - Fosun is focusing on practical applications of AI to enhance efficiency rather than pursuing large model concepts [4]

Core Viewpoint - Fosun International Limited maintains a robust fundamental performance in 2025, with strong growth in core sectors such as healthcare and insurance, driven by innovation and globalization [1][2] Financial Performance - Total revenue for the group reached RMB 173.43 billion, with adjusted operating profit of RMB 4 billion [1] - The four core subsidiaries generated revenue of RMB 128.2 billion, accounting for 74% of total revenue [1] - Fosun Pharma's net profit reached RMB 3.371 billion, a year-on-year increase of 21.69% [1] - The net profit of Fosun Portugal Insurance was EUR 201 million, up 15.8% year-on-year [1] Strategic Focus - The company is implementing a "streamlining and focusing on core business" strategy, resulting in a non-cash impairment charge of RMB 23.4 billion due to asset revaluation [1][2] - The impairment primarily affected real estate projects (55%) and non-core assets (45%) [1] Innovation and R&D - Fosun's R&D investment reached RMB 7.8 billion, with a focus on a three-pronged global innovation system [3] - Seven innovative drugs received approval for 16 indications, with six additional applications accepted [3][4] - Revenue from innovative drugs increased to RMB 9.893 billion, a growth of 29.59%, representing 33.16% of pharmaceutical business revenue [4] Globalization Efforts - Overseas revenue reached RMB 94.86 billion, accounting for 54.7% of total revenue, an increase of 5.4 percentage points year-on-year [6] - Fosun Pharma's core product, H drug, generated global sales of RMB 1.493 billion, a growth of 13.7% [6][7] - The company has established a global operational network covering multiple regions, enhancing its international business capabilities [7] Insurance Sector Performance - Fosun Portugal Insurance reported gross premium income of EUR 6.53 billion, with a net profit of EUR 201 million, reflecting a 15.8% increase [7][8] - The domestic insurance companies also showed significant growth, with Fosun Baodexin Life achieving a premium income of RMB 13.28 billion, up 41.6% [8] Commitment to ESG - Fosun is dedicated to sustainable development, with significant contributions to global health and rural revitalization initiatives [10] - The company received top ESG ratings, including MSCI ESG AAA rating and inclusion in various sustainability indices [10] Future Financial Goals - The company aims to restore a profit scale of RMB 10 billion and reduce total liabilities to below RMB 60 billion [11] - A plan to increase the dividend payout ratio from 20% to 35% for the fiscal year 2026 has been announced [11]

Core Insights - The company reported total revenue of RMB 173.43 billion and adjusted operating profit of RMB 4 billion for the fiscal year ending December 31, 2025 [1][2] - The overseas revenue reached RMB 94.86 billion, accounting for 54.7% of total revenue, an increase of 5.4 percentage points year-on-year [1][7] - The company aims to gradually restore profit levels to RMB 10 billion and reduce total liabilities to below RMB 60 billion [1][12] Financial Performance - The four core subsidiaries generated revenue of RMB 128.2 billion, representing 74% of total revenue [2] - The health sector subsidiary, Fosun Pharma, reported a net profit of RMB 3.371 billion, a year-on-year increase of 21.69% [2] - The insurance subsidiary, Fosun Portugal, achieved a net profit of EUR 201 million, up 15.8% year-on-year [2][8] Strategic Initiatives - The company is implementing a "streamlining and focusing on core business" strategy, resulting in a non-cash impairment charge of RMB 23.4 billion, primarily from real estate and non-core assets [2][3] - The company has invested RMB 7.8 billion in innovation, with seven innovative drugs approved for 16 indications domestically and internationally [4][5] Innovation and R&D - The company’s innovative drug revenue reached RMB 9.893 billion, a year-on-year increase of 29.59%, accounting for 33.16% of pharmaceutical business revenue [5] - The company has nearly 40 innovative drug clinical trials approved by regulatory agencies in China, the US, and Europe [5][6] Globalization Efforts - The company’s globalization strategy has evolved from "product export" to "system export," achieving significant breakthroughs in various dimensions [8] - The insurance segment has shown robust growth, with Fosun Portugal's gross premium income reaching EUR 6.53 billion, and net profit of EUR 201 million [8][9] ESG and Social Responsibility - The company has contributed to global malaria treatment, supplying over 440 million doses of its self-developed artemether injection [11] - The company received the highest MSCI ESG rating of AAA and was included in the S&P Global Sustainability Yearbook 2026 [11]

Core Viewpoint - The article discusses the strategic upgrade of Fosun Pharma's internationalization process from "product export" to "system export," highlighting the company's growth in revenue, profit, and innovation in drug development [1][6]. Financial Performance - Fosun Pharma reported a revenue of 41.662 billion yuan in 2025, a year-on-year increase of 1.45%, maintaining steady growth amid normalized centralized procurement [2]. - The net profit attributable to shareholders reached 3.371 billion yuan, reflecting a significant year-on-year growth of 21.69%, indicating improved profit quality due to business structure optimization [2]. - The cash flow from operating activities was 5.213 billion yuan, up 16.45% year-on-year, primarily driven by increased income from external licensing [2]. Revenue Composition - Revenue from innovative drugs reached 9.893 billion yuan, a substantial year-on-year increase of 29.59%, accounting for 33.16% of the pharmaceutical business revenue, up 6.77 percentage points year-on-year [2]. - Overseas revenue amounted to 12.977 billion yuan, growing by 14.87% year-on-year, and represented 31.15% of total operating revenue, an increase of 3.64 percentage points year-on-year [2]. R&D Investment and Achievements - Total R&D investment for 2025 was 5.913 billion yuan, a year-on-year increase of 6.46%, with innovative drug-related R&D investment at 4.303 billion yuan, up 15.98%, accounting for 72.77% of total R&D investment, an increase of 5.97 percentage points year-on-year [4]. - During the reporting period, 7 innovative drugs received approval for 16 indications domestically and internationally, with 6 innovative drug applications accepted and nearly 40 clinical trials approved by regulatory agencies in China, the U.S., and Europe [4]. Internationalization Strategy - In 2025, Fosun Pharma's internationalization progressed from "product export" to "system export," establishing a global operational network covering markets in China, the U.S., Europe, Africa, India, and Southeast Asia [7]. - The company has 17 production lines in China certified by major regulatory markets such as the U.S. and EU, and its subsidiary Gland Pharma is a leading manufacturer of injectables in India, with multiple production lines certified for global supply [7]. Licensing and Collaboration - Fosun Pharma enhanced its global resource integration capabilities, achieving 6 external licensing agreements during the reporting period, with total upfront payments exceeding 260 million USD and potential milestone payments exceeding 3.8 billion USD [8]. - The company licensed the oral GLP-1 drug YP05002 to Pfizer, receiving an upfront payment of 150 million USD and a total potential amount of 2.085 billion USD [8].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損 失承擔任何責任。 上 海 復 星 醫 藥（ 集 團 ）股 份 有 限 公 司 Shanghai Fosun Pharmaceutical (Group) Co., Ltd.* （於中華人民共和國註冊成立的股份有限公司） （股份代號：02196） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列上海復星醫藥（集團）股份有限公司（「本公司」）在上海證券交易所網站刊登的《2025 年年度報告》，僅供參閱。 承董事會命 上海復星醫藥（集團）股份有限公司 董事長 陳玉卿 中國，上海 2026 年3 月2 4 日 於本公告日期，本公司之執行董事為陳玉卿先生、關曉暉女士、文德鏞先生、王可心先生及劉毅先生；本公 司之非執行董事為陳啟宇先生及潘東輝先生；本公司之獨立非執行董事為余梓山先生、王全弟先生、Chen Penghui先生及楊玉成先生；以及本公司職工董事為嚴佳女士。 * 僅供識別 上海复星 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損 失承擔任何責任。 上 海 復 星 醫 藥（ 集 團 ）股 份 有 限 公 司 Shanghai Fosun Pharmaceutical (Group) Co., Ltd.* （於中華人民共和國註冊成立的股份有限公司） （股份代號：02196） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列上海復星醫藥（集團）股份有限公司（「本公司」）在上海證券交易所網站刊登的《2025 年年度報告摘要》，僅供參閱。 承董事會命 上海復星醫藥（集團）股份有限公司 董事長 陳玉卿 中國，上海 2026 年3 月2 4 日 於本公告日期，本公司之執行董事為陳玉卿先生、關曉暉女士、文德鏞先生、王可心先生及劉毅先生；本公 司之非執行董事為陳啟宇先生及潘東輝先生；本公司之獨立非執行董事為余梓山先生、王全弟先生、Chen Penghui先生及楊玉成先生；以及本公司職工董事為嚴佳女士。 * 僅供識別 上海 ...

Group 1 - The core announcement is that Fosun Pharma's subsidiary, Shanghai Fosun Pharmaceutical Industry Development Co., has received approval from the National Medical Products Administration to conduct clinical trials for the drug Rumaine (generic name: Luwomeitini tablets) in combination with Anlotinib for advanced non-small cell lung cancer (NSCLC) patients with KRAS mutations [1] - The company plans to initiate Phase II clinical trials for this drug in China once conditions are met [1] - The drug has already been approved for two indications in China, including treatment for Langerhans cell histiocytosis (LCH) and adult patients with tissue tumors, as well as for pediatric and adolescent patients aged 2 years and older with symptomatic, inoperable plexiform neurofibromas (PN) associated with type 1 neurofibromatosis (NF1) [1]

Core Viewpoint - Fosun International has continued its strong growth momentum in 2026, driven by the commercialization of innovative results and deepening global operations, achieving breakthroughs in sectors such as cultural tourism, consumer goods, and innovative pharmaceuticals [1][2]. Group 1: Cultural Tourism and Consumer Growth - During the Spring Festival, Fosun's cultural tourism sector showed robust growth, with Shanghai Yuyuan Mall receiving nearly 1.2 million visitors, a year-on-year increase of over 20% [1] - Club Med's five domestic resorts achieved an average occupancy rate of 90% during the core holiday period [1] - Atlantis Sanya reported a total revenue of 124 million yuan during the Spring Festival holiday, marking a 20% year-on-year increase and setting a historical record for the holiday [1] Group 2: Innovative Pharmaceuticals - Fosun's innovative pharmaceutical sector has seen significant developments, with its subsidiary, Fuhong Hanlin, receiving clinical trial approvals for HLX15-SC from both the Chinese National Medical Products Administration and the FDA [2] - HLX15, a biosimilar to Daratumumab, has a projected global sales potential of approximately 12.88 billion yuan in 2024 [2] - Fosun's innovative drug revenue exceeded 6.7 billion yuan in the first three quarters of 2025, reflecting an 18.09% year-on-year growth [3] Group 3: Strategic Collaborations and Future Growth - Fosun's subsidiary, Yaoyou Pharmaceutical, signed a global exclusive licensing agreement with Pfizer for the oral small molecule GLP-1 drug YP05002, with potential total payments exceeding 2 billion USD [4] - A strategic partnership with Clavis Bio aims to develop innovative therapies, with potential payments up to 7.25 billion USD [4] - The innovative drug sector is expected to enhance Fosun's long-term valuation elasticity, as the company enters a period of concentrated harvest of innovative drug research and commercial growth [5] Group 4: Globalization and Financial Performance - Fosun's overseas revenue reached 53% in the first half of 2025, marking a historical high [6] - The pharmaceutical sector's overseas revenue grew by 184%, surpassing 10 billion yuan, showcasing the company's global capabilities [7] - The company has successfully divested non-core assets, raising significant funds to support its focus on core businesses, with total debt to total capital ratio at 53% as of mid-2025 [8][9]

Core Insights - Fosun International has continued its strong growth momentum in 2026, particularly in tourism, consumption, and innovative pharmaceuticals, driven by the commercialization of innovative results and deepening global operations [1][2] Tourism and Consumption - During the Spring Festival, Fosun's tourism and consumption sectors showed robust growth, with Shanghai Yuyuan Mall receiving nearly 1.2 million visitors, a year-on-year increase of over 20% [1] - Club Med's five domestic resorts achieved an average occupancy rate of 90% during the core holiday period [1] - Atlantis Sanya reported a total revenue of 124 million yuan during the Spring Festival, marking a 20% year-on-year increase and setting a record for the holiday [1] Innovative Pharmaceuticals - Fosun's innovative pharmaceutical sector has seen significant developments, with its subsidiary, Fuhong Hanlin, receiving clinical trial approvals for HLX15-SC from both the Chinese National Medical Products Administration and the FDA [2] - HLX15, a biosimilar to Daratumumab, has a projected global sales potential of approximately $12.88 billion in 2024 [2] - Fosun Pharma's innovative drug revenue exceeded 6.7 billion yuan in the first three quarters of 2025, representing an 18.09% year-on-year growth, with innovative drugs accounting for 32% of the pharmaceutical segment [3] Strategic Collaborations and Agreements - Fosun Pharma's subsidiary, Yaoyou Pharmaceutical, signed a global exclusive licensing agreement with Pfizer for the oral GLP-1 drug YP05002, with potential total payments exceeding $2 billion [4] - A strategic cooperation agreement with Clavis Bio could yield up to $7.25 billion in payments for developing innovative therapies [4] - The self-developed small molecule inhibitor FXS6837 has entered a global licensing partnership, and the rare disease treatment Rumaine has received breakthrough therapy designation in Saudi Arabia [4] Globalization and Revenue Growth - Fosun's overseas revenue reached 53% of total revenue in the first half of 2025, marking a historical high [7] - The overseas revenue from Fosun Pharma's innovative drugs grew by 184%, surpassing 10 billion yuan [7] - Club Med's global performance reached 9.25 billion yuan in the first half of 2025, with an 11% increase in operating profit [7] Financial Health and Debt Management - Fosun's total debt-to-capital ratio was 53% in the first half of 2025, with a decrease in debt costs [11] - Significant capital was raised through the sale of stakes in various subsidiaries, including a 3.1 billion euro stake in Luz Saúde and a 7.03 billion euro stake in HAL [11] - The company secured a record offshore syndicated loan of $990 million, the highest in five years, and issued $400 million in bonds [11] Conclusion - With a focus on innovation and globalization, Fosun International is positioned for sustainable growth, enhancing its long-term valuation flexibility as it continues to realize innovative results and deepen its global presence [10][11]