在富足板块，集团资产质量稳步提升。中信建投证券以保险业务为例，指出复星葡萄牙保险2024年毛保 费收入达约欧元61.7亿元，充分发挥复星"全球组织+本地运营"能力，通过海外拓展将国际业务占比由 2014年的约5%提高至29.8%；境内两家保险公司迎来关键发展机遇，其中复星保德信人寿的总保费收入 从2023年的人民币43.5亿元大幅增长至2024年的人民币92.5亿元，复星联合健康保险的保费收入也稳步 提升，并且两家公司均实现盈利。两家公司的不断成长有望为集团未来发展奠定坚实基础。 中信建投证券同时看好复星快乐板块业务，指出公司正加速优化品牌布局，推动东方美学概念的打造。 其中，豫园股份积极调整非核心项目，提高财务结构稳定性，同时塑造多品牌战略，包括对黄金珠宝门 店进行升级改造，打造豫园商圈整体品牌形象，塑造多品牌的东方美学概念。复星旅文旗下Club Med 深耕全包高端独家，收入再创新高，三亚亚特兰蒂斯逆势实现入住率新高，维持品牌竞争力。 5月27日，中信建投证券发布了对复星国际（00656.HK）的首次覆盖报告，给予公司"增持"评级。报告 指出，公司下属健康板块拥有包括复星医药、复宏汉霖、复锐医疗等多家上市 ...

Core 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] Group 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] Group 2: Happiness Sector - The happiness sector is undergoing brand optimization, with Yuyuan Holdings enhancing its financial stability and multi-brand strategy, including upgrading jewelry stores to create a cohesive brand image [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] Group 3: 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 international business share from about 5% in 2014 to 29.8% [3] - Domestic insurance companies, including Fosun's P&C and 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]

Core Viewpoints - The company has a diversified portfolio across health, happiness, and wealth sectors, with notable subsidiaries including Fosun Pharma, Fosun Hani, and Club Med, indicating a comprehensive strategy in the pharmaceutical and insurance industries [1][2][3] - The company is actively implementing a strategy focused on core businesses and optimizing asset quality, which is expected to improve as the price-to-book ratio is currently low [1][4] Health Sector Summary - The health sector encompasses pharmaceuticals, medical devices, diagnostics, and healthcare services, with a focus on innovative drugs, mature products, and vaccines [1] - Key products include Hanlikang, Hanquyou, Hanshuang, and Yikaida, targeting various cancers and autoimmune diseases, showcasing a strong pipeline in oncology and immunology [1] - The medical device segment includes aesthetic, respiratory, and professional medical products, while diagnostics extend from biochemical to molecular and home testing [1] Happiness Sector Summary - The happiness sector is optimizing brand positioning, with a focus on upgrading gold and jewelry stores and enhancing the overall brand image of the Yuyuan shopping district [2] - Club Med has achieved record revenue through exclusive all-inclusive offerings, and Atlantis Sanya has reached new occupancy highs, maintaining brand competitiveness [2] Wealth Sector Summary - The wealth sector's asset quality is improving, with insurance operations including Fosun Portugal Insurance and Dingrui Reinsurance, contributing significantly to revenue growth [2] - In 2024, the insurance business generated revenue of 39.31 billion yuan, a 5% increase year-on-year, with a notable rise in net profit by 117.2% to 1.72 billion yuan [2] - Fosun Portugal Insurance reported gross premium income of approximately 6.17 billion euros, reflecting the company's global operational capabilities [2] Asset Management Summary - The asset management business generated revenue of 15.8 billion yuan in 2024, a 10.3% increase, with a net loss of 4.37 billion yuan primarily due to a one-time non-cash loss from the valuation adjustment of the Cainiao project [3] - The asset management segment accounts for 29% of the wealth sector's total revenue, with investment and hive management contributing 17% and 12%, respectively [3] - Total assets in the asset management business reached 268.12 billion yuan, representing 33% of the company's total assets [3]

据 IPO 早知道消息，复星国际（ 0656.HK ） 于近日发布了 2024 年全年业绩。 2024 年总收入录 得人民币 1921.4 亿元；产业运营利润 49 亿元；四大核心子公司，包括豫园股份、复星医药、复星 葡萄牙保险和复星旅文总收入达 1346.5 亿元，占集团总收入的比重达 70.1% ；总债务占总资本比 率为 52% ；现金、银行结余及定期存款为 1,063.4 亿元； 海外收入占总收入比重升至 49.3% ，同 比增长 6.2% ； 全年科创投入合计约 69 亿元。 报告期内，集团层面资产退出签约约人民币 175 亿元等值，合并报表层面资产退出签约约人民币 300 亿元等值。尽管单个项目带来的账面价值调整影响了 2024 年的财务表现，但复星的整体运营 基本面及核心产业仍然稳健。 2024 年，复星医药 作为健康板块核心企业， 实现营业收入人民币 409.1 亿元，归母净利润 27.7 亿元，同比增长 16.08% ， 其中中国大陆以外地区和其他国家收入 112.97 亿元，同比增长 8.93% ，占比 27.63% 。 经营现金流 44.77 亿元，同比增长 31.13% 。增长主要得益于 ...