中证报中证网讯(记者乔翔)"从全球层面看，不确定性依然是主基调。但复星因为有着全球产业的深度 运营能力，有效对冲了单一市场的不确定风险。聚焦国内，我们感受到经济复苏的'脉搏'在不断增 强。"复星国际联席CEO徐晓亮表示，复星的健康、快乐、富足等板块，在消费回暖和创新产品的带动 下，都感受到了明显的"暖意"。 复星，这家聚焦健康、快乐、富足等家庭消费主业的大型民企，正在以其独有的节奏和步伐前进。今年 上半年，复星总收入达872.8亿元，产业运营利润达31.5亿元，归母净利润达6.6亿元。其中，复星旗下 复星医药（600196）归母净利润同比增长37.6%，复星旅文收入创历史新高。 这些数据背后，是复星战略转型与组织进化的持续落地。徐晓亮认为，复星不再追求规模的盲目扩张， 而是要"瘦身健体、拥轻合重、攻守平衡"，坚定聚焦主业，围绕优势产业去发展，在具备长期价值的领 域不断突破。 "复星不会为退而退" "'瘦身健体'不是一个短期的任务，而是中长期的战略。"徐晓亮表示。 这不是一句口号。过去几年，复星持续退出非核心资产，聚焦家庭消费主业，2025年上半年动作频频。 今年6月，复星完成德国私人银行HAL(6.7亿欧元) ...

Core Insights - Fosun Tourism Group reported a revenue decline of approximately 4.4% for the nine months ending September 30, 2021, with total revenue around 55.83 billion yuan compared to approximately 58.38 billion yuan for the same period in 2020 [1] Group 1: Club Med Performance - In Q3 2021, Club Med achieved a revenue of approximately 25.77 billion yuan, representing a growth of about 119.7% year-on-year and recovering to about 75.5% of the revenue from Q3 2019 [3] - The capacity of reopened Club Med resorts reached approximately 71.9% of the levels seen in 2019, with an average occupancy rate of about 64.8%, showing a slight decrease of 2.3 percentage points compared to 2019 [3] - The average daily room rate for Club Med was approximately 1386.9 yuan, which is an increase of about 17.0% compared to the same period in 2019 [3] - Club Med's net profit in Q3 2021 exceeded the levels recorded in Q3 2019 [3] Group 2: Atlantis Sanya Performance - In July 2021, Atlantis Sanya achieved its highest monthly revenue since opening, with a year-on-year growth of approximately 57.6% and a room occupancy rate of about 96.0% [3] - However, due to the impact of the pandemic at the end of July 2021, Atlantis Sanya's revenue in Q3 2021 decreased by approximately 24.6% compared to the same period in 2020 [3] - In Q3 2021, Atlantis Sanya welcomed approximately 1.2 million visitors, a decline of about 34.6% year-on-year, with an average daily room rate of approximately 2689.8 yuan and an average occupancy rate of about 63.8% [3]

Core Insights - Fosun International reported a total revenue of 192.14 billion yuan for the fiscal year 2024, with a core operating profit of 4.9 billion yuan, while the total revenue from its four core subsidiaries accounted for 70.1% of the group's total revenue [1] - The company experienced a loss of approximately 4.35 billion yuan, primarily due to adjustments in the book value of its investment in the Cainiao project, but excluding this factor, the net profit attributable to shareholders was around 750 million yuan [1] - The chairman emphasized that the financial adjustments were not due to operational inefficiencies or decreased market competitiveness, and the company remains committed to its core industries [1] Financial Performance - Total revenue for 2024 was 192.14 billion yuan, with core operating profit at 4.9 billion yuan [1] - The four major subsidiaries generated a combined revenue of 134.65 billion yuan, representing 70.1% of the total revenue [1] - The reported loss of 4.35 billion yuan was mainly attributed to the Cainiao project adjustments, while the adjusted net profit was approximately 750 million yuan [1] Strategic Direction - The company is focusing on a strategic approach encapsulated in the phrase "embrace lightness, combine weight, slim down and strengthen, balance offense and defense," which will guide its operations in the coming years [1][2] - The CEO highlighted the importance of maintaining a stable core amidst market fluctuations and emphasized the need for a global operational focus, integrating "industry + investment + insurance" [2][8] - The company aims to enhance its global operational capabilities and leverage its strengths in various sectors to navigate market complexities [8][14] Business Segments - Fosun International's four key segments include Fosun Pharma, Yuyuan, Fosun Tourism, and Fosun Portugal Insurance, which are referred to as the "Four Kings" [5][6] - The tourism segment is shifting its focus to vacation experiences, particularly in the context of changing global travel trends post-COVID-19 [9][10] - The company is also investing in the ice and snow economy, managing several ski resorts and planning to develop a premier indoor snow venue [10] Market Trends - The CEO noted that the current market environment is characterized by uncertainty, and the company must adapt to these changes while focusing on its core competencies [7][8] - There is a growing trend towards vacation tourism rather than sightseeing, with a focus on family-oriented experiences [9][10] - The company is also addressing the evolving consumer landscape, emphasizing the importance of product quality and emotional value in a segmented market [13][14]

3月30日，复星国际（00656）公布2024年度业绩。期内，集团总收入1921.4亿元（人民币，下同）；产 业运营利润 49亿元。其中四大核心子公司豫园股份、复星医药、复星葡萄牙保险及复星旅文，总收入 1346.5亿元，占集团总收入比重达70.1%，资产底盘稳健 尽管2024年集团合并报表上录得亏损43.5亿元，但亏损主要是受累阿里巴巴集团低价回购菜鸟致股份账 面值大减。剔除该因素影响，2024年复星国际归属于母公司股东之利润仍有约7.5亿元。事实上，港股 上市公司按香港会计准则对投资股权公允价值进行审慎调整属非现金性账面变动，和公司经营面没有直 接关系，也不会影响公司现金流。因此，菜鸟单体投资项目计提的账面亏损是"一次性、非现金"的，实 际上，复星于菜鸟的累计出资约15亿元，截至2024年底历史累计退出已回笼约44亿元，实现IRR约 34%，复星其实是因菜鸟投资而显著获利。 市场如果单从公司报表亏损断定复星资金受压，这显然也是捕风捉影的无谓担忧。姑勿论菜鸟投资原本 就实现了IRR约34%的优厚回报，2024年，复星除了成功兑付境内外公开债务合计111亿元等值外，更是 时隔三年之后重返境外美元债市场，成功发 ...