Powered by Core Strengths, Focus on Core Businesses & Reinforce Organic Growth Momentum<\/b><\/p>\n
2024 Interim Results Highlights:<\/b><\/p>\n HONG KONG<\/span> and SHANGHAI<\/span>, Aug. 28, 2024<\/span> \/PRNewswire\/ — Fosun International Limited (HKEX stock code: 00656, “Fosun International”), together with its subsidiaries (“Fosun” or the “Group”), today announced its interim results for the six months ended 30 June 2024<\/span> (the “Reporting Period”).<\/p>\n In the first half of 2024, despite a complex macroeconomic environment, Fosun steadfastly pushed forward its strategic focus, driving development with core strengths, achieving quality and efficiency improvement in core industries, and maintaining a solid asset base. During the Reporting Period, the Group’s revenue continued to grow, reaching RMB97.84 billion<\/span>. Industrial operation profit maintained growth, reaching RMB3.47 billion<\/span>, and profit attributable to owners of the parent was RMB720 million<\/span>. The four core subsidiaries, namely Yuyuan, Fosun Pharma, Fosun Insurance Portugal, and Fosun Tourism Group (“FTG”), achieved a total revenue of RMB72.17 billion<\/span>, maintaining year-on-year growth and accounting for 74% of the Group’s total revenue.<\/p>\n At the same time, Fosun continuously optimized its asset portfolio, continuously reduced leverage, maintained a sound financial position, and had abundant cash reserves, further strengthening its ability to seize opportunities and accumulate strength for a new round of development. As of the end of the Reporting Period, the Group’s adjusted total debt-to-capital ratio was 50.2%, maintaining a downward trend since 2020. Adjusted NAV was HK$17.4<\/span> per share. In the 17 years since its listing, Fosun has accumulatively paid out HK$25.6 billion<\/span> in dividends, with the dividend payout ratio gradually increasing to over 20% in the past five years. In June 2024<\/span>, the international rating agency S&P fully recognized the effectiveness of Fosun’s financial strategy and affirmed its rating outlook as “stable”.<\/p>\n Guo Guangchang, Chairman of Fosun International, said: “In the first half of the year, although the macro environment remained challenging, we continued to resolutely execute our strategy of focusing on core businesses, developing industry-leading companies and products in the industries where we have formed advantages. We have maintained our focus on innovation and globalization, while focusing on asset-light operations, driving long-term development with competitive core strengths.”<\/p>\n Steady growth in overseas revenue, with high-quality global business becoming a new growth driver<\/b><\/p>\n As a global enterprise rooted in China<\/span>, Fosun has leveraged its industrial presence in over 35 countries and regions around the world to connect different markets, formats, and resources, continuously enhancing its global operation capabilities. In the first half of 2024, the Group’s overseas revenue reached RMB45.87 billion<\/span>, representing a year-on-year increase of 4%, and accounting for 47% of total revenue. High-quality global business has gradually become a new growth driver.<\/p>\n HANQUYOU, independently developed by Shanghai Henlius, received marketing approval from the United States<\/span> (U.S.) Food and Drug Administration (FDA), making it a “Chinese” monoclonal antibody biosimilar approved in China<\/span>, the European Union (EU), and the U.S. HANLIKANG, China’s<\/span> first biosimilar, received marketing approval from the Peruvian General Directorate of Medicines, Supplies and Drugs (DIGEMID) in Peru<\/span>, making it the third self-developed drug of Shanghai Henlius to be approved for overseas marketing after HANQUYOU and HANSIZHUANG.<\/p>\n Club Med, a subsidiary of FTG, operates 67 resorts worldwide. In the first half of 2024, it achieved a record-high business volume of RMB8.89 billion<\/span>, representing a year-on-year increase of 10.3%. Club Med’s business in the Europe<\/span>, Middle East<\/span> and Africa<\/span> (EMEA) region and the Americas continued to grow, and its business in Asia-Pacific<\/span> region recovered significantly. In May 2024<\/span>, Club Med signed an agreement with Oman<\/span> for the launch of its first resort in the Middle East<\/span>.<\/p>\n Easun Technology, a global leading automation and digitalization company under Fosun, achieved new overseas orders of RMB3.99 billion<\/span> in the first half of 2024, with a significant increase in orders from the U.S. market, reaching RMB750 million<\/span>, more than doubling year-on-year.<\/p>\n Hainan Mining’s Bougouni lithium mine project in Mali<\/span>, Africa<\/span>, is undergoing the first phase of construction and is expected to be completed and put into operation by the end of 2024. In July 2024<\/span>, Hainan Mining reached a memorandum of understanding with Ajlan & Bros Mining Company to explore the feasibility of jointly building a lithium salt plant in Saudi Arabia<\/span> and jointly establish an industry fund.<\/p>\n Fosun Insurance Portugal continued its high-quality development in the first half of 2024, achieving both domestic and international business growth. The contribution from overseas markets further increased, with international business recording premiums of EUR885 million<\/span>, accounting for over 30% of the total premiums; the net profit of international business was approximately EUR51 million<\/span>, accounting for over 40%.<\/p>\n Integrated innovation model has become more mature, with a number of achievements transforming into growth drivers<\/b><\/p>\n Innovation is a core competence that Fosun has accumulated over a long period of time and has always adhered to. During the Reporting Period, the Group invested a total of RMB3.5 billion<\/span> to deepen its technological and innovation capabilities. Since 2024, Fosun’s integrated innovation model under a global vision has become more mature, and a number of groundbreaking achievements are continuously being transformed into growth drivers.<\/p>\n In terms of innovative drug R&D, Fosun Pharma has 4 products with a total of 9 indications were approved for marketing; 4 products with a total of 9 indications had entered the pre-launch approval stage\/ key clinical stage; and 9 products (by indication) have been approved to conduct clinical trials. Shanghai Henlius’ independently developed and manufactured innovative biologics continue to make breakthroughs. The world’s first anti-PD-1 monoclonal antibody for the first-line treatment of small cell lung cancer (SCLC), HANSIZHUANG, has been approved for 4 indications, benefiting over 75,000 patients. It has also been out-licensed to over 70 countries and regions, including the U.S., Europe<\/span>, Southeast Asia<\/span>, the Middle East<\/span>, and North Africa<\/span>. In addition, the new indication for SUKEXIN, a new generation of oral thrombopoietin receptor agonist (TPO-RA), has been approved by the National Medical Products Administration (NMPA).<\/p>\n New progress has also been made in the deployment of cutting-edge medical devices and innovative therapies. In June 2024<\/span>, Intuitive Fosun Headquarters Industrial Base was inaugurated in Shanghai<\/span>, is the largest integrated R&D, production and training base of Intuitive Surgical in the Asia-Pacific<\/span> region, significantly accelerating the localization of the da Vinci surgical robot. Intuitive Fosun’s Ion robotic bronchoscopy was launched in July. Leveraging its successful experience in international cooperation, Fosun Pharma and Insightec established a joint venture, Fosun-Insightec, in February 2024<\/span>. The joint venture is focused on the commercialization, clinical application and research of resonance image guided focused ultrasound brain therapy system (i.e. MRgFUS brain therapy system, Exablate Neuro) in the Chinese mainland, Hong Kong SAR, and Macau SAR.<\/p>\n Fosun’s innovative genes are deeply integrated into its member companies. In addition to R&D innovation, it has also achieved remarkable achievements in product innovation, marketing innovation, and digitalization. Club Med launched a new booking system & engine, with independent bookings increasing by 16% compared to 2019. Fosun Insurance Portugal’s MyFidelidade App has over 1.6 million registered users, exceeding 15% of Portugal’s<\/span> total population, with digital channel sales increasing by 16% year-on-year. Sunvisioncapital Tourism has further upgraded its product portfolio. The “Silk Road Express”, built according to international tourist train standard, was launched. Yuyuan’s Nanxiang Steamed Bun Restaurant has teamed up with Balenciaga, Tong Han Chun Tang and THE BEAST jointly created new products and made a big hit.<\/p>\n Focus on asset-light operations and capture new development opportunities<\/b><\/p>\n Leveraging its profound industrial operation capabilities built up over 30 years of investment in heavy assets, Fosun has keenly captured asset-light development opportunities in the new market environment and has continuously made breakthroughs.<\/p>\n In the cultural tourism sector, Fosun’s asset-light operation model has achieved remarkable results, with IPs such as Club Med, Atlantis Sanya, and Taicang Alps becoming benchmarks in the domestic tourism industry. During the Reporting Period, 85% of Club Med resorts adopted a leasing and management model, with the proportion of self-owned resorts declining to 15%. In June 2024<\/span>, FTG joined hands with the Taicang Municipal Government to build the phase II of Taicang Alps Resort, a one-stop ice and snow-themed urban tourist destination. The phase II project, with a total investment of over RMB5 billion<\/span>, is funded by the Taicang Municipal Government and operated and managed by FTG.<\/p>\n In May 2024<\/span>, Fosun sold all of its 99.74% stake in German private bank HAL. After the completion of the transaction, Fosun will no longer hold any shares in HAL, but will retain the HAFS asset servicing business, managing approximately EUR100 billion<\/span> in assets in an asset-light operation model.<\/p>\n At the same time, Fosun has joined hands with partners to set up a number of industry funds to drive the future of advantageous industries. In March 2024<\/span>, Fosun Pharma joined hands with Shenzhen Guidance Fund and seven other investors to jointly establish a RMB5.0 billion<\/span> biomedical industry fund. Shanghai Fujian Equity Investment Fund Management, a subsidiary of Fosun Pharma, is exclusively managed this fund. In April, the Shenzhen Municipal Government and Fosun signed a strategic cooperation framework agreement, both parties will further strengthen cooperation in areas such as biomedicine, cultural and sports tourism, and fashionable consumption.<\/p>\n In April 2024<\/span>, Fosun Capital, together with Wuhan Innovation Investment and Wuhan Fund, established a RMB3.0 billion<\/span> industry fund with an initial scale of RMB1.1 billion<\/span>. This is the first batch of market-oriented fund invested by Hubei Province<\/span> since the establishment of the RMB20.0 billion<\/span> government guidance fund, mainly focusing on the four major sectors of new generation information technology, dual carbon, intelligent manufacturing, and consumption.<\/p>\n In the future, Fosun will continue to focus on asset-light operations, continuously expand its “circle of friends”, strengthen in-depth cooperation with all parties, and achieve win-win results through complementing each other’s advantages.<\/p>\n Industry-leading ESG performance and ongoing philanthropic Initiatives<\/b><\/p>\n Since its establishment 32 years ago, Fosun has steadfastly upheld its corporate values of “Self-improvement, Teamwork, Performance, and Contribution to Society”. Fosun has achieved excellent ESG (Environmental, Social, and Governance) performance.<\/p>\n As of the end of the Reporting Period, Fosun’s MSCI ESG rating remained at AA, making it the only conglomerate in Greater China<\/span> with an AA rating. In addition, during the Reporting Period, Fosun was selected as the top 1% in S&P Global’s “Sustainability Yearbook 2024 (China Edition)” and was recognized as an “Industry Mover”, outperforming 90% of companies worldwide.<\/p>\n In terms of social welfare, Fosun has continuously contributed to the “China<\/span> solution” to aid Africa<\/span>. Fosun Pharma announced that it will donate artemisinin-based antimalarial drugs worth RMB10 million<\/span> to Africa<\/span> in the next three years to support the health development of African communities.<\/p>\n The Rural Doctor Program, which has been running for seven years, has now covered 78 counties in 16 provinces, municipalities, and autonomous regions across the country, supporting 25,000 rural doctors and benefiting 3 million grassroots families. In the first half of 2024, the program insured rural doctors with over 7,000 group accident insurance and critical illness insurance policies, upgraded 38 health offices (centres) in 9 counties to intelligent ones, and trained over 1,000 rural doctors online.<\/p>\n Looking ahead, Guo Guangchang said: “Fosun will continue to focus on its core businesses, enhance its operational capabilities in advantageous industries, actively invest and expand in advantageous sectors, make forward-looking plans, and seize more development opportunities with its asset-light operation capabilities. We will adhere to innovation, steadfastly advance our globalization strategy, and build a sustainable and stable profitable enterprise, endeavoring to bring more world-class products and services to families worldwide.”<\/p>\n About Fosun<\/b><\/p>\n Fosun was founded in 1992. After more than 30 years of development, Fosun has become a global innovation-driven consumer group. Adhering to the mission of creating happier lives for families worldwide, Fosun is committed to creating a global happiness ecosystem fulfilling the needs of one billion families in health, happiness and wealth. In 2007, Fosun International Limited was listed on the main board of the Hong Kong Stock Exchange (HKEX stock code: 00656). As of 30 June 2024<\/span>, Fosun International’s total assets amounted to RMB821.9 billion<\/span>; it received an AA MSCI ESG rating and was the only conglomerate in Greater China<\/span> with such rating.<\/p>\n","protected":false},"excerpt":{"rendered":" Powered by Core Strengths, Focus on Core Businesses & Reinforce Organic Growth Momentum 2024 Interim Results Highlights: Total revenue maintained growth, reaching RMB97.84 billion; Industrial operation profit maintained growth, reaching RMB3.47 billion; Continued focus on core businesses, with the four core subsidiaries generating total revenue of RMB72.17 billion, accounting for 74% of the Group’s total […]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-29157","post","type-post","status-publish","format-standard","hentry","category-business-news"],"yoast_head":"\n\n