2024 年報 年報 2024 財務摘要 2 致股東的信 3 業務概覽 6 管理層討論與分析 11 五年統計 38 企業管治報告 39 董事及高級管理人員簡歷 54 董事會報告 59 獎項及榮譽 92 獨立核數師報告 93 綜合損益表 98 綜合收益表 99 綜合財務狀況表 101 綜合權益變動表 103 綜合現金流量表 107 財務報表附註 112 公司資料 313 詞彙定義 314 財務摘要 截至12月31日止年度 以人民幣百萬元列示 2024 2023 收入 192,142.0 198,200.3 健康 46,552.9 46,314.4 快樂 76,710.1 88,946.4 富足 55,114.1 51,779.5 保險 39,313.8 37,453.6 資管 15,800.3 14,325.9 智造 15,585.9 12,755.6 內部抵銷 (1,821.0) (1,595.6) 歸屬於母公司股東之（虧損）╱利潤 (4,348.9) 1,379.1 健康 901.1 580.2 快樂 (1,878.6) (263.9) 富足 (2,656.2) 237.3 保險 1,716.1 790.2 ...

Group 1 - The company, Fosun International, announced an increase in its stake in the non-listed shares of Fuhong Hanlin, with a deadline set for April 21, 2025 [1] - In previous announcements, Ms. Tseng Chi-Ling was identified as the largest single shareholder of HenLink, holding 27.69% of its shares [1] - Mr. Liu Hsing-Jin and Mr. Ho Tung-Kuang hold 26.60% and 11.89% of HenLink's shares, respectively [1]

Core Insights - Nanyang Commercial Bank ("NCB") and Fosun International Limited ("Fosun") signed a strategic cooperation agreement, marking a deepening of their partnership and commitment to support Fosun's future development strategy [1][3] Group 1: Strategic Cooperation - The signing of the strategic cooperation agreement signifies a long-term, stable, and deep financial partnership between NCB and Fosun, entering a new phase of collaboration [3] - NCB will leverage its experience in cross-border operations to provide professional banking services, combining with Fosun's global and industrial advantages for mutual benefit and development [3] Group 2: Historical Context - NCB and Fosun have been collaborating since 2010, establishing a solid foundation for their partnership over the past fifteen years [3] - The cooperation has allowed both entities to build a strong relationship, paving the way for deeper ties in the future [3] Group 3: Future Directions - NCB aims to continue working alongside high-quality enterprises like Fosun, utilizing its strengths in cross-border operations and integrating financial technology and AI to enhance product and service offerings [3] - The goal is to provide comprehensive and high-quality financial services to support Fosun's strategic development and achieve mutual benefits [3]

Core Viewpoint - Guozheng International Securities maintains a "buy" rating for Fosun International (00656.HK), citing a stable leverage ratio and improved financing channels, with a target price of HKD 7.5, indicating an 87% upside potential from the current price [1] Financial Performance - Fosun International reported total revenue of RMB 192.14 billion for 2024, with its four core subsidiaries contributing RMB 134.65 billion, accounting for 70.1% of total revenue [1] - The industrial operating profit reached RMB 4.9 billion, and the net profit attributable to shareholders, excluding significant one-time impacts, was RMB 750 million [1] - The group signed asset exit agreements worth approximately RMB 17.5 billion and RMB 30 billion on a consolidated basis [1] - As of the reporting period, the group's total debt to total capital ratio was 52.0%, with cash, bank balances, and time deposits amounting to RMB 106.34 billion [1] Financing Activities - Fosun successfully refinanced an USD 870 million loan due on March 28, 2025, with USD 675 million sourced from a new syndicate loan [1] - On April 1, Fosun Gaokai issued the second phase of asset-backed debt financing tools, raising RMB 1 billion with a 1+1 year term and a coupon rate of 4.7%, achieving a subscription multiple of 1.38 times [1] Strategic Focus - The company completed RMB 13.6 billion in public market financing in 2024, continuing to exit non-core assets while repurchasing core assets, including the privatization of Fosun Tourism and acquisitions in Fosun Pharma and Yuyuan [2] - The health sector showed robust growth, with Fosun Pharma's net profit attributable to shareholders increasing by 55% year-on-year to RMB 900 million [2] - The insurance segment in Portugal reported total premium income of EUR 6.17 billion, maintaining the top market share, with international business premiums growing by 7.8% year-on-year [2] Management Outlook - Fosun's management indicated plans to continue exiting heavy asset projects to reduce financial leverage, aiming to decrease interest-bearing liabilities from over RMB 80 billion to RMB 60 billion [2] - The targets for industrial operating profit and net profit attributable to shareholders are set at RMB 10 billion [2] Analyst Ratings - Other securities firms, including Industrial Securities and Kaiyuan Securities, have also reiterated their "overweight" and "buy" ratings for Fosun International, expressing optimism about its future performance [3]

Group 1 - S&P Global released the "Sustainability Yearbook (China Edition) 2025," recognizing Fosun International for its ongoing efforts in ESG, marking its second consecutive year in the top 1% [1][4] - Over 1,600 Chinese companies were evaluated for the yearbook, with only about 160 achieving the honor, requiring a CSA score in the top 15% of their industry [4] - Fosun International achieved a CSA score of 70, significantly surpassing the industry average by nearly 40 points, ranking in the top 5% globally as of April 2025 [4] Group 2 - Fosun International has consistently received high ESG ratings, maintaining an MSCI ESG rating of AA since 2021, and an AA- rating from Hang Seng, while being included in the FTSE4Good Index Series [6] - The company has established a comprehensive ESG management system, integrating ESG requirements into its operations and addressing key social issues through various initiatives [6] - Looking ahead, Fosun aims to deepen its industry engagement, enhance innovation, and promote sustainable business development to create long-term value for stakeholders [6]

Core Viewpoint - FOSUN International is accelerating the exit from non-core assets and focusing on its main business, with an increasing proportion of overseas business revenue and a stable overall revenue growth [1][2]. Financial Performance - In 2024, FOSUN International reported total revenue of RMB 192.14 billion, with four core subsidiaries contributing RMB 134.65 billion, accounting for 70.1% of total revenue [1]. - The operating profit from industrial operations reached RMB 4.9 billion, and the net profit attributable to shareholders, excluding significant one-time impacts, was RMB 750 million [1]. - The group’s total debt-to-capital ratio stood at 52.0%, with cash, bank balances, and time deposits amounting to RMB 106.34 billion [1]. Strategic Focus - FOSUN is deepening its focus on four business segments: health, happiness, wealth, and intelligent manufacturing, while optimizing its capital structure [2]. - The company aims to gradually increase the proportion of overseas revenue, which reached 49.3% in 2024, with significant growth in core subsidiaries' overseas operations [2]. - FOSUN's management plans to reduce interest-bearing debt from over RMB 80 billion to RMB 60 billion in the coming years [3]. Market Position and Valuation - Analysts believe that FOSUN's strategy of "streamlining and strengthening" is reflected in its financial performance, with potential for valuation and market performance to return to reasonable levels as core business growth potential is realized [4]. - As of December 31, 2024, FOSUN International's adjusted NAV was HKD 17.6 per share, indicating that the current stock price is significantly undervalued [4].

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]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][11]. Core Insights - The company reported a revenue of 192.14 billion yuan in 2024, a year-on-year decrease of 3.1%. The operating profit remained stable at 4.9 billion yuan, while the net profit attributable to shareholders was -4.35 billion yuan, primarily due to a one-time impairment loss of 5.1 billion yuan related to the Cainiao project. Excluding this impact, the net profit for the year would have been 0.75 billion yuan, down from 1.38 billion yuan in 2023. The decline in net profit is attributed to the sluggish domestic consumption market [5][6]. - The company has adjusted its profit forecasts for 2025-2026 and introduced a new forecast for 2027, expecting net profits of 1.23 billion yuan, 1.63 billion yuan, and 1.9 billion yuan for 2025-2027, respectively. This represents a turnaround in 2025 and growth of 32.4% and 17% in the following years. The current stock price corresponds to a P/E ratio of 27.0, 20.4, and 17.5 for 2025-2027 [5][6]. Revenue and Profit Analysis - The company achieved revenue across its four main business segments: Health (46.55 billion yuan), Happiness (76.71 billion yuan), Wealth (55.11 billion yuan), and Intelligent Manufacturing (15.59 billion yuan), with year-on-year growth rates of +0.5%, +6.4%, -13.8%, and +22.2%, respectively. The net profits for these segments were 0.9 billion yuan, -1.88 billion yuan, -2.66 billion yuan, and -0.63 billion yuan [6]. - The company’s revenue from domestic and overseas markets was 97.3 billion yuan and 94.8 billion yuan, respectively, with year-on-year changes of -11% and +6%. The overseas revenue has shown a compound annual growth rate (CAGR) of 49% over the past 11 years [6]. Strategic Focus - The company is focusing on optimizing its asset portfolio through various methods such as buybacks and privatizations, achieving a cash inflow of approximately 15 billion yuan in 2024. The total debt-to-capital ratio stands at 52% [7]. - The company emphasizes ecological synergy to amplify the flywheel effect and light asset operations. In 2024, the "Health + Insurance" ecological policy model was successfully implemented, and the health segment achieved profitability for the first time [7].

Core Insights - Fosun International (0656.HK) reported a total revenue of RMB 192.14 billion for the year 2024, with a core operating profit of RMB 4.9 billion [1] - The four core subsidiaries, including Yuyuan, Fosun Pharma, Fosun Portugal Insurance, and Fosun Tourism, generated a total revenue of RMB 134.65 billion, accounting for 70.1% of the group's total revenue [1] - The company's total debt-to-capital ratio stands at 52%, with cash, bank balances, and time deposits amounting to RMB 106.34 billion [1] - Overseas revenue increased to 49.3% of total revenue, reflecting a year-on-year growth of 6.2% [1] - The total investment in scientific innovation reached approximately RMB 6.9 billion for the year [1] Financial Performance - Fosun Pharma, as the core enterprise in the health sector, achieved a revenue of RMB 40.91 billion and a net profit of RMB 2.77 billion, marking a year-on-year growth of 16.08% [1] - The revenue from regions outside mainland China and other countries was RMB 11.297 billion, up 8.93%, accounting for 27.63% of total revenue [1] - Operating cash flow increased by 31.13% to RMB 4.477 billion, driven by the launch of innovative drug products [1] Innovation and R&D - In 2024, Fosun Pharma received approvals for 16 indications from 7 innovative drugs/biosimilars, including a freeze-dried human rabies vaccine [2] - Fuhong Hanlin achieved a net profit of RMB 820 million, a 50.3% increase, with overseas product sales reaching RMB 121 million, up 30.76% [2] - The company is evolving from a product export model to a comprehensive global operation capability, focusing on local market operations and self-built teams in various regions [2] Strategic Moves - Fosun Pharma sold 6.01% of its stake in Gland Pharma, reducing its holding to 51.83%, while Gland Pharma reported a revenue of USD 683 million, a 15% increase [3] - Gland Pharma plans to enhance its capabilities in complex injectables and CDMO services through capacity expansion and a robust R&D pipeline [3] - In the Middle East, Fosun Pharma entered a strategic partnership with SVAX to establish a joint venture for localized production and commercialization of biopharmaceuticals [3] Financial Structure and Debt Management - Fosun International returned to the US dollar bond market after three years, refinancing an USD 870 million loan due in March 2025 [4] - The company aims to reduce its interest-bearing liabilities from RMB 120 billion three years ago to around RMB 60 billion in the next two to three years [5] - The public debt exposure has decreased from 50% of total financing to around 20%, mitigating the impact of market fluctuations on financing activities [5]

Core Viewpoint - Fosun International aims to reduce financial leverage in the coming years while targeting an operational profit of 10 billion yuan [1][2] Financial Performance - For the fiscal year 2024, Fosun International reported total revenue of 192.14 billion yuan and an operational profit of 4.9 billion yuan, with a net loss attributable to shareholders of 4.35 billion yuan [1] - The net loss was primarily due to a one-time adjustment in the book value of the investment in the Cainiao project, with the adjusted net profit estimated at approximately 750 million yuan [1] Strategic Direction - The company is implementing a "right-sizing" strategy, focusing on divesting heavy asset projects and non-core industries while investing in innovative sectors with significant growth potential [2] - Fosun's management plans to gradually increase the proportion of overseas revenue, which currently accounts for 49.3% of total income, and aims to reduce interest-bearing liabilities from over 80 billion yuan to 60 billion yuan [2] Future Goals - The operational profit target is set to double to 10 billion yuan in the future, reflecting the company's confidence in its strategic adjustments [2] - Fosun International emphasizes the importance of maintaining strategic discipline during this transition, aiming for an "investment-grade" rating through improved operational capabilities [2]