Financial Performance - Total revenue for the first half of 2024 reached RMB 97.84 billion, a slight increase of 0.8% compared to RMB 97.06 billion in the same period of 2023[3]. - The profit attributable to shareholders of the parent company was RMB 720.1 million, a decrease of RMB 640 million from RMB 1.36 billion in the same period of 2023, primarily due to one-time losses from the disposal of non-core assets[6]. - The group's operating profit for the reporting period was RMB 3.47 billion, benefiting from strong performance in Fosun Portugal Insurance, which saw a 3.0% increase compared to the same period in 2023[5]. - The group reported a basic earnings per share of RMB 0.09, down from RMB 0.17 in the same period of 2023[3]. - The group’s profit attributable to shareholders was RMB 720 million, a decrease of 47.0% compared to the same period in 2023[28]. - The group reported that approximately 80% of customer service interactions were handled by the chatbot Maria, enhancing operational efficiency[20]. - The group reported a net impairment loss of RMB 993,202 across various segments[147]. - The total profit for the period was RMB 2,502,725, with the health segment contributing RMB 1,667,444 to this figure[145]. Revenue Breakdown - The group's total revenue from the Happiness segment was RMB 43,172.1 million, a slight increase of 0.4% from RMB 43,001.6 million in the previous year[32]. - In the Health segment, pharmaceutical products, medical devices and diagnostics, and health services and consumer income accounted for 63%, 9%, and 28% of total revenue, respectively[29]. - The Wealth segment's insurance, asset management, and investment income represented 68%, 14%, and 18% of total revenue, respectively[29]. - The health sector reported revenue of RMB 23,260.5 million for the six months ended June 30, 2024, a decrease of 2.4% compared to RMB 23,837.6 million for the same period in 2023[39]. - The Wealth segment reported a profit of RMB 26.8 million, down 86.9% from RMB 204.7 million in the previous year[34]. - The insurance segment reported a revenue of RMB 18,457.6 million, a slight increase of 0.1% year-on-year, and a profit attributable to shareholders of RMB 1,174.9 million, up 56.5%[80]. Asset Management and Debt - The group's adjusted total debt reached RMB 210.7 billion, with a debt-to-capital ratio of 50.2%, maintaining a downward trend since 2020[10]. - Average debt cost for the group was 5.8%, with a slight increase of 19 basis points compared to the end of 2023[10]. - The group maintained a stable credit outlook with a BB- rating confirmed by S&P, reflecting improvements in its credit situation[8]. - As of June 30, 2024, total debt amounted to RMB 222,309.5 million, an increase from RMB 211,923.9 million as of December 31, 2023[117]. - The long-term debt ratio was 47.6% as of June 30, 2024, down from 55.0% as of December 31, 2023[117]. - Total liabilities reached RMB 612,662,935,000, up from RMB 599,812,751,000, indicating an increase of approximately 2.83%[128]. Investments and Innovations - The group invested approximately RMB 3.5 billion to enhance its technology and innovation capabilities during the reporting period[18]. - The group established a logistics investment fund in Japan with an initial fundraising target of USD 100 million, primarily from external investors[15]. - The group launched the F-i6000 fully automated chemiluminescence immunoassay analyzer, which has been approved for market[19]. - The group achieved approval for 9 indications of 4 innovative drugs/biosimilars, including the domestically approved lyophilized rabies vaccine in China[19]. - The group completed 53 FES tool certifications and trained 1,154 experts, enhancing operational capabilities across 68 subsidiaries[23]. Market Performance and Strategy - The group continues to focus on core industries and household consumption, mitigating some adverse effects from the macroeconomic environment[5]. - The group is committed to a "lean and healthy" strategy, focusing on enhancing competitiveness while providing high-quality products and services to global family customers[4]. - The group plans to continue deepening the FES system to respond swiftly to global market challenges and enhance competitive advantages[23]. - The group plans to sell its entire stake in HAL, with the transaction yet to be completed as of the announcement date[40]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[151]. Subsidiary Performance - The group's Club Med achieved a global revenue of RMB 8,894.4 million in the first half of 2024, a year-on-year increase of 10.3%[13]. - Fosun Pharma achieved operating revenue of RMB 20,383 million during the reporting period, with a year-on-year growth of approximately 5.32% excluding COVID-related products[41]. - Gland Pharma's consolidated revenue for the reporting period was USD 354 million, reflecting a 44% year-on-year growth[49]. - Fosun Health achieved operating revenue of RMB 2.96 billion, a year-on-year decrease of 5.8%[56]. - Yuyuan Holdings reported an operating income of RMB 27.57 billion, a slight increase year-on-year, but net profit attributable to shareholders fell by 48.5% to RMB 1.14 billion due to decreased investment income from asset disposals[64]. Customer Engagement and Digital Transformation - The number of consumer members reached 35.86 million, with member sales contribution increasing to 52.3%, up 1.6 percentage points year-on-year[17]. - The MyFidelidade APP registered over 1.6 million users, accounting for more than 15% of Portugal's total population, with digital sales channels growing by 16%[20]. - The membership platform "Fuyouhui" has over 6.902 million members, a growth of 12.6% year-on-year[73]. Corporate Social Responsibility - The group announced a donation of RMB 10 million worth of artemisinin-based anti-malarial drugs to Africa over the next three years[25]. - The group was recognized as one of the top 1% in the Standard Global "Sustainable Development Yearbook (China Edition) 2024" for its ESG efforts[24].

Investment Rating - The report maintains a "Buy" rating for Fosun International with a target price of HKD 7.5, indicating a potential upside of 78% from the current price of HKD 4.22 [3][2]. Core Insights - The credit rating agency S&P has affirmed Fosun International's BB- rating with a stable outlook, reflecting expectations that the company will manage its upcoming debt maturities and gradually reduce its holding company debt over the next 12-18 months [1][2]. - The company has improved its financing channels significantly, with bank loans now accounting for 70% of its total debt of RMB 89 billion as of the end of 2023, up from 46% in 2022 [1]. - Asset disposals have stabilized the financial condition, with over RMB 25 billion in assets sold since 2022, focusing on non-core businesses [1]. - Fosun International plans to concentrate on three core industries: health, consumer, and finance, with ongoing efforts to enhance its global footprint in the health sector and optimize capital allocation [1][2]. Financial Projections - Expected net profits for the years 2024, 2025, and 2026 are RMB 38.8 billion, RMB 46.4 billion, and RMB 51.9 billion, respectively, with corresponding EPS of HKD 0.51, HKD 0.62, and HKD 0.69 [1][2]. - Revenue projections show a growth trajectory from RMB 198.2 billion in 2023 to RMB 250.6 billion by 2026, with a compound annual growth rate (CAGR) of approximately 8.74% [7][8]. Valuation Analysis - The report employs both segment valuation and NAV methods to estimate the company's value, arriving at a reasonable market capitalization of approximately HKD 609 billion, translating to a target price of HKD 7.4 [9][10]. - The NAV method suggests a total NAV of HKD 622 billion, leading to a target price of HKD 7.6, with an overall target price consensus of HKD 7.5 [9][12].

Investment Rating - The report maintains a "Buy" rating for Fosun International (00656.HK) [3] Core Views - S&P has reaffirmed Fosun International's existing BB- rating with a stable outlook, indicating a positive overall tone [4] - The company has successfully sold over 25 billion RMB in assets in 2023, reducing its debt by approximately 9 billion RMB, bringing total debt down to 89 billion RMB [4] - Fosun is expected to continue its asset divestiture strategy, with an anticipated annual debt reduction of around 10 billion RMB over the next 2-3 years [4] - The report projects net profits for 2024-2026 to be 4.09 billion RMB, 5.5 billion RMB, and 7.12 billion RMB respectively, with year-on-year growth rates of 196.8%, 34.4%, and 29.5% [4] - The current stock price corresponds to a PE ratio of 9.0, 6.7, and 5.2 for the years 2024, 2025, and 2026 respectively, indicating a favorable valuation [4] Financial Summary and Valuation Metrics - As of the end of 2023, bank loans accounted for approximately 70% of the company's total debt of 89 billion RMB, up from 46% in mid-2022 [5] - The company has maintained active participation in the domestic public debt market with small amounts of short-term issuances [5] - By the end of Q1 2024, pledged loans represented about 20% of Fosun International's total debt [5] - The company completed a significant offshore syndicated loan refinancing in early May, indicating improved refinancing conditions [5] - The report anticipates cash inflows from asset disposals to reach 15 billion RMB in 2024, based solely on signed projects with confirmed buyers [5] Business Strategy and Global Presence - Fosun has established a deep industrial presence across over 35 countries and regions on five continents, with overseas revenue accounting for 45% of total revenue in 2023 [6] - The company has seen a 14% year-on-year increase in its technology innovation segment, with revenues reaching 7.4 billion RMB [6] - In the cultural tourism sector, Fosun Tourism has continued its global expansion, reporting a 15.8% year-on-year revenue increase in Q1 2024 [6] - The report highlights a strategic cooperation framework agreement signed between Shenzhen and Shanghai Fosun High Technology to enhance collaboration in biomedicine, cultural tourism, and fashion consumption [6] Financial Projections - The projected operating revenue for 2024 is 227.4 billion RMB, with a year-on-year growth of 14.7% [7] - The net profit for 2024 is expected to be 4.09 billion RMB, reflecting a significant recovery from a loss of 832 million RMB in 2022 [7] - The gross margin is projected to remain stable at around 42.8% from 2024 to 2026 [7] - The report provides a detailed financial outlook, including EPS projections of 0.5, 0.7, and 0.9 RMB for 2024, 2025, and 2026 respectively [7]

Investment Rating - The investment rating for Fosun International is maintained as "Buy" [2] Core Views - S&P has maintained Fosun International's existing BB- rating with a stable outlook, indicating a positive overall tone [2] - The company achieved over 25 billion RMB in asset sales in 2023, reducing approximately 9 billion RMB in holding company debt, bringing total debt down to 89 billion RMB [2] - The expectation is that Fosun Group will continue to reduce debt at a rate of about 10 billion RMB annually over the next 2-3 years [2] - The report maintains profit forecasts, projecting net profit attributable to shareholders for 2024-2026 to be 4.09 billion, 5.5 billion, and 7.12 billion RMB respectively, with year-on-year growth rates of 196.8%, 34.4%, and 29.5% [2] - The current stock price corresponds to a PE ratio of 9.0, 6.7, and 5.2 for the years 2024, 2025, and 2026 respectively, indicating a robust growth outlook [2] Financial Summary and Valuation Metrics - Revenue (in million RMB) is projected to grow from 198,200 in 2023 to 227,396 in 2024, reflecting a year-on-year increase of 14.7% [3] - Net profit is expected to rise significantly from 1,379 million RMB in 2023 to 4,093 million RMB in 2024, with a year-on-year growth of 196.8% [3] - Gross margin is projected to remain stable at around 42.8% from 2024 onwards [3] - The report indicates an increase in overseas revenue contribution, which reached 45% in 2023 [2] - The company has maintained a strong focus on its core business areas, particularly in consumption and technology innovation, with significant investments in these sectors [2] Market Position and Strategic Initiatives - Fosun International has established a global presence across over 35 countries and regions, with a focus on deepening its industrial layout [2] - The company is actively pursuing asset disposals, with an expected cash inflow of 15 billion RMB from asset disposals in 2024 [2] - The report highlights the strategic cooperation agreement signed between Shenzhen and Shanghai Fosun High Technology to enhance collaboration in biomedicine, cultural tourism, and fashion consumption [2]

Financial Performance - In 2023, Fosun International achieved total revenue of RMB 198.2 billion, representing an 8.6% year-on-year growth[1]. - The operating profit from industrial operations reached RMB 4.9 billion, a year-on-year increase of 20.4% compared to 2022[1]. - The net profit attributable to shareholders was RMB 1.38 billion, recovering from a loss of RMB 831.8 million in 2022[9]. - The company's total revenue for 2023 reached RMB 198.2 billion, representing a year-on-year increase of 8.6%[11]. - Net profit attributable to shareholders was RMB 1.38 billion, an increase of RMB 2.21 billion compared to the previous year[11]. - The revenue from the four core subsidiaries contributed 72% to the overall income, with Fosun Tourism achieving a revenue of RMB 17.15 billion, up 24.5% year-on-year[11]. - The group’s profit attributable to equity holders reached RMB 1,379.1 million, a significant increase of 265.8% compared to the previous year[74]. - The insurance segment reported a profit of RMB 790.2 million, marking a 126.6% increase year-on-year[74]. Debt Management - As of the end of the reporting period, Fosun reduced interest-bearing debt by RMB 15 billion compared to the end of 2022, with a total debt to total capital ratio of 50.4%, down 2.9 percentage points[2]. - The company's interest-bearing debt was RMB 211.92 billion, a decrease of RMB 15 billion from the end of 2022, with a total debt to total capital ratio of 50.4%, down 2.9 percentage points from December 31, 2022[21]. - The average debt cost slightly increased by 89 basis points to 5.60% from 4.71% in 2022, while the total interest-bearing debt decreased by RMB 15 billion to RMB 211.9 billion[27]. - The group’s total debt to total capital ratio decreased by 2.9 percentage points to 50.4%[27]. - The company signed a RMB 12 billion syndicated loan agreement with eight domestic banks at the beginning of 2023, reflecting strong support for private enterprises[21]. Revenue Sources - Overseas revenue amounted to RMB 89.2 billion, a 6% year-on-year increase, accounting for 45% of total revenue[2]. - Fosun's health segment generated revenue of RMB 46.3 billion, while the happiness segment saw revenue rise to RMB 88.9 billion, up from RMB 70.7 billion in 2022[9]. - Fosun Portugal Insurance reported a gross premium income of EUR 5.207 billion and a net profit of EUR 180 million in 2023[16]. - The health segment generated revenue of RMB 46,314.4 million, a decrease of 3.5% compared to the previous year, while the happiness segment saw a revenue increase of 25.7% to RMB 88,946.4 million[72]. - The Happy segment reported a revenue of RMB 88,946.4 million, a 25.7% increase year-on-year, primarily due to rising gold prices and strong post-pandemic vacation demand[119]. Investment and Innovation - The company invested RMB 7.4 billion in technological innovation during the reporting period[4]. - The company invested a total of RMB 7.4 billion in scientific innovation throughout 2023, supporting the development of new technologies and products[17]. - The company is focusing on AI applications across over 80 product matrices, enhancing the quality of grassroots medical development and clinical technology innovation[20]. - The company is actively promoting consumption scene innovation, integrating technology with offline experiences to enhance customer engagement[20]. - The company aims to achieve carbon peak by 2028 and carbon neutrality by 2050, with the establishment of a carbon neutrality committee and the release of its first TCFD report in April 2023[43]. Market Expansion and Strategy - Fosun's global strategy has led to the establishment of a presence in over 35 countries and regions, enhancing its operational capabilities and market reach[14]. - The company plans to focus on light asset operations and actively invest in core industries to enhance its ecosystem capabilities and value in 2024[5]. - The company aims to expand its light asset operation capabilities, leveraging its operational strengths to seize opportunities in the current financing environment[20]. - The company is committed to building a super cultural and commercial complex exceeding 1 million square meters in Shanghai's core business area[20]. ESG and Social Responsibility - Fosun's MSCI ESG rating is AA, making it the only comprehensive enterprise in Greater China with this rating[4]. - The company actively promotes carbon neutrality and energy-saving measures, demonstrating commitment to environmental protection[21]. - The company encourages its subsidiaries to enhance ESG efforts, reflecting a commitment to sustainable development[23]. - The company provided over 2,000 emergency relief items valued at RMB 1 million to Turkey following the earthquake in February 2023[44]. Health Sector Developments - The CAR-T cell therapy product, Yikaida®, has treated hundreds of patients and received approval for a second-line indication in June 2023[17]. - Fosun Pharma focuses on innovative drug development in key disease areas such as oncology and central nervous system disorders, enhancing its product pipeline through diverse collaboration models[48]. - Fosun Health aims to provide comprehensive health management services through an integrated online and offline medical service platform, enhancing accessibility for users across major economic regions in China[52]. - Fosun Pharma's innovative drug pipeline includes 6 new drugs with 8 indications approved for market, alongside 29 generic drug varieties[92]. Tourism and Leisure - In 2023, the revenue of Club Med reached RMB 15.12 billion, an increase of 19.2% compared to 2022, and 118.3% of the 2019 level[20]. - Fosun Tourism's total revenue reached RMB 17,151.8 million in 2023, a year-on-year increase of 24.5%[127]. - Sanya Atlantis achieved a revenue of RMB 1.67 billion in 2023, a significant increase of 90.9% year-on-year, with an average occupancy rate of 81.9%[20]. - Club Med's revenue was RMB 15,122.5 million in 2023, growing approximately 19.2% year-on-year and reaching 118.3% of 2019 levels[128]. Manufacturing and Production - The smart manufacturing segment achieved revenue of RMB 12,755.6 million, a year-on-year increase of 23.2%, while profit attributable to shareholders decreased by 22.3% to RMB 934.1 million[168]. - Hainan Mining's revenue for the reporting period reached RMB 198,200.3 million, an increase of RMB 15,774.5 million or 8.6% year-on-year[71]. - Hainan Mining completed the acquisition of a 49% stake in Rock Oil for USD 163 million, making it a wholly-owned subsidiary[172]. Insurance Sector Performance - The total gross premium of Fosun Portugal Insurance reached EUR 5.207 billion, a slight increase of 1.7% year-on-year, with non-life insurance premiums growing by 10.5%[143]. - Dingrui Reinsurance reported gross premium income of USD 1.761 billion, down from USD 2.295 billion in 2022[146]. - The insurance segment reported a revenue of RMB 37,453.6 million, a decrease of 5.1% year-on-year, primarily due to the disposal of AmeriTrust[141].

海 外 研 证券研究报告 究 ＃industryId＃ 金融行业 ＃ ＃ ＃00656 .HK ＃复d星yCo国mp际any ＃ 港股通（沪、深） 增持 ( 维持 ) dyStockco investSugges inve d e＃ 聚焦 核心主业，＃ 持title＃ 续 优化债务结构 tion＃ stS u gg es ＃createTime1＃ 2024年 04月 15日 tion 公 ＃市场ma数rk据et Data＃ Cha 投资要点 ＃summary＃ 司 日期 20n24g.0e4.12 ⚫ 我们的观点：深耕健康、快乐、富足、智造四大业务板块。近年来，公司 跟 收盘价（港元） ＃ 4.33 加快退出非核心资产，优化资金结构以更好地聚焦核心主业。我们维持公 总股本（亿股） 81.8 司“增持”评级，建议投资者关注。 踪 总市值（亿港元） 354.1 ⚫ 业务规模稳健增长，核心产业盈利能力显着提升：2023年，公司实现营业 报 流通市值（亿港元） 354.1 收入人民币1,982.0亿元，同比上升8.6%；归母净利润人民币13.8亿元， 告 净资产（亿元） 1,252 同比增长人民币 22.1 亿元。 ...

综合/综合Ⅱ 公 司 研 复星国际（00656.HK） 瘦身+健体，全球化+多产业协同共促成长 究 2024年04月03日 ——港股公司信息更新报告 投资评级：买入（维持） 初敏（分析师） chumin@kysec.cn 日期 2024/4/2 证 书编号：S0790522080008  “瘦身”强化流动性管理，“健体”提高产业运营能力 港 当前股价(港元) 4.260 据复星公众号 4月 2 日推送，21 世纪经济报道记者独家对话徐晓亮，徐晓亮认 股 一年最高最低(港元) 5.930/3.930 公 为：复星国际“瘦身”是为“健体”，全球化运营大有可为。2023年复星国际实 司 总市值(亿港元) 348.34 现营收1982亿元/yoy+8.6%，产业运营利润49亿元/yoy+20%，2023年末合并报 信 流通市值(亿港元) 348.34 息 表有息债务2119.2亿元，同比下降150亿元，杠杆率50.4%/yoy-2.9pct。标普全 总股本(亿股) 81.77 更 球将复星评级展望由“负面”调升为“稳定”。公司通过持续“瘦身”强化流动 新 流通港股(亿股) 81.77 性管理，提升产业运营和轻资产能 ...

Financial Performance - The company achieved a total revenue of RMB 1982 billion in 2023, representing an 8.6% year-on-year increase [1] - Net profit attributable to the parent company reached RMB 13.8 billion, showing significant growth compared to the previous year [1] - The company's debt structure improved, with interest-bearing debt decreasing by RMB 15 billion and the total debt-to-capital ratio dropping to 50.4% [1] Innovation and R&D - The company invested RMB 7.4 billion in technological innovation in 2023, a 14% year-on-year increase, exceeding revenue growth [1] - Intuitive Fosun successfully launched the first domestically produced Da Vinci surgical robot in November 2023 [1] - Fosun Rui Zhi Xing optimized its front-fusion algorithm and implemented a satellite architecture multi-chip radar system, achieving high scalability in radar algorithms and front-fusion solutions on high-performance SoC domain control platforms [1] Global Operations - Overseas revenue reached RMB 89.2 billion in 2023, accounting for 45% of total revenue and showing a 6% year-on-year increase [1] - The company has established industrial layouts in over 35 countries and regions, developing a "global organization + local operation" model [1] - The company's global strategy focuses on creating global capabilities, integrating global R&D and markets [1] Cultural Influence - The Yuyuan Lantern Festival, a representative Chinese cultural event, was successfully held in Paris, France, attracting nearly 200,000 local visitors [2] - The event served as the opening ceremony for the 60th anniversary of Sino-French diplomatic relations and the Sino-French Cultural Tourism Year [2] Strategic Focus - The company has shifted its industrial operation strategy from global exploration to deep mining in established industries, aiming for stable profit growth [2] - The company remains committed to its core philosophy of "rooted in China, serving the world" and continues to focus on creating healthy, happy, and prosperous lives for global families [1][2]

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。 1 致股東的信 年度業績公告 截至2023年12月31日止年度 尊敬的各位股東： 財務摘要 2023年，全球經濟復蘇與挑戰並存，復星全體員工上下一心，積極抓住機遇， 堅持行穩致遠，總體實現了穩健增長的發展目標。 | 截至 | 月 | 日止年度 | 12 | 31 | 2023 | 2022 | 以人民幣百萬元列示 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | (重列*) | 198,200.3 | 182,425.8 | 收入 | | | | | | | | 46,314.4 | 48,001.3 | 健康 | 88,946.4 | 70,739.5 | 快樂 | | | | | | 51,779.5 | 54,754.8 | 富足 | 37,453.6 | 39,460.1 | 保險 | | | | | | ...

聚焦發展，穩健升級 2023年上半年，國際政治經濟環境依然複雜多變，國內經濟溫和復甦，面對紛繁複雜的宏觀環境，復星 加快聚焦家庭消費主賽道，專注發展核心優勢產業，整體業務穩健向上。報告期內，本集團實現總收入 人民幣970.6億元，同比增長10.9%；反映企業經營質量的關鍵指標一產業運營利潤達人民幣33.7億元， 同比增長5.5%，若剔除已處置企業（含未交割企業）利潤因素，則同口徑同比強勁提升66%；報告期內歸 屬於母公司股東之淨利潤為人民幣13.6億元。 與此同時，復星持續優化資金和資產結構，加大非戰略非核心資產處置，並積極開拓融資渠道，流動性 保持良好韌性。報告期內，本集團合併報表層面退出項目回籠現金超人民幣200億元；2023年1月，復星 高科成功在國內獲得8家銀行的人民幣120億元銀團貸款，體現了國內銀行對民營企業發展的堅定支持。 在公開市場融資渠道方面，復星高科於2023年1月和7月分別完成人民幣10億元超短期融資券發行。報告 期內，本集團成功跨越公開債務的到期牆，共兌付境內債券人民幣67.3億元及超過美元27億元的境外債 務。截至2023年6月30日止，本集團於一年內已無大額境外債券到期。信用狀況的 ...