FOSUN INTL(00656) 第一财经·2025-04-01 06:54Core Viewpoint - Fosun International aims to balance its asset portfolio by exiting heavy asset projects and reducing financial leverage while enhancing its industrial operations [2][3]. Financial Performance - For the fiscal year 2024, Fosun International reported total revenue of 192.14 billion yuan, with an industrial operating profit of 4.9 billion yuan. The company recorded a loss attributable to shareholders of approximately 4.35 billion yuan, primarily due to adjustments in the book value of its investment in Cainiao [2][3]. - The book loss is mainly attributed to a non-cash impairment related to the decline in the valuation of the Cainiao project, with a significant adjustment leading to a one-time non-cash loss of about 5.1 billion yuan [3]. Investment Strategy - Fosun's CFO indicated that the company has invested approximately 1.5 billion yuan in Cainiao, with a historical cumulative return of about 4.4 billion yuan, resulting in an internal rate of return (IRR) of approximately 34% [3]. - The company plans to continue its strategy of "slimming down and balancing" by divesting from heavy asset projects and non-core industries while investing in innovative sectors with significant growth potential [3]. Globalization Efforts - In 2024, 49.3% of Fosun's revenue came from overseas markets, reflecting a year-on-year increase of 6.2%. The company aims to gradually increase the proportion of overseas revenue in the coming years [4]. - Fosun's globalization strategy includes promoting Chinese enterprises and industries abroad while expanding its investments in overseas companies, with a notable example being its insurance business in Portugal, which derives 29.8% of its revenue from outside Portugal [4].