FOSUN INTL(00656) 36氪·2025-04-02 11:24Core 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]