In the first half of 2025, FOSUN INTL (00656) actively seized macroeconomic and industry trends, deepened strategic focus, and achieved steady growth in core businesses through the dual-engine drive of innovation R&D and deep global operations. During the period, the company achieved total revenue of RMB 87.28 billion, industrial operating profit of RMB 3.15 billion, and net profit attributable to parent company of RMB 6.6 billion. Meanwhile, Fosun continued to optimize its asset portfolio, maintained robust financial conditions, and preserved ample cash reserves. As of the end of the reporting period, the total debt-to-total capital ratio remained at a healthy level of 53%. In May 2025, international rating agency S&P gave full recognition to Fosun's credit indicators, confirming a "stable" rating outlook.
In the short term, FOSUN INTL firmly advances business focus and asset structure optimization, elevating asset quality to new heights while significantly strengthening risk resistance and capital security capabilities, laying a solid foundation for high-quality development. Looking ahead, as an innovation-driven global family consumption industry group, Fosun's major business segments possess abundant growth momentum. With the accelerated advancement of the "globalization + innovation" dual-wheel strategy, FOSUN INTL is expected to not only continue consolidating its global market competitiveness but also open new channels for value growth.
**Global Layout Contributes Over Half of Revenue, Strategic Foundation Continuously Strengthened**
In the first half of 2025, global capital markets underwent a stress test—trade barriers rebuilt amid geopolitical tensions, US twin deficits combined with high debt narrative driving significant gold recovery, and dollar weakness with narrowing interest rate differentials directing capital flows toward emerging markets. Against this backdrop of multi-threaded turbulence, China's export industry demonstrated remarkable resilience, compensating to some extent for consumption shortfalls. Additionally, new consumption, biopharmaceuticals, and AI-led technological innovation flourished vigorously, gaining recognition from domestic and international capital market investors.
Amid profound adjustments in the global economic landscape and complex trade environments, FOSUN INTL practiced its "global organization + local operation" globalization strategy, continuously deepening global industrial layout and resource integration, demonstrating exceptional cross-cycle operational capabilities. In the first half of 2025, Fosun established industrial presence in over 40 countries and regions globally, with overseas revenue reaching RMB 46.67 billion, accounting for 53% of group total revenue, marking Fosun's globalization process entering a phase of deep operations.
FOSUN INTL achieved efficient resource integration and precise market penetration through deep localization. For example, Fidelidade leveraged its network advantages in Portuguese-speaking countries and European markets to actively explore emerging markets such as Brazil and Angola. Fidelidade's international business accounted for 28.2% of total business volume, with overseas gross premiums reaching EUR 924 million.
Fosun Tourism's performance was even more impressive through premium assets like Club Med. Club Med achieved record-breaking global performance with revenue of RMB 9.25 billion, up 3.8% year-on-year, and operating profit of RMB 1.27 billion, up 11.0% year-on-year. With strong demand for summer vacations and the upcoming snow season maintaining momentum, sustainable growth in bookings is expected for the second half of 2025 and first half of 2026.
FOSUN INTL not only empowers overseas member companies to achieve deep local market cultivation but also drives domestic industrial groups to actively go global, promoting "Chinese R&D" and "Chinese brands" worldwide. In the pharmaceutical sector, Shanghai Henlius under Fosun Pharma became a benchmark for innovative drug overseas expansion. During the reporting period, Shanghai Henlius achieved consecutive major breakthroughs in globalization business. The core innovative product in oncology, serplulimab (Hansizhuang), the world's first anti-PD-1 monoclonal antibody approved for first-line treatment of small cell lung cancer, achieved global sales revenue of RMB 597.7 million. In the first half, serplulimab was successively approved in the EU, Singapore, Malaysia, UK, and India for first-line treatment of extensive-stage small cell lung cancer, and approved in Indonesia and Thailand for treating squamous non-small cell lung cancer. Currently, serplulimab has been successfully approved for market launch in nearly 40 countries and regions, covering nearly half of the global population.
Pertuzumab biosimilar HLX02, a core product in breast cancer treatment, is a "Chinese-origin" monoclonal antibody biosimilar approved in China, EU, and US, achieving global sales revenue of RMB 1.444 billion in the first half and gaining approval in countries including Mexico, with cumulative approvals in over 50 countries and regions globally. During the reporting period, Shanghai Henlius' overseas product profits surged over 200%, with BD contract cash inflows exceeding RMB 1 billion, up 280% year-on-year. With increasing sales of overseas commercialized products, overseas product revenue and profits are expected to achieve substantial growth for full year 2025, with potential for continued high-speed growth in 2026.
While consolidating traditional markets, Fosun accelerated expansion into global emerging markets. Fosun Pharma reached strategic cooperation with Saudi Arabia's comprehensive healthcare group Fakeeh Care Group to jointly advance innovative therapeutic products in Saudi Arabia. Yigao Technology formed a joint venture with Saudi company Khaled Juffali Company to provide production line solutions for Saudi Arabia's electric vehicle industry, already securing the first order. Germany's HAFS fund services will also leverage Fosun's global ecosystem to expand into emerging markets including Middle East and Asia, strengthening its asset-light operating model.
FOSUN INTL's first-half performance fully demonstrates that its globalization has evolved beyond regional expansion or quantitative changes in revenue composition to systematic ecological capabilities—achieving efficient resource allocation through "global organization + local operation," breaking market boundaries through "Chinese capabilities going overseas," and enhancing global competitiveness through innovation R&D.
**Multi-Segment Innovation Results Landing, Technology Innovation Builds Moat and Creates Growth Curves**
Fosun has consistently elevated technological innovation to strategic core importance, systematically building innovation ecosystems with global vision, establishing over 20 global innovation centers in key global markets, forming a cross-regional, multi-level innovation network system. The company maintains high-intensity R&D investment, comprehensively advancing industrialization and commercialization of innovative results, forming globally competitive product portfolios and technology reserves in strategic tracks including pharmaceutical health, high-end medical devices, green new energy, and advanced new materials.
In the first half of 2025, FOSUN INTL's innovation investment reached RMB 3.6 billion, with the integrated global innovation system of "independent R&D + investment incubation + ecosystem cooperation" continuing to deliver results, producing a batch of globally competitive innovative achievements. This forward-looking innovation layout not only significantly strengthened Fosun's core moats in various industrial sectors but also successfully cultivated multiple strongly growing new business poles, injecting powerful momentum for the group to maintain continued leadership in global markets. FOSUN INTL is using innovation as core driving force to explore more imaginative new growth patterns in global industrial transformation.
Pharmaceuticals remains the segment with the most concentrated innovative results. In the first half, four innovative drugs with five indications independently developed or licensed by Fosun Pharma were approved for market launch domestically and internationally, with four innovative drugs filed for market approval. Among these, Fosun Pharma's independently developed Class I new drug "Fumaining" (Alflutinib tablets) was approved for launch in China, filling treatment gaps in rare disease oncology. In August 2025, Fosun Pharma's small molecule oral DPP-1 inhibitor in research was licensed overseas with potential total value of USD 645 million.
Following the DPP-1 inhibitor overseas licensing news, on August 27, Fosun Pharma announced the overseas licensing of its self-developed immunomodulatory small molecule inhibitor FXS6837, reaching a licensing agreement with UK biotech company Sitala. Under the agreement, Sitala will pay up to USD 190 million in upfront payments, development and commercialization milestone payments, and provide Fosun Pharma Industry with USD 5 million worth of Sitala shares at zero consideration. In the future, Sitala will also pay up to USD 480 million in sales milestone payments based on sales performance.
Shanghai Henlius, as a key force in Fosun Pharma's innovation system, has particularly noteworthy R&D progress across multiple projects. The pipeline nurtures several "multi-billion dollar" level future stars. Industry analysis suggests that serplulimab has global terminal market potential exceeding USD 5 billion; HLX22 (HER2) is expected to change first-line gastric cancer SOC and target the broader breast cancer market with global terminal market potential exceeding USD 10 billion; HLX43 (PD-L1 ADC) covers mainstream cancer types including non-small cell lung cancer and liver cancer, with global terminal market potential exceeding USD 15 billion.
Fosun's innovation capabilities are not limited to pharmaceuticals but comprehensively penetrate consumer, resources, tourism and other business segments, forming a positive ecosystem of multi-industry collaborative innovation. For example, Fosun Tourism continues advancing business model innovation, with the second phase of Taicang Alps International Resort officially launching in June 2025. This project will create a top-tier indoor ski resort featuring five "world firsts," expected to begin operations in June 2029, becoming a new benchmark in the global tourism industry and further consolidating Fosun Tourism's leadership position in the high-end leisure market.
In summary, through systematic R&D investment, globalized innovation layout, and cross-industry ecosystem collaboration, FOSUN INTL has not only achieved transformation from "following" to "parallel running" and even "leading" in multiple key technology areas but also gradually built a technology industry system with international influence.
**AI-Enabled Innovation Exploration, Technology Ecosystem Synergy Capabilities Increasingly Evident**
Beyond the intensive harvest period of innovation results, FOSUN INTL also advances AI-enabled innovation exploration across the entire system, demonstrating strong technology ecosystem synergy capabilities and strategic vision. FOSUN INTL clearly proposed a "comprehensive AI embrace" strategy, promoting deep integration of artificial intelligence technology with various industries to achieve operational efficiency leaps, accelerated product innovation, and upgraded user experiences.
In pharmaceuticals, Fosun Pharma created the industry's first decision intelligence platform Pharm AID, integrating multiple global clinical information and pipeline databases with data updates as fast as T+1 day. Pharmaceutical and health content generation accuracy exceeds general large models, with information extraction efficiency improved by 50% in R&D decision evaluation and pipeline optimization.
In financial services, Fidelidade leveraged AI application systems to comprehensively improve business process efficiency and enhance data accuracy, driving rapid insurance business development. During the reporting period, Fidelidade's total internet users exceeded 2 million, approaching 20% of Portugal's total population. Through AI technology application, auto insurance automatic claims settlement rate increased from 48% at end-2023 to 66% at end of reporting period.
With the deep integration of global blockchain technology and financial innovation, Fosun Wealth Holdings accelerated Web3 layout. Its self-incubated Starway Technology launched the globally leading one-stop RWA (Real World Assets) technology, issuance, and distribution platform—FinRWA Platform in July 2025, actively advancing multiple asset tokenization technology solution projects.
In conclusion, with continuously optimized asset structure and increasingly focused core businesses as strong foundation, FOSUN INTL demonstrates increasingly solid high-quality development momentum. The group's financial "safety cushion" is substantial, with financial health receiving full recognition from international rating agencies, building solid backing for seizing global opportunities and achieving leapfrog growth. More encouragingly, Fosun's innovation momentum is fully unleashed, with continuous breakthroughs across pharmaceuticals, consumer, tourism and other segments, AI comprehensively empowering industrial upgrades, and cutting-edge layouts like RWA opening new growth imagination. Under the powerful drive of the "globalization + innovation" dual engines, FOSUN INTL's future growth curve is clear, with long-term value release highly anticipated.