Fosun International: Total revenue of RMB 1,734.3 billion and adjusted operating profit of RMB 40 billion in 2025

2025 Performance Summary:

· Total revenue reached RMB 173.43 billion, with adjusted industrial operating profit reaching RMB 4 billion;

· Overseas revenue reached RMB 94.86 billion, accounting for 54.7% of total revenue, an increase of 5.4 percentage points year-over-year;

· Investment in scientific innovation reached RMB 7.8 billion, with 16 indications approved for listing both domestically and internationally for seven innovative drugs;

· Cash, bank balances, and fixed deposits amounted to RMB 61.1 billion, with unused bank credit totaling RMB 144.6 billion;

· The company aims to gradually restore profits to the RMB 10 billion level while reducing group-level total debt to below RMB 60 billion;

· The target dividend payout ratio for the 2026 fiscal year is planned to increase from the current 20% to 35%, with a commitment to continuously enhance the payout ratio. Based on cumulative distributable profits, the dividend for the 2026 fiscal year is expected to be no less than HKD 1.5 billion.

(Hong Kong, Shanghai, March 30, 2026) Fosun International Limited (Stock Code: 00656 on the Hong Kong Stock Exchange, referred to as 'Fosun International') and its subsidiaries (collectively referred to as 'Fosun' or 'the Group') today announced their financial results for the 12 months ended December 31, 2025 (referred to as 'the reporting period').

In 2025, Fosun maintained a solid fundamental performance, with core sectors like pharmaceuticals and healthcare, insurance, and finance showing robust growth momentum. Driven by the dual engines of innovation and globalization, the group reported total revenue of RMB 173.43 billion, with adjusted industrial operating profit reaching RMB 4 billion. Revenue from the four core subsidiaries totaled RMB 128.2 billion, accounting for 74% of the group’s total revenue. Among them, Fosun Pharma, the core subsidiary in the health segment, reported net profit attributable to shareholders of RMB 3.371 billion, a year-on-year increase of 21.69%. Meanwhile, Fosun Portugal Insurance, the core subsidiary in the wealth segment, posted net profit attributable to shareholders of EUR 201 million, a year-on-year increase of 15.8%.

Fosun continues to advance its 'streamlining and focusing on core businesses' strategy. During the reporting period, in accordance with the principle of prudence, non-cash impairment provisions and value reassessments were made for some real estate projects showing signs of impairment and goodwill and intangible assets in certain non-core business segments, resulting in an annual book loss of RMB 23.4 billion, of which real estate-related impairments accounted for about 55%, and non-core asset impairments accounted for about 45%. This provision does not affect the company's overall operations and cash flow.

Guo Guangchang, Chairman of Fosun International, stated in his letter to shareholders: 'Some of the projects we previously invested in indeed show a deviation in value compared to when we initially invested, given the current market conditions. Therefore, the board has prudently decided to complete this asset write-down, allowing Fosun to better focus its resources and efforts on high-growth core sectors. While the global economy is brewing opportunities amid volatility and China’s innovative industries are experiencing growth trends, deepening our layout at this time will not only optimize our asset structure but also secure a leading position in the industry, making Fosun more agile, healthy, and sustainable.'

Meanwhile, Fosun maintains a healthy financial position, with ample cash reserves, robust net asset size, and positive operating cash flow. As of the end of the reporting period, the total debt-to-total capital ratio was 57%; in addition to cash, bank balances, and term deposits amounting to RMB 61.1 billion, the total unused bank credit lines amounted to RMB 144.6 billion. A healthy debt ratio and abundant liquidity enhance risk resistance while improving the ability to seize opportunities. The international rating agency S&P Global confirmed Fosun International's outlook as 'stable'.

Guo Guangchang stated: 'It is precisely because of our solid foundation and the unwavering support of our partners that we have the confidence and determination to choose to 'fix the roof while the sun is shining', to let go of the burden at this moment and pursue foreseeable, sustainable growth in the future. We must deepen and thoroughly develop our core businesses; this is the path Fosun must take to move forward more steadily and further in the next phase.'

Innovative achievements are being implemented intensively, with strong growth momentum in innovative drugs.

Innovation is the development engine that Fosun has always adhered to and continuously increased investment in. During the reporting period, the group's investment in scientific research reached RMB 7.8 billion, and the globally integrated innovation system comprising 'independent research and development + investment incubation + ecosystem cooperation' has become increasingly mature.

In terms of innovative drug research and development, the high-intensity R&D investment has continued to translate into globally competitive innovative results. During the reporting period, Fosun Pharma received approval for 16 indications across seven innovative drugs domestically and internationally, and six innovative drugs had their marketing applications accepted. Among them, the self-developed small molecule innovative drug Fumaning (Luvoxamine Maleate Tablets) received dual-indication approvals in China, filling a domestic gap in rare tumor treatments; CDK4/6 inhibitor Futoning (Citrate Voruciclib Capsules) launched two indications, providing new treatment options for breast cancer patients. Additionally, five innovative drugs were newly included in the 2025 National Medical Insurance Directory, and Fosun Karry's CAR-T product Yikaiya (Axicabtagene Ciloleucel Injection) was included in the first edition of the commercial insurance innovative drug directory, enhancing patient access to innovative drugs while further expanding commercialization potential.

During the reporting period, Fosun received regulatory approvals from China, the US, and Europe for nearly 40 clinical trials of innovative drugs, with multiple core products entering pivotal clinical stages, laying a solid pipeline foundation for subsequent commercial growth. Among them, HLX43 from Henlius, a potentially best-in-class broad-spectrum anti-tumor PD-L1 ADC, demonstrated accelerated realization of its 'single-drug pipeline' potential, showing significant advantages of 'high efficacy, low toxicity' in areas such as non-small cell lung cancer, gynecological tumors, and esophageal squamous cell carcinoma. The international multicenter Phase III clinical study of HLX22, a novel epitope anti-HER2 monoclonal antibody, comparing head-to-head with first-line standard therapy for HER2-positive gastric cancer, also progressed steadily and became the world's first gastric cancer-targeted HER2 therapy to receive orphan drug designations from both the EU and the US.

The concentrated emergence of innovative drugs is becoming the core engine of Fosun's high-elasticity growth in the pharmaceuticals and healthcare sector. During the reporting period, Fosun Pharma's revenue from innovative drugs reached RMB 9.893 billion, increasing by 29.59% year-on-year, and accounting for 33.16% of pharmaceutical business revenue. Henlius achieved revenue of RMB 6.667 billion and net profit of RMB 827 million, marking three consecutive years of double growth in revenue and profit.

Facing the burgeoning AI wave, Fosun remains committed to solving practical problems, deeply applying AI technology to various business scenarios to accelerate innovation and improve operational efficiency. For instance, Fosun Pharma developed the PharmAID intelligent pharmaceutical platform, which improved the intelligent extraction efficiency of drug R&D and industrial intelligence information by about 50%, and is continuously being iterated and upgraded to provide systematic support for drug commercial value assessment and R&D decision-making. Fosun Tourism created AI G.O, which provides full-journey intelligent services covering 'pre-trip, during-trip, and post-trip,' successfully implemented at Sanya Atlantis and several Club Med resorts in China. Fosun Portugal Insurance has nearly 22% of the Portuguese population as digital users, and AI large models have started creating business value across various fields.

Globalization enters a new phase, with the insurance sector showing strong performance

Fosun's globalization began with overseas industrial layout and, after nearly 20 years of capacity building, is now advancing towards a systematic globalization of products, services, and brands. In 2025, the group’s overseas revenue reached RMB 94.86 billion, increasing its share of total revenue by 5.4 percentage points year-over-year to 54.7%.

During the reporting period, Henlius' core product H drug Hansizhuang continued to unlock its global commercial potential, generating global sales revenue of RMB 1.493 billion, a year-over-year increase of 13.7%. To date, the H drug has been approved for marketing in over 40 countries and regions, making continuous breakthroughs in lung cancer and gastrointestinal tumors, aiming for several 'world firsts.' With the accelerated release of global commercial momentum and differentiated clinical value, the H drug aims to become the next domestically innovative drug with annual global sales exceeding RMB 10 billion.

In 2025, Fosun's globalization process in the biopharmaceutical field achieved a strategic upgrade from 'product exports' to 'systematic exports,' achieving comprehensive breakthroughs in innovative R&D, production quality, registration access, commercialization, and academic influence. It has built a global operating network covering markets in China, the United States, Europe, Africa, India, and Southeast Asia. The company also made significant achievements in business development (BD), with total upfront payments for out-licensing and cooperative development exceeding USD 260 million in the full year, and potential milestone payments surpassing USD 4 billion. Notably, the global licensing project for the GLP-1 target YP05002 with Pfizer included an upfront payment of USD 150 million and a potential total amount of USD 2.085 billion, fully demonstrating Fosun's global competitiveness in innovative drug R&D.

Meanwhile, Fosun's domestic and overseas insurance companies achieved comprehensive growth. Fosun Portugal Insurance's total gross premium for the year reached EUR 6.53 billion, with net profit attributable to shareholders reaching EUR 201 million, a year-over-year increase of 15.8%. On one hand, it continuously consolidated its leading position in the Portuguese market, with an overall market share of 28.1% as of the end of the reporting period. On the other hand, international business maintained rapid growth, accounting for more than 30% of the consolidated total business scale, with the Latin American region contributing over 60%. In July 2025, S&P Global Ratings assigned Fosun Portugal Insurance its first-ever A credit rating.

Driven by a global diversification strategy, Peak Reinsurance achieved a breakthrough in performance, with total gross premiums growing strongly by 25% year-over-year to USD 2.2 billion. During the reporting period, Peak Reinsurance received approval from the International Financial Services Centres Authority (IFSCA) in India to establish an IFSC Insurance Office (IIO) reinsurance branch and obtained relevant licenses, continuing to focus on emerging markets while further increasing penetration in mature markets such as Europe and North America.

After years of accumulation, the two domestic insurance companies under Fosun achieved new levels of profitability in terms of both scale and quality in 2025. Fosun P&C Life Insurance's total premium for the year reached RMB 13.28 billion, a year-over-year increase of 41.6%, and net profit reached RMB 650 million, a substantial increase of 492%. Fosun United Health Insurance's total insurance business income for the year reached RMB 7.84 billion, a year-over-year increase of 50.1%, and net profit reached RMB 139 million, marking five consecutive years of profitability.

Leveraging Fosun's industrial layout and deep operations in over 40 countries and regions worldwide, more companies and brands under Fosun are accelerating their globalization efforts.

Fosun Tourism Group’s Club Med conducts sales and marketing operations in over 40 countries and regions across six continents, operating 67 resorts. During the reporting period, Club Med achieved record-high results, recording revenue of RMB 17.97 billion, a year-over-year increase of 2.1%; the global average occupancy rate reached 75.8%, up 1.8 percentage points year-over-year; and the average daily bed price was RMB 1,948.9, an increase of 3.0% compared to 2024.

Hainan Mining's 'overseas resources + Hainan processing' model has entered the substantive operation phase. The Mali Bogouni lithium mine produced 45,000 tons of lithium concentrate in 2025, with the first batch of 30,000 tons of lithium concentrate arriving at Yangpu Port in Hainan in January 2026, becoming the first 'zero-tariff' declared inbound shipment of new energy minerals after the free trade port closed its customs operations. Additionally, through its subsidiary Roc Oil and the completed acquisition of the Oman oilfield project, Hainan Mining is accelerating the creation of a 'minerals + energy' network covering West Africa, the Middle East, and Southeast Asia.

Yuyuan Co.'s core businesses such as jewelry and catering, along with the Yuyuan Lantern Festival project, have made breakthroughs in their international expansion. During the reporting period, Songhe Tower, a time-honored catering brand, opened its first overseas store in London, UK; the jewelry brand Lao Miao opened its first overseas store in Kuala Lumpur, Malaysia, using it as a base to expand into Southeast Asia and other overseas markets; the Thailand Yuyuan Lantern Festival attracted more than 4 million visitors.

Adhering to 'business for good' and sticking to long-termism

Fosun has always upheld the corporate values of 'self-cultivation, family harmony, career establishment, and helping the world,' relying on its core capabilities in innovation and globalization to deepen the integration of ESG and business, contributing to global sustainable development.

In terms of social welfare, Fosun Pharma continues to contribute 'Chinese solutions' to global malaria control. As of the end of 2025, its self-developed artesunate injection has cumulatively treated over 88 million severe malaria patients worldwide and supplied more than 4.4 billion doses of artesunate injections globally.

In rural revitalization, as of the end of 2025, the Rural Doctors Project has covered 78 project counties across 16 provinces and regions (including 25 key assistance counties for national rural revitalization), supporting 25,000 rural doctors, benefiting 3 million rural households and 16.34 million rural residents.

In March 2026, due to its excellent performance across various dimensions of ESG, Fosun received the highest MSCI ESG rating of AAA. Additionally, S&P Global CSA scores remained at a leading level among global peers and were included in the S&P Global Sustainability Yearbook 2026; the Hang Seng Sustainability Rating remained at AA-, being listed in the Hang Seng Sustainability Enterprise Benchmark Index constituent stocks for six consecutive years; FTSE Russell's ESG score also remained at a leading level, being selected as a constituent stock of the FTSE Russell Social Responsibility Index five times consecutively.

Guo Guangchang stated that Fosun's mid-term financial target plan is as follows: strive to gradually restore profitability to the scale of RMB 10 billion; aim to recover RMB 60 billion in funds at the group level, reducing the group's total liabilities to below RMB 60 billion, aiming to achieve an 'investment-grade' rating.

In terms of further enhancing shareholder returns, in addition to shareholding by controlling shareholders and management and the company continuing to execute share repurchases, Fosun announced that the dividend payout ratio target for the fiscal year 2026 will be increased from the current 20% to 35%, committing to continuously increase the dividend payout ratio. Based on the company's accumulated distributable profits, the dividend for the fiscal year 2026 is expected to be no less than HKD 1.5 billion.

Guo Guangchang said, 'The future of Fosun will not compete for short-term gains; we will lay a foundation for long-lasting success.'

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