On August 27, 2025 Fosun International Limited (HKEX stock code: 00656, "Fosun International"), together with its subsidiaries ("Fosun" or the "Group"), reported its interim results for the six months ended 30 June 2025 (the "Reporting Period") (Press release, Fosun, AUG 27, 2025, View Source [SID1234655530]).
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In the first half of 2025, Fosun actively captured macroeconomic trends, maintained a clear strategic focus, and leveraged its strong capabilities in innovation and globalization to drive steady business development. Its long-term commitment to innovation led to multiple breakthroughs, with the innovative drug business entering a period of rapid growth. Globalization efforts continued to bear fruit. Overseas revenue contribution rose and expansion into emerging markets progressed steadily. In addition, Fosun fully embraced AI applications to empower its businesses, accelerating innovation and enhancing efficiency, while developing new growth points. Meanwhile, its "business streamlining, and advancements and exits" strategy delivered notable results, with asset structure further optimized and financial position remaining solid. During the Reporting Period, the Group’s total revenue reached RMB87.28 billion, industrial operation profit amounted to RMB3.15 billion, and profit attributable to owners of the parent reached RMB661.2 million.
The four core subsidiaries – Fosun Pharma, Yuyuan, Fosun Insurance Portugal and Fosun Tourism Group ("FTG") – achieved a total revenue of RMB63.61 billion in the first half of 2025, accounting for 73% of the Group’s total revenue. Fosun Pharma’s profit attributable to parent amounted to RMB1.7 billion in the first half of the year, representing a year-on-year increase of 38.96%. Yuyuan’s core businesses stabilized and began to recover, with the jewelry and fashion segment generating RMB12.9 billion in operating revenue during the first half of the year, including RMB7.6 billion in the second quarter, representing a substantial quarter-on-quarter increase. Fosun Insurance Portugal saw steady growth in both domestic and international businesses, achieving a net profit of EUR133 million, representing a year-on-year increase of 27.6%. FTG’s global operational capabilities continued to improve. Its business volume reached a record high of RMB9.53 billion, and adjusted net profit grew 42.0% year-on-year.
Meanwhile, Fosun continued to optimize its asset portfolio, maintaining a solid financial position with ample cash reserves. As at the end of the Reporting Period, the total debt to total capital ratio stood at 53%, with debt ratio remaining at a healthy level. In May 2025, the international credit rating agency S&P affirmed Fosun’s credit metrics and maintained its rating outlook as "Stable". The Group’s Hong Kong-listed companies in the Health segment saw a strong market capitalization performance in the first half of 2025, driving a revaluation of underlying asset values.
Guo Guangchang, Chairman of Fosun International, said: "In the first half of the year, we remained steadfast in implementing our core business-focused strategy. Our core segments—pharmaceuticals and healthcare, cultural tourism and consumption, financial services and insurance—delivered steady growth. In particular, we achieved several industry-leading breakthroughs in innovative drugs, which have not only been well received by the market but will also benefit more patients worldwide. Meanwhile, we continued to strengthen our global operating capabilities, allowing more competitive products and services to accelerate their expansion into international markets to serve a growing number of families."
Innovative drug business ushers in a period of rapid growth, fostering multiple "China’s first" and the "World’s first" innovations
Innovation is a core competence that Fosun has accumulated over a long period of time and has consistently adhered to. During the Reporting Period, Fosun’s investment in technology innovation reached RMB3.6 billion and its global innovation system integrating "independent R&D + investment incubation + ecosystem collaboration" continued to gain momentum, fostering a series of globally competitive innovations.
In terms of therapeutic drugs, a total of 5 indications of 4 innovative drugs independently developed and licensed-in by Fosun Pharma were approved for launch both domestically and internationally, 4 innovative drugs had entered the pre-launch approval stage. Among them, the Class I new drug independently developed by Fosun Pharma, FUMAINING (luvometinib tablets), was approved for marketing in Chinese mainland, filling the treatment gap in the field of rare tumors. In August 2025, the small molecule orally administered DPP-1 inhibitor developed by Fosun Pharma achieved overseas licensing for a potential total of US$645 million.
Henlius’ HLX43 is a PD-L1-targeting antibody-drug conjugate (ADC) currently in global Phase II clinical trials. It is undergoing clinical studies for solid tumors such as non-small cell lung cancer (NSCLC) and thymic carcinoma in countries including China, the United States, Japan, and Australia. HLX43 has demonstrated notable competitiveness in terms of drug safety, efficacy, and R&D progress, and holds strong potential to become a broad-spectrum anti-cancer drug. At the upcoming World Conference on Lung Cancer in September 2025, ten cutting-edge studies featuring Henlius’ innovative products, including HLX43, have been selected for presentation. In addition, HLX22, an innovative anti-HER2 monoclonal antibody, was granted Orphan Drug Designation (ODD) by the European Commission (EC) for the treatment of gastric cancer, marking it as the first anti-HER2-targeted therapy for gastric cancer to receive ODD approval from both the EU and the US. Henlius is continuously expanding its innovation pipeline in disease areas like oncology and autoimmune, advancing a differentiated portfolio of potential best-in-class (BIC) and first-in-class (FIC) candidates.
In addition, breakthrough progress has been made in the fields of medical devices and diagnostics. Leveraging the "licensed medical devices" permission in Hainan, the Da Vinci SP endoscopic single orifice surgical system has completed real-world study reports across multiple specialties, helping accelerate its formal registration and approval process. Meanwhile, the operating entity of the "MRgFUS" (MR guided focused ultrasound) brain therapy system, Fosun Insightec, is steadily advancing the registration of new models and the expansion into new indications.
In the field of cultural and tourism consumption, construction of FTG’s Taicang Alps Resort Phase II project commenced in June 2025, which will feature an indoor ski facility boasting five "world’s firsts". The project is scheduled to begin operations in June 2029.
Combining global resources with China’s capabilities, proportion of overseas revenue exceeds half of total revenue
Leveraging its business presence and profound industry operations in over 40 countries and regions around the world, Fosun’s overseas revenue saw steady growth. In the first half of 2025, overseas revenue reached RMB46.67 billion, accounting for 53% of the Group’s total revenue.
Henlius consistently achieved major breakthroughs in global operations during the Reporting Period. Its core innovative product HANSIZHUANG (serplulimab), the world’s first anti-PD-1 monoclonal antibody (mAb) approved for first-line treatment of small cell lung cancer (SCLC), recorded a global sales revenue of RMB597.7 million. In the first half of 2025, HANSIZHUANG received approvals in the EU, Singapore, Malaysia, the United Kingdom and India for first-line treatment of extensive-stage small cell lung cancer (ES-SCLC). Additionally, it was approved in Indonesia and Thailand for the treatment of squamous non-small cell lung cancer (sqNSCLC). To date, HANSIZHUANG has been successfully approved in nearly 40 countries and regions, covering nearly half of the world’s population. Henlius’ core breast cancer product HANQUYOU (trastuzumab), the "China-developed" mAb biosimilar approved in China, the EU, and the US, recorded a global sales revenue of RMB1.4442 billion in the first half of 2025. During the Reporting Period, HANQUYOU was newly approved in countries including Mexico, bringing its cumulative approvals to over 50 countries and regions worldwide.
During the Reporting Period, Henlius’ overseas products profits surged over 200%. Cash inflows from BD agreements exceeded RMB1 billion, surging 280% year-on-year. As the overseas sales volume of commercialized products continues to rise, the company expects significant growth in overseas revenue and profits for the full year of 2025, with strong momentum likely to continue into 2026.
Fosun rapidly advanced its pace of global expansion across more industries and business segments. Hainan Mining commenced pilot production at Phase 1 of the Bougouni lithium mine in Mali and will strategically initiate the planning of Phase 2 development. Leveraging its established projects such as the Bougouni lithium mine in Mali, Roc Oil oilfield project in Malaysia and the recently acquired oilfield project in Oman, Hainan Mining is accelerating the building of a "Minerals + Energy" network spanning West Africa, the Middle East, and Southeast Asia. Revenue from overseas operations has now increased to 57% of total revenue.
Following its overseas debut in Paris, France in late 2023, the Yuyuan Lantern Festival continued its overseas journey in 2025: In January, the themed lantern installation made a stunning appearance in Hanoi, Vietnam, commemorating the 75th anniversary of the establishment of diplomatic relations between China and Vietnam. In June, the Lantern Festival officially lit up at ICONSIAM, a renowned commercial landmark in Bangkok, Thailand, as part of the celebrations marking the 50th anniversary of the establishment of diplomatic relations between China and Thailand. In April 2025, Songhelou, a time-honored Chinese brand with a 268-year history, opened its first overseas restaurant in London, the UK, marking its debut on the international culinary stage.
At the same time, the global operations of Fosun’s overseas subsidiaries continued to grow. During the Reporting Period, Fosun Insurance Portugal’s international operations accounted for 28.2% of total consolidated business and overseas gross written premiums ("GWP") reached EUR924 million. In July 2025, S&P initiated coverage on Fosun Insurance Portugal and assigned it an "A" rating, recognizing its high-quality and well-balanced business portfolio, continuous international expansion, solid financial performance, and strong capital adequacy.
During the Reporting Period, Club Med’s global performance once again reached a record high. Its business volume amounted to RMB9.25 billion, representing a year-on-year increase of 3.8%; operating profit reached RMB1.27 billion, up 11.0% year-on-year. With strong demand continuing for the summer vacation season and the upcoming snow season, bookings are expected to witness sustainable growth in the second half of 2025 and the first half of 2026.
While strengthening its foothold in traditional markets, Fosun accelerated its expansion into global emerging markets. Fosun Pharma reached a strategic cooperation with Saudi Arabia’s comprehensive healthcare group, Fakeeh Care Group, to jointly promote the local introduction of innovative therapeutic products in Saudi Arabia. Easun Technology formed a joint venture with Saudi enterprise, Khaled Juffali Company, to provide production line solutions for Saudi Arabia’s electric vehicle industry and has already received its first order. The German asset servicing entity, HAFS, will leverage Fosun’s global network to expand into emerging markets in the Middle East and Asia, strengthening its asset-light operating model.
Fully embracing AI to develop new growth points
Amid the rapid rise of AI, Fosun has proactively embraced the trend, deeply integrating AI technologies into its diverse business scenarios to accelerate innovation and enhance operational efficiency.
In the field of biopharmaceuticals, Fosun Pharma tapped into AI productivity across all business scenarios by adopting a dual-engine approach that combines "biopharmaceutical models + large language models", building a knowledge platform to support high-quality AI applications. On the decision support front, Fosun Pharma launched the industry’s first decision intelligence platform, PharmAID. It integrates multiple global clinical information and pipeline databases, with data updated as frequently as T+1. The platform delivers higher content generation accuracy in the healthcare domain compared to general-purpose large models, and improves information extraction efficiency by 50% in areas such as R&D decision and evaluation, and pipeline optimization.
In the field of cultural tourism and consumption, Club Med continued to advance AI-driven digital transformation. The G.M Copilot conversational AI assistant, which provides 24/7 instant and personalized service, has already expanded to 12 markets worldwide, including Brazil, France, Belgium, Singapore, and Malaysia. In August 2025, FTG entered into a full-stack AI collaboration with Alibaba Cloud to jointly develop the cultural tourism intelligent system, "AI G.O", based on the Qwen3 model series. "AI G.O" is designed to optimize the entire vacation experience and enhance operational efficiency. It is scheduled for official launch at the end of September, with the first pilot program to be carried out at Atlantis Sanya.
In the field of finance services, Fosun Insurance Portugal leveraged its AI application system to comprehensively improve the efficiency of its entire business process and enhance data accuracy, driving rapid growth of its insurance business. During the Reporting Period, the total number of internet users of Fidelidade exceeded 2 million, representing nearly 20% of Portugal’s total population. By adopting AI technologies, the rate of fully automated processing for motor claims rose from 48% as at the end of 2023 to 66% as at the end of the Reporting Period.
In pursuit of new opportunities in fintech, Fosun Wealth accelerated its Web3 strategy. In July 2025, Finloop, independently incubated by Fosun Wealth, launched the FinRWA Platform (FRP). FRP is a globally leading one-stop solution for Real World Assets (RWA) technology, issuance and distribution, and Finloop is actively advancing multiple asset tokenization technology projects.
Committed to business for good, maintaining a leading ESG performance
During the Reporting Period, relying on Fosun’s continuous efforts in environmental, social, and governance (ESG) over the years, it was once again successfully included in S&P Global’s "Sustainability Yearbook 2025" and was selected as the top 1% in S&P Global’s "Sustainability Yearbook 2025 (China Edition)". In addition, Fosun’s FTSE ESG score continued to outperform the global industry average and the national average, and it has been included in the constituent stocks of the FTSE4Good Index Series for four consecutive years.
In terms of social welfare, Fosun Pharma has consistently contributed the "China Solution" to the fight against malaria in Africa. As at the end of June 2025, its independently developed artesunate for injection had been used to treat more than 84 million patients with severe malaria worldwide. Additionally, Fosun Pharma had supplied over 420 million doses of artesunate for injection globally.
In terms of rural revitalization, as at the end of June 2025, the Rural Doctors Program had covered 78 counties in 16 provinces, cities and autonomous regions (including 21 key counties for national rural revitalization), supported 25,000 rural doctors, and benefited 16.34 million rural residents and 3 million rural families.
Looking ahead, Guo Guangchang stated: "In the face of both opportunities and challenges, we will remain focused on our core businesses, step up innovation efforts, and firmly advance our globalization strategy. Building on our long-established core capabilities, we are committed to driving Fosun’s sustainable growth, scaling new heights in our areas of strength, expanding our leadership across more business areas, and creating greater value for our shareholders and society."