Fosun International (656) H1 2025 earnings summary

Executive summary

• Revenue for the first half of 2025 was RMB87.3 billion, down 10.8% year-over-year, mainly due to declines in the Happiness segment, Yuyuan, and divestment of non-core businesses.

• Net profit attributable to owners was RMB661.2 million, an 8.2% decrease year-over-year, with EPS at RMB0.08.

• Overseas revenue rose to RMB46.67 billion, accounting for 53% of total revenue, up 7 percentage points year-over-year.

• The group continued to streamline operations, focus on core industries, and invest in technology innovation, especially in healthcare.

• Four core subsidiaries contributed 73% of total revenue, maintaining a stable share.

Financial highlights

• Health segment revenue fell 3.0% to RMB22.57 billion, but profit rose 48.3% to RMB755.8 million, driven by Fosun Pharma.

• Happiness segment revenue dropped 21.9% to RMB33.72 billion, with a loss of RMB434.6 million, mainly due to Yuyuan.

• Wealth segment revenue increased 3.3% to RMB27.83 billion; insurance revenue grew 13.2% to RMB20.89 billion, with profit up 3.7%.

• Intelligent Manufacturing revenue declined 24.6% to RMB4.02 billion, but profit surged 205.5% to RMB137.8 million.

• Adjusted NAV per share rose to HKD 18.0, up from HKD 17.6 at end-2024.

Outlook and guidance

• Strategic focus remains on core businesses with market leadership, asset-light operations, and global expansion.

• Ongoing commitment to reduce interest-bearing debt to around RMB60 billion and achieve investment-grade credit rating.

• Targeting industrial operating profit and net profit attributable to owners of the parent to reach RMB10 billion in coming years.

• Plans to further optimize asset allocation, improve operational efficiency, and pursue sustainable growth.

• No interim dividend declared for the period.