Fosun International (656) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 was RMB87.28 billion, down 10.8% year-over-year, mainly due to declines in the Happiness segment and divestment of non-core businesses.

• Overseas revenue rose to RMB46.67 billion, accounting for 53% of total revenue, up 6.6-7 percentage points year-over-year.

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

• The group continued to streamline operations, focus on core industries, and invest in technology-driven growth.

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

Financial highlights

• Industrial operating profit was RMB3.15 billion; adjusted NAV per share rose to HKD18.0.

• Cash and term deposits stood at RMB67.83 billion, stable year-over-year.

• Average cost of borrowing declined to 5.26%-5.3%, down 50-53 bps year-over-year.

• S&P affirmed BB- rating with stable outlook, citing improved liquidity and extended debt duration.

• Share prices of key subsidiaries saw significant gains: Fosun International +18%, Fosun Pharma +53%, Henlius +235%.

Outlook and guidance

• Focus on core businesses, asset-light operations, and technology innovation for sustainable growth.

• Ongoing commitment to reduce interest-bearing debt to RMB60 billion and target RMB10 billion in industrial operating profit and net profit attributable to owners.

• Club Med bookings for H2 2025 up 9% year-over-year; H1 2026 bookings up 17%.

• No interim dividend declared for the period.