Fosun International (656) Q3 2024 earnings summary

Executive summary

• Fosun High Technology reported a 2.5% year-over-year decrease in revenue for the nine months ended 30 September 2024, but profit attributable to owners of the parent increased by 45.2% compared to the same period last year.

• Yuyuan, another subsidiary, saw a 29.53% year-over-year drop in quarterly revenue and an 8.72% decrease in revenue for the nine-month period, with net profit also declining significantly.

Financial highlights

• Fosun High Technology's total assets reached RMB 422.6 billion, up 0.3% from the end of last year; equity attributable to owners of the parent rose 0.1%.

• Revenue for Fosun High Technology was RMB 83.5 billion for the nine months, down 2.5% year-over-year; profit attributable to owners of the parent was RMB 355.6 million, up 45.2%.

• Yuyuan's total assets increased 1.47% to RMB 125.9 billion, and equity attributable to shareholders rose 0.3% to RMB 36.4 billion.

• Yuyuan's net profit attributable to shareholders for the nine months was RMB 1.16 billion, down 48.12% year-over-year; net cash flow from operating activities was negative RMB 671.7 million.

Segment performance

• Yuyuan's quarterly revenue was RMB 8.53 billion, down 29.53% year-over-year; net profit for the quarter was RMB 17.7 million, up 5.12%.

• Yuyuan's net profit attributable to shareholders, excluding non-recurring items, was negative RMB 229.3 million for the quarter, a 6.97% decrease year-over-year.