Powered by Core Strengths, Focus on Core Businesses & Reinforce Organic Growth Momentum
2024 Interim Results Highlights:
Total revenue maintained growth, reaching RMB97.84 billion;
Industrial operation profit maintained growth, reaching RMB3.47 billion;
Continued focus on core businesses, with the four core subsidiaries generating total revenue of RMB72.17 billion, accounting for 74% of the Group's total revenue;
Adjusted total debt-to-capital ratio was 50.2%, maintaining a downward trend since 2020;
Global operation capabilities continued to improve, with overseas revenue reaching RMB45.87 billion, accounting for 47% of total revenue;
Investment in technology innovation reached RMB3.5 billion, with the integrated innovation model becoming more mature and a number of groundbreaking innovations achieved;
Asset-light operation capabilities have become more prominent; Collaboration with partners to develop major projects and establish industry funds, driving the future development of advantageous industries; the proportion of Club Med's self-owned resorts reduced to 15%
HONG KONG and SHANGHAI, Aug. 28, 2024 /PRNewswire/ -- Fosun International Limited (HKEX stock code: 00656, "Fosun International"), together with its subsidiaries ("Fosun" or the "Group"), today announced its interim results for the six months ended 30 June 2024 (the "Reporting Period").
In the first half of 2024, despite a complex macroeconomic environment, Fosun steadfastly pushed forward its strategic focus, driving development with core strengths, achieving quality and efficiency improvement in core industries, and maintaining a solid asset base. During the Reporting Period, the Group's revenue continued to grow, reaching RMB97.84 billion. Industrial operation profit maintained growth, reaching RMB3.47 billion, and profit attributable to owners of the parent was RMB720 million. The four core subsidiaries, namely Yuyuan, Fosun Pharma, Fosun Insurance Portugal, and Fosun Tourism Group ("FTG"), achieved a total revenue of RMB72.17 billion, maintaining year-on-year growth and accounting for 74% of the Group's total revenue.
At the same time, Fosun continuously optimized its asset portfolio, continuously reduced leverage, maintained a sound financial position, and had abundant cash reserves, further strengthening its ability to seize opportunities and accumulate strength for a new round of development. As of the end of the Reporting Period, the Group's adjusted total debt-to-capital ratio was 50.2%, maintaining a downward trend since 2020. Adjusted NAV was HK$17.4 per share. In the 17 years since its listing, Fosun has accumulatively paid out HK$25.6 billion in dividends, with the dividend payout ratio gradually increasing to over 20% in the past five years. In June 2024, the international rating agency S&P fully recognized the effectiveness of Fosun's financial strategy and affirmed its rating outlook as "stable".
Guo Guangchang, Chairman of Fosun International, said: "In the first half of the year, although the macro environment remained challenging, we continued to resolutely execute our strategy of focusing on core businesses, developing industry-leading companies and products in the industries where we have formed advantages. We have maintained our focus on innovation and globalization, while focusing on asset-light operations, driving long-term development with competitive core strengths."
Steady growth in overseas revenue, with high-quality global business becoming a new growth driver
As a global enterprise rooted in China, Fosun has leveraged its industrial presence in over 35 countries and regions around the world to connect different markets, formats, and resources, continuously enhancing its global operation capabilities. In the first half of 2024, the Group's overseas revenue reached RMB45.87 billion, representing a year-on-year increase of 4%, and accounting for 47% of total revenue. High-quality global business has gradually become a new growth driver.
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