Fosun International's 2024 Financial Report: A Resilient Performance Amid Global Challenges
March 31, 2025, 4:51 pm
Fosun International Limited, a prominent player in the global market, has unveiled its annual results for 2024. The figures tell a story of resilience and strategic focus. Total revenue reached RMB 192.14 billion, a testament to the Group's robust operational fundamentals. The industrial operation profit stood at RMB 4.9 billion, showcasing stability in a fluctuating economic landscape.
The Group's four core subsidiaries—Yuyuan, Fosun Pharma, Fosun Insurance Portugal, and Fosun Tourism Group—contributed significantly, generating RMB 134.65 billion, which accounts for 70.1% of the total revenue. This solid asset base underpins Fosun's growth trajectory.
In a world where uncertainty looms large, Fosun's overseas revenue grew by 6.2% year-on-year, now representing 49.3% of total revenue. This shift highlights the Group's successful globalization strategy, turning international operations into a new growth engine. The investment in technology innovation reached approximately RMB 6.9 billion, reflecting a commitment to staying ahead in a competitive market.
Fosun's operating cash flow remained healthy, with a total debt to total capital ratio of 52%. Cash, bank balances, and term deposits amounted to RMB 106.34 billion, providing a strong liquidity buffer. The Group's ability to navigate financial waters is commendable, especially as it returned to the offshore USD bond market after a three-year hiatus, successfully issuing long-duration bonds. This move expands its financing options and enhances its credit profile, reaffirmed by S&P's stable outlook.
Fosun's strategy in 2024 revolved around "business streamlining and advancements and exits." This approach allowed the Group to focus on household consumption while optimizing its asset portfolio. The signed asset divestment amounted to approximately RMB 17.5 billion at the group level, enhancing liquidity and strengthening the balance sheet.
In the healthcare sector, Fosun Pharma made significant strides. The company achieved sustained profitability, with a net profit of RMB 820 million, marking a 50.3% increase year-on-year. This success is attributed to the approval of multiple innovative drugs and biosimilars, showcasing Fosun's commitment to research and development.
Fosun Insurance Portugal also demonstrated resilience, achieving growth in both domestic and international markets. The total gross written premiums reached approximately EUR 6.17 billion, with overseas revenue climbing to EUR 1.84 billion. This growth underscores Fosun's ability to leverage global operations while maintaining local relevance.
The Group's cultural initiatives are noteworthy. The Yuyuan Garden Lantern Festival has expanded its reach, showcasing Chinese culture in international markets. This year, the festival will feature installations in Vietnam and Thailand, continuing to promote cultural exchange.
Fosun's commitment to technology innovation is evident in its establishment of over 20 global technology innovation centers. The investment in R&D is not just a number; it represents a strategic pillar for the Group. Innovative products, such as the Ion Robotic Bronchoscopy navigation system, are paving the way for advancements in medical technology.
The integration of AI technology into various business segments is another highlight. Fosun Pharma's PharmAID platform exemplifies how data-driven decision-making can enhance drug development. The Group's efforts to digitize operations are paying off, with Fosun Insurance Portugal reporting over 1.9 million digital users.
Fosun's focus on core businesses while strategically exiting non-core assets is a balancing act. The increase in Fosun Pharma's stake in Fosun Kairos to 100% is a clear signal of commitment to CAR-T cell therapy development. The launch of the ULTRAMED Hainan project, an AI-themed resort, showcases innovation in the tourism sector.
Sustainability is woven into Fosun's fabric. The "Create IMPACT" strategy aligns commercial and social values. The Rural Doctors Program, which has reached millions, exemplifies Fosun's dedication to social responsibility. The Group's efforts in global public health, particularly in Africa, highlight its commitment to making a difference.
Fosun's ESG ratings reflect its commitment to sustainability. An MSCI ESG rating of AA and recognition in S&P Global's Sustainability Yearbook 2024 position Fosun as a leader in corporate responsibility.
Looking ahead, Fosun International is poised for continued growth. The strategic focus on core industries, coupled with a commitment to innovation and sustainability, sets the stage for long-term value creation. In a world of uncertainty, Fosun stands as a beacon of resilience, ready to navigate the challenges ahead.
In conclusion, Fosun International's 2024 financial report is more than just numbers; it is a narrative of strategic foresight, operational excellence, and a commitment to societal impact. As the Group continues to evolve, its ability to adapt and thrive in a dynamic environment will be crucial. Fosun is not just a company; it is a testament to the power of resilience and innovation in the face of adversity.
The Group's four core subsidiaries—Yuyuan, Fosun Pharma, Fosun Insurance Portugal, and Fosun Tourism Group—contributed significantly, generating RMB 134.65 billion, which accounts for 70.1% of the total revenue. This solid asset base underpins Fosun's growth trajectory.
In a world where uncertainty looms large, Fosun's overseas revenue grew by 6.2% year-on-year, now representing 49.3% of total revenue. This shift highlights the Group's successful globalization strategy, turning international operations into a new growth engine. The investment in technology innovation reached approximately RMB 6.9 billion, reflecting a commitment to staying ahead in a competitive market.
Fosun's operating cash flow remained healthy, with a total debt to total capital ratio of 52%. Cash, bank balances, and term deposits amounted to RMB 106.34 billion, providing a strong liquidity buffer. The Group's ability to navigate financial waters is commendable, especially as it returned to the offshore USD bond market after a three-year hiatus, successfully issuing long-duration bonds. This move expands its financing options and enhances its credit profile, reaffirmed by S&P's stable outlook.
Fosun's strategy in 2024 revolved around "business streamlining and advancements and exits." This approach allowed the Group to focus on household consumption while optimizing its asset portfolio. The signed asset divestment amounted to approximately RMB 17.5 billion at the group level, enhancing liquidity and strengthening the balance sheet.
In the healthcare sector, Fosun Pharma made significant strides. The company achieved sustained profitability, with a net profit of RMB 820 million, marking a 50.3% increase year-on-year. This success is attributed to the approval of multiple innovative drugs and biosimilars, showcasing Fosun's commitment to research and development.
Fosun Insurance Portugal also demonstrated resilience, achieving growth in both domestic and international markets. The total gross written premiums reached approximately EUR 6.17 billion, with overseas revenue climbing to EUR 1.84 billion. This growth underscores Fosun's ability to leverage global operations while maintaining local relevance.
The Group's cultural initiatives are noteworthy. The Yuyuan Garden Lantern Festival has expanded its reach, showcasing Chinese culture in international markets. This year, the festival will feature installations in Vietnam and Thailand, continuing to promote cultural exchange.
Fosun's commitment to technology innovation is evident in its establishment of over 20 global technology innovation centers. The investment in R&D is not just a number; it represents a strategic pillar for the Group. Innovative products, such as the Ion Robotic Bronchoscopy navigation system, are paving the way for advancements in medical technology.
The integration of AI technology into various business segments is another highlight. Fosun Pharma's PharmAID platform exemplifies how data-driven decision-making can enhance drug development. The Group's efforts to digitize operations are paying off, with Fosun Insurance Portugal reporting over 1.9 million digital users.
Fosun's focus on core businesses while strategically exiting non-core assets is a balancing act. The increase in Fosun Pharma's stake in Fosun Kairos to 100% is a clear signal of commitment to CAR-T cell therapy development. The launch of the ULTRAMED Hainan project, an AI-themed resort, showcases innovation in the tourism sector.
Sustainability is woven into Fosun's fabric. The "Create IMPACT" strategy aligns commercial and social values. The Rural Doctors Program, which has reached millions, exemplifies Fosun's dedication to social responsibility. The Group's efforts in global public health, particularly in Africa, highlight its commitment to making a difference.
Fosun's ESG ratings reflect its commitment to sustainability. An MSCI ESG rating of AA and recognition in S&P Global's Sustainability Yearbook 2024 position Fosun as a leader in corporate responsibility.
Looking ahead, Fosun International is poised for continued growth. The strategic focus on core industries, coupled with a commitment to innovation and sustainability, sets the stage for long-term value creation. In a world of uncertainty, Fosun stands as a beacon of resilience, ready to navigate the challenges ahead.
In conclusion, Fosun International's 2024 financial report is more than just numbers; it is a narrative of strategic foresight, operational excellence, and a commitment to societal impact. As the Group continues to evolve, its ability to adapt and thrive in a dynamic environment will be crucial. Fosun is not just a company; it is a testament to the power of resilience and innovation in the face of adversity.