复星国际披露2026年中期业绩，归母净利同比增长160.3%

Wall Street seesaws as hawkish Warsh at Jackson Hole countered by Mag 7 gains
Introduction & Market Context
Fosun International (HKEX:0656) presented its first-half 2026 results on August 28, 2026, revealing a dramatic profit recovery driven by improved operational efficiency, lower financing costs, and strategic portfolio optimization. The Chinese conglomerate’s net profit attributable to owners of the parent surged 160.3% year-on-year to RMB 1.72 billion, despite modest revenue growth of 3% to RMB 86.96 billion (excluding the HAL deconsolidation impact).
The presentation, themed "Strengthen the Bedrock, Break Through to Value Creation," highlighted the company’s progress in executing its medium-term financial strategy focused on profit growth, deleveraging, and enhanced shareholder returns. With shares trading at $5.41, essentially unchanged from the previous close of $5.42, the stock remains near the top of its 52-week range of $3.42 to $5.79.
Financial Performance Highlights
Fosun’s first-half results demonstrated significant improvement across key financial metrics, reflecting the company’s shift toward profitability and operational discipline. As shown in the following comprehensive overview of the company’s resilient performance and profit growth track, six key financial indicators illustrate the breadth of improvement.
The company’s four core businesses—Health, Happiness, Wealth, and Intelligent Manufacturing—generated RMB 63.88 billion in revenue, representing 73.5% of total group revenue and maintaining stable growth with a 4.6% year-on-year increase excluding Yuyuan’s impact. Industrial operating profit reached RMB 3.69 billion, up 17% year-on-year, driven primarily by improved profitability in the insurance segment and Hainan Mining.
Investment in technology and innovation increased 16.7% to RMB 4.20 billion, focusing on R&D system optimization, efficiency improvement, and continuous investment in advantageous pipelines and product lines. Overseas revenue grew 5.3% to RMB 49.16 billion, accounting for 56.5% of total group revenue—an increase of approximately 3 percentage points year-on-year—across more than 40 countries and regions.
The company’s portfolio quality continued to strengthen, with the share of listed and insurance assets in portfolio value increasing from 49% at June 30, 2025, to 55% at June 30, 2026. As illustrated in the following strategic framework, Fosun’s financial strategy focuses on three key pillars to drive steady growth in portfolio value and pave the way for further valuation recovery.
Adjusted net asset value (NAV) reached RMB 128.0 billion, or HKD 18.1 per share, representing a price-to-NAV ratio of 0.29. Net assets attributable to owners of the parent stood at RMB 95.2 billion, with a book value per share of HKD 13.5 and a price-to-book ratio of 0.39.
Segment-by-Segment Analysis
The company’s performance across its four key segments demonstrated enhanced industrial operating capabilities, as shown in the following detailed breakdown of steady performance across all business units.
Health Segment
The Health segment generated revenue of RMB 24.03 billion, up 6.5% year-on-year, with industrial operating profit of RMB 760 million representing 3% comparable-basis growth. The segment achieved significant milestones in global operations, with overseas revenue reaching nearly RMB 10 billion, up 16% year-on-year and accounting for 41.5% of total segment revenue.
Fosun Pharma, the segment’s flagship subsidiary, demonstrated strong momentum in innovation and globalization. As detailed in the following performance overview, the company’s innovative drug revenue and overseas expansion are driving sustainable profitability.
Fosun Pharma’s revenue reached RMB 20.38 billion, up 5% year-on-year, with net profit attributable to owners of the parent of RMB 1.72 billion. The company secured a global partnership with AriBio for AR1001, advancing its globalization and innovation strategy. Overseas revenue exceeded 30% of total revenue, while innovative drug revenue grew 14% year-on-year, increasing its share of total revenue by approximately 2 percentage points.
The following chart illustrates Fosun Pharma’s rising share from innovative drugs and overseas revenue, demonstrating the company’s strategic transformation toward higher-value products and markets.
Henlius, a key subsidiary, achieved significant regulatory approvals including HLX14 in Canada and HLX11 in the EU. The company’s comprehensive technology platform matrix and high-value pipeline portfolio position it well for future growth. The following visualization shows Fosun Pharma’s innovative technology platforms across multiple therapeutic areas and development stages.
The depth of Fosun Pharma’s pipeline is further illustrated in the following detailed portfolio overview, which maps out numerous molecules across various therapeutic areas and development stages.
Happiness Segment
The Happiness segment reported revenue of RMB 31.63 billion, down 6.2% year-on-year, primarily due to reduced revenue at Yuyuan and Lanvin Group. However, industrial operating profit of core companies reached RMB 320 million, up 50% year-on-year, demonstrating improved operational efficiency despite revenue headwinds.
As shown in the following segment overview, the Happiness business achieved breakthroughs in globalizing brands and revitalizing key properties.
Yuyuan delivered a remarkable turnaround, with net profit attributable to owners of the parent reaching RMB 160 million, up 157% year-on-year. The company’s gross profit margin improved significantly to 18.6%, up 4.5 percentage points year-on-year, driven by business transformation, product mix optimization, and enhanced operational efficiency.
The following detailed analysis illustrates Yuyuan’s resilient strategic transformation and significant gross profit margin improvement across its business segments.
Club Med continued its global expansion with new resorts in Hangzhou Longwu and South Africa, while Atlantis Sanya achieved double-digit revenue growth exceeding RMB 850 million with an average occupancy rate above 87%. The resort’s progress on its public REITs application, submitted to the CSRC and SSE in March 2026, represents a significant step toward unlocking value through asset spin-offs.
The following overview demonstrates Atlantis Sanya’s continuous product innovation and strong operating growth, along with progress on its public REITs application.
Wealth Segment
The Wealth segment delivered strong performance with revenue of RMB 27.31 billion, up 8.1% on a comparable basis, and industrial operating profit of RMB 2.96 billion, up 15% year-on-year. The insurance segment contributed approximately RMB 2 billion in combined industrial operating profit, up 40% year-on-year.
As illustrated in the following comprehensive segment breakdown, the Wealth business demonstrated strong growth across insurance, banking, and asset management operations.
Fosun Insurance Portugal achieved total premiums of EUR 3.88 billion, up 19% year-on-year, with net profit reaching EUR 165 million, up 24% year-on-year. The company maintained its market leadership position in Portugal with a 30% market share and saw its S&P rating outlook upgraded from "Stable" to "Positive" in July 2026.
Pramerica Fosun Life Insurance posted the fastest premium growth in the market at 52.2% year-on-year to RMB 8.38 billion, with net profit reaching RMB 780 million. Fosun United Health Insurance also led the market with 36.2% premium growth to RMB 4.96 billion and net profit of RMB 570 million.
Peak Re, the global reinsurance platform, achieved total premiums of USD 1.19 billion, up 11.8% year-on-year, with net profit of USD 90 million. Moody’s upgraded its Insurance Financial Strength Rating from Baa1 to A3, reflecting the company’s strengthened financial position.
Intelligent Manufacturing Segment
The Intelligent Manufacturing segment reported revenue of RMB 4.61 billion, up 14.6% year-on-year, with industrial operating profit of RMB 180 million, up 54% year-on-year. The segment’s performance was driven primarily by Hainan Mining’s exceptional results.
The following segment overview illustrates the strong growth across both Resources & Environment and Technology & Intelligent Manufacturing businesses.
Hainan Mining delivered outstanding performance with revenue of RMB 2.72 billion, up 12.6% year-on-year, and net profit attributable to owners of the parent of RMB 510 million, up 83.4% year-on-year—surpassing the full-year 2025 level. The company benefited from rising lithium salt and crude oil prices, with lithium resources business contributing RMB 208 million (40.4% of net profit) and oil and gas business contributing RMB 280 million (54.5% of net profit).
As shown in the following detailed analysis, Hainan Mining’s strategic resource focus is evolving from cyclical to growth, with significant progress in new energy, oil & gas, and iron ore operations.
Strategic Initiatives and Future Outlook
Fosun outlined a clear medium-term financial strategy centered on four key pillars: focused development, profit growth, deleveraging, and enhanced shareholder returns. The following strategic framework illustrates the company’s comprehensive approach to long-term value creation.
The company set a medium-term target for net profit attributable to owners of the parent to reach RMB 10 billion or above, supported by enhanced operating efficiency of core companies and strengthened ROE management. To achieve this, Fosun plans to focus on competitive industries including biopharma and insurance to become industry leaders, while improving global operations to steadily increase the share of overseas revenue.
Innovation remains a key priority, with the company deepening AI applications across its business portfolio. As illustrated in the following comprehensive overview, Fosun is shifting from "Business + AI" to "AI + Business," restructuring business processes and models across all segments.
The company’s AI strategy encompasses infrastructure development, scenario-based applications, business process restructuring, and AI symbiosis to redefine industry rules. Notable implementations include Fosun Pharma’s PharmAID® V2.0 platform covering the entire drug development chain, Fosun Health’s AI-driven international patient referral system, and Fosun United Health Insurance’s self-developed AI products transforming the claims experience.
Balance Sheet Strength and Deleveraging Progress
Fosun demonstrated significant progress in strengthening its balance sheet and reducing leverage. As shown in the following overview of the company’s sound financial position and stable credit rating, key metrics improved across multiple dimensions.
Interest-bearing liabilities decreased to RMB 85.4 billion from RMB 89.9 billion at the end of 2025, representing a reduction of approximately RMB 4.5 billion. The company maintained its medium-term target of reducing group-level interest-bearing liabilities to below RMB 60 billion through continued divestments of non-core assets and enhanced subsidiary dividend management.
Cash inflows from asset divestments and dividend upstream at the group level reached approximately RMB 9.3 billion during the period. The company also contracted divestments of heavy assets, non-core, and non-strategic assets by subsidiaries totaling approximately RMB 7 billion.
The following detailed breakdown illustrates Fosun’s ongoing non-core divestments and firm deleveraging commitment, including specific asset disposal examples.
The average cost of debt remained stable at 5.0% on a consolidated basis, despite the rebound in global interest rates. Public markets financing during the period totaled RMB 5.22 billion (excluding consolidated subsidiaries), with the company optimizing offshore bond issuance amid rising global interest rates.
In May 2026, S&P Global Ratings affirmed Fosun International’s BB- rating with a stable outlook, recognizing improvements in credit profile, capital structure, and liquidity. The company continues to advance its commitment to achieving investment-grade status.
Innovation and Global Expansion
Fosun’s global operations continued to expand, with overseas revenue share rising from 47% in 2024H1 to 53% in 2025H1 and exceeding 56% in 2026H1. The company demonstrated in-depth global operations across biopharma, cultural tourism consumption, financial insurance, and intelligent manufacturing.
In biopharma, Fosun Pharma secured exclusive global licensing deals for oral small-molecule DPP-1 inhibitor (outside Chinese Mainland, Hong Kong, and Macao) and Henlius’ PD-1 monoclonal antibody in Japan. The company’s innovation-driven growth strategy focuses on capturing unmet medical needs in China, the U.S., and emerging markets, with oncology, Alzheimer’s disease, and biosimilars among the main priorities.
Cultural tourism brands achieved notable global expansion, with Lao Miao Jewelry opening 5 overseas stores and Nanxiang opening 3 overseas stores. Club Med’s South African resort soft-opened in July, while Atlantis Sanya’s international revenue grew strongly.
The company’s commitment to environmental, social, and governance (ESG) practices received continued global recognition. As illustrated in the following comprehensive overview, Fosun deepened its sustainable practices across environmental, social, and governance dimensions.
MSCI upgraded Fosun’s ESG rating to AAA, while the company maintained its AA- rating in the Hang Seng Corporate Sustainability Rating and was consecutively selected as a constituent of the Hang Seng Corporate Sustainability Benchmark Index and FTSE4Good Index Series. The company committed to achieving carbon neutrality by 2050, with a mid-term target to reduce greenhouse gas emission intensity (Scope 1 and 2) by 20% by 2034 compared to 2024.
Fosun increased its dividend payout ratio target to 35%, with fiscal 2026 dividends expected to be no less than HKD 1.5 billion. The company completed approximately HKD 250 million in share buybacks during the first half of 2026, and major shareholders and management intend to purchase up to HKD 500 million of shares by March 30, 2027, demonstrating confidence in the company’s long-term value creation potential.
Full presentation:
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.