复星国际半年报显示扭亏式盈利修复，但核心收入基本稳定且此前已发盈喜

Fosun International is emerging from a painful clean-up of its property portfolio with a sharper focus on pharmaceuticals, insurance and tourism, betting that years of asset sales and debt reduction have cleared the way for a return to growth. The group swung back to stronger profitability in the first half, helped by the absence of the heavy impairments that weighed on 2025 earnings. Chairman Guo Guangchang said in a statement on Thursday that the company had completed a systematic process of “repairing the roof on a sunny day”. “Over the past few years, Fosun has steadfastly advanced its business streamlining and core business-focused strategy,” Guo said. “Fosun has now returned to a growth trajectory and is well-positioned to accelerate its growth going forward.” The rebound comes after Fosun reported a 23.4 billion yuan (US$3.48 billion) loss in 2025, with property-related impairments accounting for about 55 per cent of the provisions. The group has since sold noncore and non-strategic assets to raise cash and reduce leverage, including more than 12 billion yuan of disposals in the first half of this year. Profit attributable to shareholders rose 160 per cent to 1.72 billion yuan in the six months through June, while industrial operating profit increased 17 per cent to 3.69 billion yuan. Revenue was stable at 86.96 billion yuan, indicating the improvement was partly from last year’s low base rather than a broad-based acceleration in demand. The restructuring has nonetheless given Fosun more room to concentrate on businesses it considers to have stronger long-term prospects. Overseas operations now account for more than half of group revenue, while pharmaceuticals, insurance and tourism are emerging as the main pillars of the next phase. Innovation is central to that strategy. Fosun invested 4.2 billion yuan in technology during the period and said its pharmaceutical business had seven innovative drugs approved for 20 indications in domestic and overseas markets. It is also using artificial intelligence in drug discovery, clinical development and other parts of its healthcare operations, while expanding AI applications across tourism and insurance. Globalisation is the other major growth lever. Fosun operates across more than 40 countries and regions, and overseas revenue increased 5.3 per cent in the first half. Its pharmaceutical business continued to expand internationally, while insurance operations in Portugal and China delivered stronger earnings. Guo said Fosun would continue to pursue “innovation-driven and global development” in sectors where it has competitive advantages. “Going forward, we will continue to advance innovation-driven and global development in industries where we have established competitive advantages,” he added. “With a clear path ahead, we are confident that we can steadily restore annual profit to the 10 billion yuan level.” The recovery is not without challenges. Some businesses remain under pressure, including baijiu maker Shede Spirits, whose profit fell sharply as weak consumption and high inventories continued to weigh on the industry. In June, Fosun broke ground on the redevelopment of the former Shaw Brothers movie studio in Clear Water Bay, after paying HK$2.18 billion (US$278 million) in land premium in 2024, when Hong Kong’s property market was still under pressure. The HK$10 billion project is planned to include more than 800 luxury units and about 215,000 square feet of commercial space, with sales potentially starting in late 2027 or early 2028. “We must always grit our teeth and pull through during difficult times,” Guo – who makes only rare public appearances – said at the groundbreaking ceremony in June.