Fosun International Announces 2024 Annual Results: Total Revenue Reaches RMB192.14 Billion, Industrial Operation Profit Amounts to RMB4.9 Billion, Overall Operational Fundamentals Remain Stable
2024 Annual Results Highlights:
Total revenue reached RMB192.14 billion;
Industrial operation profit amounted to RMB4.9 billion;
Total revenue generated by the four core subsidiaries amounted to RMB134.65 billion, accounting for 70.1% of the Group's total revenue;
Total debt to total capital ratio was 52%; cash, bank balance and term deposits amounted to RMB106.34 billion;
The proportion of overseas revenue rose to 49.3%, representing a year-on-year increase of 6.2%;
Investment in technology innovation reached approximately RMB6.9 billion.
HONG KONG, March 30, 2025 /PRNewswire/ -- Fosun International Limited (HKEX stock code: 00656, "Fosun International"), together with its subsidiaries ("Fosun" or the "Group"), today announced its annual results for the year ended 31 December 2024 (the "Reporting Period").
In 2024, Fosun pressed ahead with its strategy of "business streamlining and advancements and exits", while deepening its focus on the household consumption sector in the face of global economic fluctuations and market challenges. By leveraging globalization, innovation, and asset-light operations, the Group advanced the development of its core industries, resulting in stable overall operational fundamentals. During the Reporting Period, the Group's total revenue reached RMB192.14 billion. Its four core subsidiaries, Yuyuan, Fosun Pharma, Fosun Insurance Portugal, and Fosun Tourism Group ("FTG"), generated a total revenue of RMB134.65 billion, accounting for 70.1% of the Group's total revenue, supported by a solid asset base.
During the Reporting Period, the Group's industrial operation profit reached RMB4.9 billion, demonstrating stable operational fundamentals. The Group's loss attributable to owners of the parent amounted to RMB4.35 billion, mainly due to a one-off non-cash loss during the Reporting Period. Excluding this significant one-off effect, the profit attributable to owners of the parent amounted to RMB0.75 billion.
In 2024, Fosun's operating cash flow remained healthy and stable. The Group consistently optimized its asset portfolio. The signed asset divestment amounted to approximately RMB17.5 billion equivalent at the group level, and approximately RMB30.0 billion equivalent at the consolidated level, thereby further optimizing the balance sheet and building up liquidity buffer. As at the end of the Reporting Period, the Group's total debt to total capital ratio was 52.0%, cash and bank balance and term deposits amounted to RMB106.34 billion. Healthy debt ratios and abundant funds can strengthen the Group's resilience against external risks while enhancing its ability to capture investment opportunities.
In November 2024, after an absence of three years, Fosun returned to the offshore USD bond market and successfully issued long duration USD bonds, substantially expanding its offshore financing options. In terms of bank financing, Fosun refinanced its three-year unsecured syndicated loan with upsize from matured loan, achieving the successful launch of offshore syndicated loans for 8 consecutive years. Fosun High Technology issued several super short-term commercial papers, raising a total of RMB5.1 billion. In June 2024, the international credit rating agency S&P fully recognized the Group's steady improvement in credit matrix, and reaffirmed the BB- rating and a stable credit outlook.
Guo Guangchang, Chairman of Fosun International, stated, "We believe that the clear strategic focus and robust industrial operational capabilities are the key to driving Fosun's long-term steady development. Looking ahead, we will further deepen our focus on core industries. By leveraging our globalization and innovation capabilities, we believe that we can create long-term, stable value for our shareholders, even in a challenging environment."
Demonstrating ongoing success in globalization efforts
As a global innovation-driven consumer group rooted in China, Fosun has continued to deepen its industrial presence in over 35 countries and regions, consolidating its global operational capabilities. In 2024, the Group's overseas revenue grew 6.2% year-on-year, increasing the proportion of overseas revenue to 49.3% of total revenue. High-quality global operations have become a new growth engine for Fosun.
Benefiting from the forward-looking internationalization strategy, Henlius achieved overseas product sales revenue of RMB121 million in 2024, representing a substantial increase of 30.76% over the same period last year. ...
