While these figures may seem uneventful at first glance, the underlying shifts are worth taking a closer look.

In the first half of 2025, Fosun’s four core subsidiaries generated a total revenue of RMB63.61 billion, with their contribution to the Group’s total revenue rising from 70% in 2024 to 73%. This clearly reflects that Fosun has made notable progress in its core business-focused strategy and has actively strengthened both its operational capabilities and competitive advantages across key industries in recent years.

Regarding Fosun’s investment in technology innovation, the first half of 2025 marked a “DeepSeek moment” for China’s innovative drug industry. Fosun’s consistent pursuit of the technology innovation strategy also delivered breakthroughs, fostering a number of globally competitive innovations. Its Health segment posted profit attributable to owners of the parent of RMB756 million, representing a year-on-year increase of 48.3%. Fosun’s investment in technology innovation reached RMB3.6 billion in the first half of 2025, representing sustained growth compared to the same period last year. After years of intense investment, Fosun has entered a phase of  accelerated innovations.

In addition, leveraging its long-term commitment to global operations, Fosun’s overseas revenue reached RMB46.67 billion in the first half of 2025, with its proportion of the Group’s total revenue rising from 49.3% in 2024 to 53%.

These three sets of figures give us a glimpse into the changes in Fosun International’s fundamentals. After years of advancing its innovation and globalization strategies, these have become the core drivers of Fosun’s business growth, expanding the runway for future performance growth while driving a valuation re-rating of Fosun International.

Multi-front breakthroughs in innovation poised to drive “adaptive growth”

In the first half of 2025, Fosun entered a harvest phase for its innovation achievements. A total of 5 indications of 4 innovative drugs independently developed and licensed-in by Fosun Pharma were approved for launch both domestically and internationally, 4 innovative drugs had entered the pre-launch approval stage. Among them, the Class I new drug independently developed by Fosun Pharma, FUMAINING (luvometinib tablets), was approved for marketing in Chinese mainland, filling the treatment gap in the field of rare tumors and marking an important milestone in Fosun Pharma’s development in the fields of oncology and rare disease treatment.

Fosun Pharma’s R&D investment totaled RMB2.584 billion in the first half of 2025, focusing on core therapeutic areas such as solid tumors, hematological tumors, and immuno-inflammatory diseases to build a high-value pipeline portfolio. Meanwhile, it actively expanded into chronic diseases (cardiovascular, kidney and metabolic diseases) and neurological fields.

Leveraging the efficiency, cost advantages, and high quality of China’s R&D system, Henlius, a subsidiary of Fosun is scaling up its R&D capacity and building innovation capabilities comparable to those of leading multinational pharmaceutical companies. In the first half of 2025, Henlius achieved multiple breakthroughs in its core innovative products, including the PD-L1-targeting antibody-drug conjugate (ADC), HLX43 and the novel epitope anti-HER2 monoclonal antibody, HLX22.

Among these innovative drugs, HLX43 is a PD-L1-targeting ADC currently in global Phase II clinical trials. It is undergoing clinical studies for solid tumors such as non-small cell lung cancer (NSCLC) and thymic carcinoma in countries including China, the US, Japan, and Australia. HLX43 has demonstrated notable competitiveness in terms of drug safety, efficacy, and R&D progress, and holds strong potential to become a broad-spectrum anti-cancer drug.

Driven by its innovation strategy, Henlius achieved impressive growth in revenue, profit and cash flow in the first half of the year. Alongside its performance breakthroughs, Henlius has earned strong recognition from investors. As at 26 August, Henlius’ share price saw an impressive 254% surge year-to-date.

Fosun’s innovative drug achievements in the first half of the year mark only a starting point. Nearly 20 clinical trials of Fosun Pharma’s innovative drugs were approved to be conducted by domestic and overseas regulatory institutions in the first half of the year, positioning Fosun for adaptive growth.

Meanwhile, several promising molecules in Henlius’ early-stage pipeline are advancing rapidly, spanning ADCs, small molecules, T-cell engagers (TCEs), and more. Gradually stepping onto the global innovation stage, these candidates hold potential to become blockbuster products. For example, HLX43, a key focus, has enrolled more than 300 patients globally. Its global Phase II clinical trials are underway, with patient enrolment progressing smoothly across China, the US, Japan, and other countries and clinical efficacy data indicating strong potential for it to become a major product.

Unleashing continued benefits from globalization

Quality innovations need the right platform to shine. Fosun’s success in innovative drug R&D is closely linked to another strategic capabilities, globalization. As one of the earliest Chinese private enterprises to go global, Fosun has spent over 30 years building its presence in more than 40 countries and regions worldwide, demonstrating well-recognized globalization capabilities.

Fosun’s globalization capabilities have undoubtedly facilitated the establishment of a global innovation system integrating “independent R&D + investment incubation + ecosystem collaboration”, as well as the global expansion of innovative drugs.

In August 2025, the small molecule orally administered DPP-1 inhibitor developed by Fosun Pharma achieved overseas licensing for a potential total of US$645 million, garnering strong investor attention. Currently, no small molecule orally administered inhibitors with the same mechanism of action have been approved for marketing worldwide.

In the first half of 2025, Henlius’ globalization strategy was in full swing, with global product revenue exceeding RMB2.5568 billion, representing an increase of 3.1% year-on-year. Overseas products profits surged over 200%. Cash inflows from business development (BD) agreements exceeded RMB1 billion, surging 280% year-on-year. As the overseas sales volume of commercialized products continues to rise, Henlius is expected to see significant growth in overseas revenue and profits for the full year of 2025, with strong momentum likely to continue into 2026.

Up to date, Henlius has 6 products launched in China, 4 approved for marketing in overseas markets, reaching about 60 markets in Asia, Europe, Latin America, North America and Oceania.

Fosun’s globalization capabilities have also driven significant growth across industries such as consumption, cultural tourism, and intelligent manufacturing.

Hainan Mining, a subsidiary of Fosun focusing on energy and bulk commodities, saw its overseas revenue proportion exceed that of Fosun International, reaching 57% in the first half of 2025. Hainan Mining commenced pilot production at Phase 1 of the Bougouni lithium mine in Mali. Coupled with the Roc Oil oilfield project in Malaysia and the recently acquired oilfield project in Oman, Hainan Mining is accelerating the building of a “Minerals + Energy” network spanning West Africa, the Middle East, and Southeast Asia.

In recent years, the Yuyuan Lantern Festival, with a long history in Shanghai, has been steadily expanding its presence overseas. Following its overseas debut in Paris, France in late 2023, the themed lantern installation made a stunning appearance in Hanoi, Vietnam in January 2025, commemorating the 75th anniversary of the establishment of diplomatic relations between China and Vietnam. In June, the Lantern Festival lit up at ICONSIAM, a renowned commercial landmark in Bangkok, Thailand, as part of the celebrations marking the 50th anniversary of the establishment of diplomatic relations between China and Thailand.

Songhelou, a time-honored Chinese brand under Yuyuan with a 268-year history, opened its first overseas restaurant in London, the UK. Yuyuan Jewelry Fashion Group will embark on its overseas expansion by the end of this year, targeting Hong Kong, Macau and Southeast Asia as key destinations.

Fosun’s overseas subsidiaries have been actively expanding their presence globally. In the first half of 2025, Fosun Insurance Portugal’s international operations accounted for 28.2% of total consolidated business and overseas gross written premiums reached EUR924 million.

Club Med, a global resort group under Fosun, once again achieved record-high global performance in the first half of 2025. Its business volume amounted to RMB9.25 billion, up 3.8% year-on-year; operating profit reached RMB1.27 billion, up 11.0% year-on-year.

Entering a new phase of valuation recovery

Pursuing innovation and globalization requires not only financial investment but also a long-term vision and the patience to endure challenging periods. For companies constantly navigating survival and development challenges, maintaining such persistence is no easy task.

Since its establishment in 1992, Fosun has maintained high R&D investment in the Health segment and is now reaping the rewards with steadily increasing revenue contribution. Against the backdrop of booming technology innovations, driven by biopharmaceuticals and AI, Fosun holds strong potential to achieve adaptive growth fueled by blockbuster innovations.

Globalization has been a strategic “first-mover” advantage for Fosun since the listing of Fosun International in 2007. While many competitors battled domestically, Fosun seized the opportunity presented by the 2008 global financial crisis to deepen its overseas business presence. As domestic competition intensifies, the imperative “go global or go home” is becoming clear for many companies. With over half of its revenue now from overseas markets, Fosun’s over a decade-long global footprint continues to deliver sustained development benefits.

According to Fosun’s interim results, Fosun continued to optimize its asset portfolio in the first half of 2025, maintaining a solid financial position with ample cash reserves. As at 30 June 2025, the total debt to total capital ratio stood at 53%, with debt ratio remaining at a healthy level.

In May 2025, the international credit rating agency S&P affirmed Fosun’s credit metrics and maintained its rating outlook as “Stable”. Fosun’s Hong Kong-listed companies in the Health segment saw a strong market capitalization performance in the first half of 2025, driving a revaluation of underlying asset values. As the macroeconomic landscape progressively brightens, Fosun International has initiated a new phase of valuation recovery.