Fosun International (00656) achieved a revenue of 173.4 billion yuan in 2025, with core business revenue accounting for 74%. Debt reduction has led to a 60 basis point decrease in financing costs.

FOSUN INTL (00656) released the full-year performance for the year ending December 31, 2025. From the perspective of operating fundamentals, in 2025, Fosun's annual revenue reached RMB 173.4 billion, with overseas income accounting for 54.7%. Operating cash flow remained positive, average debt costs continued to be optimized, and ratings agencies such as S&P maintained stable ratings. Financing capabilities and channels were smooth, and the company had high-quality and solid assets, providing a good foundation for future development. The total revenue of the four core enterprises - Shanghai Fosun Pharmaceutical, Shanghai Yuyuan Tourist Mart, Fosun Portugal Insurance, and Fosun Travel and Culture - reached RMB 128.2 billion, an increase of 3 percentage points compared to the previous year, accounting for 74% of the total revenue. During the reporting period, the group's interest expenses and management fees remained stable. Against the backdrop of increasing global capital market volatility, the group focused on reducing debt, lowering interest expenses, and lengthening debt duration to achieve a balance. With a strengthened liquidity cushion, the group reduced interest expenses and lengthened debt duration, enhancing its ability to withstand capital market fluctuations. The group actively promoted the application of AI, increasing operational efficiency at headquarters and optimizing management expenses. The group continued to adhere to an active and prudent liquidity and debt management policy, exploring diversified financing channels while increasing efforts to dispose of non-core assets to solidify cash reserves to cope with global capital market fluctuations. In 2025, amid escalating geopolitical and global trade uncertainties, fluctuations in exchange rates of major global settlement currencies such as the US dollar and Euro significantly increased. To address unfavorable domestic and international external environments, the group focused on broadening financing channels and debt duration management to enhance its risk resistance. Overseas, the group expanded its USD debt from USD 300 million expiring in 2028 to USD 500 million in January 2025, issued a 4-year USD 400 million bond in September 2025, and a 5-year EUR 400 million bond in November 2025, continually lengthening debt duration. Domestically, Fosun High-Tech successfully issued several short-term commercial papers, followed by a 2-year bond issuing and a RMB 1 billion 3-year Yu Lan bond in September 2025, broadening channels for offshore RMB. In terms of bank financing, the group continued to deepen cooperation with domestic state-owned banks, joint-stock commercial banks, and many international banks. In March 2025, the group successfully organized an overseas syndicate for the 9th consecutive year, with a 3-year pure credit syndicate amounting to USD 990 billion equivalent. The group's financing cost as of the end of December 2025 was 5.0%, down over 60 basis points from the end of 2024. In October 2025, S&P completed a semi-annual review of the group's credit indicators, confirming a BB- rating and stable credit outlook. Since 2020, the group has made reducing debt a key financial strategy, achieving this goal through the disposal of non-strategic non-core assets, and implementing the financial strategy of optimizing the asset portfolio down to subsidiary companies to increase their ability to distribute dividends. In 2025, the group completed exits worth over RMB 17 billion equivalent. Looking ahead, management will continue to firmly dispose of non-core assets, continuously solidify cash reserves, and reduce debt.