Amid economic uncertainties and rapid technological changes, Fosun International ( HKEX: 0656 ) continues to chart a course of resilience and innovation. With a long-term commitment to globalization and innovation, the Group has not only strengthened its global footprint and made investments in cutting-edge R&D, but also harnessed the power of artificial intelligence (AI) to drive industrial advancement. Despite a volatile market environment, Fosun remains profitable and forward-looking, powered by its core competitive businesses and strategic agility.

In the first half of 2025, Fosun recorded revenue of 87.28 billion yuan (US$12.23 billion). Its core subsidiaries – Fosun Pharma, Yuyuan, Fidelidade, and Fosun Tourism Group (FTG) – contributed significantly with 63.61 billion yuan in operating income. Notably, overseas markets accounted for 53% of operating revenue – up 6.6 percentage points year-on-year – totalling 46.67 billion yuan.

Chen Qiyu, Executive Director and Co-CEO of Fosun International, speaks with The Asset on driving Fosun’s global strategy and innovation.

Pharmaceutical innovation as growth catalyst amid widening global reach

After enduring four years of stagnation following a 2021 peak, China’s innovative pharmaceutical sector has entered a new growth phase in 2025. Fosun Pharma’s revenue from innovative drugs rose by 14.3%, signalling a strong rebound. In August, its oral DPP-1 inhibitor secured overseas licensing worth up to US$645 million. Henlius’ innovative drug business is also growing rapidly, with a pipeline featuring several potential US$10 billion blockbusters. Among them, HLX43 – a PD-L1-targeting ADC in global Phase II trials – is positioned as a broad-spectrum anti-cancer therapy.

“This growth marks only the beginning for our innovative drug portfolio. With more approvals anticipated, we expect the momentum to strengthen further,” says Chen Qiyu, Executive Director and Co-CEO of Fosun International. “Our pipeline has garnered increasing market recognition, reflected in the performance of Henlius – its share price surged over 250% from the beginning of the year through August 2025.”

Fosun’s health segment has been propelled by an ambitious global expansion strategy, driving growth across key international markets. By forming joint ventures with local partners, it has established an integrated model covering R&D, manufacturing, and commercialization across multiple geographies.

In Europe, Henlius has forged marketing partnerships for biosimilars and PD-1 therapies. In the Middle East, it has launched a joint venture with Saudi Arabia’s healthcare group to localize biopharmaceutical production. In Africa, Fosun Pharma has built a sales network spanning over 40 countries. Southeast Asia now hosts a dedicated marketing platform, and in the United States, the generics business has evolved with a growing distribution team. Gland Pharma is also playing a key role in India with its strong manufacturing capabilities, complemented by its own production facilities in France.  

Fosun also taps into AI to fuel innovation. “Our pharmaceutical business was among the earliest to integrate AI at scale. For example, Fosun Pharma launched PharmAID – the industry’s first decision intelligence platform – integrating global clinical and pipeline data with T+1 updates. It delivers superior content accuracy in healthcare and boosts information extraction efficiency by 50% in R&D decision-making and pipeline optimization,” says Chen.

Globalization, innovation, and asset-light strategy fuel tourism growth

Fosun’s happiness segment, led by FTG, delivered record-breaking performance in the first half of 2025, with EBITDA rising 16% year-on-year and net profit surging 42%. This was underpinned by lean operations and continued enhancements in operational efficiency, particularly within Club Med.

Club Med now operates in 40 countries with nearly 70 resorts worldwide. It delivered record global performance, with 9.25 billion yuan in business volume and 1.27 billion yuan in operating profit. Strong seasonal demand is expected to drive sustained booking growth through the second half of 2025 and the first half of 2026.

Fosun’s innovation extends beyond pharmaceuticals, with FTG driving business model evolution and actively integrating AI technologies. Construction of the Taicang Alps Resort Phase II began in June 2025, featuring an indoor ski facility with five “world’s firsts”. Set to open in June 2029, the project – funded by the Taicang Municipal Government with an investment of approximately 5.0 billion yuan and operated under FTG’s asset-light model – will set a new benchmark in global cultural tourism.

“Our asset-light model has allowed us to scale more efficiently. Instead of tying up capital in long construction cycles, we’ve partnered with governments and local stakeholders on landmark projects like Taicang Alps Resort Phase II. Meanwhile, AI continues to elevate our product capabilities, with initiatives like AI G.O and Club Med G.M. Copilot exemplifying how technology enhances guest experiences,” says Chen.

Insurance business delivers solid performance with deepening global operations

Fosun’s wealth segment also demonstrated strong performance, with its insurance businesses achieving premium and profit growth across multiple regions. Fidelidade’s international business accounted for 28.2% of total consolidated business in the first half, with overseas gross written premiums (GWP) reaching €924 million (US$1086.33 million). Peak Re, a Hong Kong-based reinsurer, recorded US$1.061 billion in GWP and US$661 million in reinsurance revenue, up 25.1% and 36.8% year-on-year, respectively. Fosun’s insurance business continues to demonstrate resilience and steady momentum, contributing to the Group’s global revenue growth.

“Fidelidade has traditionally focused on Portugal and Portuguese-speaking Africa. In recent years, it has made bold strides into Latin America, entering markets such as Chile, Peru, and Bolivia. Expanding from a domestic base of just 10 million people to a multi-country footprint has significantly enhanced revenue, growth, and profit contributions from international markets,” says Chen.

Fosun’s growth engines power path to 10 billion yuan profit

Fosun delivered solid first-half results and outlined clear strategic goals: increase overseas revenue, reduce interest-bearing debt below 60 billion yuan, and achieve 10 billion yuan in industrial operating and net profit. With a healthy 53% debt-to-capital ratio and a “Stable” credit outlook from S&P, Fosun is steadily advancing its global expansion, powered by core strengths in biopharma, insurance, tourism, and consumer sectors.

 “Fosun’s globalization strategy remains a powerful engine of growth. Innovation plays a pivotal role in unlocking new opportunities and driving transformation, while domestic consumption shows steady signs of recovery. With a balanced portfolio and clear strategic focus, we are well-positioned to deliver sustainable value to all stakeholders,” Chen adds.

Photo: The Bund Finance Center serves as Fosun's base and landmark in Shanghai. (Fosun)