The Zhitong Finance App learned that on August 27, Fosun International (00656) announced its 2026 interim results: total revenue during the reporting period reached RMB 86.96 billion, and profit attributable to shareholders of the parent company reached RMB 1.72 billion, an increase of 160.3% over the previous year; overseas revenue reached RMB 49.16 billion, accounting for 56.5% of total revenue; and the ratio of total debt to total capital fell to 55.7%.
Judging from the data, this performance falls in the middle and upper part of the range of the company's profit forecast on July 29 (net profit to mother of RMB 1.5 billion to RMB 1.8 billion, an increase of about 127% to 172% over the previous year). It marks that profits have returned to a growth trajectory after Fosun completed the systematic adjustment of “repairing the roof on a clear day.”
Over the past few years, Fosun has taken a rather unusual path. Since 2022, in the face of the huge market impact caused by the epidemic, the company promoted “weight loss and fitness, and focus on the main business”, with a total withdrawal of assets and business return capital of about RMB 75 billion. In March 2026, the goodwill and intangible assets of some real estate projects and non-core business segments was carried out in a one-time non-cash impairment calculation and revaluation of the goodwill and intangible assets based on prudential principles. The move attracted market attention at the time. Guo Guangchang, chairman of Fosun International, explained in detail at the 2025 annual results conference at the end of March: “This time it's 'repairing the roof on a clear day'. Fosun can better concentrate resources and energy and invest in a high-growth core circuit.”
Today, the market gave an answer to Fosun's “clear roof repair” — from the release of the impairment calculation forecast in early March to the announcement of the interim results on August 25, Fosun International's stock price rebounded markedly, rising more than 50% from HK$3.6 to HK$5.41, and “clearing the risk” was gradually recognized and digested. More importantly, the profit growth brought about by the business has also begun to materialize.
The basic business market is solid, and the performance of pharmaceuticals and insurance is outstanding
Let's take a look at the basic business plan first. In the first half of 2026, the total revenue of the four core industries of Fosun Pharmaceuticals, Yuyuan Co., Ltd., Fosun Portugal Insurance and the Tourism and Culture sector reached RMB 63.88 billion, accounting for 73.5% of the Group's total revenue. The results of “focus on the main business” were further evident.
Among them, the performance of the two major business segments, pharmaceuticals and insurance, was particularly impressive.
In the first half of the year, Fosun Pharmaceutical achieved operating income of RMB 20.442 billion and deducted non-net profit of RMB 1,144 billion from the mother, an increase of 19.09% over the previous year, and achieved a jump in profit quality in a complex industry environment. Fuhong Hanlin, its biomedical innovation platform, achieved revenue of RMB 3,588.2 billion, up 27.3% year on year; net profit of RMB 430.4 million, up 10.3% year on year, continuing the trend of both revenue and profit growth. The commercialization of innovative drugs continued to materialize. During the reporting period, Fosun Pharmaceutical's 7 innovative drugs were approved for listing at home and abroad, and the share of innovative drug revenue continued to rise, becoming the main engine for pharmaceutical business growth.
The insurance sector performed particularly well this time, with Fosun's domestic and foreign insurance companies doing well across the board. As Fosun's most important overseas subsidiary, Fosun Portugal Insurance's overall share of the Portuguese market reached 30.1%, and its international business accounted for 26.7% of the total consolidated business scale; in the first half of the year, it achieved net profit of 165 million euros, an increase of 23.8% over the previous year, and continued to grow steadily.
Domestically, Fosun Prudential Life's premium for the first half of the year reached RMB 8.38 billion, up 52.2% year on year; net profit of RMB 780 million, up 270% year on year. Net profit for half a year has already exceeded the full year of 2025. Fosun United Health Insurance's revenue increased 36.2% year over year, achieving net profit of RMB 572 million. Dingrui Reinsurance's reinsurance revenue and gross premiums increased 25% and 11.8%, respectively, and recorded net profit after tax of US$89.7 million. Moody's upgraded its rating from Baa1 to A3 in April 2026, with a “stable” rating outlook.
“Successfully crossing the cycle once again” is the market's evaluation of Fosun's round of adjustments. In-depth analysis reveals that Fosun's path through the cycle is clearly visible —
On the one hand, “slimming and fitness” continued to return funds; in the first half of the year, the Group completed the withdrawal of non-strategic non-core assets worth more than RMB 12 billion, and the ratio of total debt to total capital fell to 55.7%, and cash and bank balances and term deposits reached RMB 61,214 billion; on the other hand, the innovation and globalization strategy, which has been promoted for many years, has entered a period of value realization and has become the core engine for profit restoration.
Forward-looking layout and innovative strategies to continue “blossoming results”
Since innovative drugs became popular in the domestic market in 2025, Fosun has repeatedly “gone out of the market”, and many innovative drug BDs have received great attention from the market. “One minute on stage, ten years of success offstage”, a series of innovative achievements, is the result of Fosun's forward-looking layout and innovation strategy nearly 20 years ago.
In particular, over the past 10 years, Fosun has followed the core business trajectory and established a global innovation system integrating “independent research and development+investment incubation+ecological cooperation”, and has continued to maintain a high level of investment in science and innovation. In the first half of this year alone, investment in science and innovation reached RMB 4.2 billion, an increase of 16.7% over the previous year.
In the first half of this year, Fosun's innovative achievements were also implemented intensively. The Hans-like gastric cancer perioperative indications for Hans-like gastric cancer independently developed by Fu Hong Hanlin were approved by the National Drug Administration, starting a new paradigm of “dechemotherapy” after surgery, becoming the world's first and only anti-PD-1 monoclonal antibody approved for this indication; the core pipeline asset HLX43, as a potentially best-in-class broad-spectrum anti-tumor PD-L1 ADC, has shown initial clinical efficacy of “efficient and low toxicity” in multiple solid tumors such as non-small cell lung cancer, with more than 1,500 patients enrolled worldwide. Up to now, 10 Fuhong Hanlin products have been approved for marketing in more than 60 countries and regions around the world, benefiting more than 1.1 million patients.
In addition, fumainine (ruvometinib tablets) independently developed by Fosun Pharmaceutical has been approved to treat children and adolescents with recurrent or refractory Langerhans cell histiocytosis, and continues to overcome gaps in the treatment of rare diseases; in the field of neurodegenerative diseases, Fosun Pharmaceutical and AriBio have deepened global cooperation with AR1001 to expand development and commercialization rights to key markets such as the US, Europe, and Japan; Confirmatory clinical trials have progressed steadily since the launch of Gannet sodium capsules; as of July 31 this year, more than 1,000 cases have been incubated; Introduced by chemical company Hengtai Biotech HT001 is an oral NLRP3 inhibitor for Parkinson's disease and a phase I clinical trial has been initiated in Australia.
Fosun's innovative achievements highlight its forward-looking layout and accurate grasp of the R&D technology circuit. As Guo Guangchang always said, “To innovate, Fosun has never put its head behind closed doors; instead, it must use Fosun's integration capabilities and use a global perspective to do smart innovation — integrating the world's best technology, the best team, and the best supply chain to truly innovate to solve problems, so that it has broad market prospects.”
Globalization has entered the “3.0 era”, and “China's ability” promotes the realization of value
The global layout is another step forward for Fosun. It began when it was listed in Hong Kong in 2007. While most Chinese companies were still deeply involved in the local market, Fosun had already taken the lead in going overseas.
Nearly 20 years later, when a large number of Chinese companies shouted “if you don't go overseas, get out of the market” and push for “products to go overseas” to occupy overseas markets, Fosun has completed an in-depth industrial layout in more than 40 countries and regions around the world, and has successfully operated many Fosun ecological companies with overseas localization teams. “Global Operation” has become a clear label for Fosun's globalization, and it is also the core engine supporting Fosun's business development.
Figures show that in the first half of 2026, Fosun's overseas revenue reached RMB 49.16 billion, a further increase of 3 percentage points from 53.5% in the same period in 2025 to 56.5%, and the share of overseas revenue reached a new high.
In the field of medicine and health, Fosun's innovative drugs have gone overseas and achieved great results in commercial BD. The Hans form of the H drug was approved for three new indications in the EU, HLX11 (pertuzumab injection) was approved for marketing in the European Union, and HLX14 (desumumab injection) was approved for listing in Canada; in the beginning of 2026, Fosun Pharmaceutical and Eisai Co., Ltd. reached cooperation on the H drug Hans form, with a potential total amount exceeding 300 million US dollars — the global value of innovative Chinese drugs is being repriced in the international market.
In the first half of this year, Yuyuan Garden Co., Ltd.'s revenue in Hong Kong and Macau reached RMB 532 million, up 285.83% year on year, and revenue in the Japanese market reached 306 million yuan, up 6.09% year on year. Laomiao has reached 15 stores in Hong Kong and Macau, overseas and duty-free channels; Club Med also continues to promote its global layout. The Mediterranean White Day Ark Hangzhou Longwu Resort and South Africa's Seaside and Safari Resort have opened and tested operations.
The insurance sector, Fosun Portugal Insurance, relies on Fosun's global ecosystem. The business has expanded from mainland Portugal to Portuguese-speaking countries and markets in Europe, Latin America, Africa, etc. The international business accounts for 26.7% of the total consolidated business scale, and the international business in Portuguese-speaking countries continues to grow; Dingrui Reinsurance has also maintained steady growth with its global business layout.
The underlying logic of Fosun's globalization is “China's ability to connect with global resources” — a deep integration of China's manufacturing capabilities, service capabilities, and innovation dividends with the global market. As Guo Guangchang said at an internal conference earlier, “The manufacturing capabilities, service capabilities, and innovation dividends brought by Chinese scientists, engineers, doctors, and entrepreneurs are becoming the scarcest thing in the world. What Fosun wants to do is to graft these Chinese capabilities onto global brands, markets, and customers.”
From initially using China Dynamics to complete the industrial layout to “mutual empowerment between China and the world”, today Fosun has entered the 3.0 phase of “global organization+local operation”. Fosun at this stage is “looking at the world from a global perspective”, which has developed ecological collaboration capabilities across regions, cultures, and organizations, and promoted the continuous growth of Fosun's overseas revenue.
Regarding Fosun's development goals, Guo Guangchang said, “The recovery in the first half of the year's performance was not an accident; it was an inevitable result of Fosun adhering to the long-term principle and continuing to cultivate its main business. Facing the future, we will continue to promote innovation-driven and global development around advantageous industries. Following a definitive path, we are confident that we will gradually restore the profit scale of RMB 10 billion.”