Author: camel

HONG KONG, Mar 31, 2026 - (ACN Newswire via SeaPRwire.com) - On the evening of 30 March, Fosun International announced its 2025 annual results. During the Reporting Period, the Group’s total revenue reached RMB173.43 billion, and adjusted industrial operation profit was RMB4 billion.Compared to prior years, Fosun’s results have remained solid. However, pursuant to the principle of prudence, Fosun made one-off non-cash impairment provisions and value revaluations on certain real estate projects with impairment indicators and goodwill and intangible assets of certain non-core business segments, resulting in a book loss of RMB23.4 billion in 2025, of which real estate-related impairment accounted for approximately 55%, while impairment of non-core assets accounted for approximately 45%.Fosun emphasized in the announcement that these provisions do not affect the Company’s overall operations and cash flow. However, Guo Guangchang, Chairman of Fosun International, offered a sincere apology in this year’s Letter to Shareholders, stating that “A loss is never desirable.” He further explained that, “Under the current market conditions, some of the projects we invested in years ago are now valued differently from what we expected at the time of investment. Accordingly, the Board has taken a prudent decision to complete this asset impairment, allowing Fosun to focus its resources and efforts more effectively on core, high-growth areas. At a time when the global economy is generating opportunities amid volatility and China’s innovation-driven industries are gaining growth momentum, deepening our strategic focus now allows us to optimize our asset structure and helps us secure a stronger position in key sectors, positioning Fosun as a leaner, healthier, and more sustainable company.”In recent years, Fosun has steadily advance its strategy of “streamlining operations and strengthening the business, focusing on core businesses”, generating approximately RMB75 billion in cash returns from asset and business divestments. This round of impairments marks Fosun’s decisive step to clear accumulated risks on a one-off basis and shed “historical burdens”. While the book loss appears significant, from the capital market’s perspective, Fosun’s share price has rebounded more than 10% since the announcement of its results preview on 6 March, indicating the market has recognized and accepted its “risk clearance”.In his Letter to Shareholders, Guo Guangchang described this asset impairment as “repairing the roof on a sunny day”. Fosun International’s results announcement offers a clear illustration. Fosun’s core businesses has continued to deliver steady profits, reflecting solid operating fundamentals. At the same time, its long-established innovation and globalization strategies have become the core growth drivers for the Company. Collectively, these achievements underpin Fosun’s confidence in proceeding with “risk clearance” at this stage.Business fundamentals remain solid, pharmaceuticals and insurance segments deliver strong resultsLet’s start with Fosun’s business fundamentals. In 2025, Fosun International’s four core subsidiaries generated RMB128.2 billion in revenue, accounting for 74% of the Group’s total revenue. This demonstrates the results of Fosun’s strategic adjustment of “focusing on core businesses”, effectively addressing prior market concerns over “diversification”.Among them, Fosun Pharma, a core subsidiary of Fosun, achieved a net profit attributable to shareholders of the parent of RMB3.371 billion in 2025, representing a year-on-year increase of 21.69%. Fosun Pharma’s biopharmaceutical innovation platform, Henlius, recorded revenue of RMB6.667 billion and net profit of RMB827 million, delivering growth in both revenue and net profit for the third consecutive year.Next, let’s take a look at Fosun’s most important overseas subsidiary, Fosun Insurance Portugal. In 2025, Fosun Insurance Portugal achieved strong growth in revenue and net profit. Its net profit attributable to owners of the parent amounted to EUR201 million, up 15.8% year-on-year, establishing it as a stable contributor to Fosun’s profitability. Fosun Insurance Portugal has benefited significantly from Fosun’s global ecosystem, expanding its presence from Portugal to overseas markets such as Europe, Latin America and Africa. In 2025, Fosun Insurance Portugal received its inaugural A rating from S&P Global, reflecting international recognition of its asset quality and risk resilience.In Chinese mainland, Fosun’s two insurance companies have also performed well. Pramerica Fosun Life Insurance’s premium income for the year reached RMB13.28 billion, up 41.6% year-on-year, while net profit surged over 492% to RMB650 million. Meanwhile, Fosun United Health Insurance recorded insurance income of RMB7.84 billion in 2025, representing a year-on-year increase of 50.1%, with net profit reaching RMB139 million, marking five consecutive years of profitability.Core drivers: innovation and globalization strategiesFosun Pharma and Fosun Insurance Portugal embody Fosun’s two core strategies: innovation and globalization.Since its establishment, Fosun has always regarded “innovation-driven research and development (R&D)” as its core strategy, and began its global expansion following its listing in Hong Kong. After years of intensive investment and exploration, innovation and globalization strategies have become the core driving forces behind Fosun’s development, consistently delivering results that generate “compounding returns” over time.The biggest change for Fosun Pharma in 2025 was strong growth in its innovative drug breakthroughs. During the Reporting Period, Fosun Pharma’s revenue from innovative drugs reached RMB9.893 billion, representing a year-on-year increase of 29.59%, accounting for 33.16% of its pharmaceutical business revenue. Fosun Pharma had 16 indications of its 7 innovative drugs approved for marketing in China and overseas markets, while marketing applications for 6 innovative drug candidates were accepted.During the Reporting Period, nearly 40 of Fosun’s innovative drug clinical trials were approved by regulatory authorities in China, the United States and Europe, while multiple core products entered key clinical phases, laying a solid pipeline foundation for subsequent commercial growth.Henlius’ HLX43 remains the main focus of market interest. As a PD-L1-targeted antibody drug conjugate (ADC) with potential best-in-class characteristics and broad anti-tumor activity across multiple tumor types, HLX43 has shown significant advantages, with a favorable efficacy and safety profile in non-small cell lung cancer (NSCLC), gynecological tumors, esophageal squamous cell carcinoma (ESCC), and other indications. On 27 January 2025, it was approved for clinical trials in Chinese mainland, positioning it to become another landmark product for Fosun.This year, Fosun’s international business development (BD) efforts for innovative drugs made a notable impression on the market. For example, at the beginning of 2026, Fosun Pharma entered into an agreement with Eisai Co., Ltd. in relation to HANSIZHUANG, with a potential total value of over USD300 million. At the end of 2025, Fosun Pharma’s subsidiary, Yao Pharma, signed a global exclusive licensing agreement with Pfizer, with a potential total value of over USD2 billion; Fosun Pharma Industrial entered into a strategic collaboration with biotechnology company Clavis Bio, with Fosun Pharma eligible to receive up to USD7.25 billion in payments.In terms of globalization, Fosun has established a profound business presence in more than 40 countries and regions worldwide. Today, it has achieved comprehensive globalization across products, services, and brands. In 2025, Fosun’s overseas revenue reached RMB94.86 billion, accounting for 54.7% of total revenue, representing a year-on-year increase of 5.4 percentage points. Fosun’s globalization strategy has evolved from “acquiring globally” to “earning globally”.Club Med, a subsidiary of Fosun Tourism Group, operates 67 resorts worldwide. During the Reporting Period, Club Med once again achieved record-high performance, with revenue reaching RMB18.07 billion, representing a year-on-year increase of 3.6%, while operating profit reached RMB1.44 billion, up 4.6% from 2024.Hainan Mining, a subsidiary of Fosun, has now developed into a global resource + new energy company and has made remarkable strides in its global expansion. Hainan Mining’s model of “overseas resources + processing in Hainan” entered a substantive operational stage in 2025. Its Bougouni Lithium Mine in Mali produced 45,000 tons of lithium concentrate, with the first shipment of 30,000 tons arriving at Yangpu Port in Hainan in January 2026. Additionally, through its subsidiary Roc Oil and the newly acquired oilfield project in Oman, Hainan Mining has accelerated the building of a “minerals + energy” network spanning West Africa, the Middle East, and Southeast Asia.International rating agencies affirm Fosun International’s rating outlook as “stable”Fosun’s financial position remains the market’s primary focus.According to Fosun International’s results announcement, during the Reporting Period, cash, bank balances and term deposits amounted to RMB61.1 billion; unutilized banking facilities amounted to RMB144.6 billion; total debt to total capital ratio was 57%. Fosun has maintained a healthy financial position, with ample cash reserves. International rating agencies have broadly affirmed Fosun International’s rating outlook as “stable”.Guo Guangchang stated in his Letter to Shareholders that, at present, Fosun’s core businesses remain solid, liquidity position is robust, and banking relationships remain stable. The Company’s major shareholder and management team have announced plans to increase their holdings in the shares of the Company and the Company will also proceed with a share buyback program. With Fosun’s core businesses continuing to grow and strategic plans firmly on track, “We are confident in our ability to support a return of the share price to fair value and better protect the long-term interests of our shareholders.”In addition to its results announcement, Fosun announced that it is committed to increasing its dividend payout ratio, targeting an increase from the current 20% to 35% for the 2026 financial year. Based on the accumulated distributable profit of the Company, the dividend for the 2026 financial year is expected to be not less than HKD1.5 billion.We can reasonably expect that this round of “strategic streamlining” will inject greater certainty into Fosun’s future business growth.In this year’s Letter to Shareholders, Guo Guangchang also disclosed Fosun’s medium-term financial goals: “We strive to gradually restore annual profit to the RMB10 billion level; at the group level, we aim to generate RMB60 billion in cash returns, reduce total debt to below RMB60 billion, and strive to achieve an investment-grade rating.” He stated that, “Fosun has always stayed true to its original aspiration: to do the right things, the difficult things and the things that take time to develop. For Fosun’s future, we do not seek short-term gains; we seek to build a foundation for lasting success.” Copyright 2026 ACN Newswire via SeaPRwire.com. All rights reserved. www.acnnewswire.com

HONG KONG, Mar 31, 2026 - (ACN Newswire via SeaPRwire.com) - March 31, 2026, Legend Holdings Corporation (“Legend Holdings” or the “Company”; Stock Code: 3396.HK) announced the audited annual results for the year ended December 31, 2025 (the “Reporting Period”). The Company recorded revenue of RMB605,945 million, representing an 18% year-on-year increase; the net profit was RMB9,799 million, representing a 28% year-on-year increase; the net profit attributable to equity holders of the Company was RMB1,061 million, representing a significant year-on-year increase. The profit growth was primarily attributable to the recovery of the capital market, which led to a year-on-year reduction in losses from the industrial incubations and investments segment. In addition, the Board has recommended a final cash dividend of RMB0.10 per ordinary share (before tax).In 2025, the Chinese economy continued to demonstrate strong resilience. As the conclusion year of the 14th Five-Year Plan, there was a prominent focus on high-quality and innovative development. Adhering to its original aspiration of serving the country through industry, Legend Holdings closely aligned with national strategic directions, ventured into the deep waters of scientific and technological innovation, focused on the real economy, and worked with all sectors of society to foster and develop new quality productive forces.Build a Distinctive Sci-Tech Innovation System to Drive High-Quality DevelopmentLegend Holdings has actively responded to the national innovation-driven development strategy and continued to increase investment in R&D. In 2025, R&D expenses exceeded RMB17 billion, representing a year-on-year increase of 10% and reaching a new historic high. During the 14th Five-Year Plan period, the total R&D expenses exceeded RMB75 billion, marking an increase of over 60% compared to the 13th Five-Year Plan period. This firm commitment to R&D has yielded remarkable returns. The launch of the world’s first AI PC has led industry transformation, and the Company currently captures a global PC market share of over 25%, firmly ranking first in the industry. Its AI servers and Neptune liquid cooling systems have gained high recognition in the global market, placing the Company among the world’s top three server providers. The SSG services claimed the top rankings in China’s IT services sector, and a series of generative AI solutions have been launched, leading the industry’s transition from IT services to AI-driven services.During the same period, Legend Holdings has actively participated in the construction of China’s technology ecosystem and scaled up its investment in frontier domestic technologies. Focusing on national emerging pillar industries and future industries, the Company has maintained an investment pace of over 100 new and follow-on investments each year in Chinese tech enterprises across cutting-edge sectors including artificial intelligence (AI), embodied intelligence, commercial aerospace, the low-altitude economy, new energy and advanced materials, controllable nuclear fusion, semiconductors, quantum computing, and biopharmaceuticals. In AI alone, the Legend Holdings family group has invested in over 300 enterprises, making it the institution with the longest investment history and the broadest reach in China’s AI field. In 2025, the Company invested in nearly 150 Chinese tech enterprises and facilitated the listing of 15 portfolio companies on capital markets, ranking among the top performers in the market.In response to the national call for “deep integration of technological and industrial innovation”, Legend Holdings has actively fulfilled its role as a main entity in corporate technological innovation. The Company’s Forward-Looking Technology Research Institute has intensified exploration into the industrialization of early-stage cutting-edge technological achievements. It has established connections with over 60 enterprises and research institutions, launched in-depth cooperation with two universities and seven domestic and international enterprises, and selected 39 seed technologies. Earlier this year, the “Peking University-Legend Holdings Advanced Photonic Integration Technology Joint Laboratory” established in collaboration with the State Key Laboratory of Photonics and Communications at Peking University, stands as a representative example of such efforts.In addition, the Legend Holdings family group achieved multiple results in cutting-edge and core technology localization. Lenovo Research Institute, under Lenovo Group, has been driving innovation in the AI domain, launching world-leading L3 AI super agents, such as Lenovo Tianxi and Lenovo Qira, and developing the X-Engine on-device inference engine to significantly enhancing the AI PC experience. Levima Research Institute, under Levima Advanced Materials, has focused on advanced materials, filling domestic gaps in areas such as solid-state and semi-solid-state battery materials and PEEK materials. Two research projects jointly developed with the Chinese Academy of Sciences have both been designated national Key R&D Programs by the Ministry of Science and Technology.Focusing on the Real Economy and Strengthening the Industrial FoundationDuring the 14th Five-Year Plan period, Legend Holdings has been deeply rooted in the real economy. With advanced manufacturing as its backbone, the Company has made new investments totaling over RMB20 billion, with the estimated output value exceeding RMB100 billion. Within this framework, Lenovo has built its “global mother factory” of intelligent manufacturing, the Shenzhen southern base, which has earned the highest certification under China’s Intelligent Manufacturing Capability Maturity Model. Lenovo Tianjin Industrial Park has also earned “Eco-level Carbon Neutral Factory” certification, a top-tier designation globally. By establishing four major manufacturing bases across China, Lenovo has ensured the stability and security of China’s IT-related industrial and supply chains, while driving local economic progress. Levima Advanced Materials established its New Energy Materials and Biodegradable Materials Integration Project in Levima Green (Shandong) Advanced Materials Co., with an annual capacity of 200,000 tons of EVA and 300,000 tons of PO. In Jiangsu, Levima Advanced Materials established a 100,000-ton-per-year POE (polyolefin elastomer) project. Furthermore, it has established multiple projects across several locations, including the biodegradable PLA and ultra-high-molecular-weight polyethylene (UHMWPE), filling critical gaps in China’s relevant industrials.Deepening ESG Practices and Cultivating Diverse ValuesLegend Holdings remains steadfast in its commitment to green development, pursuing the harmonious integration and mutual enhancement of economic, social, and environmental values. Lenovo has maintained the highest AAA rating in the MSCI ESG Ratings for four consecutive years. It has pledged net-zero greenhouse gas emissions across its entire value chain by the end of 2050, and made itself the first high-tech manufacturing enterprise in China to receive the Science Based Targets initiative’s (SBTi) net-zero validation. Levima Advanced Materials has built a portfolio of green products centered on green industries. it has reinforced its leadership in the photovoltaic adhesive film materials industry while expanding into fields such as biodegradable materials and new energy battery materials and was designated a National Green Factory. Furthermore, Legend Holdings actively fulfills its corporate social responsibility in areas such as technological innovation and rural revitalization. Notably, the Legend Star CEO Training Program provides free entrepreneurship training to domestic technology founders. Since its inception, Legend Holdings has invested tens of millions of RMB annually. As of the end of 2025, the cumulative investment reached RMB160 million, with a total of 1,429 innovative and entrepreneurial talents cultivated. To date, 71 enterprises founded by these "Star Alumni" have successfully gone public, and 216 have been recognized as National-level Specialized, Refined, Distinctive and Innovative "Little Giant" Enterprises, driving the creation of nearly 460,000 jobs in society.Consolidating Strategic Focus and Anchoring the Future through Intelligent TransformationGuided by the agenda of high-quality development, Legend Holdings has strengthened independent innovation, steadily advanced the optimization of its asset portfolio, and enhanced capital recycling. Over the past five years, the Company has recovered a total of over RMB45 billion in capital, providing robust support for its large-scale investments in technological innovation and the real economy.Looking ahead to the 15th Five-Year Plan period, Legend Holdings will more proactively integrate into the tide of high-quality development, strengthen the guidance of technological innovation, focus on the real economy, solidly promote the development of new productive forces with the strategic focus of long-termism, and resolutely implement the transformation of major scientific and technological achievements, supporting high-level technological self-reliance and self-improvement. The Company will continue to increase R&D investment in national emerging pillar industries such as AI and new materials; maintain systematic support for China's sci-tech innovation ecosystem and innovative and entrepreneurial enterprises; accelerate the adjustment of its asset portfolio to build an industrial layout that aligns with the characteristics of the times; drive collaborative innovation across diverse businesses to create a differentiated innovation ecosystem; and establish a replicable business model with Legend characteristics in the commercialization of global cutting-edge technologies, continuously delivering results. In addition, Legend Holdings will further consolidate its industrial foundation, strengthen core competitiveness, actively fulfill social responsibilities, and contribute to the building of a Beautiful China.Mr. Ning Min, Chairman and Executive Director of Legend Holdings, stated: “Over the past year, Legend Holdings has delivered a resilient and quality-improved performance, guided by a clear technological innovation strategy and supported by the vast market space brought about by the country's promotion of new productive forces and the construction of a modern industrial system. We will firmly seize the strategic opportunities of the 15th Five-Year Plan period, and through more determined steps in innovation, a more open industrial ecosystem, and more pragmatic social contributions to align the development of the enterprise with national development, creating greater value for shareholders and society and being a steadfast practitioner of the Chinese path to modernization.” Copyright 2026 ACN Newswire via SeaPRwire.com. All rights reserved. www.acnnewswire.com