Upload
others
View
6
Download
0
Embed Size (px)
Citation preview
0
Health Happiness Wealth
A Technology-Driven Consumer Group
Financial Results for First Half of 2019
1
Disclaimer
It is not the intention of this document to provide a full explanation of any relevant matters of Fosun International Limited (“Fosun International” or
the “Company”). You must refrain from relying on any information set out in this document. No statement, guarantee or undertaking is or will be
made or given at present or in the future in respect of the accuracy, fairness, reasonableness, correctness or completeness of this document or
any information or opinions set forth herein or any other information or opinions, whether written or oral, available to any stakeholder or its advisers,
nor is there or will there be any express or implied indication made in respect of the above content at present or in the future. None of the
Company or any of its shareholders, directors, officers, employees, affiliates, advisers or representatives (the “Parties”) shall assume any liability,
including but not limited to liability for default, for or in respect of the above content at present or in the future. The Parties expressly state that they
shall not be held liable for any loss resulting from the use of this document or its content or in any other manner in connection with this document.
It is assumed that information set out in this document is appropriate for the current situation and such information could be subject to change
without notice. None of the Parties shall be held liable for procuring the receipt of information under this document by any recipients, updating
information under this document, or correcting any manifest error contained under this document. In the event of any conflict between this
document and the interim results announcement of the Company for the half year, and the interim report of the Company for the half year
ended 30 June 2019 (collectively, the “Interim Documents”), the interim Documents shall prevail.
Cautionary Statement Regarding Forward-Looking Statements
This PPT includes forward-looking statements. All statements, other than statements of historical facts, that address activities, events or
developments that Fosun International Limited (“Fosun International” or the “Company”) expects or anticipates will or may occur in the future
(including but not limited to projections, targets, estimates and business plans) are forward-looking statements. The Company’s actual results or
developments may differ materially from those indicated by these forward-looking statements as a result of various factors and uncertainties, and
other risks and factors beyond our control. In addition, the Company makes the forward-looking statements referred to herein as of today and
undertakes no obligation to update these statements. The financial figures of 20191H in this PPT are calculated using the average exchange rate
for the reporting period January 2019 to June 2019 (USD/CNY=6.77143 HKD/CNY=0.86355). Period-end exchange rate as of 2019/6/30
(USD/CNY=6.87470 HKD/CNY=0.87966), unless otherwise stated.
2
1
2
3
4
Table of Contents
5
Result Highlights
Business Review
Financial Review
Outlook
Appendix
3
Note: 1. After adjusted by the impact of Yuyuan's revenue consolidated into the financal statements of the Group upon completion of the reorganization in the second half of 2018, and the major acquisitions of La Positiva, Baihe Jiayuan and Wolford, etc, the revenue in the first half of 2019 increased by 25% compared to the same period of 2018.; 2. Industrial operating profit includes profit from operational subsidiaries, joint ventures and associates which are under equity method; 3. Total debt includes short-term and long-term interest-bearing borrowings and other borrowings; Total capital equals to equity plus total debt.
Financial Highlights for 2019 1H
53.2%Total Debt/ Total Capital3
Average cost of debt in 20191H is 5.05%
0.13 Fosun International’s first ever interim dividend
HKD
13.6% Average Fosun ROE (2014-2019H) 13.4%
Average HK market ROE (2014 – 2018) 9.7%
68.5 billion
Total Revenue
RMB
Top 5 subsidiaries contributed 83% in 20191H
57% from China, 43% from overseas
7.61billion
RMB
Happiness Y-o-Y growth: 86%
5 year CAGR of 19%
6.12 billion
RMB
RMB4.03 billion in 20181H
157% Y-o-Y 11% Y-o-Y 52% Y-o-Y
2018: 12.8%, 2017: 13.6%Per share
Profit Attributable to Owners of the Parent Industrial Operating Profit2
Leverage RatioInterim Dividend Return on Equity (ROE)
4
1
2
3
4
Table of Contents
5
Result Highlights
Business Review
Financial Review
Outlook
Appendix
5
2130
5055
73
96
37
56
30
32
29 19
15
13
7
13
2013 2014 2015 2016 2017 2018 20181H 20191H
2C 2B
RMB Bn
52%2C Y-o-Y revenue growth
in 20191H
Historic Revenue Growth
16%Total Revenue 5 year CAGR
36%2C Revenue 5 year CAGR
2
Note: 1. 2C includes revenue of products and services sold to families and individuals. 2. 2B includes revenue of products and services sold to businesses
1
51
62
7974
88
109
69
44
81.5%2C revenue out of total
revenue in 20191H
Over 80% of revenue now comes direct from family customers
6
Health Business
Financial highlights Operating highlights
66%
23%
11%Pharmaceutical
Medical and
Health Services
Medical
Equipment and
Diagnosis
Revenue(RMB: Bn)
14.0
16.5
20181H 20191H
Pharmaceutical:
• Fosun Pharma – Pharmaceutical business revenue increased 21.89% to RMB 10.8 Bn in 2019 1H
• Gland Pharma’s revenue increased 18.9% to RMB 1.2 Bn in 2019 1H
• ‘Hanlikan ®’, China’s first domestically developed biosimilar receives approval for sale in China
• ORIN1001, a small molecule treatment for breast cancer, gets US FDA approval fast track
• Fosun Pharma’s proprietary innovative drug Artesunate series are well recognized in Africa. International
distribution network further expanded through Tridem’s presence in FSA (French Speaking Africa) and
private market(hospital, clinics and pharmacies)
• Signed exclusive license agreement with ReNeuron for the development, manufacture and
commercialization of its CTX and hPRC cell therapy programmes in China
Medical Equipment and Diagnosis:
• Sisram Medical, the Israeli-based medical equipment supplier reports USD$85 million sales in 20191H with
9.3% Y-o-Y growth. Net profit margin grew to16.2% in 20191H
• Aitrox, Fosun’s AI-focused medical company, reached cooperation with >200 medical institutions in China
Medical and Health Services:
• Fosun United Health Insurance premiums grew 607% in 20191H, following operating synergies with Fosun’s
health business
• Starcastle Senior Living- Zhonghuan Community’s occupancy rate now at 92%, offering one-stop health
services, from independent living to hospice care Note: 1. Medical and Health Services include hospital service, health insurance, pharmaceutical distribution, and elderly care.
1
7
Happiness Business
13.5
30.9
20181H 20191H
• Highlights of successful products:
– Yuyuan’s Jewelry business: revenue increased 15.9%, with
327 new stores now totaling 2,417 across China
– Yuyuan’s Food & beverage business: New soft-drinks brand
(LigaoLu) sold 1 million units in its first two months; First
Yuyuan Songhe Noodle Restaurant (size of 300㎡)
generated revenue of over RMB1.5 million per month solely
– Tourism destination: Atlantis Sanya’s recorded operating
revenue in 20191H of RMB656 million, with a 51.8% increase
in ADR1, from RMB1,562 to RMB2,371
– English Premier League football team Wolverhampton
Wanderers turned profitable in 20191H, placing seventh in
the 2018-2019 season
• Products under turnaround:
– Bruno Sialelli, new chief designer at Lanvin launches a
popular new line in Paris in February 2019
71%
29% Branded
Consumer
Goods
Tourism and
Culture
Note: 1. ADR is average daily bed rate; 2. Branded Consumer Goods include fashion, jewelry, catering and sports
2
Financial highlights Operating highlights
Revenue(RMB: Bn)
8
Wealth Business
16.321.5
20181H 20191H
Note: 1. Source: Superintendencia de Banca, Seguros y AFP del Perú (SBS);La Positiva Seguros y Reaseguros S.A. is referred to as La Positiva hereinafter; 2. Referred to as FFT hereinafter
• Household Finance:
– “Insurance + industry” strategy: digital transformation of Group’s
insurance business with enhanced integration into Fosun’s other
businesses
– Internationalization: Acquired La Positiva Seguros y Reaseguros
S.A., Peru’s fourth-largest insurance company1
– Digital transformation of Portuguese bank BCP: Profit Attributable
to Owners of the Parent increases by 12.7%
• Corporate finance
– Digital transformation of private Bank Hauck & Aufhauser,
profitability ranked #1 among German peers
• Investment:
– Lexin Tech, a global leader of IoT core communication chips
(688018), completed a successful IPO on China’s new SSE STAR
Market
– Acquired FFT GmbH & Co. KGaA2, the world's leading provider of
flexible automated production line solutions
55%22%
23% Household
Finance
Corporate
Finance
Investment
Financial highlights Operating highlights
Revenue(RMB: Bn)
9
C2MTotal registered users1
>340 million
Active consumers increased 40% Y-o-Y to 20191H
Fosun’s Family consumers continue to grow
Note: 1. Representing products and services provided by Fosun
Customer-2-maker strategy connects products and services direct to customers
10
Number of products with Revenue over RMB 1 billion
Number of products with Revenue over RMB 100 million
Number of brands with Revenue over RMB 10 billion2
100+
2
10+
Note: 1.LTM to June 2019; 2. Club Med and Yuyuan’s Lao Miao Jewelry brands have revenue over RMB 10 billion in the past 12 months
Major products and brandsIncreasing number of products & brands with strong revenue performance1
11
New emerging product synergies
Family
consumers
Hospital+Insurance
Marriage+Jewelry
Foliday+Parenting
Fosun Care+Insurance
Pharmaceutical
+Insurance
Foliday+AHAVA
Genetic Testing
+Insurance
Marriage+ Foliday…
12
Investments to enhance product offering
Health Happiness Wealth
• Signed exclusive license
agreement with ReNeuron
for the development,
manufacture and
commercialization of its CTX
and hPRC cell therapy
programmes in China
• Acquired Medata, a
blockchain-based medical
big data platform
• Acquired the world's
renowned gemological
colleges and certification
institute, IGI; Strengthening
the jewelry business of
Yuyuan
• Became the exclusive
Chinese distributor of Hills, the
world’s top pet prescription
food brand
• Acquired La Positiva, Peru’s
fourth-largest insurance
company and expanded
insurance business into Latin
America
• Acquired FFT, the world's
leading provider of flexible
automated production line
solutions
. . .. . .. . .
13
30%Profit before tax
~
Competitive products through R&D
Bio-medicine
Fin-tech
……
Competitive products through incubation, investment & BD
Biosimilar
AI medical technology
Cell therapy technology
……
AI-driven Mid-office
AI
Big Data
IoTs
SaaS
……
Technology & Innovation + Creative Design
Competitive products through good design
Jewelry
Fashion apparel
Creative fashion
……
Investment into Technology & innovation ~30% of total PBT
14
JapanTokyoOsakaHokkaido
United KingdomLondonWolverhampton
GermanyBerlinMunich
FrankfurtHamburg
PortugalLisbonPorto
IndiaNew DelhiMumbaiBangalore
Hyderabad
United StatesNew YorkDetroitSan Francisco
AustraliaSydney
FranceParisLille
Brest
IsraelJerusalemTel Aviv
ChinaShanghaiBeijing
ShenzhenHangzhouNanjingChongqingWuhanGuangzhouXianHong KongMacau…
AustriaViennaSalzburgInnsbruckBregenz
Global operations1
BrazilSao PauloRio de Janeiro
57%27%
11%5%
China EMEA The Americas Other overseas countries
Revenue breakdown by region in 20191H
Note: 1. Countries where Fosun and its subsidiaries have offices or teams; 2. EMEA includes Europe, Middle East and Africa; 3. The Americas includes North and South America.
PeruLimaCusco
Cote d'Ivoire
Nigeria
Angola
Mozambique
ItalyMilan
2 3
15
Employee interfaces
Data
Business
Technology
Functional supports
E-commerce
Fosun Business System(FBS)
Fosun Business System
Fosun Business System (FBS)
Create for our customers,
employees, products a digitalized
and intelligent platform
Collect customer real time feedback
on products and services
Empower employees to serve
customers efficiently
Employees
Customers
Health
Products
Happiness
Products
Wealth
Products
Store
Sales
representatives
Community
16
Global talents through Global Partners
Global partners drive success of products with strong functional capabilities
17
1
2
3
4
Table of Contents
5
Result Highlights
Business Review
Financial Review
Outlook
Appendix
18
Revenue breakdown by core businesses
Health Happiness Wealth
RMB: Bn
14.0 13.516.316.5
30.9
21.5
健康产业 快乐产业 富足产业20181H 20191H 20181H 20191H 20181H 20191H
66%23%
11%Pharmaceutical
Medical and
Health Services
Medical
Equipment and
Diagnosis
55%22%
23% Household
Finance
Corporate
Finance
Investment
71%
29% Branded
Consumer
Goods
Tourism and
Culture
19
14.6
19.7
20181H 20191H
6.79.1
20181H 20191H
11.814.1
20181H 20191H
21%
29%
13%
14%
6%
17%
Fosun Pharma
Yuyuan
FTG
Fosun Insurance Portugal
Peak Reinsurance
Others
Note: 1. Yuyuan’s revenue is based on the Chinese Accounting Standards for Business Enterprises. 2. Portugal insurance revenue is based on local general accounting standards applicable to its regulatory territory
Fosun Pharma Yuyuan1
Peak ReinsuranceFosun Insurance Portugal2FTG
Average Y-o-Y revenue growth of top 5 subsidiaries is 32%
RMB Bn RMB Bn
RMB Bn RMB Bn
20191H Revenue Breakdown
Top 5 subsidiaries contribute 83% of revenue
6.6
9.9
20181H 20191H
RMB Bn
3.33.9
20181H 20191H
Fosun Tourism Group
20
Health Happiness Wealth
Finance InvestmentRMB Mn
Profits breakdown by core businesses
Insurance
829865
20181H 20191H
982
1822
20181H 20191H
10791016
20181H 20191H
659
805
20181H 20191H
3311
3101
20181H 20191H
21
55.9%
53.6%
50.7%
52.4%
53.7% 53.2%
48%
49%
50%
51%
52%
53%
54%
55%
56%
57%
2014 2015 2016 2017 2018 20191H
Note: 1. Leverage ratio = total debt/ total capital; Total debt includes short-term and long-term interest-bearing borrowings and other borrowings; Total capital equals to equity plus total debt
56%31%
9%4%
RMB
USD
EUR
Others
RMB Bn 2017 2018 20191H
Total Debt 150.5 186.1 193.2
Net Debt 67.8 79.8 89.4
Undrawn Facilities 161.7 173.6 174.4
Healthy Balance SheetStable leverage ratio & improved debt structure
Debt Maturity Extended
Debt Breakdown by Currency Other financial Ratios
Leverage Ratio1(%)
48.6%
34.6%
2014 2015 2016 2017 2018 20191H
51.4%
65.4%
2014 2015 2016 2017 2018 20191H
Within 1 year Above 1 year
- Net Debt/EBITDA-multiples 2.3x in 20191H
- Average cost of debt 5.05% in 20191H
22
Moody’s
BBnegative
BB positive
BBstable
BBstable
S&P
Rating Improvement & HSCEI InclusionS&P revised outlook to positive and confirmed BB rating
Ba3 stable
Ba3 positive
Ba2stable
Ba2stable
“As of June 28, 2019, Fosun International was selected as
constituent stock of Hang Seng China Enterprises Index
(HSCEI) since its overall performance fulfilled the criteria,
including listing history, stock price volatility in the past 12
months, turnover velocity, net profit of the past three
years, net cash flow from operating activities and
dividends.”
Hang Seng Indexes Company Limited
August 2019
Fosun International included as constituent
stock of Hang Seng China Enterprises Index
HSCEI Inclusion
23
0
2
4
6
8
10
12
14
16
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1.8
0
2
4
6
8
10
12
14
16
Earnings Per Share
Historical Profit, EPS and Book Value GrowthDouble digit growth in profit, EPS and book value over the past 5 years
RMB Bn RMB RMB
Book Value Per ShareProfit Attributable to Owners of the Parent
24
ROE Ratio (Fosun vs. Hong Kong Market1) (%)
• From 2014 to 20191H, average ROE of Fosun
International is 13.4%
Dividend Payout Ratio (%)
13.2 12.9
15.1
19.8 20.0
0
5
10
15
20
25
2014 2015 2016 2017 2018
15.4
12.8
12.2
13.6
12.8 13.6
11.6
9.1 8.5
10.2
9.4
6
7
8
9
10
11
12
13
14
15
16
2014 2015 2016 2017 2018 20191H
Fosun HK stock market average
Shareholders’ ReturnAbove market ROE performance with emphasis on dividend payout
Note:1. ROE of 20191H is calculated using annualized return. HK Market average ROE source is Wind
• For the first time, the Board of Directors have declared an
interim dividend of HKD 0.13 per share
• Dividend Payout ratio grows steadily since 2014 and
reached 20% in 2018, indicating a dividend yield rate of
3.6% by end June, 2019
• From 2016 to 20191H, total dividend paid was HKD 9.08
billion
25
1
2
3
4
Table of Contents
5
Result Highlights
Business Review
Financial Review
Outlook
Appendix
26
Tech-driven product innovation through vertical integration
Horizontal cross-business innovation for product competitiveness
• Drive product innovation through technology
• Dedicated to creating the most epic customer experience
• Enhance competitiveness through global resources and talents
• Focus on satisfying the needs and pain points of family customers
• Create innovative products by integrating Fosun’s industrial value
chains
• Improve product and service qualities to deliver better customer
experience
With each step, we’ll continue to provide the best products
Household
Consumption
Health
Happiness Wealth
What’s the future for Fosun?
A myriad of product lines and
competitive products
27
1
2
3
4
Table of Contents
5
Result Highlights
Business Review
Financial Review
Outlook
Appendix
28
Sinopharm
Health
Pharmaceutical Medical Services
& HealthManagement
HealthProducts
Happiness
Tourism &
LeisureFashion
Wealth
WeDoctor
Luz Saúde3
99.85%
StarcastleSenior Living
100%
SanyuanFoods5
20.45%
Silver Cross 87.23%
St Hubert6
98.12%
FTG7
81.07%
Caruso9
73.78%
Wolford58.45%
LANVIN65.60%
Fosun Insurance Portugal13
84.9884%
AmeriTrust100%
PramericaFosun Life Insurance
50%
Investment
Cainiao6.71%
IDERA98%
MyBank25%
BCP 27.25%
H&A99.91%
Fosun Hani Securities
100%
35.35%
Gland Pharma
Sisram Med
Insurance
98.81%
Nanjing
Nangang
60%
Fosun Capital
100%
Fosun Pharma
37.87%
Fosun United Health
Insurance20%
Yong’an P&C Insurance
40.68%
8
St John10
70%
Hainan Mining
51.57%
FFT15
Consumer &
Lifestyle
Yuyuan68.58%
TsingtaoBrewery11
17.97%
AHAVA12
100%
Chancheng
Hospital
Besino
Environment
BaiheJiayuan
69.18%
Babytree4
21.76%
Tom Tailor8
BundFinance Center
50%
Finance
28 Liberty
100%
1. This simplified corporate structure illustrates the key investments of the
Group only. The equity percentage reflects the total direct
shareholdings held by the Group, associates, joint ventures and funds
managed by the Group as at 30 June 2019.
2. The companies marked in the dotted-line borders are invested by
Fosun Pharma. For specific information, please refer to the disclosure
of Fosun Pharma. The companies marked in the shaded boxes are
invested by FTG. For specific information, please refer to the
disclosure of FTG. The companies marked in the double-line borders
are invested by the joint venture of the Company, Nanjing Nangang.
3. The Company and Fidelidade held 49% and 50.85% equity interest in
Luz Saúde, respectively. Therefore, the Group held 92.22% effective
equity interest in Luz Saúde.
4. The Company, together with its wholly-owned subsidiary, held 21.62%
equity interest in Babytree. In addition, Fidelidade held 0.13% equity
interest in Babytree. Therefore, the Group held 21.73% effective
equity interest in Babytree.
5. The Company through its wholly-owned subsidiary and a fund under
management of the Group, held 16.67% and 3.78% equity interest,
respectively, in Sanyuan Foods. The Group held 37.25% effective
equity interest in such fund, thus, the Group held 18.08% effective
equity interest in Sanyuan Foods.
6. St Hubert was held as to 98.12% by an associate of the Group in
which the Group held 51% equity interest.
7. The Company’s equity interest in FTG was diluted to 80.97% as at the
date of this announcement due to the issue and allotment of new
ordinary shares by FTG in July 2019.
8. As of the settlement date of the takeover offer (12 July 2019), Tom
Tailor was held as to 46.75% by the Company and 29.99% by a wholly
owned subsidiary of Yuyuan. Therefore, the Group held 67.32%
effective equity interest in Tom Tailor
9. The Company through its wholly-owned subsidiaries held 43.40%
equity interest in Caruso. The joint venture established by the Group
and a fund managed by the Group held 30.38% equity interest in
Caruso (the Group held 17.00% equity interest in the joint venture).
Therefore, the Group held 43.40% effective equity interest in Caruso.
10.The joint venture established by the Group and a fund managed by
the Group held 70% equity interest in St. John Knit International Inc.
(the Group held 19.70% equity interest in the joint venture).
11.As at the end of the Reporting Period, Tsingtao Brewery was held as
to 11.66% by two wholly-owned subsidiaries of the Company, as to
2.55% and 0.53% by Fidelidade and Peak Reinsurance, both are
subsidiaries of the Company, respectively, and as to 3.22% by a fund
managed by the Group. Therefore the Group held 14.29% effective
equity interest in Tsingtao Brewery. As at the date of this
announcement, Tsingtao Brewery was held as to 11.66% by two
wholly-owned subsidiaries of the Company, as to 1.69% and 0.25% by
Fidelidade and Peak Reinsurance, both are subsidiaries of the
Company, respectively, and as to 2.14% by a fund managed by the
Group. Therefore the Group held 13.32% effective equity interest in
Tsingtao Brewery.
12.The Company through its subsidiary held 100% equity interest in
AHAVA. Such subsidiary was owned as to 94.21% effective interest by
the Group. Therefore, the Group held 94.21% effective equity interest
in AHAVA.
13.The Company held 84.9884% equity interest in Fidelidade, 80% equity
interest in Multicare and 80% equity interest in Fidelidade Assistência
through its wholly-owned subsidiary.
14.The equity interest held by the Group was decreased from 86.9%
through 86.5% as a result of the issue and allotment of shares of Peak
Reinsurance pursuant to terms of a share award plan adopted in
December 2018.
15.FFT was 100% held by an associate of the Group which was invested
through the funds managed by the Group.
Note:
Atlantis
Sanya
Club Med
Wolves100%
Guide69.14%
PeakReinsurance14
86.51%
Corporate Structure1 2(as of 30 June 2019)
29
Health
China’s top 5
pharmaceutical
companies
Happiness Wealth
China’s largest pharmaceutical group with the most complete
industrial chain and most competitive capabilities
The largest medical services
group in Portugal
Ranked No. 1 of China's
non-public hospitals for 3
consecutive years
Professional health
insurance provider with
rapid growth in China
China's largest platform of
the maternal and child
community
The largest resort chain
worldwide
Leading brewer brand in
China
The oldest haute couture
brand in France
Wolverhampton WanderersRanked seventh in the Premier
League in the 2018-2019 season
China's largest dating
and matchmaking
website and marriage
service provider
Landmark project of
Sanya Tourism 3.0
Leading branded
consumer goods
company
Portugal’s largest
insurance group
Portugal’s largest listed
bank, Poland’s fourth
private bank
Highest ROE within
German mid-cap private
bank in 2018
Japan's leading asset
management platform
Winning "Asia's Best
Reinsurance Company"
Award for the fourth year
Israel's leading fintech platform
Top 3 of Global Car
Network Data Service
Innovative supplier
First domestically developed &
commercialized biosimilar
Market leaders across businesses
30
投资及退出:- 集团层面,2019年上半年累计投资
项目47个,累计金额44亿,退出项目22个,累计金额31亿人民币
- 集团及子公司投资项目上市共计4个,包括华培动力、永冠新材、乐鑫科技、科博达。
- Acquired FFT in Germany, the world's
leading provider of flexible
automated production line solutions
- Invested in UK boutique asset
manager Tenax Capital Limited2
- Takeover of Tom Tailor to enhance
fashion business
- Acquired the world's renowned
gemological colleges and
certification institute, IGI
TENAX CAPITAL
- The Group and its subsidiaries
completed 47 investments and 22
divestments in 20191H
- Successful IPO of Sinotec,
Yongguan and Espressif
Investments and divestments
- Acquired La Positiva, an insurance
company in Peru through Fosun
Insurance Portugal
- Lets Transport, Indian city logistics
service provider
- Delhivery, Indian Logistic Unicorn
- Headfone, Indian social audio
platform
- Splitty, Israeli hotel reservation
platform
- theAsianparent, large maternal and
childcare platform in Southeast Asia
Investments in emerging markets1 Investments in developed markets
Note: 1. Emerging markets include South America, India, Africa and Southeast Asia; 2. Project not yet transacted
Capital Market Highlights
31
Note: 1. Include only secondary market investments held by the Group. 2. Percentage of effective equity interest. 3. Subsidiary of the Group. 4. Fosun High Technology Co., Ltd. holds 60% equity interest in Nanjing Nangang, which holds 43.29% equity interest in Nanjing Iron & Steel with its subsidiaries
No. Stock NameUntil 30 June 2019
% Held2 Holding Market Value (RMB Bn)Market Value
(USD Bn)
1 Fosun Pharma (A+H)3 37.87% 24.41 3.55
2 Yuyuan3 68.58% 21.80 3.17
3 Fosun Tourism Group3 81.07% 9.76 1.42
4 BCP Millennium 27.25% 8.75 1.27
5 Hainan Mining3 51.57% 5.93 0.86
6 Tsingtao Brewery 11.34% 6.71 0.98
7 Nanjing Iron & Steel4 25.97% 4.02 0.59
8 Ageas 4.34% 3.07 0.45
9 New China Life 2.74% 2.85 0.42
10 Baihe Jiayuan3 69.18% 2.78 0.41
11 Jinjia 8.96% 1.63 0.24
12 SanYuan Foods 18.08% 1.64 0.24
13 Zhongshan Public Utilities 12.35% 1.56 0.23
14 Babytree Group 21.62% 1.31 0.19
15 VIEWRAY INC 16.99% 1.00 0.15
16 Grandland Group 11.68% 0.87 0.13
17 Juewei Food 3.81% 0.85 0.12
18 Zhaojin Mining 3.29% 0.82 0.12
19 Amneal Pharmaceuticals 5.50% 0.81 0.12
20 Hecom (Beijing) Technology Co. 16.35% 0.76 0.11
Total 101.33 14.77
Top 20 Secondary Holdings1
32
MSCI Rating
for the past five yearsWe are here in 2019
Fosun Internationals set up the ESG Committee in March 2019. The committee is responsible for assisting the Board in directing and supervising
the Group's development and implementation of its work on environment, society and governance.
We adhere to the principle of sustainable development. From 2014 to 2018, Fosun has actively promoted the sustainable development of
portfolio companies and taken significant efforts in environmental protection, climate change, health and safety. This has resulted in
significant upgrades from MSCI:
• Health & Safety - Score increased from 2.4 to 5.6;
• Environmental Protection - Score increased from 0.1 to 3.3;
• Cleaning Technology- Score increased from 2.3 to 3.3;
• Rating – increased from CCC to BBB;
• BBB – an industrial average level, which is defined by most investors as “investable” level BBB.
BBB is defined by MSCI as: Industrial Average
Leading Average Backward
MSCI rating has continued to improve over past five years
ESG Rating
33
Attributable
insurance
asset classes
Proportion
2019/06/30 2018/12/31
Fix income
investment70.7% 73.6%
Equity
investment7.5% 8.7%
Real estate
investment10.0% 8.2%
Cash & cash
equivalents11.8% 9.5%
Insurance asset Allocation
Unit:
RMB Bn
Investable Asset1
2019/06/30 2018/12/31
Fosun Insurance
Portugal135.9 123.3
AmeriTrust 11.4 10.8
Peak
Reinsurance12.7 11.7
Pramerica Fosun 9.3 5.1
Yong’an P&C
Insurance11.3 11.2
Fosun United
Health
Insurance
0.9 0.5
Equity Total2 147.4 133.0
Combined Ratio Total Investment Return
2019 1H 2018 1H 2019 1H 2018 1H
Fosun Insurance Portugal 96.9% 97.7% 1.3% 2.8%
AmeriTrust 102.5% 100.6% 2.9% 2.2%
Peak Reinsurance 104.9% 99.5% 2.3% 1.5%
Pramerica Fosun n/a n/a 3.2% 3.6%
Yong’an P&C Insurance 103.1% 103.9% 2.7% 2.5%
Fosun United Health
Insurancen/a n/a 3.1% 2.5%
Equity Total2 n/a n/a 1.6% 2.7%
Insurance asset spreadInvestable Asset
Note:1. Investable asset refer to the insurance float used by insurance company (from insurance businesses’ funds precipitation), capital invested by shareholders, retained earnings etc., assets formed by various
domestic and overseas investment activities. It mainly includes fixed income investment, equity investment, real estate investment and cash and cash equivalents.2. Total of effective interest on equity held by Fosun
Insurance
Insurance Business Overview
Fosun Insurance Portugal• European composite
insurance company• Shareholding ratio:
84.9884%
AmeriTrust• American workers
compensation insurance company
• Shareholding ratio: 100%
Yong’an P&C Insurance• Chinese property insurance
company• Shareholding ratio: 40.68%
Peak Reinsurance• Hong Kong reinsurance
company• Shareholding ratio:
86.51%
Pramerica Fosun• Chinese life insurance
company• Shareholding ratio: 50%
Fosun United Health Insurance• Chinese health
insurance company• Shareholding ratio: 20%
34
•Pharmaceutical
•Medical Devices and
Diagnostic Products
R&D and
Manufacturing
•Sinopharm
•Medical Devices and
Diagnostic Products
Distribution
Distribution•General and Specialty
Hospitals in 2nd & 3rd tier cities
•Premium hospitals in 1sttier
&coastal cities
Healthcare Services
34
• Metabolism & Digestive System• Cardiovascular• Central Nervous System• Blood System• Oncology• Anti-infection• APIs
• Fosun Pharma owns 25.91% equity interest in Sinopharm
• Gene Diagnosis• Molecular Diagnosis• Medical Aesthetic Devices• Respiratory Systems
• Robotic System• Digital Dental Products• Medical Imaging• Intervention and
radiotherapy products
• General Hospitals: Foshan Chancheng, Shenzhen Hengsheng, Yueyang Guangji, Suqian Zhongwu, Wenzhou Geriatrics, Zhuhai Yannian, Wuhan Jihe
• Specialty Hostpial:Anhui JiminOncology Hospital
Synergies Through the Entire Business Value Chain
35
Fosun Tourism Group - FOLIDAY Ecosystem
Multiple “touch
points” to interact
with customers
Capture more
customers and
lead to higher
customer stickiness
Services and solutions
in various tourism and
leisure settings
One-stop tourism
and leisure lifestyle
experiences
Attract more
participants to expand
offerings and enhance
customer experiences
Resorts and
tourism destinations
Note: * Business partners or brands owned by business partners
*
36
Fosun Tourism Group - Operational Highlights
Total operation revenue of Atlantis Sanya for
1H2019 was RMB656 million, ADR surged from RMB1,562 to RMB2,371 in 1H2019, up by
51.8%.
The adjusted EBITDA of Atlantis Sanyaincreased to RMB282.4 million in the first half
of 2019
141 vacation units were delivered in 1H2019.
251 vacation units of Tang Residence
managed by Albion in 1H2019
Construction of Lijiang FOLIDAY Town (丽江复
游城)and Taicang FOLIDAY Town (太仓复游
城) are underway as planned.
2. Tourism destinations 3. Services and solutions
in various tourism and leisure settings
Resident Show C and miscellaneous
entertainment activities in Atlantis Sanya has launched in Feb 2019
Two Miniversity clubs were launched in
Shanghai in Mar 2019.
Business volumes of FOLIDAY Travel Distribution
Platform surged to RMB198.1 million, a 288.3%growth.
Foryou Club members reached 3.5 million, a
79.4% increase than that of 2018FY
Achieved Business Volume of RMB6.9 billion,
representing a Y-o-Y growth of 5.0%1
Average Daily Bed Rate increased from RMB1,311
in 1H2018 to RMB1,388 1H2019, representing a
growth of 5.9%1
Capacity of resorts in 1H2019 increased by 2.2%
on Y-o-Y base
Recurring operating profit increased to RMB614.1
million. Excluding the non-recurring operating
items and IFRS 16 impact, the recurring operating
profit was up 8.2% to RMB479.9 million
Recurring EBITDA increased to RMB1,393.6 million.
Excluding the adoption impact of IFRS 16,
Recurring EBITDA reached RMB769.1 million, up
by 5.5%.
1. Resorts
1On like-for-like basis.
37
Yuyuan Inc.Leading the revival of Chinese culture, and creating the world's first-class happy fashion industry group