As the year-end bell approaches, I have just returned to China from a business trip to Europe. Despite the tight schedule, I carved out some time to hit the slopes at Club Med in the Alps. The majestic snow-capped mountains and the warm sun on my shoulders prompted me to reflect on Fosun's journey in 2025, which felt like another exhilarating climb. This year's path has been fraught with challenges, testing our resolve at every turn. Yet, we hold firm to the belief that no matter how high the mountain, persistent climbing will eventually lead to the summit. Guided by this conviction, we have steadfastly advanced on our path of innovation and globalization, ensuring each step is taken with purpose and stability.
A special thanks to every Fosun colleague who has journeyed alongside me; with you by my side, Fosun's ascent has never been a lonely endeavor. Looking back, this year can be described as an explosive period for the globalization of China's biopharmaceutical innovation. Our health industry has long been committed to pioneering innovation at the source, and this year we have harvested significant阶段性成果: Fumaining was officially put into clinical use, filling a gap in the treatment of rare tumors domestically; Futuoning saw its first prescription issued, and our second CAR-T product entered the approval process; Hansizhuang's Phase III study for gastric cancer perioperative treatment succeeded, becoming the world's first immunotherapy monotherapy to replace postoperative chemotherapy; our oral GLP-1 drug was licensed to Pfizer for global development, a testament to the international recognition of our biopharmaceutical innovation. From PD-1 to ADC, from cell therapy to small molecule drugs, Fosun Pharma has successfully launched 12 innovative drugs since 2019. Our core mission remains unchanged: to help more patients and bring them renewed hope for a cure.
In June, the first batch of self-developed Fumaining was shipped nationwide and officially entered clinical use.
Hansizhuang is the first gastric cancer perioperative therapy drug to receive Breakthrough Therapy Designation from the CDE. The consumer market continues to face pressures this year, yet we remain confident that consumers are still willing to pay for consistently innovative products and services. Following the privatization of Fosun Tourism Group (FTG) earlier this year, Club Med achieved record-breaking performance, with an increasing number of families adding ski vacations to their travel plans; with the ongoing development of the "Super Mediterranean" project, Atlantis Sanya's leading position in the resort market will be further solidified. In November, FTG launched three core product lines: Super Resort, Super Destination, and Super Cultural Tourism Mall. The underlying logic is simple: to be "user demand-centric." Fosun's goal in cultural tourism is not merely to build sightseeing spots but to enable more families to enjoy quality vacation experiences.
From 2015 to 2024, Club Med's global turnover grew from €1.5 billion to €2.1 billion, with operating profit increasing more than fivefold.
Atlantis Sanya Waterworld receives 1.5 million visitors annually.
"Hi·Chongqing," with a total area of 500,000 square meters, is set to open in the second half of 2026 as the first domestic Super Cultural Tourism Mall. During a research trip to the Lijiang Am Resort this year, seeing parents and children learning tie-dye in Naxi ethnic streets and singing around a bonfire at the foot of the snow-capped mountains, I became even more convinced that products capable of creating warm memories are truly good products.
Beyond tourism, other industries within our ecosystem have also been steadfast in their commitment to innovation. Shede Liquor, anchored by its aged liquor strategy, ignited the market with the launch of its 29-degree "Shede Ease" low-alcohol新品, achieving a nearly 40% year-on-year growth in e-commerce revenue for the first three quarters. Fosun United Health Insurance's "Ruixing Bao" product deeply integrates the high-quality medical resources of Ruijin Hospital with Fosun's digital health management into insurance services, essentially putting "Ruijin Hospital's health management department" on your wrist and in your pocket. Innovations like these are the core drivers of our sustained growth.
Our overseas revenue now accounts for over half of our total, reaching 53%. We have consistently emphasized that our globalization strategy is not just about going global; it is about嫁接 global resources with Chinese capabilities. Fosun deeply values the diverse cultural heritage from different countries. Fidelidade (Portugal Insurance) saw its international business contribute nearly 30% in the first half of the year, achieving盈利 diversification and a global footprint through operations in Peru, Chile, Africa, and Asia. It received an S&P A rating for the first time, with S&P forecasting it will maintain its leading position in Portugal and international markets over the next two years. Hainan Mining's first shipment of 30,000 tonnes of lithium concentrate from the Bougouni lithium mine in Mali set sail for China's Hainan Yangpu Port. Fosun Pharma entered into a cooperation with Saudi Arabia's Fakeeh Care Group, opening a Saudi pathway for the出海 of CAR-T technology. Many say globalization is difficult, and indeed it is, but these advancements reinforce our belief that diligently pursuing challenging yet right endeavors will ultimately yield results. It is much like mountain climbing; the path may be steep, but as long as we advance towards the light, we will reach the summit.
Fosun's Portuguese insurance unit, Fidelidade, held its triennial Pensar Maior (Think Bigger) conference in Portugal.
The first shipment of 30,000 tonnes of lithium concentrate from Hainan Mining's Bougouni lithium mine project in Mali departed from Bougouni via cargo ship destined for Hainan's Yangpu Port.
Fosun Kite officially signed a strategic cooperation memorandum with Fakeeh Care Group. This year has also been filled with many heartwarming moments that I hold dear. During the Midsummer Fantasy Night at Yuyuan in mid-year, the 700-year-old old town danced破壁 with二次元 culture, attracting over 7.5 million visitors, 60% of whom were young people. Seeing them wearing Hanfu and taking photos with国漫-themed lanterns, I understood that cultural传承 doesn't need slogans; having people enjoy and participate is the best form of preservation. In October, the inaugural International Jewelry & Fashion Theme Month kicked off in Greater Yuyuan, and the Shanghai International Jewelry & Fashion Functional Zone was officially inaugurated, accelerating the transformation of Greater Yuyuan. Following the Yuyuan Lantern Festival's first overseas debut in Paris, France, in 2023, it expanded to Hanoi, Vietnam, Bangkok, Thailand, and Singapore this year, becoming a window for the world to appreciate Chinese culture. This is an endeavor we find truly worthwhile.
The 46-day Yuyuan Midsummer Fantasy Night attracted over 7.5 million visitors, with a daily average exceeding 160,000.
The Shanghai International Jewelry & Fashion Functional Zone was officially inaugurated in the Greater Yuyuan area of Huangpu District.
The 2025 Yuyuan Lantern Festival in Bangkok, Thailand, was officially lit. Advancing with goodness remains our steadfast commitment. In May, the Fosun Foundation donated to support the development of Fudan University's affiliated hospitals. In November, following the fire in Tai Po, Hong Kong, the Fosun Foundation, alongside ecosystem companies,爱心人士 like Zhou Shen, (G)I-DLE, Zhang Hao, Wu Xuanyi, Amy, Li Yunrui, Zhang Ruonan, Zhan Xuan, and institutions like Huang Xiaoming's Tomorrow Love Fund "Hand in Hand with Tomorrow" and Beijing Times Cube Culture, actively donated to aid救援 and重建 efforts. This year, we were selected for the second consecutive year for the S&P Global Sustainability Yearbook, ranking among the top 1% in the China version. Business for good is a path Fosun continues to walk.
Fosun supports the continuous development of Fudan University's affiliated hospitals in medical care, teaching, research, and management. Scaling the heights provides a clearer view of the path ahead. In the coming year, the global economy will still present challenges, but opportunities are equally evident: AI is重构 industries, public demand for health and wellness will only increase, the potential of cultural tourism and vacations is far from fully tapped, and emerging markets like the Middle East and Africa offer numerous opportunities... Seizing these opportunities hinges on我们的深耕 of Fosun's own industrial and ecosystem advantages, combined with our flywheel strategy, embracing both轻 and重 assets, and acting in accordance with the trends to accelerate our development.
Colleagues, fellow战友们, the path upward will have its share of wind and rain, but advancing towards the sun ensures we will not lose our way. Let resilience carry us through the waves, and let time bear witness to our tenacity. Standing at the threshold of 2026, I extend my best wishes to every Fosun colleague and战友, hoping you can bring happiness to your own families and the families of others. We also believe that the dawn of the New Year will illuminate our journey towards new跨越. Happy New Year! May Fosun shine brightly! (A play on the Chinese idiom 福星高照, meaning "May the star of fortune shine brightly upon you.")
Guangchang December 31, 2025
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