Half Year 2024 Fosun International Ltd Earnings Call Transcript
Key Points
- Fosun International Ltd (FOSUF) reported a total revenue of RMB97.8 billion, marking a 0.8% year-over-year increase, demonstrating resilience in a challenging macroeconomic environment.
- The company's overseas revenue increased by 4% year-over-year to RMB45 billion, indicating successful international expansion.
- Fosun Insurance Portugal saw a 9.7% increase in revenue, contributing significantly to the company's overall performance.
- The company has successfully reduced its leverage ratio to 50.2% in the first half of 2024, showcasing effective financial management.
- Fosun Pharma's innovative products revenue reached RMB3.7 billion, with R&D investments of RMB2.74 billion, highlighting a strong focus on innovation and development.
- Profit attributable to owners decreased by 47% year-over-year to RMB0.72 billion, primarily due to asset divestments and slow recovery in consumption.
- The health business segment experienced a revenue decline of 2.4%, impacted by reduced COVID-related product sales.
- Intelligent Manufacturing revenue decreased by 2.4% year-over-year, reflecting challenges in this segment.
- The company's cost of borrowing remains high at 5.8%, which could impact future profitability.
- Despite efforts to streamline operations, the company continues to face uncertainties due to global economic conditions and interest rate fluctuations.
Dear investors and analysts, good morning. Welcome to Fosun International 2024 Interim Results Announcement. I am the General Manager of Investor Relations departments Sun Lu, let me introduce you to the management team of Fosun International Chairman, Mr. Guo Guangchang; Mr. Guo Guangchang, hello. Executive Director and the Co-Chairman of Fosun International, Mr. Wang Qunbin; Mr. Washington says hello. Executive Director and Co-CEO of Fosun International, Mr. Xu Xiaoliang; and Executive Director and Co-CEO of Fosun International, Mr. Chen Qiyu; Executive Director, Executive President and CFO of Fosun International, Mr. Gong Ping.
With the macro economy and worldwide businesses. We have seen the opportunities and risks Fosun International focuses on our core strengths and keep building our businesses and we keep focusing on stream lining and divesting from the noncore nonstrategic assets in order to keep optimizing our balance sheet.
In the morning, the Fosun management teams will report to 2024 interim results in the afternoon, the heads of the four
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