In 2025, Fosun steadfastly focused on its core businesses.

Twelve milestones, like twelve signposts,

marked every step of Fosun’s ascent throughout the year.

We pushed the boundaries of cure through innovation,

measured the breadth of the world with our footsteps,

navigated the waves with perseverance,

and let time witness our determination.

We believe that the dawn of the new year will light the way towards a new chapter in 2026.

1. Hansizhuang Marks Progress Towards “Chemotherapy-Free Cure Era” as Fosun Biopharma Achieves Multiple Innovation Breakthroughs

On 9 October, Henlius’ independently developed innovative anti-PD-1 monoclonal antibody, HANSIZHUANG, in combination with chemotherapy for the neoadjuvant/adjuvant monotherapy treatment of gastric cancer, met the primary endpoint of Event-Free Survival (EFS) in an interim analysis of its phase III clinical study (ASTRUM-006). HANSIZHUANG became the world-first regimen to replace adjuvant chemotherapy with mono-immunotherapy in the perioperative treatment of gastric cancer, potentially ushering in a “chemotherapy-free” era in perioperative cancer treatment. In 2025, Fosun’s biopharmaceutical innovation achieved multiple breakthroughs. HLX43, an innovative PD-L1-targeting antibody-drug conjugate (ADC) independently developed by Fosun, demonstrated strong potential as a broad-spectrum anticancer drug. Meanwhile, HLX22, an innovative anti-HER2 monoclonal antibody, became the first anti-HER2 therapy for gastric cancer to receive orphan drug designation (ODD) in both the European Union and the United States.

2. FUMAINING fills the treatment gap in the field of rare tumors in China, demonstrating Fosun’s strengthening capabilities in independent innovation

On 18 June, Fosun Pharma’s independently developed Class 1 new drug, FUMAINING (luvometinib tablets), was prescribed for the first time in hospitals across multiple provinces and cities, marking its official entry into clinical use. The launch also filled the treatment gap in the field of rare tumors in China. In September, FUTUONING, an innovative small-molecule CDK4/6 inhibitor with independent intellectual property rights, was prescribed for the first time domestically. In addition, the drug registration application of Fosun’s second CAR-T product, brexucabtagene autoleucel injection, was accepted by the National Medical Products Administration (NMPA). To enhance its original innovation capabilities, Fosun Pharma has established innovation platforms for antibodies, ADCs, small molecules, and cell therapy. In December, Fosun Pharma entered into a strategic partnership with biotechnology company Clavis Bio to jointly develop innovative therapies targeting cutting-edge mechanisms.

3. GLP-1 drug licensed to Pfizer for global development as Fosun’s biopharmaceuticals enter a breakthrough phase of global expansion

On 9 December, Fosun Pharma’s subsidiary, Yao Pharma, and Pfizer entered into an exclusive global license agreement, granting Pfizer the rights to develop and commercialize Yao Pharma’s oral small-molecule glucagon-like peptide-1 (GLP-1) product, YP05002. Under the agreement, the upfront payment and potential milestone payments exceed USD2 billion. Yao Pharma is also eligible to receive tiered royalties on product sales upon approval. Since the start of 2025, Fosun’s biopharmaceuticals have entered a breakthrough phase of global expansion. In March, HANBETAI received approval in Bolivia, marking Fosun Pharma’s fourth independently developed product approved overseas. In November, Henlius’ HLX11 was approved for marketing by the U.S. Food and Drug Administration (FDA), marking the first China-developed pertuzumab to successfully go global. HLX14 subsequently obtained approvals in the United States, Europe, and the United Kingdom, marking the first China-developed denosumab to receive overseas approval.

4. Fosun ushers in a new era of vacations with the official launch of three core product lines

On 28 November, Fosun Tourism Group (FTG) officially unveiled three core product lines: Super Resort, Super Resort Complex, and Super Culture and Tourism Mall, and signed 18 partnership agreements, accelerating the tourism industry’s shift from sightseeing to leisure-focused vacations.

Among the three core product lines, Club Med Urban Oasis Hangzhou Longwu Resort, scheduled to open in May 2026, will become the third Club Med resort of this typein China. Taicang Alps Resort Phase II, which broke ground in June 2025, will become a Super Resort that sets five world records for indoor ski facilities upon completion. With a total gross floor area of 500,000 square meters, Hi•Chongqing, the first Super Culture and Tourism Mall in China, is scheduled to open in the second half of 2026.

5. Club Med achieved record-high business volume, entering a new phase of high-quality global development

In the first half of 2025, FTG’s subsidiary, Club Med, achieved record-high business volume of RMB9.25 billion, representing a year-on-year increase of 3.8%. The year 2025 also marked the 75th anniversary of Club Med. Since joined Fosun in 2010, Club Med fueled its accelerated growth in the Chinese markets. In 2015, Fosun completed the acquisition of Club Med. Driven by Fosun’s globalization strategy, Club Med has opened 26 new resorts worldwide in ten years, with its global business volume rising from EUR1.5 billion in 2015 to EUR2.1 billion in 2024, and operating profit increasing more than fivefold over the same period.

6. First S&P rating coverage, Fidelidade Marks Significant Progress in Global Expansion

In 2025, Fidelidade continued to deepen its international business presence, operating extensively across 13 countries. Recognition and trust in the Fidelidade’s brand from overseas markets in Latin America, Europe, and Africa have continued to rise, with international operations strengthening Fidelidade’s resilience and becoming a key driver of its growth. In the first half of 2025, Fidelidade saw its international operations account for nearly 30% of total consolidated business. In July 2025, Fidelidade received its first coverage by international credit rating agency S&P with an “A” rating. S&P anticipates that, over the next two years, Fidelidade will maintain its leading positions in both the domestic and international markets.In October, the triennial Pensar Maior (Think Bigger) conference brought together over 4,000 participants, including representatives from Fidelidade’s overseas subsidiaries, group employees, distributors, business partners, and shareholders, to build consensus on the company’s global operating strategy for the coming years and to further increase the share of overseas business revenue.

7.Combining global resources with China’s capabilities to expand into emerging markets in the Middle East and Africa

On 28 April, Fosun Pharma reached a strategic cooperation with Fakeeh Care Group, a leading integrated healthcare group in Saudi Arabia, to jointly promote the local introduction of innovative therapeutic products in Saudi Arabia. In November, Fosun Kairos signed a memorandum of understanding with Fakeeh Care Group, charting a new “Saudi pathway” for bringing China’s advanced cell therapies to overseas markets.

Fosun continues to expand its presence in emerging markets, particularly across the Middle East and Africa. In the first half of 2025, Easun Technology signed a joint venture agreement with Khaled Juffali Company (KJC) in Saudi Arabia to provide automated production line solutions for Saudi Arabia’s electric vehicle industry. Meanwhile, Hainan Mining’s Bougouni lithium mine in Mali completed shipment of its first 30,000 tons of lithium concentrate to China in October 2025, accelerating the building of a “Minerals + Energy” network spanning West Africa, the Middle East, and Southeast Asia.

8. Continuous optimization of asset structure with “stable” S&P rating outlook maintained

In September, Fosun International completed a syndication loan of USD990 million equivalent, setting a new record for the largest offshore syndication loan by a Chinese private enterprise in 2025, marking the company’s largest offshore syndicated loan in recent five years. In the same month, Fosun International successfully issued a USD400 million bond in 4-year, as the longest-tenor U.S. dollar bond issued by a Chinese private enterprise since January 2022. In November 2025, Fosun International successfully issued a EUR400 million bond in 5-year, marking its restoring access to the Euro-denominated senior unsecured bond market after four years’ disruption. Meanwhile, Fosun International used proceeds from new bond issuance to tender its outstanding bonds, fulfilling financial discipline of controlling overall debt level. In 2025, Fosun High Technology successfully issued RMB1.0 billion Yulan bond in 3-year, marking the world’s first Yulan bond issuance by a Chinese private enterprise. The Group also set its first step in Japanese yen bond market ahead of the Bank of Japan’s interest rate hike.

In recent years, driven by its core business-focused and streamlining strategy, Fosun has continued to optimize its asset and liability structure, maintaining a solid financial position with enhanced liquidity buffer. In May 2025, S&P Global Ratings affirmed Fosun International’s “stable” credit rating outlook. This stable rating outlook, together with regaining access to the offshore bond market and broadening financing channels, gives the company more flexibility of assets recycling and pursuit of high-quality development, while also underscoring the confidence global financial institutions place in the Group’s execution of its strategies.

9. Cultural landmarks gain momentum as Grand Yuyuan accelerates its transformation

On 15 July, “Yuyuan Summer Fantasy Nights: Yu-niverse MADEBYBILIBILI” officially kicked off in the Grand Yuyuan, transforming Shanghai’s cultural landmark into a “Tongcheng”, a city bursting with passion for national animation, comics, and games (ACG). Over 46 days, the event attracted over 7.5 million visitors, with average daily footfall exceeding 160,000, more than 60% of whom were young visitors. As a showcase for the global fashion industry, the Shanghai International Jewelry & Style District was officially inaugurated in Grand Yuyuan, Huangpu District. In October the First International Jewelry Fashion Theme Month and the 2025 Shanghai Haute Couture Week opened in the Grand Yuyuan Cultural Area. The powerful agglomeration effect is accelerating Grand Yuyuan’s transformation. On 26 January 2026, the Yuyuan Lantern Festival in Shanghai will be officially illuminated, and from 1 February the entire Grand Yuyuan area will be lit up. Extending from Fuyou Road and Middle Fangbang Road to the BFC and the Bund, the lighting linkage will create a distinctive “History–Modern–Future” light narrative corridor across the Grand Yuyuan district.

10. Yuyuan Lantern Festival debuts in Thailand, lighting up the world with oriental lifestyle aesthetics

On 28 June, marking the 50th anniversary of diplomatic relations between China and Thailand, the Yuyuan Lantern Festival Thailand 2025 officially kicked off in Bangkok, Thailand. Building on its signature IP “Adventure of Mountains and Seas” inspired by Shanhaijing(also known as the Classic of Mountains and Seas), the Thailand edition infused local Thai cultural elements into its design, blending oriental lifestyle aesthetics with distinctive regional flair to create a vibrant, large-scale immersive outdoor experience that is both mystical and full of life.

Since its first overseas debut in France at the end of 2023, the Yuyuan Lantern Festival has been successively held in Vietnam, Thailand, and Singapore, evolving into a globally recognized Chinese cultural event IP and an important platform for sharing Chinese culture and stories with the world.

11. AI Integrated into Diverse Applications, Fosun All-in on AI

In February 2025, Fosun Pharma launched PharmAID, the first decision intelligence platform in the pharmaceutical industry. By integrating multiple global clinical information and pipeline databases, PharmAID achieves greater pharmaceutical and healthcare content generation accuracy than general large models and enhances information extraction efficiency by 50%, significantly improving R&D decision evaluation and pipeline optimization.

Fosun has been fully embracing AI, aiming to lead the industry in AI adoption. It has deeply integrated AI technology into its diverse scenarios to drive business innovation and operational efficiency. In September, FTG launched AI G.O, an AI-powered all-scenario tourism intelligent system, across several resorts. In addition, Fosun Insurance Portugal has leveraged its AI applications to comprehensively improve efficiency of its entire business process and enhance data accuracy, driving rapid growth of its insurance business.

12. Advancing business for good and sustaining ESG leadership

On 17 May, Fosun Foundation donated RMB100 million to support the development of Fudan University-affiliated hospitals in areas such as medical services, education, scientific research, and management. Following the tragic fire at Wang Fuk Court, Tai Po, New Territories, Hong Kong in November, Fosun, together with its ecosystem companies and caring individuals and organizations, donated HKD10 million to support emergency relief and recovery efforts.Thanks to its sustained commitment to environmental, social, and governance (ESG), Fosun was included in the S&P Global Sustainability Yearbook 2025 for the second consecutive year and ranked among the top 1% in S&P Global Sustainability Yearbook 2025 (China Edition).