Dear Fosuners and colleagues,

As the year draws to a close, I have just returned to China from a business trip to Europe. Despite my packed schedule, I managed to squeeze in some time to enjoy a ski run in the Alps at Club Med. The breathtaking snowscapes under warm sunshine made me reflect on Fosun’s journey in 2025, which felt like another exhilarating climb through wind and rain, testing our mettle at every turn. Yet we held firm to one belief: no matter how high the mountain, keep climbing and you will reach the summit one day. With this belief, we have steadily advanced along the path of innovation and globalization, one solid step at a time.

Club Med Val d’Isère Resort

I would like to extend my heartfelt thanks to every Fosuner who has shared this journey with us. With you by our side, Fosun’s ascent has never felt solitary.

Looking back, 2025 has truly been a breakout year for China’s biopharmaceutical innovation going global. In our Health segment, years of commitment to original innovation have begun to bear fruit. FUMAINING is now in clinical use, filling the treatment gap in the field of rare tumors in China. FUTUONING’s first prescription was issued, and our second CAR-T product has entered the approval process. The phase III clinical trial of HANSIZHUANG in perioperative gastric cancer met its primary endpoint, marking the world-first regimen to replace adjuvant chemotherapy with mono-immunotherapy in the perioperative treatment of gastric cancer. Our oral glucagon-like peptide-1 (GLP-1) drug was licensed to Pfizer for global development, demonstrating international recognition for our biopharmaceutical innovation capabilities. From PD-1 to antibody-drug conjugates (ADC), from cell therapy to small molecule drug, Fosun Pharma has launched 12 innovative drugs since 2019. We remain true to our original aspiration: to benefit more patients and bring them hope of cure.

In June, the independently developed FUMAINING was delivered nationwide in its first batch and officially put into clinical use

HANSIZHUANG is the first perioperative treatment of gastric cancer to receive Breakthrough Therapy Designation from the CDE (Center for Drug Evaluation)

This year, consumer market faced ongoing pressures, but we firmly believe that consumers remain willing to pay for truly innovative products and services. Following the completion of Fosun Tourism Group’s (FTG) privatization earlier this year, Club Med once again achieved record-high performance,with more families adding ice and snow vacations to their travel plans. As the ULTRAMED project progresses, Atlantis Sanya will further reinforce its leadership in the local resort market. In November, FTG unveiled its three core product lines: Super Resort, Super Resort Complex, and Super Culture and Tourism Mall, centered on “prioritizing customer needs”. For Fosun, cultural tourism is not about developing sightseeing attractions, it is about enabling more families to truly enjoy their vacations.

From 2015 to 2024, Club Med’s global business volume increased from EUR1.5 billion to EUR2.1 billion, while operating profit grew more than fivefold

The annual visitor volume of Atlantis Sanya’s Aquaventure Waterpark reaches 1.5 million

With a total area of 500,000 square meters, “Hi·Chongqing” will be the first super culture and tourism mall to launch in China, and it is scheduled to open in the second half of 2026

During my site visit to the AMAZE Resort in Lijiang this year, I saw parents and children learning traditional -dyeing in the Naxi ethnic district and singing around a campfire beneath mountains. That made it even clearer to me: only products that spread lasting warmth are truly good products.

Beyond cultural tourism, our other businesses kept innovating while staying true to our original aspirations. Built on its aged spirits strategy, Shede Spirits launched a 29% ABV baijiu named “Shede Zizai” that drove nearly 40% year-on-year growth in e-commerce revenue in the first three quarters. Fosun United Health Insurance launched “Ruixingbao”, which deeply integrates Ruijin Hospital’s high-quality medical resources with Fosun’s digital and intelligent health management capabilities into insurance services, making “Ruijin Hospital’s health management department” accessible anytime, anywhere, right from your wrist or pocket. These innovative products are the key driving force behind our sustained growth.

Shede Spirits launched a 29% ABV baijiu named “Shede Zizai”

Fosun United Health Insurance launched “Ruixingbao”, integrating Ruijin Hospital’s medical expertise with Fosun’s digital health management to deliver insurance services that put health management right on your wrist

This year, our overseas revenue exceeded half of our total revenue for the first time, reaching 53%. We have always emphasized that globalization is not just about “going global”, but about combining global resources with China’s capabilities. Fosun values the diverse cultural heritage of different countries and communities.

Fidelidade’s international business accounted for nearly 30% of its total in the first half, with strong contributions from Peru, Chile, Africa, and Asia driving both profitability and a global footprint. Fidelidade also received its first “A” rating from S&P. In addition, S&P anticipates that, over the next two years, Fidelidade will continue to maintain its leading positions in both Portugal and international markets. Hainan Mining shipped the first batch of 30,000 tons of lithium concentrate from the Bougouni lithium mine in Mali to China. Fosun Pharma reached a strategic cooperation with Fakeeh Care Groupin Saudi Arabia, charting a new “Saudi pathway” for bringing our CAR-T technology to overseas markets. Many say globalization is challenging, and it is, but these milestones reaffirm our belief that if we stay focused and steadfast in doing what is difficult yet right, rewards will follow. It is like climbing a mountain. The slope may be steep, but as long as we follow the light, we will reach the summit.

Fidelidade held its triennial Pensar Maior (Think Bigger) conference in Portugal

Hainan Mining’s Bougouni Lithium Mine project has shipped 30,000 tons of lithium concentrate from Bougouni to Yangpu Port, Hainan, via cargo vessel

Fosun Kairos and Fakeeh Care Group have officially signed a memorandum of strategic cooperation

This year has been filled with heartwarming moments. This summer, the “Yuyuan Summer Fantasy Nights: Yu-niverse MADEBYBILIBILI” event seamlessly blended the 700-year-old Old City of Shanghai with animation, comics, and games (ACG) culture. The event attracted more than 7.5 million visitors, over 60% of whom were young people. Watching them dress in hanfu and take photos with ACG-themed lantern displays, I realized cultural heritage does not need to be preached. When people truly enjoy and engage with it, it lives on. In October, the first International Jewelry Fashion Theme Month kicked off in Grand Yuyuan alongside the establishment of the Shanghai International Jewelry & Style District, accelerating Grand Yuyuan’s transformation. Following its debut in Paris, France in 2023, the Yuyuan Lantern Festival was held in Hanoi, Vietnam, Bangkok, Thailand and Singapore this year, becoming a gateway for global audiences to experience Chinese culture. This was truly worth doing.

Over 46 days,“Yuyuan Summer Fantasy Nights” event attracted more than 7.5 million visitors, with average daily attendance exceeding 160,000

The Shanghai International Jewelry & Style District     was officially inaugurated in the Grand Yuyuan of Huangpu District, Shanghai

The 2025 Thailand Yuyuan Lantern Festival was officially lit up in Bangkok

We have always been committed to doing good. In May, Fosun Foundation made donations to support the development of Fudan University-affiliated hospitals. When a fire broke out in Tai Po, New Territories, Hong Kong in November, Fosun Foundation, together with ecosystem companies and caring individuals and organizations, including Zhou Shen, girl group singeri-dle, Zhang Hao, Wu Xuanyi, Aimee, Li Yunrui, Zhang Ruonan, Zhan Xuan, as well as Huang Xiaoming’s “Tomorrow Foundation – Hand in Hand for Tomorrow” (黄晓明明天爱心基金“携手明天”), and北京时代立方文化,actively donated to support emergency relief and recovery efforts. This year marks our second consecutive inclusion in the S&P Global Sustainability Yearbook, with a top 1% ranking in the China Edition. These achievements stand as testaments to Fosun’s unwavering commitment to doing business for good.

Fosun supports the ongoing development of Fudan University-affiliated hospitals across medical care, education, research, and management

From this vantage point, the road ahead becomes clearer. While global economic headwinds will persist, opportunities are equally evident: AI is reshaping industries, demand for health solutions continues to grow, cultural tourism hold untapped potential, and emerging markets such as the Middle East and Africa offer vast opportunities. To seize them, we will continue to deepen our industry expertise and ecosystem advantages. We will also integrate our flywheel strategy while adopting an asset-light strategy and collaborating with key partners, and riding market momentum to accelerate development.

Fellow Fosuners and colleagues, the road to the summit may bring wind and rain, but following the light will keep us on course.

We will navigate turbulence with perseverance and let time witness our resilience.

Standing at the dawn of 2026, I wish every Fosuner and colleague happiness for yourselves, your families, and the families of those around you. We believe that the first light of the new year will illuminate our journey into the new chapter ahead.

Happy New Year!

Guo Guangchang

31 December 2025