Author: Durian

HONG KONG, Apr 1, 2025 - (ACN Newswire via SeaPRwire.com) - Fosun International (HKEX: 0656), which is committed to advancing its core business-focused and business streamlining strategy, announced its 2024 annual results on 30 March.According to the results announcement, in 2024, Fosun International’s total revenue reached RMB192.14 billion, representing a slight decrease of 3.1% from 2023. Its four core subsidiaries – Yuyuan, Fosun Pharma, Fosun Insurance Portugal, and Fosun Tourism Group (“FTG”) – generated a total revenue of RMB134.65 billion, accounting for 70.1% of the Group’s total revenue. Due to a one-off book loss related to an individual investment during the reporting period, the Group’s loss attributable to owners of the parent for the year amounted to RMB4.35 billion.“In the past year, we sustained steady growth momentum and demonstrated robust resilience in the face of global economic fluctuations and market challenges. We continuously advanced our core business-focused and business streamlining strategy by divesting non-core assets and heavy assets to focus on core operations, reduce debt, and optimize our capital structure. In the course of asset divestment, the adjustment in the carrying value of an individual investment impacted our 2024 financial performance. Nonetheless, Fosun’s overall operational fundamentals remain stable, the core businesses are under healthy development, and the industrial operation profits and operating cash flows stay healthy and stable,” Guo Guangchang, Chairman of Fosun International, stated in the letter to shareholders.CITIC Securities released a research report based on Fosun International’s 2024 annual results on 30 March, stating that the company’s industrial operations remain stable, while the loss is mainly attributable to the one-off impairment from its investment. In fact, excluding the one-off non-cash impairment loss, Fosun International’s profit attributable to owners of the parent for 2024 amounted to RMB750 million, and the industrial operation profit, which reflects Fosun’s fundamentals and growth potential, reached RMB4.9 billion.Additionally, Fosun’s financial position remained sound. As at the end of 2024, the total debt to total capital ratio was 52%, and cash and bank balance and term deposits amounted to RMB106.34 billion, representing an increase of approximately RMB13.88 billion from the previous year. Healthy debt ratios and strong liquidity buffer not only strengthen the company’s resilience against risks but also enhance its ability to seize development opportunities.“We believe that our clear strategic focus and robust industrial operational capabilities are the key to driving Fosun’s long-term steady growth,” Guo Guangchang said.Pursuing “strategic advancements and exits”, further deepening focus on core industriesSince last year, Guo Guangchang has summarized Fosun’s current strategy as “strategic advancements and exits” on multiple occasions. He noted that in the past few years, Fosun has mainly prioritized “exit” to streamline its business. However, starting in 2024, it has placed greater emphasis on “strategic advancements and exits”. By pursuing “advancements” in core operations, it has leveraged development to address challenges.The results announcement indicated that from 2022 to 2024, Fosun completed the divestment of approximately RMB75.0 billion of non-strategic and non-core assets. In 2024, the signed asset divestment amounted to approximately RMB17.5 billion equivalent at the group level, and approximately RMB30.0 billion equivalent at the consolidated level.Fosun’s steadfast commitment to divesting non-strategic and non-core assets has not only strengthened its liquidity buffer, but also provided robust support for accelerating its focus on core industries, including health, tourism and culture, consumption, and insurance.In 2024, Fosun continuously pursued advancements in core businesses. In the health business, Fosun Pharma increased its stake in Fosun Kairos to 100%, further focusing on the research and development (“R&D”), manufacturing and commercialization of CAR-T cell therapy. In the tourism and culture business, the ULTRAMED Hainan project in Sanya was officially launched. FTG also signed an asset-light operation agreement for the Jinsha Bay project in Shenzhen, marking the launch of the first Club Med in the Greater Bay Area. In addition, the Taicang Alps Resort Phase II project is about to commence, it is developed by Taicang municipal government platform and managed by FTG. In March 2025, FTG successfully completed its privatization, providing the company with greater flexibility and efficiency in accelerating its asset-light transformation.According to the 2024 financial results, the four core subsidiaries, which contributed more than 70% of Fosun’s total revenue, delivered solid performance. Among which, Fosun Pharma achieved operating revenue of RMB41.07 billion and net profit attributable to shareholders of RMB2.77 billion, representing a year-on-year increase of 16.08%; Fosun Insurance Portugal’s total gross written premiums reached EUR6.17 billion and net profit reached EUR173.5 million; FTG achieved sustained profitability, with Club Med’s business turnover reaching a record high of RMB16.15 billion, while Atlantis Sanya’s business turnover remained at a high level; despite the impact of structural adjustments in the domestic consumption patterns, Yuyuan lowered its asset-liability ratio to 67.82% through active adjustment. The company also boasted ample cash on hand of RMB10.69 billion, positioning it for future growth.It is worth noting that after years of accumulation and cultivation, Fosun’s two domestic insurance companies have ushered in a period of rapid development. The total premium income of Pramerica Fosun Life Insurance surged from RMB4,346 million in 2023 to RMB9,251 million in 2024, while Fosun United Health Insurance also experienced steady growth in premium income, and both companies achieved profitability. In 2024, the profit attributable to owners of the parent of the insurance segment was RMB1.716 billion, representing a significant increase of 117% year-on-year.“We have integrated Fosun’s profound industry expertise, extensive investment experience, and high-quality commercial resources with the operations and investments of insurance companies, forming a three-dimensional “insurance + industry + investment” flywheel-driven strategy.” Guo Guangchang believes that the collaborative growth of Fosun’s domestic and international insurance companies and various industries has laid a strong foundation for Fosun’s flywheel-driven strategy.Unlocking value through core capabilities in “globalization + innovation”Thanks to its two core capabilities in globalization and innovation, Fosun has steadily developed its core businesses while pursuing strategic advancements and exits.In 2024, Fosun continued to deepen its business presence in more than 35 countries and region in the world, consolidating its global operational capabilities. Building on a high base from the previous year, its overseas revenue for 2024 grew 6.2% year-on-year to RMB94.78 billion, and the proportion of overseas revenue further rose to 49.3%.It is believed that amid the rising de-globalization trend, Fosun’s globalization capabilities are becoming increasingly scarce, and its high-quality global operations are emerging as a powerful engine for new round of growth.In 2024, Fosun’s innovative biopharmaceutical platform, Henlius, became a key player in the overseas expansion of Chinese innovative drugs. During the reporting period, Henlius’ overseas product sales revenue surged 30.76% compared to the previous year. HANSIZHUANG, the world’s first anti-PD-1 monoclonal antibody for the first-line treatment of small cell lung cancer, independently developed by the company, was approved for marketing in the European Union, extending its reach to more than 30 countries and regions; HANQUYOU was approved for marketing in the U.S. and Canada, embarking on a new journey of commercialization in North America; HANLIKANG, the first biosimilar approved in China, was approved for marketing in several countries in Latin America including Peru; HANBEITAI was approved for marketing in Bolivia. Henlius now has four self-developed and self-manufactured products approved for overseas marketing. Benefiting from the ongoing market expansion of key products, Henlius achieved operating revenue of approximately RMB5.72 billion and net profit of RMB820.5 million in 2024, representing a substantial increase of 50.3% year-on-year.Leveraging Fosun’s global ecosystem, Hainan Mining has accelerated its global resource strategy, successfully acquiring one overseas project each year for the past three years. During the reporting period, Hainan Mining completed the acquisition of oil interests in four oil blocks in the Sultanate of Oman and initiated the acquisition of two producing zirconium-titanium mines in Mozambique, planning to further increase its investment in Africa while entering the promising small metals and rare-earth industries. In addition, as at March 2025, the first phase construction of the project Bougouni lithium mine in Mali Africa had met the conditions for continuous and stable production. In 2024, Hainan Mining’s overseas subsidiaries achieved revenue of RMB1,968 million, accounting for 48% to the total revenue. Driven by the globalization strategy, the company reported a net profit attributable to shareholders of RMB706 million, representing a year-on-year increase of 12.97%, and a net profit excluding non-recurring gains and losses of RMB680 million, representing a significant increase of 23.72% year-on-year.Among overseas member companies, Fosun Insurance Portugal has continued to consolidate its leading position in the local market while fully leveraging Fosun’s “global organization + local operations” capabilities, achieving double-digit growth in international business. In 2024, its overseas revenue reached EUR1.84 billion and the proportion of international business rose to 29.8%.Following the successful overseas debut of Fosun’s iconic cultural IP, the Yuyuan Garden Lantern Festival, in Paris, France from late 2023 to early 2024, it has embarked on another overseas journey in 2025. In January 2025, the Yuyuan Garden Lantern Festival themed lantern installation made a stunning appearance in Hanoi, Vietnam, commemorating the 75th anniversary of the establishment of diplomatic relations between China and Vietnam. This year, it will also be featured in Thailand, continuing to showcase the charm of oriental culture globally.In Guo Guangchang’s view, innovation and globalization are complementary and are the most important pillars of Fosun. In 2024, Fosun’s investment in technology innovation reached approximately RMB6.9 billion. At present, it has established more than 20 global technology innovation centers covering various industries and fields, continuously fostering the launch of new technologies and products.In terms of R&D of innovative drugs, a total of 16 indications of 7 innovative drugs/ biosimilars independently developed and licensed-in by Fosun Pharma were approved for launch. In terms of medical devices and medical diagnosis, the Ion Robotic Bronchoscopy (“Ion System”) of Intuitive Fosun, and F-i6000 Automated Chemiluminescence Immunoassay Analyzer, F-C2000 Fully Automated High-Speed Chemiluminescence Analyzer, and Cytokine Detection Reagent (Chemiluminescence Method), which were independently developed by Fosun Pharma, were all approved for launch in Chinese mainland. During the reporting period, the pharmaceutical manufacturing segment of Fosun Pharma submitted 220 patent applications, including 3 American patent applications, 18 PCT applications, and Fosun Pharma has obtained 66 licensed invention patents authorization.Facing the burgeoning AI trend, Fosun has accelerated its development around its core businesses, deeply integrating AI technology into its diverse scenarios to drive innovation and enhance efficiency. For instance, Fosun Pharma launched the PharmAID decision intelligence platform, which supports accurate and efficient decision-making to accelerate and improve drug R&D; Sisram is exploring the use of AI for precise skin analysis and personalized skin care solutions; the ULTRAMED Hainan project in Sanya is set to create the world’s first AI-themed resort by utilizing AIGC technology for guest room customization and introducing the digital human G.O (Gentle Organizer) service to enhance tourist experience.“Looking ahead, we will further deepen our focus on core industries. By leveraging our globalization and innovation capabilities, we are confident in our ability to maintain steady development, creating long-term, stable value for our shareholders,” Guo Guangchang said. Copyright 2025 ACN Newswire via SeaPRwire.com.

HONG KONG, Mar 26, 2025 - (ACN Newswire via SeaPRwire.com) - Wuling Motors (00305.HK), a leading manufacturer of automotive components and commercial vehicles assembly in China, announced its full-year results for 2024 on March 25. Driven by the increased proportion of sales from high-margin products in the automotive components and other industrial services division, Wuling Motors recorded a net profit of approximately 111 million yuan (RMB, same hereinafter) for 2024, representing a 60.2% year-on-year increase. The profit attributable to the owners of the company surged by 115.6% year-on-year to 50.62 million yuan.Core Business Growth Exceeds Expectations with Multiple Notable Breakthroughs in Incremental MarketsIn 2024, Wuling Motors achieved revenue of 7.95 billion yuan, with the automotive components and other industrial services division, the vehicles’ power supply systems division, and the commercial vehicles assembly division accounting for 69%, 22% and 9%, respectively.Specifically, the automotive components and other industrial services division recorded revenue of approximately 5.46 billion yuan. The increase in the proportion of high-margin product sales, coupled with higher government subsidies, led to an operating profit of approximately 154 million yuan, representing a 68.3% year-on-year surge.In 2024, Wuling Motors focused on deepening its existing business with its key customer - SAIC-GM-Wuling, while actively expanding externally. It successfully secured component supply transactions for multiple new vehicle models, serving as the exclusive supporting supplier for products such as electric seat switches and combination switches.Meanwhile, Wuling Motors pursued multiple breakthroughs in external markets, actively expanding its power battery product offerings and securing incremental market opportunities with OEMs such as Dongfeng Mengshi, FAW Jiefang, Chery Automobile, and Geely Automobile.A newly constructed and operational base in Jingmen, Hubei has seized the opportunity presented by Great Wall Motor’s production ramp-up to maintain rapid growth. In 2024, the base achieved revenue of approximately 729 million yuan, representing an exceeded 100% year-on-year increase; In terms of product development, the company completed the expansion of its second ultra-high-strength steel tube thermoforming production line within the year and successfully secured incremental customer orders from Great Wall Motor and BYD.Furthermore, Wuling Motors has successively undertaken the production of SAIC Maxus rear axles, BYD FinDreams Powertrain spiral bevel gears, and Dola Vehicle subframes, among other components, with the cumulative production and sales volume of new energy vehicle rear axles exceeding 1.5 million units. At the same time, Wuling Motors has actively capitalized on emerging opportunities in the new energy supporting market, successfully developing and optimizing products such as the new generation of new energy electric rear axles, integrated three-in-one motors and electric control systems, range extenders, power supply systems, and differential locks. Multiple new energy electric car axles have been successfully supplied for the electric drive axle and range extender projects of Great Wall Motor, JAC, and others. Notably, the first commercially deployed axial electric drive axle for the Changan Kaicene market has entered mass production.For the automobile power supply systems business, the division’s revenue for 2024 was approximately 1.74 billion yuan. Throughout the year, the power supply systems division maintained proactive communication with customers and enhanced its ability to manage planned orders, taking measures to reduce inventory and improve efficiency while ensuring customer demand was met. The casting business broke through adversity, continuing to expand its growth points, and successfully securing new market supply orders from the customer Changyuan Hero City, with the division’s total casting sales reaching 1.18 million units for the year, representing a 25% year-on-year increase.In addition, relying on the project platform management advantages, Wuling Motors’ power supply systems business focused on core projects such as the H15TD+DHT hybrid assembly architecture platform, the integrated three-in-one electric drive system, and high-pressure casting, to promote the construction of new energy projects with customers such as Skyworth, DFLZ, Zoomlion, and Senptec Electronics. It actively developed the new energy customer market with companies such as JAC, YC SIMLAN, Hebei Zhongxing, Geely Farizon, Chery Commercial Vehicles, Xpeng Motors, and Leapmotor. At the same time, it seized opportunities in overseas markets, with a focus on advancing projects such as the LJ481Q6 matching JAC M4 export (to Gulf countries), the overseas CLT flexible fuel hybrid project, and the Wuling Technology MSR project, to lay a solid foundation for overseas development.The commercial vehicles assembly business recorded a revenue of approximately 718 million yuan in 2024. Benefiting from the implementation of cost control measures, the operating profit reached approximately 75.92 million yuan. In line with the company’s strategy, the division continued to seek business breakthroughs in high-value-added niche markets.The development of the new energy vehicles business from the joint venture Wuling New Energy was favorable in 2024, achieving sales of over 14,000 units, a year-on-year increase of over 41%, and generating revenue of 1.02 billion, a year-on-year increase of 29.5%. Within the year, Wuling New Energy launched multiple products, and the Golden Mini Truck, which was launched in November, ranked third in the market for micro-small trucks with single rear wheels, positioning it among the top in the commercial vehicle market. Overseas, more than 800 units were exported to Japan and South Korea, representing a 58% year-on-year increase.Fully Supporting the Group’s Automobile Industry Ecosystem through New Growth Engines Created by Transformation and UpgradingWhile actively developing its core business, Wuling Motors is also undergoing continuous transformation and upgrading to expand into new businesses and foster new growth momentum. In 2024, Wuling Motors increased its investment in R&D to accelerate the development of its new energy business. The company also established an innovation center in Hong Kong and signed cooperation agreements with Hong Kong Polytechnic University, The Chinese University of Hong Kong, and the Hong Kong Applied Science and Technology Research Institute’s XR intelligent project to build an innovation ecosystem.2025 marks the inaugural year of the “LINXYS Project”, formulated by Guangxi Automobile Group Co., Ltd., the parent company of Wuling Motors, for the entire group. Guangxi Automobile Group plans to increase investment between 2025 and 2027 to fully promote the development blueprint centered around the “LINXYS Project” and the “131 Strategy”.The “131 Strategy” refers to 1 complete vehicle brand – the creation of the “Linxys” new energy vehicle brand; 3 national-level manufacturing champions: the national champion in small and medium displacement energy-efficient hybrid power systems, the national champion in lightweight drive axles, and the national champion in automotive frames; 1 automotive industry ecosystem: an automotive ecosystem led and operated by Guangxi Automobile Group.Mr. Yuan Zhijun, Chairman of Wuling Motors’ board of directors, stated, “The company will actively cooperate with Guangxi Automobile Group to accelerate the implementation of the ‘Linxys Project’ plan, speed up the conversion and application of scientific research results, improve the product portfolio, enhance product quality, actively expand domestic and overseas markets, and provide users with more valuable and environmentally friendly products. Under the leadership of the ‘Linxys Project’, the company is confident in achieving stable and positive operating results to allow shareholders to share in the development achievements.” Copyright 2025 ACN Newswire via SeaPRwire.com.

Financial Highlights- Revenue was RMB408,585,000, representing an increase of 574% year-on-year;- Gross profit was RMB46,014,000, representing an increase of 77% year-on-year;- Net profit was RMB73,561,000, representing an increase of 1,835% year-on-year;- Closing cash and cash equivalents was approximately RMB160,575,000.HONG KONG, Apr 1, 2025 - (ACN Newswire via SeaPRwire.com) - Enterprise Development Holdings Limited (“Enterprise Development Holdings” or the “Company”, stock code: 1808.HK) announced the consolidated financial results of the Company and its subsidiaries (collectively referred to as the “Group”) for the year ended December 31, 2024 (the “Reporting Period”).In 2024, driven by emerging sectors such as artificial intelligence, digital industry of China maintained stable overall operations, with further enhancements in innovation capabilities. The pace of enterprises going global accelerated, continuously accumulating new momentum and advantages. The Group actively seized industry development opportunities, led with innovation and made steady progress. The Group continued to steadily expand its existing business while fostering new-quality productive forces, with a focus on the digital economy sector. The Group’s business layout and development have begun to bear fruit through phased achievements.During the Reporting Period, benefiting from the continuous development of the Group’s existing business, the Group secured and completed new contracts which involved integrated IT solutions, edge computing, intelligent computing and other data services. The Group recorded the revenue of approximately RMB408,585,000, representing an increase of 574% year-on-year. Driven by the significant rise in revenue and the increase in net gains from the sale of financial assets and fair value adjustments, net profit was approximately RMB73,561,000, representing an increase of 1,835% year-on-year.BUSINESS REVIEWIn 2024, the Group adopted a business-oriented approach to accelerate the construction of the “three chains and one circle” model, continuously reinforcing an innovation-driven, open and win-win digital economy ecosystem. Meanwhile, the Group combined its technological and capital advantages in a dual-chain approach to empower various sections across the industrial ecosystem and create new engines for business growth through means such as industrial incubation and investments.In terms of capital operation, the Group has established an industrial investment fund. Through means such as industrial incubation and investments, it aims to gather more premium resources, build new engines for business growth, and further solidify its leading position in the digital economy sector. In terms of investment, in 2024, Beijing Orient Legend Maker Software Development Co., Ltd. invested 15% equity interests in Beijing Longteng Haida Technology Development Co., Ltd. to expand market penetration in PRC’s enterprise sector, leveraging its expertise in cloud-based platforms and AI-driven tools to enhance operational efficiency for their customers.During the year of 2024, the software business was benefited from the all-round improvement in management to significant growth of in the year. During the Reporting Period, the Group continued to develop its existing business, and entered into and completed new contracts which involved integrated IT solutions, edge computing, intelligent computing and other data services. The overall revenue from its software business reached RMB407,756,000, representing a year-on-year increase of 579%.OUTLOOKAmid the wave of digital transformation, digital technology is integrating into every corner of socio-economic development, becoming a crucial engine driving accelerated urban economic growth and fostering high-quality industrial advancement. In the future, the Group will capitalize on its longstanding customer resources and product and service advantages to strengthen its foundations and consolidate existing businesses. In addition, the Group will proactively position itself for the development of new-quality productive forces catalyzed by a combination of factors such as cutting-edge scientific and technological breakthroughs, innovative allocation of factors of production and industrial transformation and upgrading, particularly in the digital economy sector, promoting the integration of digital and real economy, and driving business innovation and upgrades.To actively embrace the opportunities of the digital transformation era, the Group will continue to optimize and consolidate its first-mover advantages in the fields of data elements, data asset operations, AI computing and edge computing in the future. The Group will fully unleash the agglomeration effect of the industrial chain, dedicating long-term efforts to industrial chain integration and industrial ecosystem development. Leveraging the technological potential of big data, big models and high-performance computing power, the Group is committed to establishing itself as a service provider that concentrates on the digital economy sector, with a focus on data elements, data asset operations, AI computing and edge computing, aiming to provide customers with integrated digital technology solutions and create value for our shareholders.About Enterprise Development Holdings LimitedEnterprise Development Holdings Limited (“Enterprise Development Holdings” or the “Group”, stock code: 1808.HK) is committed to establishing itself as a service provider that concentrates on the digital economy sector, with a focus on data elements, data asset operations, AI computing and edge computing, aiming to provide customers with integrated digital technology solutions.The Group will adopt a business-oriented approach to open up and establish a “three chains and one circle” model: focusing on the overall synergy of the innovation chain, industrial chain and financial chain. The Group will continue to optimize and consolidate its first-mover advantages in the fields of data elements, data asset operations, AI computing and edge computing. The Group will fully unleash the agglomeration effect of the industrial chain, dedicating long-term efforts to industrial chain integration and industrial ecosystem development. Leveraging the technological potential of big data, big models and high-performance computing, the Group will facilitate the integration of digital and real economy, continuously driving business innovation and upgrades. Copyright 2025 ACN Newswire via SeaPRwire.com.