Fosun's close worries and far -sighs

How to prevent worry, only far -sightedness.

Author 丨 Huashang Tao Lue Pin Person Bi Yajun

The more high the prosperity, the more you see the worry behind the prosperity and prevent it from close and close.

[Stable, carry it]

On August 29, Fosun Pharmaceutical announced the mid -term performance in 2022: In the first half of 2022, revenue achieved 21.340 billion yuan, an increase of 25.88%year -on -year; the net profit of the deduction of non -returning mother was 1.862 billion yuan, an increase of 18.57%year -on -year.

The two business performance is particularly dazzling:

First, the contribution of new product revenue continued to increase, accounting for 25%. At present, pharmaceutical companies with generic drugs are generally facing the dilemma of profits under the collection of drugs. Innovative products continue to achieve performance to make Fosun Pharmaceutical better cope with this challenge.

First, overseas performance continues to grow, and overseas revenue accounts for 35.58%. Under the current wave of globalization, its overseas performance proportion has increased by nearly 5 percentage points year -on -year.

This also reflects the ability of Fosun Pharmaceutical's strong anti -risk: even if the trend is severe, it can continue to move forward.

Fosun Pharmaceutical is one of Fosun's core enterprises, and this report also adds confidence in Fosun, which has attracted much attention. Fosun International's 2022 mid -term performance, which is published, further shows this quality.

According to reports, in the first half of 2022, Fosun International's total revenue reached RMB 82.89 billion, an increase of 17.7%year -on -year; corporate operating profit reached RMB 2.33 billion, a year -on -year increase of 35.5%.

Moreover, Fosun International also shows stability and growth in the most challenging field.

During the period, Fosun International's overseas revenue reached RMB 38.76 billion, an increase of 30.7%year -on -year, accounting for 46.8%of total revenue.

In the field of cultural tourism business, which everyone thinks of the unsightly performance, its global resort and hotel brand Club MED reached RMB 5.74 billion, an increase of 336%year -on -year, and it has returned to 90%before the epidemic.

Including its overseas insurance and financial business, they also took the lead in opening the growth model in the post -epidemic era. During the period, the total premium income of Fosun Portuguese insurance was 2.63 billion euros, an increase of 12.8%year -on -year; Hal's German private bank hair revenue was 192 million euros, a year -on -year increase of 41%.

In terms of financial and capital structure, Fosun International also performed steadily. During the period, its domestic and overseas merchandise loan public market financing was RMB 17.67 billion; the average cost of overall interest rate calculation liabilities was 4.5%, which was at a low level.

Under the influence of domestic economic pressure and large -scale private enterprises, Fosun International has been with good news this year with bad news.

For example, the rating agency S & P issued a report in June to maintain Fosun International Rating Outlook as "stable", and affirmed its efforts to control debts and endogenous growth strategies, but Moody's rating of Fosun International Enterprise Family Rating was adjusted to B1. The rating outlook is "negative".

Moody's long -term stable relationship with Fosun International and banks affirmed the rich asset resources that can be exited, and the effective control of the total debt, but expressed concern about the re -financing environment of Fosun International's external bond market.

To put it bluntly, Moody's concerns are worried that the external environment exceeds expectations and then affects Fosun International. In the current environment, this is also understandable.

Therefore, even if ICBC and HSBC have signed a strategic cooperation agreement with Fosun International in the past two months, the outside world is still concerned about Fosun's expectations. Two reports are the best response to these concerns:

Even if the external environmental pressure is not diminished, Fosun International can be stabilized, carried, and continues to grow.

To bear the real responsibility and cost of the judgment of yourself, the inspection of financial institutions, especially strategic collaborators, will definitely be more comprehensive and deeper than rating agencies.

It is very stable and can be carried. It should also be the top two world -high financial institutions of China and foreign countries, and reached a strategic cooperation with Fosun.

[Far attention, prevent close worry]

People without thought, he must worry about.

The same is true for enterprises.

In recent years, some large -scale private enterprises have led to challenges the credit environment of the entire Chinese private enterprise. Studying whether large private enterprises are reliable and even become a major issue in today's capital market.

To solve this question, I am afraid that in addition to reporting and data, do homework from a longer perspective and more specific vision.

From the beginning of medicine to the four major business segments of health, happiness, wealth, and intelligent manufacturing, innovate the global home consumer industry group, Fosun's business strategy and territory have been evolving.

Because of these changes, the outside world also whispered and did not understand, and did not know how to see Fosun's voice.

But in fact, Fosun has always had the same logic. For example, the following three different business stories representing Fosun's different business strategies, behind the same logic of Fosun's stability and endogenous power:

Based on far concerns, solve close worry, and turn crisis into a machine.

The first story is Fosun's real estate business, which is also a matter of concern to the outside world.

One of the reasons for Moody's rating is to worry that the Chinese real estate market has more negative fluctuations, and then it is still involved in Fosun, which is still involved in real estate business.

But the real Fosun Real Estate story is no longer the "Chinese real estate story" in Moody's eyes. Fosun was one of the private enterprises that entered the real estate business earlier, and earlier to make real estate bigger and stronger. From 2005 to 2015, its real estate business ranked among the top 20 Chinese real estate companies for a long time and rushed into the top 10 several times.

In this process, witnessing the high land prices, high costs, and high housing prices in the industry. Based on the long -term development of the future, Fosun began the layout of new industrial real estate: from the real estate in the first half, to the shift to the place where the second half of the place was in the second half Essence

Fosun's logic is that in the process of urbanization 2.0, production is the core and room is supporting. The new model of the concept of "production and city integration" -Fosun Honeycomb came into being.

Since then, Fosun has innovated its many years of industrial integration, construction and operation, and urban industrial services that combine health, culture, tourism, finance, logistics, and technology. City's refined cultivation in the industry.

In the sudden advancement of real estate, Fosun has been a silent industrial real estate layout, focusing on serving urban development, industrial upgrading, and family consumption.

One is fast, and the other is slow; on the one side is hot, the side is cold.

However, when Fosun's previous concern, the risk of worrying became a reality. Many high -turnover of large -scale housing companies had high debt, and Fosun's nests that were transformed early in exchange for calm responses under the general reversal.

More importantly, while decelerating real estate, Fosun has promoted business globalization with the cycle of overseas asset prices, and increased the domestic consumer industry layout, laying the map of the global consumer industry group today.

It is also necessary to add things here. In recent years, Fosun has been talking about the deep cultivation of global industries and industries. How many places.

Focus on business, focus on yourself, instead of competing for you, heights, low, or even virtual names.

I personally think that this is particularly worthy of recognition.

The second story is the story of Nanyang (hereinafter referred to as "Nanyang").

Prior to 2008, Fosun acquired a number of steel companies and shared the bonus for the growth of China Railway Gongli. With the Group's turn to the global consumer industry layout, Fosun has successively withdrawn from a number of heavy assets, but has left high -quality enterprises such as South Steel.

Steel has a strong cycle. When the market is prosperous, it is a lot of money.

Since the beginning of this year, China's steel industry has once again reached a period of cycle trough. The total profit of members of the China Iron and Steel Industry Association's key statistics decreased by 53.6%year -on -year, and many companies lost money, but Nanda still maintained net profit of 1.57 billion yuan.

Why is Nangang different? The answer is that Nanda is no longer an ordinary steel company.

In recent years, Fosun has been promoting the transformation and upgrading of Nanda Steel, including the heavy prosperity of the steel industry in the past few years, and it is still considered in the long run. Innovative transformation.

Under this goal, Nanda not only targets domestic and foreign lighthouse factories with "Industrial Internet+Data Governance", comprehensively promotes smart factories, improves the main business quality, and accelerates the development of emerging industries, and replaces the living method with scientific and technological innovation.

Today's main business has focused on rail transit, ships and marine engineering, automobile machinery, new energy, composite materials and other fields, and there are a number of innovations that fill the domestic gap. The international market.

In addition to the main business transformation and upgrading, Nanyang also uses Fosun's "Industrial Operation × Industrial Investment" strategy, with new steel materials as its core, extending to new materials, energy environmental protection, intelligent manufacturing, industrial Internet, and upstream and downstream industrial chains. Layout in emerging industrial card positions.

Last year, Nanda also deployed an annual output of 6.5 million tons of coke projects in Indonesia. The joint venture established the Indonesian Jinrui New Energy (2.6 million tons of production capacity in May) and Jinxiang New Energy, further extending to the upstream and global layout of the industrial chain.

Nanyang's performance in the first half of this year is better than the city's performance, which also benefits these innovation and transformation. According to the 2022 interim, the sales of its advanced new steel materials have accounted for 18.63%of the total steel products, and the total gross profit was nearly 1 billion yuan.

Fosun's starting business, Fosun Pharmaceutical, is also the industry development logic of the industrial development of the industrial development with far -reaching concerns, relieving close concerns, and turning crisis.

After the A -share listing of financing in 1998, Fosun Pharmaceutical rose rapidly in the early years of investment mergers and acquisitions. By 2002, Fosun Pharmaceutical had acquired many well -known pharmaceutical companies such as pharmaceutical friends, Wanbang Pharmaceutical, and Guilin South Pharmaceutical.

In 2003, Fosun Pharmaceutical also cooperated with the Sinopharm Group to set up Chinese Medicine Holdings into the field of pharmaceutical circulation. By the 10th anniversary of listing in 2008, Fosun Pharmaceutical's revenue had nearly 3.8 billion, and its net profit was 690 million, which was 10 times that of the beginning of the market. In 2009, Fosun Pharmaceuticals ushered in the listing of Chinese Medicine Holdings in Hong Kong.

However, when the performance of high performance, especially when the pharmaceutical business situation is great, Fosun is planning.

At that time, Chinese pharmaceutical companies were mainly generic drugs. The industry agreed that generic drugs have not only have a huge prospect, but also the best choice to expand and show economic benefits.

However, Fosun believes that the competition of generic drugs is becoming increasingly fierce, and the continuous deepening of medical insurance policies will also force the national reform of the medical insurance market and pattern. All these will pose a huge threat to the pharmaceutical business with generic drugs. At the same time, Fosun also sees more soberly that to shorten the gap between Chinese pharmaceutical companies and the world's advanced, it must rely on technological innovation and original innovation drugs to achieve. In 2009, Fosun Pharmaceutical made the most historic decision at the most historic decision since its establishment: increase the layout of innovative research and development, and firmly follow the way of innovative pharmaceutical companies. Moreover, one shot is from resources to the market's international vision.

At that time, Fosun Pharmaceuticals combined with the team of overseas scientists cooperated to form a recreational medicine mainly based on the research and development of small molecular chemical drugs, and Fusong Hanlin, which mainly developed and industrialized by large molecular monoclonal antibody drugs. After that, innovation research and development investment is continuously increased every year, and innovation will be further extended from medicine to medical devices and even medical services in the global perspective.

Nowadays, Fosun Pharmaceutical has been promoted by global innovation and has become China's unique pharmaceutical company with outstanding globalization capabilities.

His holding subsidiary Fuhong Hanlin has successfully listed, including the first national biomedicine -like medicine Hankan® (Lipchen Mippitive), the first China -Europe Double -batch Domestic Monoprote was a drug -like medicine Hanqu You® Anti -) four self -developed monoclonal antibody -antibody similar medicines, leading the rapid development of China's biomedical industry, and rich R & D pipeline reserves.

The first product of Fosun Kate, the joint venture, is the first domestic CAR-T cell treatment product in China. As of the end of July 2022, it has been included in 44 provinces and cities. Urban Huimin Insurance and more than 50 commercial insurance, nearly a hundred treatment centers filing.

The intuitive Fosun's "Da Vinci Surgery Robot" is one of the world's leading surgery robots. In the past ten years, the "Da Vinci Surgical Robot" installed and surgical volume in China has steadily increased. At the same time, intuitive Fosun is actively promoting the localization process to better cultivate and serve the Chinese market.

In the process of globalization, Fosun Pharmaceutical also set up a global R & D branch and R & D platform in many places in the United States. It has set up marketing platforms and networks in major global markets to form a pattern of using world resources as new drugs and using the world market to sell new drugs. Essence

By the end of June 2022, more than 2,800 R & D personnel in Fosun Pharmaceuticals had a master's degree in a master's degree and above, and had more than 260 projects such as research and innovation medicines, biological drugs, generic drugs, and consistency evaluations. In terms of the construction of the global marketing system, Fosun Pharmaceutical's overseas commercial team has also exceeded 1,400.

Fosun Pharmaceutical's self -developed product Han Quyou can cover more than 90 countries and regions including the United States and Europe; its antimalarial drugs have become the UNICEF, the World Health Organization and African Pharmaceutical Procurement Center. , Save more than 48 million patients ...

Using global resources as new drugs, relying on the global market to sell new medicines, it also allows Fosun Pharmaceutical to give new definitions to its own globalization: high -quality globalization driven by both ends of the smile curve. Essence

[The more difficult, the more firm the more firm]

Fosun Medicine is just a microcosm.

From internationalization to globalization, Fosun has been working hard to climb high -quality global enterprises. In the context of China's economy towards high -quality development, this is also the embodiment of Fosun's continued resonance with China's development.

High -quality means high value and high difficulty. The stories of Fosun Real Estate, Nanda, and Fosun Pharmaceutical are essentially for high -quality development, and it is also difficult.

Innovation and transformation at the time of the high prosperity of real estate and generic drugs, and investing in innovation when the steel industry earns a lot of money. Battle against the tissue inertia.

However, Guo Guangchang and Fosun persisted, resisting the temptation in front of them, and the pain of change not only to prevent risks, but also in exchange for a new global resource and a new pattern of global markets with higher quality and higher value.

More importantly, Fosun also continues to upgrade its organization and operating systems, especially global vision and innovative thinking, and continuously improves the "China Global two -way docking" capabilities, so that its global innovation driver and "deep industrial operation+industrial investment" are , More energy and possibility.

At the beginning of the new crown epidemic, the development of the MRNA new crown vaccine with BIONTECH in Germany was successfully developed and successfully developed the MRNA vaccine "Futai", which is the cause of this energy and possibility.

Relying on this global ability and the rapid development of the Chinese market and technology, Fosun has also promoted each other as the main body and the domestic and international dual cycles. The four core capabilities of its globalization, innovation -driven, FC2M ecology, and FES system provide efficient paths.

At present, Fosun has a deep industrial layout in more than 30 countries and regions, and has established a globalized team with a local talent team as the core. Many foreign managers have become Fosun partners. Club Med, Sanya Atlantis, Lanvin Group, etc., are both two -way bidirectional go.

It also has such a global foundation and ability. When the outside world is worried that Fosun is affected by globalization, Fosun has surpassed the current limitations, upgraded for globalization and ecological collaboration, and the future of the rain after the rain is sunny. Continue to plan ahead. From the perspective of Fosun official micro -information, Guo Guangchang recently inspected Fosun enterprises in Germany, France, Israel and other, and continued to evolve global operations from the aspects of teams, business, management. Globalization has become the localization of the country and region where it is located.

Become a real global enterprise, which is also Fosun, one of the most globalized influence of private enterprises in China, and has unswervingly constructing the physical strength of the community of human destiny.

The more high the prosperity, the more you see the worry behind the prosperity and prevent it from close and close.

This year is the year of Fosun. From a "baby", through the 30 years of storms, to today's more than 30 countries and regions, Fosun relies on this spirit of fear of the future and believe in the future.

On August 31, Guo Guangchang emphasized that "maintaining strategic determination, insisting on doing right things, doing difficult things, doing things that need to be accumulated" at the interim reporting meeting. " "The mission expresses firm confidence.

At the beginning of his business, Guo Guangchang and his partners in his 20s were empty -handed and only had confidence and dreams, but he proposed the grand wish of "self -cultivation, Qi family, establishment of industry, and helping the world."

From "helping the world" to "making global family life happier", the 30 -year -old Fosun has changed the sea, but it has not changed.

——End —————

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