Dear investors, analysts, partners, and friends from the media, good morning. Today, we can strongly feel your attention to Fosun International.

I would like to thank you all for being here, and I would like to thank the guests online. I am Co-CFO of Fosun International, [Cai Yiqing?]

. First, let me introduce the leaders from Fosun International.

First, we have Chairman of Fosun International, Mr. Guo Guangchang; Co-Chairman of Fosun International, Mr.

Wang Qunbin; Executive Director, Co-CEO of Fosun International, Mr. Chen Qiyu; Executive Director and Co-CEO of Fosun International, Mr.

Xu Xiaoliang; and Executive Director, Executive President and CFO of Fosun International, Mr. Gong Ping.

Today, we will have two sessions. In the morning session, Fosun International's management team will brief on the financials, business, and strategic development for the first half of 2026.

In the afternoon session, the heads of four business segments will share on the business, financials, and strategic development. First, let's give the floor to Mr.

Gong Ping to brief us on the financials.

Dear investors, analysts, and friends, good morning. On behalf of the management team, I would like to report to you on the financials of Fosun International in the first half of 2026.

With complex macro environment, Fosun is committed to streamlining business and focusing on core business, and we are seeing strong results. The group overall has shift towards profit growing tract, and we are seeing solid performance across all segments.

In the first half, we see some key features. First, total revenue remained stable and the structure remained optimizing.

The total revenue in the first half reached 86.96 billion RMB, up by 3% year-on-year, excluding impact of HIL's deconsolidation. For core revenue, reached 63.88 billion RMB, 73.5 .5% of total group revenue, and revenue increased by 4.6% year-on-year, excluding impact of Yuyuan and overseas uh business covering 40+ countries and regions.

We are seeing stronger profitability back on the right track. Due to banking, insurance, and Hainan Mining, the industrial operating profit reached to 3.69 billion RMB, up by 17% year-on-year, and driving by higher industrial operating profit and lower the headquarter finance cost, net profit attributable to owners of the parent reached 1.72 billion RMB, up by 160.3% year-on-year.

We are continuing the investment in technology and innovation. In the base first half, the investment was 4.2 billion RMB, up by 16.7% year-on-year, focusing on R&D system optimization, efficiency improvement, and continuous investment in advantageous pipelines and product lines, especially in Fosun Pharma and other businesses.

The group continue to optimize portfolio with valuation recovery underway. By June 30th, 2026, group portfolio value PV, as of period end, reached 192 billion RMB and share of listed insurance assets in portfolio value reached 55%.

We are seeing more transparency here making strong foundation for valuation recovery. Adjusted NAV, as of period end, reached 128 billion RMB, adjusted NAV per share reached HK$18.1.

The price NAV ratio reached 0.29, showing strong improvement for share price and strong prospects. The group focus on several key strategies: first, enhancing ROE management, improving core business performance, the mid-term target for the group's net profit attributable to owners of the parent is reaching 10 billion RMB, especially for Fosun Pharma, Fidelidade, and Hainan Mining.

The ROE improvement of such core businesses lay a solid foundation for overall ROE improvement. Second, we are adamant in disposing non-core assets and commitment to deleverage.

The mid-term target is reducing group level interest-bearing liabilities to below to below 60 billion RMB, and we have increased by about 4.5 billion RMB from the beginning of the year as of June 2026. The third part is asset spinoff to unlock a value.

We are actively spinning off unlisted assets and pushing forward public listing, including Sanya Atlantis uh commencing commercial real estate REITs issuance. As for the four segments here, we are seeing growth in all of the industrial operating profitability, showing our diversification and strong risk as resilience.

For Health segment, first half revenue reached 24.03 billion RMB, 6.5% year-on-year growth, industrial operating profit 760 billion million RMB, 3% comparable basis growth, and the overseas revenue reached to 16% year-on-year growth. For Henlius and other platforms, we are seeing many drugs reaching market approval in US, EU, Canada, etc., and Fosun Health actively exploring international healthcare services.

The innovative drug sales reached 33% of total sales, showing our globalization upgrade. We are committed to being CM&C for Fosun Pharma.

As for Happiness segment, we are seeing breakthrough in globalizing our brands. In the first half, revenue reached 33.63 billion RMB, a slight decline, but that's still very strong because of macro pressure.

Despite the overall pressure, we are still seeing some structural highlights. We are seeing breakthrough in globalization, including Laomiao having five new overseas stores, providing strong uh revenue growth, and Nanshan opened three new overseas stores, Grand Yuyuan revitalization and GMV reaching over 2.2 billion RMB.

The uh Travel segment also strong showed strong highlights with Club Med seeing record-breaking growth and the two new resorts. Atlantis Sanya also experienced very strong performance with 850 million RMB of revenue and uh improving overseas guests ratio.

For Wealth, the first half revenue reached 27.31 billion RMB and industrial operating profit reached 2.96 billion RMB with insurance contributing over 2 billion RMB. For the banking and the insurance BG, we see a 24% growth for the premium.

The asset management part, revenue slightly decreased because of the divestment of HAL, but if we exclude that impact, we're still seeing strong growth here. We have five new private equity funds with AUM exclude uh exceeding 43 billion RMB, focusing on high-growth sectors, including AI and biopharma, with 16 portfolio companies listed and over 10 companies filing for IPOs.

For Intelligent Manufacturing, we are seeing the growth for oil and gas and new energy. First half revenue reached 4.61 billion RMB, 14.6% year-on-year growth.

Industrial operating profit 180 million RMB, 54% year-on-year growth, especially for Hainan Mining. Revenue and net profit attributable to owners of the parent both grew by double-digit in first half 2026.

Wanxiang uh revenue grew by 20% year-on-year and Thailand production base commenced operation smoothly, strengthening its global supply chain. Then let's look at the core subsidiaries.

Fosun's core competitiveness is roosed rooted on the uh operations of our core companies, and uh the four core companies lay a strong foundation for Fosun International. Fosun Pharma is seeing breakthrough in innovative drug reaching 1.72 billion uh net profit attributable to owners of the profit owners of the parent.

Then for Yuyuan, Laomiao Jewelry is accelerating globalization with oriental lifestyle aesthetic strategy on the top, and we're seeing revenue rose by over 200% year-on-year of Laomiao Jewelry. Despite the macro economy pressure, we're still seeing uh adamant uh strategy in lifestyle aesthetics and building oriental cultural IPs.

For Fosun Insurance Portugal, the first half premium reached €3.88 billion and 19% year-on-year. In Portugal, we are seeing strong performance in auto and life insurance, driving total premiums up by 21% year-on-year, and S&P rating outlook upgraded from stable to positive, and it is also a strong driver for our overseas revenue.

Then let's look at Fosun Tourism segment, focusing on three major product lines. For Club Med, we are seeing growth in business volume and occupancy, and uh we see the opening of Hangzhou Longwu and South Africa beach and safari resort.

Atlantis Sanya also see double-digit growth in revenue. Then for the next year core companies, they are also unlocking profit upside for us.

For Peak Re, first half total premiums reached $1.19 billion, 12% year-on-year growth. $90 million net profit in the first half, and we see ready a rating upgrade for Peak Re.

Moody's upgraded the insurance financial strength rating from Baa1 to A3. Pramerica Fosun Life Insurance reached 8.38 billion total premiums in the first half, reaching 52% year-on-year growth.

780 million net profit in the first half, strong growth in new business premium, including the individual agent channel and bancassurance channel. Fosun United Health Insurance reached 4.96 billion in terms of total premiums in the first half, reaching 36% year-on-year growth.

It is leveraging group's ecosystem resources to build a differentiated, full life-cycle health management system. As for Millennium bcp, maintaining sound balance sheet.

First half net profit reaching €570 million, showing 12.7% year-on-year growth. First half ROE reaching 14.6%, and total capital adequacy ratio at 19.3%, and CET1 ratio at 15.1%.

Hainan Mining reached 2.72 billion RMB for first half revenue, showing 13% year-on-year growth, and Mali Bougouni mine, 70,000 tons of mine has shipped to China in the first half, and we are seeing the completion of technology upgraded for the lithium project line, so that there could be flexible switching of lithium salt products. For Roc Oil, with oil price hike, we are also seeing solid performance, and Hainan Mining is also actively exploring into fluoride business.

For Fosun's globalization strategy, it has been upgraded to global in-depth operation, especially driven by innovation and technology. In the first half, overseas revenue uh ratio reaching 56%, and business covering over 40 countries and regions.

For Fosun Pharma's oral small molecule DPP1 inhibitor secured exclusive global licensing deal outside Chinese mainland, Hong Kong, and Macau, and we see uh exclusive cooperation for Alzheimer's disease drug with uh for AR1001, and we are also seeing some exclusive options for Fosun Pharma. Club Med is also deepening global operations, Nanshan opening two new stores, and Club Med Resorts also seeing strong performance in various parts of the world, and Fidelidade premium reaching 30% growth and gaining leading positions in multiple markets like Peru, Bolivia, and Chile.

Hainan Mining is actively exploring global resource through projects including in Mali and Oman, and Wanxiang commenced operation of the Thailand production base. Then for innovation-driven growth, we're seeing AI plus business initiatives.

For example, Henlius powered by AI for science platform, reducing the R&D cycle from 18 months to 5 months. AIGC in tourism business provide 24/7 multilingual and personalized online services.

Fosun United Health Insurance proprietary AI products and the FinLoop fully automated AI-powered information processing with zero human intervention. We have uh seven innovative drugs with total of 20 indications developed and licensed in by Fosun Pharma.

Then for PE, VC platforms, Fosun Capital and Fosun RZ Capital, we see over 30 portfolio companies of them showcased at WAIC 2026, spanning AI infrastructure, embodied AI, memory chips, and quantum computing. Fosun Health Capital launched new drug fund Phase 2 with 2 billion RMB raised, further strengthening its focus on early-stage innovation.

The group continued to um improve on the financial structure, and with solid rating. For the first half, we see smooth public market financing with 5.22 billion RMB during the period.

We see we have a successful case for bank syndicate in Hong Kong, and the group is actively adjusting the pace of its offshore bond insurance, and the average cost of debt during the period for the group reached 5.2%. Average cost of debt during the period consolidated level reached 5.0%, remaining stable.

We are adamant in reducing the uh debt. For cash inflow from asset divestment and dividend upstream at group level reaching 9.3 billion RMB, contracted divestment of heavy asset, non-core, and non-strategic asset by subsidiaries reaching 7 billion RMB, including um disposal of Fosun International Financial Center and disposal of 13 non-core business hotels from court hotel portfolio in Japan.

We see further reduction in group interest-bearing debt. The debt level reduced from 89.9 billion RMB by the end of 2025 to 85.4 billion RMB by June 2026.

We see very clear mid-term target for the group, including focused development, profit growth, deleveraging, and shareholder returns. With insurance and health and tourism as the main segments, we are focusing on global operations and innovations and depend AI applications.

We will further increase the share of overseas revenue and further strengthen the risk resilience. As for profit growth, the mid-term target is that reaching 10 billion RMB in terms of net profit attributable to owners of the parent, enhancing operating efficiency of core companies, and strengthening ROE management, reduce headquarter expenses.

As for deleveraging, the mid-term target is reaching 60 bill 60 billion RMB of group's interest-bearing liabilities, continuous divestment of non-core assets, enhancing dividend management, and advancing towards investment-grade status. Shareholder returns is targeting payout ratio to 35% with dividend for fiscal year 2026 expected to be no less than HK$1.5 billion.

Major shareholders and management intend to purchase up to HK$500 [million?] of shares by March 30th, 2027.

Overall, we aim to carry out our strategies to have stronger shareholder returns. Now let's give the floor to Chen Qiyu.

Alex Gong has already reported to you on the business performance of the first half. On my side, I'm going to give you an overview of our businesses uh by different segments.

First if we look at the Health segment, in 2026 H1, we have reached the total revenue 24.03 billion RMB, grew by 6.5% year-on-year, and the industrial operating profit reached uh 760 million, growing by 2.7%. Fosun Pharma revenue, 20.38 billion RMB; Henlius reached uh 3.59 billion RMB.

Our uh overseas revenue has exceeded uh 10 billion RMB. Fosun Pharma R&D expenditure, 3.25 billion RMB.

Fosun Health, Jianjia Healthcare, reaching revenue 3.7 74 billion RMB. Uh Luz Saúde in Portugal, reaching 0.45 billion euros.

Fosun Pharma in H1 has seen the rising share from innovative drugs and overseas revenue. The uh innovative drugs reaching uh 4.9 billion, 13.84% year-on-year, accounting for 33% of pharma segment revenue.

Overseas revenue reaching three uh 6.379 billion, 16% year-on-year, accounting for 31% of total revenue. Net profit attributable to shareholders uh to was uh 1.7 billion, uh growing by 1.15% year-on-year.

Adjusted uh net profit it was 1.1 billion, growing by 19 million uh 19% year-on-year. Besides um our innovation R&D, we have a very important initiative for Fosun Pharma, which is to build a full uh value chain collaboration uh uh for our global operational system.

This is after a decade of uh R&D innovations for pharmaceutical companies in China. I think this is a consensus of the industry to make a breakthrough, which is to build a global operational system with a full value chain collaboration.

In the first half, we have seen uh 6. uh 3 billion uh overseas revenue.

There are a few contributors. Gland Pharma, it's in India, it's actually it's it was acquired by Fosun for about 10 years.

Uh our core businesses is actually in the US on the higher-end generic drugs, and at the same time, it is also a CDMO company uh in India targeting the global operations. We have reached a um strategic collaboration with a global manufacturing uh pharmaceutical company, and with expected annualized revenue exceeding around USD 100 million.

We'll see more progress on that. On Henlius, for PD-1, and also there are a few other high-quality biosimilars have been uh launched in several markets.

PD-1 was approved in EU, and also it has um now been launched in India, some other emerging markets. Uh Zercepac was uh approved in uh Canada.

Pertuzumab was uh uh, Zercepac was approved in Canada, following its approval in the US and the EU. Breas and Sisram, they are the key contributor of our international business, and their key market is actually also in the US and uh Europe.

For EU, US, and Europe and emerging markets uh pushing our pharmaceutical business has been it's going to be a long-term global the global development of our strategy. For globalization, it's not just about innovative R&D, it's also about registration and production.

Therefore, we are building this systematic layout globally. For the global commercialization capabilities, uh you can see that we have around 5,000 commercialization uh people in our commercialization team in China, and for overseas, we have around 1,000 people.

Going forward, we target mature and emerging markets, a mixed of markets, to have a systematic development. In the US, our MedTech, our MedTech business is mostly is uh mostly in the US, whether for respiratory and medical aesthetic devices, and for generic drugs, we have also built the direct distribution capabilities in the US.

Going forward, we are uh planning for PD-1 and AR01001's commercialization in US. We are preparing for that.

For EU, Serplulimab has been included in uh 12 EU countries' insurance uh social health insurance reimbursement catalogs. We have also uh collaborate with Eisai for Serplulimab in Japan.

For Africa, we're also uh pushing for that. Middle East, we are accelerating the launch of innovative drugs.

We also target uh like SEA markets as well. Fosun Pharma um is committed to comprehensive de- deployment of innovative technology platforms.

We can see that we have a comprehensive uh uh system for all different technical platforms, um uh covering monoclonal antibody, bispecific, ADC, fusion proteins, and small molecules, and also CAR-T, R&T, siRNA, others, and diagnostics, etc. For each of these uh uh indications, we have different uh medications preparations and pipelines.

With uh more than 10 years of uh development, we have uh built a high-value pipe pipeline portfolio, now we are covering uh solid tumors, hematology, and immuno-inflammatory diseases, neurodegenerative diseases, CVRM, and our uh products, we have covered different uh phases uh from IND, Phase 1, Phase 2, Phase 3, NDA, and launching. I believe we have already secured a few pipelines with uh great potential for the uh global market with around 1 billion and 500 million potentials globally.

Fosun Pharma is also committed to building a open uh opening uh system. We are also uh pushing the full uh comprehensive uh collaboration with different pharmaceutical companies, like Eisai and and Pfizer, etc.

We collaborate with them with different types of products, including with GLP-1 uh uh small molecule uh products, and also Saneg uh is also a leading uh biopharmaceutical company. We are pushing for the biopharmaceutical collaborations in the leading markets.

We also work with leading uh scientists like uh Aditum Bio. We work with them uh on the first-in-class medication R&D.

We also licensed in ABL Bio, AR1001 targeting Alzheimer's. We work with TopAlliance.

We work with uh uh TopAlliance uh for the Greater China region on this uh uh antibody drugs. On HepaThera, which is our fund incubation, is a fund incubation company, we work with them on the um on on the chronic hepatitis B medication, is also in Phase 2.

The healthcare services of Fosun Pharma has continued to improve, especially targeting for international healthcare. We are actively pushing for um a healthcare system that is rooted in the Greater Bay Area to push um the operations into SEA.

We're also pushing for smart healthcare and AI applications. Our rehabilitation healthcare uh uh company, we are operating 25 rehabilitation medical institutions.

Uh we are advancing our specialty development, especially to push AI-enabled um applications to empower our rehabilitation healthcare. Our um medical devices and diagnostics business is also developing developing.

Sisram is based um in uh Israel as a dual-engine as a company that has a dual-engine strategy of energy-based devices and and also injectable filler. Besides the North America company, where we have some strategic adjustments in the market, for the global markets of uh uh Sisram has maintained a very solid uh performance.

Uh Daxxify is actually an injectable filler, it's uh now advancing its commercialization in China. Fosun Insightec, it's a a brand new uh uh professional uh it's has completed the two system uh newly sold in China.

Intuitive Fosun and installed six systems across China mainland, Hong Kong, and Macau. For the respiratory care, which is uh Breas, uh we are now Breas have business operations in nearly 60 countries.

In the US market, we have seen uh some temporary pressures, but we we expect a very strong progress in the second half, and also in some global other global markets. Fosun Pharma is also pushing for AI development and empowerment, especially in uh the uh uh pharmaceutical R&D.

Our PharmaSight uh is pushing a very is uh delivering a very good great impact and uh uh effects for other decision management. On the Happiness segment, we have seen 316 billion, a slight decrease of 6.2%, and operations revenue uh operation losses reached a 200 million loss, down by 40%.

Yuyuan reaching 17 billion, we're seeing the performance rebounding uh because it's because the core business remained fundamentally resilient. We have seen lean operations, and also uh the uh admin expenses uh decreasing.

Our overseas revenue reaching 3. 13.9 billion, 44% of total revenue, up by 3 percentage points year-on-year.

Fosun Tourism segment reaching 9.9 billion. All the revenue continue to grow, and Yuyuan have seen the resilience of its strategic performance.

We've seen also significant improvement of gross profit margin. In the first half, we have seen the competition in the tour uh in the compas- in the consumption industry in the past three years.

We have seen uh some impact of our performance in the past a few years, but um on the uh net profit, we have managed to grow it from uh 14% of H1 last year to 18.6%. Our uh jewelry and fashion gross margin reaching to 8.7 6% from 7.3% of same period last year.

Shede Spirits e-commerce revenue have also seen a steady growth. Yuyuan's uh jewelry uh business have seen a better quality and efficiency, and also we are observing a multidimensional in operational innovations.

Based on our deep consumer insights research, we continue to cultivate the good luck brand mindset, build a highly competitive product matrix steadily, reshape our brand pricing power. In the first half of this year, the sales proportion of Laomiao uh piece-based pricing products exceeded 18%.

Piece-based pricing is actually a very heated concept, um which is a concept that Laomiao is adopting. It's not like weight-based pricing.

Our jewelry business is also actively expanding overseas business. In the past, we only focused on uh the domestic markets, but now we're accelerating our development in the overseas market.

As of H1 '26, uh the uh Laomiao's uh stores in Hong Kong, Macau, overseas, and duty-free channels have expanded 15 uh with significant sales growth. For the Grand Yuyuan strategy, uh we are elevating the strategy.

We have decided to have intangible cultural heritage as a priority strategy of Grand Yuyuan. We aim to build a global showcase for intangible cultural heritages and fashion culture, integrating uh culture, commerce, and tourism to create an immersive global destination for culture and commerce.

For uh Yuyuan Phase 1, we have uh set up the jewelry and fashion district to uh to build a get the gathering of leading brands to build a heritage gold ecosystem. BFC, which is quite close to uh Yuyuan, is also the headquarter of uh Fosun Group.

We are building the incubation hub for designer jewelry brands and also to see at the same time uh we aim to build the integrated destination experience. Club Med, we continue to deepen the global presence and enhance the resort experience.

Uh Club Med operates six sales and marketing activities across 40 more more than 40 countries and regions spanning six continents. As of H1, they had 69 resorts in operation worldwide.

We also continue to expand our global destination footprint, enhance resort experiences. This year in April, Club Med Urban Oasis has officially opened a new resort, which is in Hangzhou Longwu resort.

In July, we have opened a new resort in South South Africa. Uh it's a we have a soft we have a trial opening of the South Africa beach and safari resort.

Sanya Atlantis is a flagship product of uh of our business, and we continue to push for product innovation and also to deliver strong operating growth. We're seeing double-digit growth in revenues, and overseas revenue uh growing strongly, accounted for more than 10%.

CSHOW have seen a two-per- 2.0 upgrade. Specifically, on the progress of public REITs, we have seen a very good uh progress of the application.

Overall, has seen an 850 million RMB of total revenue, and uh uh 50% of non-room volume and also 87% average occupancy rate. We welcome you to uh Sanya Atlantis to have a better experience.

For the Wealth segment, we have seen uh 27.31 billion, excluding the impact of HAL divestment, the revenue grew by 8% year-on-year. To This is driven by revenue growth at uh from Fidelidade and Peak Re.

The Wealth segment recurring industrial uh operating profit of RMB2.96 billion, and the Insurance segment uh have seen 2 billion, uh up by 40%. Overseas revenue reaching 24.48 billion, accounted for 89.6% of the total.

Fidelidade maintaining number one market share in Portugal, and seen insurance contract revenue of 2.06 billion, and also the net profits uh 0.17 billion euros. Uh for Peak Re, insurance contract revenue $830 million USD, and net profit reaching $90 million USD.

These two companies have both seen the upgrade of from the rating institutions. Millennium bcp, the core operating profit uh €1.21 billion, core operating profit grew by 3%.

Consolidated net uh income amounted to euro 0.59 uh 0.57 billion. The quality of credit assets was resilient, non-performing loan rate dropped to 2.2%.

Pramerica Fosun Life Insurance, total premium 8.38 billion RMB, total premium growing by 52.2%, among the fastest of the market; net profit reaching 780 million. Fosun United Health Insurance, total premium 4.9 6 billion RMB, total premium grew by 36.2%, and net profit reaching 50 570 million.

An asset management revenue, 4.5 billion RMB. The insurance business uh the total premiums reaching uh 52.7 billion RMB.

Uh structurally, we have seen the grow- growth of different markets. For Fidelidade, it has steadily expand the business scale and continues enhancing the profitability level.

Combined ratio uh stands at 92%, annualized investment return reaching 3.5%. Peak Re have seen excellent performance in profit profitability and also a prudently managed risk exposure, combined ratio 91%, annualized investment return uh 4%.

Our domestic insurers, Pramerica Fosun, it leverages ecosystem strengthens and focus on long-term value growth. We have seen um 5,844 contracts from the retirement community policies, and also NBV are growing by 45% year-on-year.

Fosun Health uh has seen a contract of community policies of 3,484 and new NBV growing by 4 47% year-on-year. On Fidelidade, uh for the first half, uh the total premiums reaching uh euros 2.84 billion, up by 21%, maintaining a leadership in Portuguese markets with 30% market share.

In South Americas, we are deepening our presence in Peru, Bolivia, and Chile. We achieve the total premiums of euro 0.6 billion um in H1, up by 10%.

For Peru market, we ranked number four in premiums; Bolivia, we maintained the second in premiums; Chile, after six years of operations, we uh climbed to eighth in premiums. In Africa, we maintained top market positions access across different markets: for Angola, we ranked number four; Cape Verde, we ranked number first, um which they have seen a very good uh result of the World Cup; Mozambique um is a number three.

Asset management, we uh for example, for HAUck, it's alternative asset manager in Europe, and also we had um we have uh Fosun RZ Capital and Fosun Capital, Fosun Health Capital, and Fosun Wealth. We have all of these uh companies as uh delivering the footprint of asset management platforms.

The new investment projects is uh 14, new investment amount 1.5 billion RMB. We're focusing on core tracks, including AI, embodied AI, semiconductor chips, biopharma, consumption.

We have seen portfolio company IPOs uh with 16 listed and more than 10 filed. We have uh uh good-quality companies such as uh Zhipu and some other uh technology companies.

For Intelligent Manufacturing, we have seen uh 4.6 billion RMB in the H1, growing by 14.6%, driven by growth at Hainan Mining and Wanxiang. Industrial operation operating profit reaching RMB 180 million, up by 54% year-on-year.

Hainan Mining reaching 2.72 billion, up by 12.6 billion; net profit attributable to parent is 510 million RMB, up by 83%. Wanxiang, the revenue is 1.97 billion, up by 21%.

The net profit to parent was 2.7 million, down year-on-year. Hainan Mining is focused on strategic resources and um uh we evolving from cyclical to growth.

The core business of Hainan Mining is um uh is uh the traditional resources business. After years of strategic transformation, we are focusing in lithium resources business, oil and gas, and iron ore.

We have made a breakthrough from the uh quite um single business in the past of uh just iron ore. Last year the the first half is performance is actually uh built on years of strategic transformation of a business.

In Hainan, um In Hainan, we have built this uh lithium hydroxide uh uh production, and uh this first half, we have uh delivered the first production. Also, we invested in Mali on the lithium production business, achieving a full business loop, a closed loop.

We aspire to uh reach um of 50,000 tons of attributable LCE capacity by 2030 for Mali lithium mine. This is uh a very long-term strategy for us.

For the oil and gas business, we uh continue to optimize existing resources and also to uh leverage the upcycle of oil prices to increase production. Iron ore business, we operate lean management to strengthen the pro- production to ensure um that we expand the saffe concentrate sales, and the lump ore products maintaining a gross margin about 49 40 47%, and also to advance underground mining development to secure long-term resource supply.

We also make sure that we uh push for the M&A of the upstream resources, including fluorite and also some traditional resources as well. We, for Wanxiang, as the world's leading uh functional materials enterprises, the existing business continue to grow.

At the same time, we deepen R&D innovation, accelerate product commercialization. We are pushing the development of of the product, and also we are deepening the collaboration with between industry, universities, and research institutes, uh collaborating with universities such as China Academy of Science Sciences.

Uh so, the sales volume of household surfactants have re- uh grown from 304 to uh 1,407. We have also seen uh the capacity expansions for domestic upgrades in overseas production.

Domestic base and also overseas base have continued to ramp up. The uh phosphite ester flame retardant project in Thailand base is now uh being uh commented.

That's all for my report. I will leave give the floor to Edward Xu for strategy.

Okay. To all of the investors, analysts, and friends of the media onsite and online, good morning.

I will now report our thoughts on the group's development strategy. Looking back at the first half, what's certain is that external uncertainty is not reducing, but intensifying.

We see global economic uncertainty is the norm. The more uncertain it is, the more important it is for Fosun International to anchor to certainty.

We are pursuing high-quality development to navigate different periods of uncertainties. Next, I will explain from four dimensions, including high-quality mission, strategy, operations, and organizations, to share Fosun's strategies.

First, with the external environment changing all the time, Fosun has anchored on this vision and mission. 34 years ago, Chairman Guo and Chairman Wang founded Fosun.

In the founding stage, Fosun made a commitment with the vision of self-improvement, teamwork, performance, and contribution to society. After 36 after 34 years, now we are very clear on the society we are contributing to, that is global families.

We want to create happier lives for families worldwide. Under such mission, we want global families to be healthier, happier, and wealthier, living up to 121 years old.

We want the mission to be Fosun's significance, to be the meaning of Fosun's existence and the belief that Fosuners strive for. I believe, first, we need to have a high-quality mission.

No matter how the world changes, we need to be adamant on the mission. Standing on the mission, we also have a clear strategic positioning, that is building a global innovation-driven family consumer group.

That's an anchor for us. Under such strategy, we also have a very clear strategic focus, including business streamlining, asset-light operations and asset-heavy partners, and balancing offense and defense.

Our mid-term goals are also very clear. In the next 3 to 5 years, Fosun aims to stabilize net profit attributable to owners of the parent to 10 billion RMB and moving towards an investment-grade rating.

In the long term, Fosun aims to be a great company that enable global families to be happier, healthier, and wealthier, and generating more good products, good content, good models, and good scenarios for the global families. Specifically speaking, in order to deliver the strategies, we need to be driven by the operations.

High-quality operation is key to us. The first thing is on global development.

For global development, we have side A and side B. Side A is using global R&D and a global production to build, to create more good products.

By leveraging global resources, forming a globally coordinated industrial footprint, we have very good example. First, Fosun Pharma has built a global R&D team of over 3,000 people, collaborating with the world's brightest team to link the most cutting-edge research resources so that we can continuously generate good products.

Second example is on Hainan Mining. They have 7 70,000 tons of lithium concentrate in Mali already shipped back to China, truly connecting overseas mines with domestic refinery into global production loop.

Apart from having the good products, we also need strong global marketing and global operations. That is the side B we are talking about.

We are focusing on global customer needs, establishing service networks, and strengthen brand reach and market expansion. For example, Fosun Health international medical business is growing rapidly, up by 98% year-on-year in the first half, and establishing several overseas offices.

Their partners cover Southeast Asia, Central Asia, and the Middle East, continuously continuously improving cross-border medical cooperation networks. Chen Qiyu also shared details on Fidelidade previously.

For them, they not only maintain leadership in domestic market, but also expand coverage globally in Portuguese-speaking regions. Now their overseas premium account for nearly 30% with a growth rate of 12%.

We see markets like Peru, Bolivia, and Chile, the premiums rank among the top in their respective markets. In terms of high-quality operations, a very important part is to be innovation-driven.

Innovation is one of Fosun's core growth engines, centered on four dimensions. First is innovative R&D.

We see Henlius' star product, HANSIZHUANG. It has become the global first approved PD-1 monoclonal antibody in two indications.

In terms of innovative products, for Fosun United Health Insurance, they created Yilianyoumeng critical illness insurance that break the traditional high-payout low prevention model. Fosun United Health Insurance is working with top-tier Chinese hospitals, like Ruijin Hospital, to provide full lifecycle healthcare management, filling market gaps.

In terms of innovative processes, Laomiao Gold has developed a product portfolio based on Jiangnan intangible cultural heritage craftsmanship. Hainan Mining implemented carbonization line technology upgrades to enable flexible production, switching between lithium carbonate and lithium hydroxide.

Thirdly, on innovative scenarios, we see Grand Yuyuan in Shanghai. They are leveraging intangible cultural heritage to create a global intangible intangible heritage fashion show, a hub for Chinese for China's intangible heritage going global, and it is a gateway for global heritage settling in Shanghai, becoming a new cultural landmark in Shanghai.

Overall, we see Fosun's innovation is not a single point breakthrough, but a systematic innovation spanning across R&D, product, processes, and scenarios to create new momentum for high-quality operations. Within high-quality operations, another important part is AI adoption.

Now we have entered the intelligent era, and AI is the biggest dividend we can have of the intelligent era. For Fosun and for any company, AI is not a choice, but a mandatory thing you need to do.

How well you answer this challenge determined the survival and development of a company. For Fosun, we are committed to AI adoption.

We are not developers of foundational LLMs, but we aim to be advanced AI adopters in industries. Simply put, we do not reinvent the wheel, but we aim to drive the car best.

The goal is to move from business + AI to AI + business. Far, in terms of AI adoption, we have achieved some results.

For example, in the Health segment, Fosun Pharma's PharmAID has over 25 projects. In Happiness segment, Fosun's Tourism segment iterated AIGC agent to redefine the customer vacation experience.

In Wealth segment, Fosun United Health Insurance self-developed AI products, reorganized customer's claims experience, driving both quality and efficiency. In Intelligent Manufacturing segment, Hainan Mining created China's first AI intelligent photonic sorting project and improving resource utilization.

Apart from high-quality operations, another important part is high-quality organization. A organization help us to align our words with our actions, and high-quality organization will determine the company's sustainable high-quality growth.

The key for us is to build a global AI symbiosis organization. Symbiosis here is very important in three aspects.

First is human brain and machine brain symbiosis. The second important part is symbiosis of traditional and digital economy.

Traditional experience can definitely help, and we want a digital foundation to further boost that. The third part is enterprise and ecosystem symbiosis with openness and altruism.

This is the core for our organization set up. Within organization, talent is key.

What's important for us is to build a strong partner system brimming with talents. Now we have 157 Fosun global partners, 35 technology partners, and 117 high-pro partners.

In our strategy, Fosun is clear on generating more AI pioneers so that we can further empower an AI symbiosis organization. Apart from having the talents, we also need strong mechanisms to deliver strategy and tactics.

The key is breaking strategies down into key campaigns or battles to ensure the vitality of organization. We are implementing an campaign mechanism.

We are not focusing on seniority, but on the contribution that the Fosun talents can have. To build a high-quality sustainable company, we also need strong culture.

For Fosun culture, the key is on joint entrepreneurship. We want people with entrepreneurship, and we want them to carry out work diligently and always with caution, to tread carefully.

Such elements are will ultimately contribute to our high-quality organization. Then on ESG, Fosun has been carrying out the Rural Doctor Program for nine years, and over the past nine years, we have dispatched 446 people stationed across the different counties to help the rural doctors, and we have helped 25,000 village doctors, benefiting 3 million rural households and over 16 million rural residents.

We are entering the 10-year anniversary for Rural Doctor Program, and we have won the highest um highest award in China for this program. We have won recognition by domestic and international authoritative institutions for our ESG performance.

Our MSCI ESG rating first rose to AAA, ranking in the top 1% in S&P Global Sustainability Yearbook. Uh for many years, we have been selected in mainstream ESG indices by S&P, Hang Seng, and FTSE Russell.

Uh we have several rank ratings ranking among the top tier domestically and internationally. That's all for our reflections on the strategic developments.

We believe that opportunistic wins are temporary, while strategic wins are long-term. For Fosun's strategy, we are anchoring on long-termism, uh firmly following the path of high-quality development to navigate the different um uncertainties.

In the future, Fosun will stay committed to our values, missions, and vision, focus on strategic path, and strengthen global operations, step up our efforts on global innovation, and use AI well to create more value for shareholders and for the society, making lives happier for families worldwide. I would like to thank again to all of the investors, analysts for your support for Fosun, and we welcome you to experience Fosun's high-quality products, content, and scenarios.

Thank you. Uh

thank you for your presentations and uh introduction. Uh that's the end of this morning's presentations, and then we'll move on to Q&A.

Please raise your hand if you want to raise a question, and we'll ask the staff to give you a mic. Uh

thank you very much for the management team management team for giving you giving me this opportunity. Uh following several years of strategic focus and capability building, we've seen that Fosun has embarked on a distinctive path of development.

It's first half performance has also attracted uh attention from the market. I just want to ask Mr.

Guo, how would you characterize this development path? In which areas of strength will Fosun accelerate further going forward?

Thank you.

Thank you very much uh to our shareholders, our uh analysts, and uh media friends. I believe a company's development is all about the vision and the value.

With a good val- vision, with a good ambition, it's only we'll have a vision and ambition, we have uh we can have a long-term development. Fosun's uh vision is to have uh to help our client to the to live happily till the age of uh 121 years old.

We And uh Chairman Wang just told me that we have been seeing people who have uh lived to 120 years, and we are also uh have the old people who are living in the elderly community of Fosun, they have now more than 100 years old, and they're also traveling. They are very happy.

This is the ambition and vision of uh Fosun, which is to have more customers to enjoy the good products. With our efforts to uh uh deliver better uh service to our call uh uh cu- customers, and also we have seen a lot of the uh people in Africa, they have um uh become healthy again because of our efforts.

I'm very grateful to our colleagues for their efforts and for their trying over the years. I believe over the years for Fosun, especially last year, we have managed to repair to uh repair the roof while the while in a sunny days.

We managed to um repair this roof. For Fosun, we have uh embarked on a journey of a stable and the fast development.

I think the core of our business, we have insurance, we have also the business we have strength. With years of development, our insurance business have uh delivered some results.

We also have bi- bio pharma pharmaceutical uh businesses. We also have uh the tourism business.

I think this business have all had deliv- delivered very good potential where we can uh deliver better results. How we manage to to uh to uh unlock the potentials of these business, I think it's about how we manage to build our capabilities just like Alex Gong and also our two co-CEOs have presented.

We continue to build our globalized operations capabilities. Our revenues now, a big part of our revenues come from global business, and the global business is grow- growing very well, profit very well.

For the global bus- and overseas business, one side is uh we uh going global, which is to sell our products to overseas market. The second is to introduce and bring in talents and bring in business into China.

I think the uh tourism business in China is very competitive, and the Hong Kong um hospitality uh business uh like the hotel business is the pricing is increasing. For Atlantis is also quite expensive, but when you have overseas visitors to Hong Kong, they still find the price not very expensive.

Similarly, for the overseas medical and healthcare, we have 1/3 and so the the uh so the uh public destinations are Japan and and Singapore. The rev- the uh it's actually priced a lot higher than China, I think we can bring in a lot of these businesses and opportunities to to China, which is going to be a good uh uh business potential for for Fosun and for for China.

We decide to uh continue to to build this um potentials in China. Especially our operations, I just like to mention our bus- I think the business for neurodegenerative uh uh segment is actually a very high potential business.

I believe for the people in this room today, 1/3 of you might have Parkinson's disease when you get old, and 1/3 may have Alzheimer's disease. Don't worry, Fosun will give you very good medications and drugs to help cure you.

We are actively expanding into all of these um fields. I don't think that's going to take very long.

Secondly, I believe we need to continuously improve our innovations and strength of our industrial operations. I believe that will take time.

For pharmaceutical and touris- tourism business, we have a very strong uh like talent and innovation business. However, for the fashion business and also for the uh liquor business for Baijiu business, I think we fail to the to showcase very strong innovation capabilities for fashion and also for the liquor business.

I believe if you can give Fosun more time, we'll be able to build up the strength of talent and also innovation, will be more competitive globally. This is the point of uh uh of repairing the roof for our business.

It's to it's the the point of this is to deliver our values and to create more values for shadowholders. In order to do that, we're going to continue to be focused on the business where we have potentials and strengths, like um insurance, etc., and we follow the this development path.

I would like to take this opportunity uh to thank everyone, because this is actually after six years time, the first time we come back to Hong Kong to hold this result announcement. I hope going forward we have more opportunities to communicate with you in here.

I ask for your attention to the gro- good products of uh Fosun, our Clear Water Bay product, Clear Water Bay construction is now commenced. It's a very different product.

This product has a sense of artistic um artistic senses, and we have the youth and young people of the Hong Kong technological comp- uh University. It's low intensity community.

I ask you to go and see our district. It's a very hot business day, I will take this opportunity to give you some advertisements.

Now we will open to the next question. Okay.

Thank you, Chairman Guo and the management team's presentation. Congratulations on having the strong performance.

I'm from Standard Chartered. I've been monitoring Fosun's business for quite a while, and I know Fosun has diversified business and a global footprint.

My question is, for Fosun's operations, how will Fosun adhere to the core operating principles to unlock further growth potential?

We will have Mr. Wang to take this question.

Okay.

Thank you very much. I would like to thank all of the investors and analysts and friends from the media both online and in this room and many of the partners.

For Fosun's core operating principles, we have Chairman Guo and the two CEOs and Gong Ping sharing details on that. We are rooted on our values, including self-improvement, teamwork, performance, and contribution to society, and we want to create happy lives for families worldwide.

On top of that, I would like to emphasize a few things. First, especially at this stage, we are continuously streamlining our business and focused on our core business for stronger development, and we will continuously work to improve the credit rating of Fosun International to investment grade, and we will be more focused on development.

Just like Mr. Guo has mentioned, insurance business and um businesses where we have advantage are all very important.

Um For the advantage businesses that include the Fosun Pharma, Club Med, and Yuyuan, and we are pushing the insurance companies and other core businesses to create more collaborations, to create more synergies centering around the global families. Just like Xu Xiaoliang mentioned, we are aiming for high-quality development, and we uphold long-termism to navigate the economic cycles and harness the cycles.

Over the past few years, we gained a deep insight to economic cycles, in the future we aim to be more prepared and to tackle the uncertainties so that we can be more prepared for the uncertainties. That's the first principle.

Secondly, we will continue to adhere on the principle of having customer first and to improve customer satisfaction. We have five types of customers with innovation in product and services.

First, we want to improve the satisfaction for our clients. Secondly, we aim to improve the satisfaction of our employees, including the key talents we have.

Third type of client is the investors, we also aim to make investors happier. Just like the two CEOs and Gong Ping mentioned, we aim to continuously improve on ROE and improve dividend.

Meanwhile, for our partners and for our community, for the whole society, we also we are very committed to delivering um happiness or satisfaction to them. To do that, ESG is a important part.

Practicing the programs of ESG can help us to uh generate stronger customer satisfaction for all types of customers or stakeholders. We will continue to innovate on the different dimensions.

As mentioned by the two CEOs and Gong Ping, we will have more innovation of products, services, but we also want innovation with Fosun characteristics. We want to have open, integrated innovation.

We will do uh innovation on our own, in the meantime, we will also step up our efforts on cooperation like through BD or investment, incubation. Within innovation, a very important part is AI.

We are committed to AI adoption so that our business can be empowered. Fourthly, we are committed to globalization.

As Chen Qiyu has mentioned, we need to enhance the commercialization and the global operations for our innovative pipeline. We aim to connect China capabilities with global resources or capabilities.

As we all know, China is strong in supply chain and service, like medical services benefiting global patients or Laomiao Gold opening stores globally. Another important part is product innovation, just like Silver Cross.

They are leveraging China technologies to have innovative products. We also need strong marketing capabilities, including those in China, especially e-com marketing.

Fifthly, we are committed to building a global organization full of energy, full of strong talents. Entrepreneurship is the core principle for our talents, and that is the foundation for our partner system.

We have global partners, industry partners, technology partners, functional line partners, and the HIPer partners, building a strong talent pipeline. This is the key assets we have to drive the sustainable growth of our organization.

Just like our management team has mentioned, we encourage you to experience the good products we have. Like Mr.

Guo mentioned, in Hainan, we have Atlantis Sanya, and we have like the senior residents visiting there, and I wish happiness and health and wealth to you all. Uh

thank you for the opportunity. I'm from Jilin, the fund manager.

Uh I have a question for the pharmaceutical side. In the first half, we've seen Fosun Pharma has made solid progress in both BD and R&D pipeline, especially in your presentation, you have mentioned that you have obtained um obtaining the additional exclusive options for global rights for Alzheimer's AR1001.

It's a very exciting opportunity for a medical inves- uh analyst. Could the management outline Fosun Pharma's therapeutic strategy and explain how commercialization and BD will jointly drive sustainable growth?

Uh we give the question to uh Chen Qiyu.

As a uh company driven by innovative drugs, we need to focus on the unmet medical uh needs. Our therapeutic uh strategic uh layout is actually focused on this.

We consider the medical demands in China, in US, and also in all the emerging markets of the world. We look at different dimensions.

In the past, we used to focus on oncology medications, and we have seen the big medications and drugs uh in the oncology uh uh field, and the progress they're progressing very well. Uh therapeutic uh strategy, oncology has been the key focus of Fosun Pharma for the past decade.

I believe it will also be a focus for uh uh is her very um a good focus for the market in the next uh one decade to see the results. For the biosimilars companies, in the past three years, we have built a foundation.

Uh we have built ourselves into a very important player as a biosimilar company. We have observed a very strong collaboration with the global biosimilar companies, and we're going to deliver strong competitiveness on this front going forward.

We want to become a leading player on this. For biosimilar, it's only just one step.

Moreover, it's all also about um innovation. PD-1 is now pushing for um some other indications, other oncology and tumors.

At the same time, Henlius' 22 43, especially uh PD-L1 uh ADC 43, I believe will have very strong potentials for oncology treatment. All of these medications, we target global market.

Of course, we have some other uh medications that is focused on tumor treatment. Globally, our shared pain point, or something we have been exploring for many years, is on AD.

Like you uh have mentioned about AD. My view is that the future potential for the innovative drugs should be on degenerative drugs, degenerative treatment and AD.

That should be a long-term layout, a long-term development uh for us. The a lot of MNCs have invested uh like hundreds of billions on this, and in the past two years, with two monoc- monoclonal uh drugs have been launched, we have seen some progress and some drugs on AD.

Now, AR1001, we are pushing it step-by-step. We started from getting the option in China, getting the rights in China, and we started to re- to review the data, and now we are trying to obtain the rights on differ- on global market, and we're moving to SEA and to global rights.

I believe we are pushing our understanding and development of this drug. We're going to uh very soon see the data, the final data of this of this project.

Besides AD, we have acquired uh 971 in China, we also use the data to make the decision. AR1001 and 971, they are both oral drugs.

I think oral drugs will be uh a all the oral drugs will be a very uh strong uh potential products in the future, and this is just in the early phase. There will be a few further iterations in the in the future, and I know that Henlius is also developing some monoclonal uh drugs.

At the same time, we are going to focus on the cell therapy um. I think in the short term, we look at oncology, and mid- to long-term look at oncology.

I believe there will also be a lot of uh potentials for the immunotherapy. For the immunotherapy immune immunology, we look at the small cells and some other potential therapies as well.

These are the drugs that we'll focus on, and also at the same time on the cardiovascular and and also we are developing the GLP-1 small cell uh developments. We have pushed for collaboration with um with Pfizer.

I believe we'll have a lot of uh opportunities. With a uh short to mid- and long-term uh development plan, we have different steps, and also for the product acquisition, we have our self-developments, and uh for self-development, we have built this two self-development uh platform.

We have Henlius that has built ADC, monoclonal, and bispecific. We have also the new drug development R&D platform, which is on molec- uh molecules, focusing on the RNA and like small cells, etc.

I believe we have the self-development to enrich our pipelines. At the same time, we are pushing for the BD opportunities, especially on these uh uh these uh projects that are reasonably to be launched and we don't have them yet in our pipeline.

We are pushing for that. We uh besides our own self-developments, we have pushed for the progress with Junshi on GR A 1803, GS 005, and these are the pipelines that we don't yet have in our own pipeline, our own development pipeline.

Also, we leveraged incubated funds. Our model is that we leverage this fund incubation to to deliver or to build a innovative drug platforms to This In this way, it has the lowest resource consumption for Fosun Pharma, and if there are any good products, we'll get into it immediately, just like the Biontech mechanism on the hepatitis B uh medication that I have just mentioned in my presentation.

That's how we managed to get into the field. We want to leverage this diversified uh model to build a comprehensive pipeline and to become a compl- company that is driven by innovative drugs in the future.

We want to have the we want to be able to build the drugs that will deliver 500 million potentials in the future.

Okay. Thank you.

We will now open the next question.

Thank you for giving me this opportunity, and congratulations on delivering strong results in the first half of this year, giving strong return to the uh investors. I am Wang Chao from Zhaoyin.

You have shared on your presence in different segments, including for innovation and manufacturing. This is where we see uh advantages in China, and we see fierce competition in China.

With the advancement of AI, I see that people will have more time for their own, and I believe that in the future, tourism space will greatly benefit from AI. We see, globally speaking, we are seeing strong recovery for tourism industry overall, and for Fosun Tourism, we see the um goal of being a lifestyle group.

Could you please explain the strategic rationale for the firm commitment to vacation segment, and explain the future direction of the product portfolio?

Okay. Thank you for this question.

We see for the global tourism market, it comprises two parts: one is sightseeing and the other is vacation. Since the 1950s, we see a lot of um opportunities for vacation, and we are seeing the shift from fight from sightseeing towards vacations.

Following decades of market development, we see in the overall, that 70% vacations and 30% sightseeing. If we turn to China, in the 15th Five-Year Plan, the goal of becoming a strong tourism nation was included in this plan for the first time, and tourism has become a strategic pillar industry, an industry supporting people's livelihood and contributing to well-being.

For the 30 years of China's tourism industry, now China is the largest source market, and to be a strong tourism nation for China, not only number is number important, the quality is equally important. We are seeing the uh trend of shifting from sightseeing to vacation in in China.

Now in China, that's 70% sightseeing and 30% vacation, we see this 40 percentage point gap, structurally speaking, between China and global tourism market. For a tourism company, your presence in the vacation space determine your competitiveness.

For Fosun Tourism segment, we are fully committed to vacation, and we believe that better vacation or better holiday, better life. Globally speaking, and also in China, we have three product lines.

Globally speaking, we are centered on Club Med with 76 years of history. Now, excluding mainland China, Club Med operates 57 resorts with 37 sun resorts and 21 mountain resorts, and these resorts will be further upgraded to provide better services and better quality and products.

Club Med also aim to accelerate expansion globally speaking. Now we have 57 resorts, and by 2030, we aim to have 86 resorts in total.

We will have more resorts in Canada, in North Africa, in the Caribbean, and Southeast Asia. Especially in mount- in terms of mountain resorts, we have 20 uh mountain resorts now, and this is scarce resources.

In the future, we want to uh build a whole mountain resort ecosystem with presence in China and the rest of the world. As I mentioned before, in China, we are shifting from sightseeing towards vacationing, and in China, the uh family culture is strong.

China's holiday is usually uh frequent, but short, what suits China market is short break and micro vacation product. That's why in China, we are focusing on super resort destinations.

Just like Atlantis Sanya in Hainan, in the future, in more cities, we will create more like ultra-med resort destinations. For the cities and city clusters in China, we have Urban Oasis and Joyview.

These are the two product lines in China we have to support the presence for super resort destination. Another important opportunity in China is the culture tourism mall.

Now we see a lot of shopping malls across the different cities in China, but we what we don't have is culture tourism malls with local features. The first pilot we have is Chongqing's High-Sphere mall, centering on Chongqing Bayu culture.

With such projects to start, we will have more potential in the future. Overall, for China and for rest of the world, we have super resort super resort destinations and super culture tourism mall.

These are the three major product lines. For Fosun's Tourism segment, we aim to be the uh leading family vacation brand.

Thank you for your question.

Thank you, Mr. Xu.

I believe that there are many questions to come, but due to the time limit, we will have the for the last question.

Thank you. I'm from Hang Seng Bank.

Thank you for your detailed uh introductions and uh uh congratulations for your good performance. I want to take this opportunity uh to ask the management a question.

How do you push the industrial operations coupled with uh how how do you coordinate industrial operations as a access cash recovery and debt optimization? How will it convert momentum in core industries into earnings growth and stable, sufficient cash flow and supporting credit rating targets and steadily improving shareholder returns?

We'll give you the question to the our CFO Gong Ping.

Thank you for your question. On the industrial operations and asset access and cash recovery and debt optimization, we are doing a lot of work within the group.

I think this works are not in silo, they are actually quite systematic, they are not separate activities. Uh they form an integrated system.

When we form financial strategy, it designed to support industrial operations. At the same time, we considers the needs of shareholders, creditors, rating agencies, and subsidiaries, and also our stakeholders' maintain, and we try to maintain a dynamic balance among earnings growth, cash generation, capital efficiency, and financial security.

We have mentioned that our medium-term target is uh actually RMB10 billion net profit attributable to attributable to shareholders. We have broken down that um target.

The four core sub- subsidiaries uh the uh core businesses is insurance, pharmaceutical, and tourism. Our target is for the core subsidiaries to expect to contribute RMB8 billion.

Other key subsidiaries to contribute RMB4 billion, and investment gains can reach RMB2 billion. At the same time, the headquarters' uh finance and admin expenses will be reduced to RMB4 4 billion.

Therefore, the 10 billion uh target is 8 billion + 4 billion + 2 billion +. At the same time, we encourages our subsidiaries when conditions are appropriate to unlock value by spinning off mature business and to strengthen their ability to pay dividends upstream.

I think these financial targets are not a simple um like add-up of this uh exercises. Then we need to improve the industrial operation uh profits, which is the um the recurring earnings of our sister subsidiary, and also the investment gains can be a supplement.

Here, I want to mention our insurance and high-strength business. In 2026, our insurance businesses have delivered some skill.

Our four insurance subsidiaries have reached uh around uh 400 uh billion, and they have uh delivered a industrial operating profit of RMB2 billion in the first half. I believe the insurance business will be a the most important uh contributor profit contributor of the group.

At the same time, we have seen the total premiums of our insurance companies have generated more than 50 billion RMB. For Fidelidade, Peak Re, Pramerica Fosun, and Fosun United Health, they have seen a very good profit and also very strong dividend payout in the first half.

They So, in this uh segment, we'll continue our efforts to make sure that we comply with the regulatory requirement and the market expectations to make sure that it becomes a a very important technical segment of our business. Sec- secondly, at the group level, besides insurance and some other core businesses, we'll continue to uh complete the divestments um of our non-strategic assets.

This first half, we have managed to uh completed um to generate more than 12 billion RMB in cash proceeds, and also the total debt to total uh capital ratio had declined further to 55.7%. In the next uh 5 years, we have uh prepared a full like um hundreds of billions of pipeline projects to be exited, and that's um um that's going and we and and that's going to uh generate around 60 billion in asset proceeds over 5 years and gradually re- reduce the interest-bearing debt at the group headquarters level to RMB60 billion.

Our target is to um to deliver uh like stable earnings and recurring cash flow through industrial operations. At the same time, we will have asset access, release capital tied up in the portfolio, and at the same time, debt optimization that lowers financing costs, improves the credit uh metrics, so that we can deliver our strategy and to deliver more values to our share- shareholders.

Thank you.

Okay. Thank you, Mr.

Gong. We are running out of time, but at this very important timing with Fosun back on the right track, I'm sure you want uh Chairman Guo to say a few words.

Okay. Thank you all again.

I would like to share uh my thoughts here. Now we are back to the track of growth, and we see strong results for the first half of this year, but this is not the end goal for us.

Just like Gong Ping mentioned, in for the uh mid-term target, we want to reach 10 billion RMB in terms of net profit, but this is still not our ultimate goal. I still want to elaborate on our investment value and the core value.

I believe the core value are two-folds. First, Fosun is rooted in China and building global presence.

We are building integrated innovation capability. This is a very unique structure of Fosun.

For the pharmaceutical business, we have business started from from scratch, and we have business showing integrated innovation. This is not something that an ordinary company can do.

Such capability will further create value for you in the future, including the 1001 Alzheimer's drug, and this is only one example. I believe there will be more to come in the future.

Also in tourism, and in fashion, in consumption, we aim to fully leverage the um advantage we have for integrated innovation while cuz we are rooted in China and having global presence. Another thing I want to emphasize is we are trying to um having synergy between insurance and our advantaged industry industries.

For the past 30 years, this is something that Fosun is trying to do, and we are showing um some results in this in terms of creating synergy between insurance and the rest of the segments, and it will bring stronger momentum for Fosun. These are the two points I would like to emphasize, especially the second point, connecting our operating companies and insurance.

This is very difficult, but very promising. Every day here, we are um aiming for this, and I believe we are reaching stage results here, but we will work harder on this.

Fosun is a patient company, delivering continuous operations, and we welcome people with the shared insights and a value to join us and grow with us. That's all from me.

Thank you.

Okay. Thank you all of the investors, analysts, and the partners for attending this um event, and that concludes the first session for Fosun International 2026 interim results announcement.

The afternoon session will start at 2:00 p.m., and please uh you are welcome to join us online. Thank you.