Fosun 2023 Interim Report en

Focused Development with Steady Advancement
In the first half of 2023, the global politics and economy remained complex, while China’s economy has recovered modestly. In the
face of the complex macro environment, Fosun has stepped up its efforts to focus on household consumption as the top-priority
sector, concentrating on the development of core businesses where it boasts clear competitive advantages, such that the overall
business of the Group maintained steady growth. During the Reporting Period, the Group achieved a total revenue of RMB97.06
billion, representing a year-on-year increase of 10.9%; the key indicator reflecting the Company’s operational capabilities – industrial
operation profit reached RMB3.37 billion, representing a year-on-year increase of 5.5%, if excluding the profit of disposed enterprises
(including transactions yet to be completed), representing a significant year-on-year increase of 66%. During the Reporting Period, the
Group’s profit attributable to owners of the parent was RMB1.36 billion.
Meanwhile, Fosun continued to optimize its capital and asset structure, put greater efforts in the disposal of non-strategy and
non-core assets, and actively explored financing channels, thereby maintaining ample liquidity. During the Reporting Period, cash
inflow from divestment amounted to more than RMB20.0 billion at the consolidated level. In January 2023, Fosun High Technology
successfully entered into a syndicated loan agreement for an amount of RMB12 billion with eight domestic banks, attesting to the
domestic banking institutions’ firm support for the development of private enterprises. As for public-market financing channels,
Fosun High Technology issued two super short-term commercial papers of RMB1 billion each in January and July 2023. During the
Reporting Period, the Group has navigated through the maturity wall, and redeemed onshore bonds of RMB6.73 billion as well as
offshore debt of over USD2.7 billion. As of 30 June 2023, the Group had no material offshore bonds due in one year. The improved
credit profile has also been affirmed by the international market. On 30 May 2023, international rating agency S&P Global Ratings
issued a report, lifting the Group’s rating outlook to “stable”.
In recent years, with the continuous improvement and upgrading of strategies of global operations and technology innovation-led
development, Fosun has established business presence in various fields in more than 35 countries and regions around the world.
Since 2022, Fosun’s globalization strategy has entered the third stage of “global organization + local operations” to foster cross-
regional, cross-cultural, and cross-organizational operation capabilities of Fosun’s global business ecosystem, thus providing new
impetus for the improvement and expansion of Fosun’s industry operations. In the first half of 2023, overseas business became the
driving force for the Group’s development, overseas revenue amounted to RMB44.09 billion, accounting for 45.4% of total revenue.
Fosun’s robust technology innovation capabilities are also an important core engine that drives the multiplier growth of the Company.
In the first half of 2023, the Group’s research and development (R&D) investment reached approximately RMB4.2 billion. Fosun’s long-
term accumulation of technology innovation capabilities is continuously transforming into industrial achievements: HANSIZHUANG
(serplulimab injection), the first biopharmaceutical innovative drug self-developed by Shanghai Henlius, has been approved for three
indications in Chinese Mainland, and has become the world’s first monoclonal antibody drug targeting PD-1 for first-line treatment
of extensive-stage small cell lung cancer; Fosun Kite’s first CAR-T cell therapy Yi Kai Da (ejilunsai injection) had obtained conditional
approval for marketing for the treatment of second-line indications in Chinese Mainland.
While growing its business operations, Fosun upholds its original aspiration of “Contribution to Society” and continues to participate
in public welfare programs such as providing global emergency relief, assisting the fight against malaria in Africa, running the
Rural Doctors Program, fostering education, culture and entrepreneurship. Artesun (artesunate for injection), an innovative drug
with proprietary intellectual property rights owned by Fosun Pharma, has treated more than 56 million severe malaria patients
worldwide and covered 175 million children in African countries with high malaria prevalence. In June 2023, Argesun, the second-
generation artesunate for injection independently developed by Fosun Pharma, became the first artesunate injectable presented with
a single solvent system approved by the WHO prequalification, which will further enhance the accessibility of innovative antimalarial
drugs and save more lives. In 2021, Fosun made a commitment to society – “strive to peak carbon emissions by 2028 and achieve
carbon neutrality by 2050”. In April 2023, the Group issued its first Task Force on Climate-Related Financial Disclosures (TCFD)
report, demonstrating its commitment to climate action to the international community. Leveraging its remarkable performance in
environmental, social, and corporate governance (ESG), as of the end of the Reporting Period, Fosun International received an MSCI
ESG rating of AA and it is the only conglomerate in Greater China with such rating.
In the first half of 2023, Fosun, which won out over the “perfect storm”, has set sail for a new journey by firmly implementing the core
business-focused strategy to continuously deepen the development of its industries. Centering around the needs of global families
in Health, Happiness, Wealth, and with the implementation of the business streamlining and core business-focused strategy, Fosun’s
businesses have been developing steadily. The Group believes that as the economy continues to recover, Fosun, which is committed
to innovation-driven development and global operations, will embark on a new phase of high-quality development. Fosun will continue
to provide more good products and services to create happier lives for families worldwide.
CONTENTS
Financial Summary Interim Condensed

2 45 Consolidated Statement of
Changes in Equity
Business Overview Interim Condensed

3 47 Consolidated Statement of
Cash Flows
Management Discussion & Notes to Interim Condensed

14 Analysis 49 Consolidated Financial
Information
Interim Condensed Statutory Disclosures

40 Consolidated Statement of
Profit or Loss
94
Interim Condensed Corporate Information

Comprehensive Income
116
Interim Condensed Glossary

Financial Position
117
2 FOSUN INTERNATIONAL LIMITED INTERIM REPORT 2023
FINANCIAL SUMMARY
For the six months ended 30 June

2023 2022
In RMB million (Restated*)
Total Revenue 97,064.6 87,549.6
Health 23,837.6 23,366.6
Happiness 43,001.6 32,065.4
Wealth 25,435.0 27,629.5
Insurance 18,442.4 20,547.0
Asset Management 6,992.6 7,082.5
Intelligent Manufacturing 5,460.2 5,127.0
Eliminations (669.8) (638.9)
Profit/(loss) attributable to owners of the parent 1,359.7 2,282.2
Health 356.5 286.9
Happiness 765.1 (60.4)
Wealth 204.7 1,044.8
Insurance 750.7 (956.6)
Asset Management (546.0) 2,001.4
Intelligent Manufacturing 118.2 1,041.0
Earnings per share – basic (in RMB) 0.17 0.27
Earnings per share – diluted (in RMB) 0.17 0.27
* The comparative segment information has been restated to reflect the adoption of “Hong Kong Financial Reporting Standard No.17-Insurance Contract” starting
from 2023. Please refer to Note 2 to the interim condensed consolidated financial information for more operating segment information.
FOSUN INTERNATIONAL LIMITED INTERIM REPORT 2023 3
BUSINESS OVERVIEW
Throughout its three decades of development, the Group’s Henlius under Fosun Pharma, the gold and jewelleries business
original aspiration of “Contribution to Society” remain of Yuyuan, and Club Med and Atlantis Sanya under FTG
unchanged. Riding the everchanging macro backdrop and recorded continuous steady growth. Driven by the outstanding
emerging business opportunities, the Group has evolved performance of core member companies of the Group, the
together with China and world economy and has grown into a Group’s industrial operation profit1 reached RMB3.37 billion
global innovation-driven consumer group. The Group focuses during the Reporting Period, representing an increase of 5.5%
on the development of business segments such as Health, as compared to RMB3.20 billion in the same period in 2022.
Happiness and Wealth. The Group has accumulated extensive Since 2022, in order to strengthen the Group’s liquidity safety
experience and built up capabilities in the fields of global cushion and cope with the volatile international capital market
operations, technology & innovation, business ecosystem environment, the Group has accelerated the disposal of non-
and FES management system, building core businesses that strategy and non-core assets. During the Reporting Period,
could bring stable, synergistic and sustainable growth. The when excluding the effects of assets disposed (including
Group presses ahead with the “profound industry operations + transactions yet to be completed), such as Nanjing Nangang,
industrial investment” strategy to continuously accelerate its Jianlong Shares and AmeriTrust, on industrial operation profit
strategic focus, consolidate its asset base, and provide high- in the same period in 2022, the Group’s industrial operation
quality products and services to families around the world profit recorded period-on-period growth of 66%. However, as
while enhancing its global competitiveness. the profit of disposed enterprises (including transactions yet to
be completed) and disposal gain of financial investments was
Firmly Implementing Focused Strategy to Build a relatively higher in the same period of 2022 as compared to
Solid Foundation for Development the Reporting Period, the Group’s profit attributable to owners
Since 2023, complexity in global politics and economy has of the parent amounted to RMB1.36 billion during the Reporting
escalated. Even after the prolonged and aggressive interest Period, down 40.4% from the same period in 2022.
rate hikes of the Federal Reserve System (“FED”), inflation
pressures in the developed economies remain unbated. After more than three decades of development, the Group has
Geopolitical tension also remained. China’s economy has established business segments such as Health, Happiness
recovered modestly. Domestic consumption pattern saw and Wealth, and has accumulated strong global operational
widening divergence across sub-sectors, and the real estate capabilities. Since 2020, the Group has reinforced its focus
market continued cyclical downturn. In the face of the complex on household consumption as the priority sector based on
macro environment, the Group has stepped up its efforts to its existing business layout, and has gradually divested non-
focus on household consumption as the top-priority sector, strategy and non-core businesses. The Group has continuously
concentrating on the development of core businesses where improved operational capabilities of core subsidiaries and
it boasts clear competitive advantages. During the Reporting increased investment in scientific research and development
Period, benefiting from its diversified global business layout (“R&D”) to seize global development opportunities. Despite the
and sound operation capabilities, the Group’s total revenue challenges posed by the global economy and capital markets
grew steadily to RMB97.06 billion, representing an increase of in the past several years, the Group has maintained an upward
10.9% compared to the same period of 2022. In particular, the trend in terms of overall business performance, attesting to
four largest subsidiaries of the Company by revenue – Yuyuan, the quality and resilience of the Group’s asset base. With the
Fosun Pharma, Fosun Insurance Portugal and FTG – yielded a continuous focus on the core businesses and the continued
total revenue of RMB70.76 billion, up 12.4% compared to the growth of its core enterprises, the management believes that
same period of last year. The Group had maintained steady the Group is well on track to embark on a new phase of high-
growth of its asset base. During the Reporting Period, Shanghai quality sustainable development.
1 It includes the profit contribution of industrial operation subsidiaries of the Group and associates and joint ventures accounted by equity method.
BUSINESS OVERVIEW
Proactively Managing Liquidity to Enhance the optimized the balance sheet and consolidated its liquidity
Balance Sheet safety cushion. During the Reporting Period, major disposals
(including transactions yet to be completed) made by the Group
The Group maintained its active and prudent liquidity and
included: AmeriTrust, Nanjing Nangang, Jianlong Shares, and
liability management policy. While actively diversifying its
Shanghai PANASIA Shipping Co., Ltd.
funding channels, the Group elevated asset divestment efforts
to enhance liquidity buffer against global capital market
As at the end of the Reporting Period, under the consolidated
volatility. In terms of bank financing channels, in early 2023,
statements of the Group, total debts amounted to RMB220.92
Fosun High Technology (a subsidiary of the Company) entered
billion, representing a decrease of 2.6% as compared to the
into a syndicated loan agreement for an amount of RMB12
end of 2022. Total debts to total capital ratio was 51.8%, which
billion with eight domestic banks, led by five major state-
dropped by 1.2 percentage points as compared to 31 December
owned banks together with policy banks and joint-stock banks,
2022. Cash and bank balances and term deposits reached
attesting to the domestic banking institutions’ firm support
RMB114.68 billion, representing an increase of RMB14.12
for the development of private enterprises. As for public-
billion as compared to 31 December 2022. During the Reporting
market financing channels, Fosun High Technology issued two
Period, the average cost of debt was 5.32%. Since 2022, the
super short-term commercial papers of RMB1 billion each
benchmark FED interest rate rose sharply by 500 basis points,
in January and July 2023. During the Reporting Period, the
thus increasing the financing costs of overseas companies of
Group has navigated through the maturity wall, and redeemed
the Group. However, thanks to the stable domestic financing
onshore bonds of RMB6.73 billion as well as offshore debt of
cost of the Group, the average financing cost under the
over USD2.7 billion (including USD450 million due January
consolidated statements of the Group during the Reporting
2023, EUR350 million due May 2023, and USD700 million and
Period only slightly increased by 82 basis points to 5.32% from
offshore syndicated loans of USD1.2 billion due early July
4.50% of the same period in 2022. In conclusion, the overall
2023). As of 30 June 2023, the Group had no material offshore
financial position of the Group is sound and stable.
bonds due in one year. In view of the Group’s proactive
and effective liquidity management, S&P Global Ratings, an
international rating agency, has lifted the Group’s rating
Strengthening Industry Operations with Core
outlook to “stable” and affirmed ratings of BB- in recognition of
Capabilities, and Deepening Development by
the Group’s effective efforts in terms of debt reduction driven
Focusing on Core Businesses
by asset divestment and debt structure optimization, further Implementing the two-pronged approach at home and abroad
affirming the Group’s improved credit profile. to establish Fosun’s unique global operation capabilities.
As a global enterprise rooted in China, the Group thoroughly
Since 2020, the Group has set debt deduction as the top priority develops the Chinese market and at the same time has been
of its financial strategy and aim to achieve so via non-core building up its core capabilities in global operations based on
asset divestments, and has achieved investment-divestment its business presence in over 35 countries and regions around
balance for two consecutive years in 2020 and 2021. Since the world. It links up its various businesses and resources
2022, in face of the dramatic fluctuation in external capital in different countries and regions, and actively enhances
market, the Group has put greater efforts in asset divestment. the global operation capabilities of the Group’s member
Based on the Group’s divestment far exceeding investment companies. During the Reporting Period, the Group’s overseas
in 2022, the Group has continued to firmly push forward the revenue reached RMB44.09 billion and accounted for 45.4%
implementation of the divestment of non-strategy and non- of total revenue, which grew by 3.0% year-on-year. Mutual
core assets in 2023, and implemented the financial strategy of empowerment revenue2 for domestic and overseas operations
portfolio optimization to its subsidiaries. During the Reporting amounted to RMB6.5 billion in aggregate. Benefiting from
Period, cash inflow from divestment amounted to more than the Group’s global business presence and synergies within
RMB14.0 billion at the holding company level and more than its business ecosystem, the Group’s various businesses had
RMB20.0 billion at the consolidated level, which further become increasingly internationalized during the Reporting
Period.
2 It refers to the revenue generated from the introduction of overseas technology, product and service to the Chinese market and the export of Chinese technology,
product and service to overseas markets.
BUSINESS OVERVIEW
During the Reporting Period, the globalization capabilities Meanwhile, the globalization capabilities of the Group’s
of the Group’s Chinese enterprises had been improved in overseas companies have also been further improved. First,
multiple ways. First, in terms of global R&D and business in terms of global operations, Fosun Insurance Portugal
development capabilities, HANSIZHUANG, an innovative drug actively expanded its non-domestic businesses, resulting
self-developed by Shanghai Henlius, became the world’s first in rapid growth in its international business. In particular,
PD-1 monoclonal antibody approved for the treatment of it achieved substantial business growth in Latin America:
extensive-stage small cell lung cancer (ES-SCLC). HANQUYOU, premium income in Peru and Bolivia came in at RMB816
the first self-developed domestic monoclonal antibody drug million and RMB200 million respectively, representing an
approved in both China and Europe, had been accepted by the increase of 61% and 43% compared to the same period of
U.S. Food and Drug Administration (“FDA”) for the Marketing last year. Second, in terms of global investment and financing
Authorization Application (“MAA”) in the U.S., with an intended capabilities, Gland Pharma, an Indian pharmaceutical company
use in the adjuvant treatment of a variety of cancers. Second, under Fosun Pharma, completed the acquisition of Cenexi, a
in terms of global operational capabilities, Easun Technology French pharmaceutical company. This strategic move laid the
continued to promote integrated operations worldwide, groundwork for its Contract Development and Manufacturing
resulting in a significant increase in its overseas orders. In Organization (“CDMO”) business operations in the European
particular, it saw robust growth in business operations in market. In addition, Gland Pharma’s dexrazoxane for injection
the North America. New orders reached RMB1.38 billion in was approved in China in February 2023, and multiple varieties
the first half of 2023, representing a year-on-year increase were submitted for marketing authorization in China. Paris
of 131.2%. At the beginning of the Reporting Period, Sisram Realty Fund SA and Rio Bravo Investimentos Holding S.A.,
Med opened a new direct sales office in Dubai to support and asset management companies under the Group, provided
cater for the strong demand for the products and services of a diverse range of financial products, including real estate,
Sisram Med in the European and Middle East markets. Sisram to institutional and retail investors in France and Brazil
Med also established its first wellness center in Chicago, U.S. respectively through third-party funds. During the Reporting
in June 2023, offering comprehensive and advanced skincare Period, both companies successfully completed a new round
and medical aesthetic solutions. Third, in terms of global of fundraising, and the total proceeds amounted to USD170
investment and financing capabilities, Hainan Mining signed million.
a contract with Kodal Minerals PLC (“KOD”) and Kodal Mining
UK Limited (a wholly-owned subsidiary of KOD, “KMUK”) at the Deepening business interaction to highlight ecosystem value.
beginning of the Reporting Period, pursuant to which, Hainan Through multi-industry collaboration within the ecosystem
Mining proposed to invest approximately USD118 million to and integration of internal and external ecosystems, the Group
subscribe for the shares of KOD and increase the capital in continuously built on its core growth engine of “Ecosystem
KMUK, allowing Hainan Mining to obtain a controlling equity Multiplier Growth” and successfully delivered the value creation
interest in the lithium mine asset of Bougouni in Mali, Africa. targets. During the Reporting Period, the Group’s ecosystem
During the Reporting Period, Hainan Mining and the other created a total value3 of approximately RMB6.2 billion (before
parties in the deal were actively involved in the filing for intercompany eliminations), representing a growth of 100% as
overseas investment approvals required for the project. As at compared with that of the second half of 2022.
the end of the Reporting Period, the KMUK debt restructuring
and other related restructuring processes had been essentially
completed. Hainan Mining is going through restructuring
formalities including the establishment of a related company
with its registration in Mali and the change in the ownership of
mineral exploration rights and mining rights.
3 It refers to the revenue contribution (before intercompany eliminations) directly or indirectly created by companies within the Fosun ecosystem for other
companies within the ecosystem, including but not limited to cross-selling, product co-creation, membership contribution, membership sales transformation, and
sales collaboration within the ecosystem, joint industrial investment, financing cooperation empowerment, industrial resource coordination, etc.
BUSINESS OVERVIEW
During the Reporting Period, the Group gave priority to of consumer members of the Group reached 7.73 million,
business models of innovation and diversified high-value increased by 55% compared to that as at the end of 2022.
ecosystem projects across countries/regions/multi-industries, Consumer members contributed 52.8% of sales revenue,
and major programs of ecosystem value creation included: 1) representing an increase of 5.7 percentage points compared to
Focusing on “Insurance + Healthcare”, Pramerica Fosun Life the same period of last year. While enhancing member value,
Insurance, leveraged the business resources of Fosun Care, to the Group further focuses on member digital capacity building
successfully expand its sales to 3,240 orders for communities, based on relevant departments such as the Digital Intelligence
representing a year-on-year growth of 245%; This reflected Committee and Fosun Alliance so as to focus on member
deep integration of Fosun’s ecosystem resources across digital strategy and facilitate the rapid growth of member
the insurance and healthcare business lines, leading to the value. As at the end of the Reporting Period, Fosun Alliance
creation of a three-dimensional innovative healthcare model has acquired 12 million registered members accumulatively,
of “pension insurance products + senior community residency comprehensively improving the refined management ability of
rights + senior vacation and living rights”. 2) In April 2023, industry members.
Yuyuan, a flagship platform of Fosun’s Happiness segment,
held the “Mid-spring Flower Festival” in Yuyuan Tourist Mart, To fulfil the needs of global family customers in Health,
a renowned tourist landmark in Shanghai. The event sought to Happiness, Wealth and Intelligent Manufacturing, the Group will
create a festive marketing atmosphere and promote products continue to create an FC2M happiness ecosystem, connecting
in the ecosystem. For instance, Chinese time-honored brands the resources from internal and external ecosystems, while
such as Songhelou (松鶴樓) and Nanxiang Steamed Buns continuously tapping into win-win cooperation opportunities
Restaurant (南翔饅頭店) introduced unique seasonal products; externally, so as to give full play to the value of the Group’s
The Group collaborated with business tenants to stimulate ecosystem growth multiplier for industries, regional markets,
consumer spending among the major demographics, achieving capital, etc.
a record high in sales compared to the same period in 2022;
3) During the Reporting Period, the Group actively embraced Enhancing product competitiveness with technology
external ecosystems. It cooperated closely with Alipay for the innovation, and driving long-term sustainable development.
first time during “515 Fosun Family Day”, connecting internal The Group is fully aware of the power of technology and
and external ecosystems across platforms, industries, and innovation, and has set up a global multi-dimensional
scenarios. Total sales via Alipay came in at nearly RMB80.00 innovation system through independent R&D, investment
million. incubation, VC investment, institutional cooperation, patent
licensing and the introduction of innovative products, pushing
As at the end of first half of 2023, the number of newly itself to the forefront of global innovation. The Group is
registered members 4 of the Group reached 21.65 million. committed to developing competitive Fosun high-quality
In order to further explore and demonstrate the value of its products, and continuously stepping up efforts to recruit and
members, the Group has started collecting statistics since the train technology personnel. During the Reporting Period, the
beginning of 2023 and will release statistics of the Group’s Group invested a total of approximately RMB4.2 billion 6 in
consumer members5 from 2023 interim results announcement improving its technology innovation capabilities.
onward. As at the end of the first half of 2023, the number
4 It refers to those who have agreed to the official membership terms of the brand and granted privacy in any channel, and actively retained personal information
including mobile phone numbers, to meet the needs of identifiable, reachable and traceable consumers.
5 It refers to those brand consumers who have purchased or used products under the brand registered as members through any channels. Data of member
consumers (including mobile phone numbers, consumption data and other data) shall be stored in the proprietary customer management system or private
traffic management system of the brand.
6 It includes scientific research investment (expensed and capitalized), but excludes digitalization expenses.
BUSINESS OVERVIEW
During the Reporting Period, the Health segment of the Group Easun Technology under the Intelligent Manufacturing segment
made headway on various fronts of technology innovation. In of the Group announced that it had independently developed
early 2023, Shanghai Henlius, a subsidiary of Fosun Pharma, core machine vision technologies to break the monopoly of
a flagship company under the Health segment of the Group, the market, and that it was also capable of autonomously
announced that new indication of its self-developed PD-1 controlling and managing these technologies. It had developed
monoclonal antibody HANSIZHUANG (serplulimab injection) software and hardware solutions that enabled the precise and
had been approved for marketing by the National Medical intelligent matching of a vehicle body. The first set7 of relevant
Products Administration of China (“NMPA”). This product, equipment in China was rolled out.
in combination with carboplatin and etoposide, became the
world’s first monoclonal antibody drugs targeting PD-1 for As of the end of 2022, the Group held a total of 1,771 patents
first-line treatment of extensive-stage small cell lung cancer, for invention. With the support of the Group’s global layout and
ushering in a new era of immunotherapy for small cell lung continuous innovation, these patents will definitely contribute
cancer. Previously, HANSIZHUANG had been approved to treat to the Group’s productivity.
two indications: microsatellite instability-high solid tumors
and squamous non-small cell lung cancer. In February 2023, Building the FES system to increase management
HANQUYOU (trastuzumab for injection), one of the major effectiveness and business efficiency. FES is a business
products of Shanghai Henlius, for the treatment of HER2- system for the efficient management of enterprises. Such
positive breast cancer and gastric cancer, was accepted for system has been evolving through practice and is aimed at
Biologic License Application (“BLA”) by the FDA. The acceptance building the core competitiveness of a long-standing enterprise
opened up a potential market reach in the U.S. to benefit a and cultivating talents with Fosun’s values of entrepreneurship.
larger number of patients. FES can help enterprises foster a continuous improvement
corporate culture encouraging them to take up the challenge
At the end of June 2023, Fosun Kite Biotechnology Co., Ltd., of meeting high expectations and actively expose and resolve
a joint venture of Fosun Pharma, announced that its first problems in the business process.
CAR-T cell therapy Yi Kai Da (ejilunsai injection) had obtained
conditional approval for marketing in the Chinese mainland In 2023, Fosun’s FES system has been further developed to
from the NMPA for the treatment of second-line indications. enable Fosun enterprises to rapidly improve their operation
The product is used to treat adult patients who have failed first- capabilities and create more value. During the Reporting
line immunochemotherapy or relapsed large B-cell lymphoma Period, the FES system was rolled out across different business
(r/r LBCL) 12 months after first-line immunochemotherapy. lines of the Group, with considerable results achieved through
Thus far, Yi Kai Da for the treatment of the abovementioned its in-depth application. With the continuous improvement and
indications has been prescribed to patients in cities across breakthrough of FES tools, Atlantis Sanya’s OTA (online travel
provinces including Hubei, Anhui and Guangdong, bringing hope agency) customer satisfaction improved from 4.8 points to
to more patients. 4.9 points (on Ctrip); Club Med (China) saw improvement in its
operation capabilities, which helped Club Med obtain double-
Fosun Insurance Portugal, a flagship company under the digit year-on-year growth in global sales. Meanwhile, the
Wealth segment of the Group, continued to build on its digital globalization of the FES system progressed steadily. Through
capabilities to drive the rapid growth of the insurance business. the application of the FES system, Breas, a ventilator brand
During the Reporting Period, MyFidelidade App launched by under Fosun Pharma, had set goals for 2024 and the next
Fosun Insurance Portugal successfully acquired more than three years, and defined key capabilities and priorities needed
1.4 million registered users (exceeding 13% of Portugal’s total to achieve them. Breas had created a precedent for Fosun’s
population), representing an increase of 26% compared to the overseas enterprises to adopt the FES system.
same period of last year. Claims settled digitally accounted for
60% of the total number of claims settled.
7 The first piece (set) of major technical equipment (hereafter referred to as ‘the first set’), which refers to equipment products that have achieved major
technological breakthroughs in the PRC, have intellectual property rights, and have not yet realized market performance, including the first three sets or batches
of complete sets of equipment, complete equipment and core components, control systems, basic materials, software systems, etc.
BUSINESS OVERVIEW
As at the end of the Reporting Period, the Group has completed In 2021, the Group made a commitment to society – “strive
certification and implementation of 45 FES tools. A total of 667 to peak carbon emissions by 2028 and achieve carbon
experts were trained and certified. The certification project, neutrality by 2050”. Fosun has formulated strategies for
as driven by an expert-certified mechanism, has helped the climate change mitigation and adaptation to align with the
Group to create value. In the first half of 2023, there were 1,013 1.5°C temperature control target set in the Paris Agreement .
improvement projects, including 95 completed projects. There In order to achieve Fosun’s carbon peaking and carbon
were 139 best practice cases of FES, which had been promptly neutrality goal, the Group has established a Carbon Neutrality
shared and replicated among enterprises of the Group to Committee and a Carbon Neutrality Working Group to actively
promote enterprise improvement. promote further implementation and enforcement of carbon-
neutral management. In April 2023, the Group issued its first
In the second half of 2023, the FES system will continue to Task Force on Climate-Related Financial Disclosures (TCFD)
create incremental value for enterprises by empowering the report, demonstrating its commitment to climate action to the
investment and financing activities as well as entrepreneurship international community.
systems, sticking to its commitment on in-depth applications
while broadening its breadth of vision. It will also further In February 2023, a devastating earthquake hit Turkey. Fosun
empower the development of the Group’s enterprises overseas. Foundation joined hands with the Group’s German member
company Tom Tailor and Fosun Trade to make an emergency
Pursuing excellence, Fosun’s ESG performance has received donation, and became one of the first charitable forces in
global recognition. The Group has always been adhering to Shanghai to respond to the disaster. As one of the official
the values of “Self-improvement, Teamwork, Performance members of the global cooperation initiative for “malaria
and Contribution to Society” and the aspiration of “Developing elimination” advocated by the World Health Organization
Business for Good with a Customer-oriented Focus”. As a (“WHO”), Fosun and its charitable partners contribute “Chinese
participant in the United Nations Global Compact (“UN Global solutions”, so as to jointly build a malaria-free world. In
Compact”), the Group, with a three-decade legacy of operations, particular, Artesun (artesunate for injection), an innovative drug
fully supports the ten principles of UN Global Compact in the with proprietary intellectual property rights owned by Fosun
areas including human rights, labor, environment and anti- Pharma, has treated more than 56 million severe malaria
corruption, relentlessly integrating such principles into Fosun’s patients worldwide and covered 175 million children in African
ESG strategies and actively engaging its member companies in countries with high malaria prevalence. In June 2023, Argesun,
the implementation of ESG strategies. the second-generation artesunate for injection independently
developed by Fosun Pharma, became the first artesunate
In order to further enhance the ESG management system, injectable presented with a single solvent system approved
Fosun has established a top-down management mechanism. by the WHO prequalification, which will further enhance the
The Company has set up an ESG Board Committee under accessibility of innovative antimalarial drugs and save more
the Board. It has also set up an ESG Executive Committee at lives.
management and decision-making level, as well as an ESG
Management Committee and an ESG Working Group at the In addition, the Group takes sustainable development as its
execution level, thereby fully implements ESG strategies priority. It has established open communication channels within
and relevant actions of the Company. To ensure smooth and the Group, and encouraged its employees and subsidiaries
continuous implementation of various ESG initiatives, Fosun to share their knowledge and experiences in respect of
has established a long-term top-down ESG improvement sustainable development with each other. The Group’s ESG
mechanism, and included ESG management performance as Management Committee and ESG Working Group often conduct
an evaluation factor in the executive Directors’ performance workshops to share best practices of ESG with subsidiaries,
assessment and remuneration assessment. thereby promoting the development of ESG projects in
subsidiaries. In May 2023, the Group’s ESG Management
Committee conducted the first ESG workshop in London, the
United Kingdom. It invited the ESG responsible personnel of
major subsidiaries of the Group in Europe to join the workshop.
Together with external institutions, the meeting facilitated
the ESG cooperation and exchange between the Group and its
member companies.
BUSINESS OVERVIEW
The Group has widely received recognition from professional encompasses independent R&D, product development through
institutions around the world for its excellence in ESG. As of cooperation, introduction of products under franchise and
the end of the Reporting Period, the Company received a MSCI in-depth incubation. Fosun Pharma has built and developed
ESG rating of AA and was the only conglomerate in Greater technology platforms for small molecule innovative drugs,
China with such rating. It received a rating of A in the Hang antibody drugs and cell therapy for key diseases and areas
Seng Sustainability Index and has been selected as one of such as tumor and immune modulation, metabolism and
the constituents of the Hang Seng ESG 50 Index (Top 50 Mid- alimentary system, and central nervous system. It also actively
Large Cap) for two consecutive years. It has been included in explores cutting-edge technologies and fields such as RNA,
Hang Seng Corporate Sustainability Benchmark Index for three antibody-drug conjugate (ADC), gene therapy and targeted
consecutive years, and such index consists of Hong Kong-listed protein degradation to enhance innovation capabilities. Under
companies with the most outstanding performance in corporate the strategic guidance of “4 IN”, Fosun Pharma is striving to
sustainability (Top 20% best performers in sustainable become a first-class enterprise in the global pharmaceutical
development). In August 2023, the Company was selected as and healthcare market. In addition, relying on the open-style
one of the constituents of Hang Seng Corporate Sustainability R&D ecosystem, a forward-looking international business
Index, which includes the top 30 Hong Kong-listed companies presence, a systematic commercialization team and years of
that perform best in ESG. In addition, its FTSE ESG rating domestic industry experience and global channel network,
continued to rise, and was selected as one of the constituents Fosun Pharma has become the preferred domestic partner
of FTSE4Good Index Series for the first time in 2022. Its S&P of world-renowned multinational pharmaceutical companies.
Global Corporate Sustainability Assessment (CSA) score has Fosun Pharma’s industry-leading two-way licensing capability
also risen significantly, higher than 91% of its peers around helps maximize the value of self-developed products and
the world. The Company was also included in S&P Global’s partnered innovative products, and accelerate the R&D and
Sustainability Yearbook 2023 (China Edition) and recognized as transformation of innovative technologies and products. With
an “Industry Mover” by S&P Global. accumulation of experience over the years at its operations in
China, Fosun Pharma has become a trusted domestic partner
of Intuitive Surgical, Kite Pharma, Amgen, Organon and various
HEALTH SEGMENT
other world-leading companies to jointly promote innovative
The Health segment of the Group focuses on the ecosystem products that benefit more Chinese patients. Fosun Pharma
of pharmaceutical business (Fosun Pharma, Shanghai will continue to seek more opportunities to cooperate with
Henlius and Gland Pharma), devices and diagnosis (Sisram world-leading pharmaceutical enterprises in improving product
Med) and healthcare services and products (Fosun Health). It accessibility and affordability to satisfy the unmet clinical
adheres to the “4 IN” strategy (Innovation, Internationalization, needs of patients worldwide.
Integration and Intelligentization) to continuously improve its
product competitiveness and brand value. In recent years, Shanghai Henlius is a global innovative biopharmaceutical
with the evolution of social development and population aging, company dedicated to providing affordable, high-quality
development opportunities have emerged in innovative drug biomedicines to patients worldwide, with products covering
R&D, innovative medical devices and medical diagnosis, and oncology, autoimmune diseases, ophthalmic diseases and other
the demand for quality medical products and services has areas. Since its establishment in 2010, Shanghai Henlius has
increased significantly. The Group will continue to upgrade its built an integrated biopharmaceutical platform with efficient
innovation, integration and internationalization capabilities. and innovative core capabilities across the entire value chain
Meanwhile, it will build a medical-grade, one-stop Fosun health of the industry that encompasses R&D, manufacturing and
ecosystem for all scenarios on the C-end, as well as a matrix commercial operations, and established comprehensive and
of multi-dimensional scientific R&D products on the M-end. efficient global innovation centers. Its production facility in
Xuhui, Shanghai has also received Good Manufacturing Practice
Fosun Pharma is a global pharmaceutical and healthcare (“GMP”) certification in China and the European Union. In the
group rooted in China that is driven by innovation. Its direct second half of 2023, Shanghai Henlius will explore innovation
operations include pharmaceutical manufacturing, medical drugs with clinical orientation by leveraging its own innovation
devices, medical diagnosis and healthcare services, and it and R&D strength while maximizing the commercial value
expands its presence in pharmaceutical distribution and retail of biosimilars at home and abroad, so as to consolidate
business through its investment in Sinopharm Group Co., Ltd.. the internationalized capabilities of “integrating research,
Putting patients first and orienting itself towards clinical needs, production and marketing”, and achieve steady development at
Fosun Pharma enriches its innovative product pipeline by a larger, international and more profitable biopharma stage.
adopting a model of diverse and multilevel cooperation which
BUSINESS OVERVIEW
Sisram Med, a global beauty and wellness group with a service platform that combines comprehensive and specialized
history spanning over two decades, specializes in researching, medical services and integrates online and offline services.
developing, and applying technologies harnessed from Currently, Fosun Health is focusing on the businesses of
energy sources and provides innovative solutions for medical medical group, smart healthcare and insurance empowerment.
aesthetics and related clinical indications. Sisram Med provides Through the offline medical institutions across the five
products and services to leading surgical, medical and beauty economic zones of the Greater Bay Area, the Yangtze River
clinics worldwide. Sisram Med has diversified products and Delta, the Beijing-Tianjin-Hebei region, Central China and the
treatments portfolio, including hair removal and hair growth, Chengdu-Chongqing area as well as a digital platform, Fosun
skin rejuvenation, acne and acne scars, body & face contouring, Health provides users with online and offline integrated and
pigmentation & skin resurfacing, fat grafting, dermal facial accessible diagnostic and treatment solutions and healthcare
fillers, skin tissue remodeling injectables, personal care, management services, such as offline diagnosis and treatment,
and aesthetic dentistry. Its businesses include energy-based patient management, medical checkups and tests, inquiries and
medical aesthetic device, injectables, aesthetic dentistry, purchases of medicines, and health popularization.
personal care, etc. The direct sales and distribution network of
Sisram Med covers more than 90 countries/regions around the Fosun Care is a brand of the Group covering multi-level health
world. and senior care services with a vision of “creating happier lives
for families worldwide” by driving innovation and elevating
Gland Pharma is one of the largest and fastest growing service standards in the healthcare industry. There are four
generic injectables manufacturing companies in India. Its main major brands under Fosun Care, namely “Starcastle”, “Xingjian”,
products include: cardiac (Enoxaparin Sodium), hematological “Feng-Lin” and “Xingxiang”, covering senior care, integrated
system (H e p ari n Sod i um ), a n t i -i n f e c t i v e (V a n c o my cin, medical care, rehabilitation and nursing, community health,
Caspofungin, Daptomycin, Micafungin), central nervous system nursing, digital and intelligent platforms. Shanghai Zhuli,
(Dexmedetomidine, Rocuronium Bromide), and other injections. established in 2014, operates the brand “Fosun Care” and
Over the years, Gland Pharma has grown from a contract carries out its principal business through several invested
manufacturer of small molecule liquid parenteral products entities, such as Shanghai Starcastle Senior Living Investment
to one of the companies specializing in generic injectables in Management Co., Ltd.
India, with a global presence in more than 60 countries. Gland
Pharma has eight manufacturing sites in India. Meanwhile,
HAPPINESS SEGMENT
Gland Pharma is continuing to invest in R&D and manufacturing
capabilities, strengthen vertical integration, expand API The Group directs its focus on addressing the happiness-
production capacity to reduce dependence on outsourced APIs, oriented consumption needs of family customers. Through
and accelerate growth through mergers and acquisitions to the twin-driver strategy of “profound industry operations +
branch out into new businesses, including complex technology industrial investment”, the Group builds a globalized happiness
product platforms (e.g. long-acting/suspension products) ecosystem covering the whole value chain of the industry.
and complex API production technologies (e.g. fermentation Centering on brand consumption and tourism and leisure,
technologies). In the future, Gland Pharma will adhere to its the Group actively organizes teams of people, creates goods
strategy of international R&D and continue to strengthen the and arranges venues to meet customer needs directly. The
promotion of products in the market of China. platforms within the brand consumption business include
Yuyuan, Lanvin Group and Fosun Sports, which engage in
With the vision of becoming an “Asia’s leading and world- businesses such as jewelry and fashion, liquor and spirits,
class medical and healthcare technology group” and the C-end platforms, fashion brands, food, catering, beauty and
mission of “making families healthier and live better”, Fosun health, sports, cultural business and pet care. Meanwhile, FTG
Health provides one-stop healthcare management services is the platform for the tourism and leisure business, engaging
with a closed-loop solution for the whole disease process and in four businesses segments including “Club Med and Others”,
“Atlantis Sanya”, “Vacation Asset Management Center”, and
integration of medicine and healthcare. Fosun Health provides
“Foryou Club and Other Services”.
one-stop health management services by building a medical
BUSINESS OVERVIEW
Yuyuan is one of the earliest witnesses, participants and and “Foryou Club and Other Services”. Taicang and Lijiang, two
contributors to China’s capital market. After the completion projects under the former “FOLIDAY Town” brand, have been
of a major asset reorganization in 2018, Yuyuan became the consolidated into the “Vacation Asset Management Center”
flagship platform for Fosun’s Happiness segment. Yuyuan business segment.
takes the promotion of “Oriental Lifestyle Aesthetics” as its
priority, it continues to revitalize the new scene of high-quality Lanvin Group is a global luxury fashion group and has been
consumption in the Grand Yuyuan, and activate the integrated listed on the NYSE with stock code LANV since December
development of culture, business and tourism, so as to build 2022. The brands under Lanvin Group include historic French
an iconic landmark in Shanghai. Leveraging the Group’s global couture house LANVIN, Austrian luxury skinwear specialist
platform and resource empowerment system, Yuyuan will Wolford, Italian luxury shoemaker Sergio Rossi, American
continue to accelerate its global business expansion, linkage luxury womenswear brand St. John and Italian high-end
with high-quality resources at domestic and abroad to promote menswear maker Caruso. Harnessing the innovative concept
“go global” of Chinese culture. Yuyuan adheres to the strategy and the power of its unique strategic alliance of industry-
of developing business with the twin-driver of “industry leading partners in the luxury fashion sector, Lanvin Group
operations and industrial investment”, and owns 17 Chinese strives to expand the global footprint of its portfolio brands and
time-honored brands, a number of other leading brands, as achieve sustainable growth through strategic investment and
well as some well-known global brands, Yuyuan will continue extensive operational know-how, combined with an intimate
to use the ecological and leading scientific and technological understanding and unparalleled access to the fastest-growing
innovation system, and aspire to develop itself into a world- luxury fashion markets in the world.
class group in the family happiness and consumption industry.
WEALTH SEGMENT
As an important part of “happiness consumption”, “a bottle
of good liquor” is also a catalyst in maturing the Group’s The Group’s Wealth segment mainly consists of financial
ecosystem of businesses oriented towards the needs of services with insurance as the core business. On the basis of
families worldwide. Since the Group invested in the spirits achieving synergy between insurance and asset allocation, it
business, it has continued to drive its strategic business leverages the Group’s profound industrial operation capabilities
development and build up its ecosystem of resources, boosting and global investment capabilities to build an ecosystem of
consistently sales in key markets across China. its global asset management businesses, thereby contributing
to the industrial advancement of the Health, Happiness and
Shede Spirits, a platform-based enterprise of the Group’s Intelligent Manufacturing segments.
liquor and spirits businesses, is principally engaged in the
design, manufacturing and sales of liquor and spirits products, The Wealth segment is divided into two major business
with “Shede” (舍得) and “Tuopai” (沱牌) as its core brands, and segments, namely insurance and asset management. The
cultivated brands such as “Tianzihu” (天子呼), “Tunzhihu” (吞 insurance business includes overseas and domestic insurance
之乎) and “Shebude” (舍不得). In recent years, Shede Spirits businesses, with major member companies including Fosun
has pressed ahead with the “aged spirits strategy”, the “multi- Insurance Portugal, Peak Reinsurance, Pramerica Fosun Life
brand matrix strategy”, the “younger generations marketing Insurance and Fosun United Health Insurance. The asset
strategy” and the “internationalization strategy”, focusing on management business covers asset management (investment)
improving brand awareness and actively increasing market and asset management (property). Asset management
share. Shede Spirits’ mission is to “brew a beautiful life for (investment) includes Fosun Capital, Fosun RZ Capital, HAL
families worldwide and showcase the beauty of Chinese liquor and BCP. The asset management (property) business covers
and spirits”, and its vision is to “become an innovation-driven comprehensive real estate projects in China, Asia Pacific,
world-class liquor and spirits enterprise with leading cultural Europe and the Americas, covering asset types of residential
influence and sustainable ecosystem”. properties, office buildings, commercial properties, hotels,
infrastructure and logistics facilities, etc.
FTG is a global leader in family leisure and tourism and is an
integral part of the Happiness segment. To better focus on its Fosun Insurance Portugal is a subsidiary of the Company,
core business and optimize internal resource collaboration, after acquiring controlling stakes in Fidelidade, Multicare and
FTG has conducted a reclassification of its business segments Fidelidade Assistência by the Group in 2014. As at the end
in 2023. The original segments “Resorts and Hotels”, “Tourism of the Reporting Period, the Group owned 84.9892% equity
Destinations”, and “Services and Solutions in Various Tourism interest in Fosun Insurance Portugal. As a leading participant
and Leisure Settings” have been reclassified to “Club Med and in the Portuguese insurance market, the platform facilitates
Others”, “Atlantis Sanya”, “Vacation Asset Management Center”, business development of the Group in Europe, Africa, Asia and
Latin America.
BUSINESS OVERVIEW
Peak Reinsurance is a Hong Kong-based global reinsurer jointly Fosun RZ Capital is a global venture capital platform of the
established by the Group and International Finance Corporation Group focusing on new technology, new energy and new fields
in 2012. Authorized by the Insurance Authority of Hong Kong in overseas markets, which is also one of the investment
under the Insurance Ordinance (Cap. 41) , Peak Reinsurance institutions with the greatest industry expertise in China. With a
conducts property & casualty (“P&C”) and life & health (“L&H”) long-term focus in high-growth, high-tech companies in major
reinsurance services. Over the last decade, Peak Reinsurance economic growth regions worldwide, Fosun RZ Capital has
has been committed to providing clients around the globe with developed an influential ecosystem for innovation at globalized
innovative and tailored reinsurance, risk management and industries.
capital management solutions.
HAL is Germany’s leading private bank with a history of more
Pramerica Fosun Life Insurance is a joint venture established than 225 years and one of the few independent, fully licensed
by the Group and The Prudential Insurance Company of and high-growth private banks in Germany. HAL adopts a
America. Formally established in September 2012, it is diversified and asset-light business model for its four core
headquartered in Shanghai. Both shareholders hold 50% equity businesses including private banking, asset management, full-
interest in the joint venture. The businesses of Pramerica chain one-stop fund services and investment banking for high-
Fosun Life Insurance include life insurance, health insurance, net-worth clients. With branches in Germany, Luxembourg,
accident insurance, and reinsurance business of the above- Ireland and China, and coverage of two of the largest European
mentioned businesses. Pramerica Fosun Life Insurance fund management centers in Luxembourg and Ireland, HAL also
is committed to becoming a “successful and unique” life actively develops its business cooperation in Chinese mainland
insurance company for providing the customers with high- and Hong Kong to vigorously grow its business globally.
quality life insurance services throughout the life cycle.
BCP is a Portuguese bank that puts people and institutions
Fosun United Health Insurance, established in January 2017, first, providing comprehensive financial services for both
is the sixth professional health insurance company in China individuals and businesses in markets where it operates. It
jointly sponsored by the Group and five other companies. mainly provides commercial banking products and services for
Guided by the principles of sustainable growth, innovation individuals and businesses, accompanied by complementary
driven approach, distinctive operations and customer-central services such as investment banking and private banking
focus, it delivers expert health protection and management services. As the largest private bank in Portugal, BCP has also
services. Based on the needs of consumers for insurance, been strengthening its position in emerging markets in Europe
Fosun United Health Insurance has innovatively launched and Africa, especially in Poland, Mozambique and Angola which
various products such as medical insurance, illness insurance, share deep historical ties with Portugal. BCP also owns a
disability income insurance, nursing insurance, and accident leading digital bank called “ActivoBank”.
insurance, providing customers with quality whole life-cycle
products and establishing a caring whole process service
INTELLIGENT MANUFACTURING SEGMENT
system.
On 14 March 2023, Fosun High Technology, Shanghai Fosun
Established in 2007, Fosun Capital is an equity investment Industrial Investment Co., Ltd. and Shanghai Fosun Industrial
and management company wholly owned by the Group. It is Technology Development Co., Ltd. (subsidiaries of the Company,
a leading private equity investment institution in the industry together, the “Nanjing Nangang Sellers”) and Shagang Group
focusing on four major areas: new materials and intelligent and Shagang Investment (together, the “Previous Purchasers”)
manufacturing, digital economy and broad consumption, entered into an equity transfer agreement (the “Previous
healthcare, and new generation information technology. In ETA”), pursuant to which, the Nanjing Nangang Sellers agreed
the past 16 years since its establishment, Fosun Capital has to conditionally dispose of, and the Previous Purchasers agreed
launched and managed a number of assets, including fund of to conditionally acquire 60% equity interest in Nanjing Nangang
funds, private equity investment funds, industry investment (the “Target Interest”) for a consideration of RMB13.58 billion
funds with listed companies as investees and other types of (subject to adjustment) (the “Previous Disposal”). As at the
equity investment funds. signing date of the Previous ETA, Nanjing Iron & Steel Group
Co., Ltd. (“Nanjing Iron & Steel Group”) was a shareholder
BUSINESS OVERVIEW
of Nanjing Nangang holding 40% equity interest in Nanjing development opportunities in Hainan and driven by the twin-
Nangang. As a result of Nanjing Iron & Steel Group’s exercise of driver strategy of industry operations + industrial investment”,
the right of first refusal on 2 April 2023, the Nanjing Nangang Hainan Mining has been continuously developing its core
Sellers and Nanjing Iron & Steel Group on 2 April 2023 entered operations and accelerating strategic transformation and
into a new equity transfer agreement, pursuant to which, the upgrade. Through continuous promotion of lean management,
Nanjing Nangang Sellers agreed to conditionally dispose of, technology innovation, industrial investment and other means,
and Nanjing Iron & Steel Group agreed to conditionally acquire it has stabilized the production volume of iron ores and oil and
the Target Interest (the “New Disposal”). The consideration gas operation, reduced costs while improving efficiency, and
of the New Disposal shall be the sum of RMB13.58 billion and continued to strengthen the industrial foundation of “iron ore
the capital costs (the interests on the earnest money paid by + oil and gas”. At the same time, based on its strategic goal of
the Nanjing Nangang Sellers to Shagang Group) (subject to building up three main tracks of “iron ore + oil and gas + new
adjustment). Upon completion of the New Disposal, the Group energy” in the future, Hainan Mining has proactively facilitated
will cease to have any equity interest in Nanjing Nangang. As the investment, merger and acquisition in the upstream new
at the end of the Reporting Period, the transaction was not energy industry. The 20,000-tonne lithium hydroxide project in
completed. Yangpu, Hainan has been on the fast track. The acquisition of
the Bougouni lithium mine project in Mali, Africa is going to be
Looking forward, the Group’s Intelligent Manufacturing completed. An integrated layout for the upstream new industry
segment will mainly focus on mineral oil and gas resources has been preliminarily formed.
and intelligent manufacturing, and actively expand into relevant
industries with high added value of technology, such as new Wansheng was established in 1995 and listed on the SSE in
materials and smart mobility. The Group’s mineral oil and gas October 2014. Since its establishment, Wansheng has been
resources business, represented by Hainan Mining continues focusing on the production, R&D and sales of functional fine
to maintain rapid growth. At the same time, with the vigorous chemicals, and has become a world-leading producer of
development of intelligent manufacturing services represented phosphorus-based flame retardant after years of development.
by Easun Technology, other companies under the Group’s With the foundation of its existing businesses, the resources of
Intelligent Manufacturing segment are expected to benefit from Fosun’s ecosystem of businesses and the development trend of
the rapid development of the industry. the chemical industry, together with its own current business
volume and plan for development, Wansheng classifies its
Hainan Mining was listed on the SSE in December 2014. Hainan future development into three business segments, namely
Mining has been deeply engaged in the iron ore industry for “core businesses” such as the polymer additives business
many years and “Hainan Mine” has a long reputation in the which will consolidate its foundation and allow it to grow
domestic steel industry. Hainan Mining won the “National Iron stronger and larger; “developing businesses” such as the
and Steel Industry Advanced Collective” in 2014, was rated amines and daily chemical raw materials businesses which
as the meritorious enterprise of the steel industry in the 40th will gradually optimize their product portfolio, expand market
anniversary of the reform and opening up in 2018, ranked 22nd shares, and strive to become leading functional daily chemical
among the top 50 metallurgical mining enterprises in China raw materials-producing enterprises in China; and “strategic
in 2022 and won the “Top Ten Factories and Mines” honor businesses” which include the new energy materials business,
in the first metallurgical mine. In 2019, to further enhance electronic chemicals business and biotechnology business,
Hainan Mining’s capabilities for sustainable development and and will continue to promote technology innovation, step up
balance the cyclical fluctuations arising from its sole iron ore investment in R&D, build up their business presence with
operations, the Group injected its 51% equity interests in ROC, foresight and seek development opportunities based on existing
a company with world-class whole-cycle upstream oil and advantages and resources in their ecosystem of businesses.
gas operations, into Hainan Mining, assisting Hainan Mining in Wansheng will consolidate its resources in prioritizing the
building the dual principal operation of “iron ore + oil and gas”. strengthening of “core businesses”, systematically establish the
“developing businesses”, push forward the layout of “strategic
Over the years, centering on its strategic vision of “taking the businesses” by seizing opportunities, and strive to become “the
resource industry as its core development focus and striving world’s leading enterprise of functional new materials” driven
to become an industrial development group with strategic by a low-carbon-emission approach and innovation.
resources as the core and international influence leveraging
MANAGEMENT DISCUSSION & ANALYSIS
BUSINESS REVIEW During the Reporting Period, the revenue of the Group
amounted to RMB97,064.6 million, representing an increase
As at the end of the Reporting Period, equity attributable to
of RMB9,515.0 million, or 10.9%, compared to the same period
owners of the parent of the Group amounted to RMB125,241.8
of 2022, mainly attributable to the revenue increase of the
million, representing an increase of 2.1% compared to the end
Happiness segment. From the perspective of product lines,
of 2022, mainly due to the contribution of profit attributable
during the Reporting Period, revenue of pharmaceutical,
to owners of parents. As the profit of disposed enterprises
devices & diagnosis, and healthcare services & consumption
(including transactions yet to be completed) and disposal gain
of the Health segment represents 67%, 9% and 24% of the
of financial investments was relatively higher in the same
total Health segment revenue of the Group, respectively;
period of 2022 as compared to the Reporting Period, the profit
revenue of brand consumer and tourism & leisure of the
attributable to owners of the parent of the Group amounted to
Happiness segment represents 78% and 22% of the total
RMB1,360 million during the Reporting Period, representing a
Happiness segment revenue of the Group, respectively;
decrease of 40.4% compared to the same period of 2022.
revenue of insurance, asset management (property) and asset
management (investment) of the Wealth segment represents
As at the end of the Reporting Period, total assets of the Group
73%, 15% and 12% of the total Wealth segment revenue of the
amounted to RMB834,874.9 million, representing an increase of
Group, respectively; revenue of resources and environment,
3.7% compared to the end of 2022.
and technology & intelligent manufacturing of the Intelligent
Manufacturing segment represents 43% and 57% of the total
Intelligent Manufacturing segment revenue of the Group,
respectively.
REVENUE BY SEGMENT OF THE GROUP

Unit: RMB million
For the six For the six Change over

months ended months ended the same period
Segment 30 June 2023 Proportion 30 June 2022 Proportion of last year
(Restated)
Health 23,837.6 24.4% 23,366.6 26.5% 2.0%
Happiness 43,001.6 44.0% 32,065.4 36.4% 34.1%
Wealth 25,435.0 26.0% 27,629.5 31.3% (7.9%)
Insurance 18,442.4 18.9% 20,547.0 23.3% (10.2%)
Asset Management 6,992.6 7.1% 7,082.5 8.0% (1.3%)
Intelligent Manufacturing 5,460.2 5.6% 5,127.0 5.8% 6.5%
Total 97,064.6 100.0% 87,549.6 100.0% 10.9%
PROFIT/(LOSS) ATTRIBUTABLE TO OWNERS OF THE PARENT BY SEGMENT OF THE

GROUP
Unit: RMB million
For the six For the six Change over

months ended months ended the same period
Segment 30 June 2023 Proportion 30 June 2022 Proportion of last year
(Restated)
Health 356.5 24.7% 286.9 12.4% 24.3%
Happiness 765.1 53.0% (60.4) (2.6%) 1,366.7%
Wealth 204.7 14.1% 1,044.8 45.2% (80.4%)
Insurance 750.7 52.0% (956.6) (41.4%) 178.5%
Asset Management (546.0) (37.9%) 2,001.4 86.6% (127.3%)
Intelligent Manufacturing 118.2 8.2% 1,041.0 45.0% (88.6%)
Total 1,359.7 100.0% 2,282.2 100.0% (40.4%)
ASSET ALLOCATION OF THE GROUP

Unit: RMB million
As at As at Change
30 June 31 December compared to the
Segment 2023 Proportion 2022 Proportion end of 2022
(Restated)
Health 125,632.9 14.8% 120,454.2 14.8% 4.3%
Happiness 204,544.7 24.2% 200,118.0 24.5% 2.2%
Wealth 474,191.9 56.0% 447,477.7 54.9% 6.0%
Insurance 185,540.4 21.9% 178,364.6 21.9% 4.0%
Asset Management 288,651.5 34.1% 269,113.1 33.0% 7.3%
Intelligent Manufacturing 42,245.1 5.0% 47,424.5 5.8% (10.9%)
Eliminations (11,739.7) (10,284.8)
Total 834,874.9 100.0% 805,189.6 100.0% 3.7%
CORPORATE STRUCTURE OF MAIN BUSINESS1 (AS OF 30 JUNE 2023)

Health2 Happiness3 Wealth Intelligent Manufacturing4
Devices & Healthcare Services & Asset Management Asset Management Resources & Technology & Intelligent
Pharmaceutical Brand Consumer Tourism & Leisure Insurance
Diagnosis Consumption (Investment) (Property) Environment Manufacturing
Fosun Pharma
Sisram Med Yuyuan FTG Fosun Insurance Portugal HAL 28 Liberty Hainan Mining
600196.SH Easun Technology13
(Israel) Fosun Health 600655.SH 01992.HK (Portugal) (Germany) (USA) 601969.SH
02196.HK 83.00%
01696.HK 61.79% 78.26% 84.9892% 99.69% 100% 45.80%
36.04%
Luz Saúde5 Guide Wansheng14

Shanghai Henlius Shede Spirits Club Med Peak Reinsurance BFC ROC
(Portugal) (Brazil) 603010.SH
02696.HK 600702.SH (France) 86.71% 100% (Australia)
99.86% 85.07% 29.56%
Gland Pharma Shanghai Zhuli6 Jinhui Liquor IDERA JEVE15

Atlantis Sanya Pramerica Fosun Life Insurance Fosun Wealth
(India) (Fosun Care) 603919.SH (Japan) 49.95%
50% 100%
GLAND 90.91% 98%
PAREF
Sinopharm Sanyuan Foods7
Fosun Sports Yong’an P&C Insurance Fosun Capital (France)
600429.SH Foryou Club
01099.HK (Luxembourg) 14.69% 100% PAR.PA
18.17% 92.01% 59.87%
BabyTree8 Shanghai Insight12

Baihe Jiayuan Fosun United Health Insurance
01761.HK (Fosun RZ Capital)
72.36% 20%
29.90% 100%
BCP
Bohe Health9 (Portugal)
29.85% BCP.LS
29.95%
Lanvin Group10
Cainiao
LANV.NYSE
3.56%
64.94%
St Hubert11
(France)
98.12%
Notes:
1. This simplified corporate structure only illustrates the key investments of the Group. The equity percentage reflects the total direct shareholdings held by the
Group, associates, joint ventures and funds managed by the Group as at 30 June 2023. The companies marked in the solid line boxes are consolidated entities
of the Group, and the companies marked in the dotted-line boxes are non-consolidated entities of the Group. The companies marked in the shaded boxes are
channels for C-end top priority of the Group.
2. The companies marked in the light-blue boxes are invested by Fosun Pharma. For specific information, please refer to the disclosure of Fosun Pharma.
3. The companies marked in the light-yellow boxes are invested by Yuyuan. For specific information, please refer to the disclosure of Yuyuan. The companies
marked in the light-orange boxes are invested by FTG. For specific information, please refer to the disclosure of FTG.
4. The company marked in the light-purple box is invested by Hainan Mining. For specific information, please refer to the disclosure of Hainan Mining.
5. Fidelidade held 99.86% equity interest in Luz Saúde. Therefore, the Group held 84.87% effective equity interest in Luz Saúde.
6. Shanghai Zhuli operates “Fosun Care” brand. The Group through its wholly-owned subsidiaries held 87.35% equity interest and through its non-wholly-owned
subsidiary held 3.55% equity interest, respectively, in Shanghai Zhuli. The Group held 39.99% effective equity interest in such non-wholly-owned subsidiary.
Therefore, the Group held 88.78% effective equity interest in Shanghai Zhuli.
7. The Group through its wholly-owned subsidiary held 14.44% equity interest and through a consolidated fund under management of the Group held 3.73% equity
interest, respectively, in Sanyuan Foods. The Group held 37.20% effective equity interest in such fund. Therefore, the Group held 15.83% effective equity interest
in Sanyuan Foods.
8. The Company and its wholly-owned subsidiary held 29.77% equity interest in BabyTree, and Fidelidade held 0.14% equity interest in BabyTree. Therefore, the
effective equity interest held by the Group in BabyTree was 29.88%.
9. The Group through its wholly-owned subsidiary held 24.49% equity interest in Bohe Health, and through a subsidiary in which the Group held 80.81% effective
equity interest, held 4.48% equity interest in Bohe Health. In addition, Yuyuan through its wholly-owned subsidiary held 0.88% equity interest in Bohe Health.
Therefore, the Group held 28.65 % effective equity interest in Bohe Health.
10. The Group through its wholly-owned subsidiary held 60.31% equity interest in Lanvin Group, and Yuyuan through its wholly-owned subsidiary held 4.64% equity
interest in Lanvin Group. Therefore, the Group held 63.17% effective equity interest in Lanvin Group.
11. The Group through a subsidiary, in which the Group held 51% equity interest, held 98.12% equity interest in St Hubert SAS. Therefore, the Group held 50.04%
effective equity interest in St Hubert SAS.
12. Shanghai Insight Investment Management Limited exclusively uses “Fosun RZ Capital” brand.
13. The Group held 58.58% equity interest in Easun Technology through its wholly-owned subsidiaries and consolidated funds under its management. Therefore, the
Group held 48.01% effective equity interest in Easun Technology. In addition, the non-consolidated entities in which the Group participated in the investment held
24.42% equity interest in Easun Technology.
14. On 14 March 2023, Fosun High Technology entered into a share acquisition agreement with Nanjing Iron & Steel Co., Ltd., a subsidiary of Fosun High Technology’s
joint venture, acquired 29.5645% of the total issued shares of Wansheng. As at the date of this report, the transaction has not been completed.
15. The Group through its wholly-owned subsidiary held 16.30% equity interest and through a consolidated fund under management of the Group held 2.12% equity
interest, respectively, in JEVE. The Group held 22.14% effective equity interest in such fund. Therefore, the Group held 16.77% effective equity interest in JEVE. In
addition, the non-consolidated entities in which the Group participated in the investment held 31.53% equity interest in JEVE.
Fosun Pharma
As at the end of Reporting Period, the Group held 36.04% equity
interest in Fosun Pharma.
During the Reporting Period, Fosun Pharma achieved a

revenue of RMB21,316 million, which is increased by 0.16% as
compared to the same period of last year. The main factors
affecting revenue included: (1) the revenue from new products
and sub-new products such as HANSIZHUANG (serplulimab
injection), HANQUYOU (trastuzumab injection) and trastuzumab
drug substance, Su Ke Xin (avatrazopapa maleate tablets)
maintained rapid growth, and Jie Bei An (Azvudine tablets)
also contributed to sales at the beginning of the Reporting
HEALTH
Period; (2) as the COVID-19 no longer constituted a “Public
Health Emergency of International Concern”, the revenue of
anti-pandemic products such as Comirnaty (mRNA COVID-19
vaccine), COVID-19 antigen and nucleic acid test kits recorded
a significant period-on-period decrease (excluding the anti-
pandemic products, the revenue of Fosun Pharma increased
approximately 15% period-on-period during the Reporting
Period).
During the Reporting Period, Fosun Pharma achieved a net

HEALTH profit attributable to shareholders of the listed company of
During the Reporting Period, the revenue and profit attributable RMB1,784 million, representing an increase of 15.69% as
to owners of the parent of the Health segment were as follows: compared to the same period of last year; The net profit
attributable to shareholders of the listed company after
Unit: RMB million deducting extraordinary gain or loss was RMB1,373 million,
representing a decrease of 26.28% as compared to the
same period of last year. The period-on-period decrease
For the six For the six Change
in net profit after deducting extraordinary gain or loss was
months months over the
primarily due to: (1) the significant decrease in revenue of
ended ended same
anti-epidemic products while there were still expenses arising
30 June 30 June period of
from the team, medical and market activities; (2) the period-
2023 2022 last year
on-period decrease in operating results of Gland Pharma,
Revenue 23,837.6 23,366.6 2.0% a subsidiary, as a result of factors such as the intensified
Profit attributable to owners competition in the U.S. market and the suspension and
of the parent 356.5 286.9 24.3% upgrade of certain production lines; (3) an increase in finance
expenses and exchange losses due to USD interest hikes and
During the Reporting Period, the revenue of the Health USD appreciation and other factors; (4) the increasing human
segment amounted to RMB23,837.6 million, representing a resources cost, effects from newly acquired companies and the
year-on-year increase of 2.0%. Profit attributable to owners consultant fees for the proposed merger and acquisition project
of the parent of the Health segment amounted to RMB356.5 resulting in the period-on-period increase of management
million, representing a year-on-year increase of 24.3% during expense of RMB381 million; (5) an increase in R&D expenses
the Reporting Period. The increase in revenue of the Health as a result of Fosun Pharma’s continuous expenditure in
segment was mainly attributable to the revenue growth of Luz relation to innovative drugs, biosimilars, innovative incubation
Saúde. The increase in profit of the Health segment was mainly platforms and early research stage projects, where Fosun
attributable to the increase in profits of Fosun Pharma. Pharma’s R&D expenses had a period-on-period increase of
RMB307 million.
During the Reporting Period, Fosun Pharma continued to During the Reporting Period, a total of 5 innovative drugs
increase its efforts in R&D with the R&D expenditures of (indications) and 10 generic drugs (indications) of Fosun
RMB2,884 million, representing a period-on-period increase Pharma were approved for launch; 4 innovative drugs/
of 19.77%, among which, the R&D expenses were RMB2,134 biosimilars (indications) and 34 generic drugs (indications)
million, representing a period-on-period increase of RMB307 applied for launch; 7 innovative drugs/biosimilars (indications)
million, or 16.80%. were approved for clinical trials in Chinese mainland.
During the Reporting Period, Fosun Pharma’s pharmaceutical During the Reporting Period, the medical devices and medical
manufacturing segment achieved revenue of RMB15,921 diagnostics segment achieved revenue of RMB2,215 million,
million, representing a period-on-period increase of 11.56%. representing a period-on-period decrease of 45.11%; segment
In the first half of 2023, the revenue from new and sub- results8 amounted to RMB56 million, representing a period-on-
new products such as HANSIZHUANG (serplulimab injection), period decrease of 87.27%; and segment profit amounted to
HANQUYOU (trastuzumab injection) and trastuzumab drug RMB114 million, representing a period-on-period decrease of
substance, as well as Su Ke Xin (avatrombopag maleate 83.69%. The decrease in the results of the medical devices and
tablets) maintained rapid growth. medical diagnostics segment was attributable to the significant
decrease in revenue from COVID-19 antigen and nucleic acid
During the Reporting Period, the segment results 8 of the test kits and the overseas sales of non-proprietary anti-
pharmaceutical manufacturing segment amounted to RMB1,660 pandemic products.
million, representing a period-on-period decrease of 12.17%,
and realized segment profits of RMB1,428 million, representing During the Reporting Period, the healthcare services segment
a period-on-period decrease of 9.56%, mainly due to (1) achieved revenue of RMB3,127 million, representing a period-
despite the contribution of Jie Bei An (azvudine tablets) at the on-period increase of 7.20%; segment results8 amounted to
beginning of the Reporting Period, the significant decrease of RMB-151 million, representing a period-on-period decrease in
sales of Comirnaty (mRNA COVID-19 vaccine) and the expenses loss of RMB236 million; and segment loss was RMB268 million,
incurring by the corresponding team, medical and market representing a period-on-period decrease in loss of RMB174
activities; (2) the period-on-period decrease in operating million. The decrease in loss was mainly attributable to the
results of Gland Pharma, a subsidiary, as a result of factors revenue recovery of offline hospitals and further focus and
such as the intensified competition in the U.S. market and the optimization of online business.
suspension and upgrade of certain production lines; (3) the
strategic investment such as market development and team During the Reporting Period, Fosun Pharma continued
enhancement in HANSIZHUANG (serplulimab injection), Bei Wen to implement its internationalization strategy in multiple
(keverprazan hydrochloride tablets) and other new products dimensions including innovative R&D, license-in projects,
launched as well as the early layout and team investment of production and operation as well as commercialization. Fosun
HANSIZHUANG (serplulimab injection) in overseas markets; (4) Pharma enhanced its operational efficiency and expanded
an increase in R&D expenses as a result of Fosun Pharma’s global market layout, with a major presence in overseas
continuous expenditure in relation to innovative drugs, markets such as the U.S., Europe, Africa, India and Southeast
biosimilars, innovative incubation platforms and early research Asia.
stage projects during the Reporting Period, where Fosun
Pharma’s R&D expenses had a period-on-period increase of In U.S. market, a self-operated generic drug team has initially
RMB301 million. matured and has started cooperation with 5 major distributors
and 16 groups purchasing organizations to facilitate the
During the Reporting Period, Fosun Pharma’s R&D expenditures sales of preparation products. In Hong Kong and Macau,
in the pharmaceutical manufacturing segment was RMB2,519 Fosun Pharma has initially formed an innovative drug team,
million, representing a period-on-period increase of 22.16%. responsible for medical affairs, market access, sales and
Total R&D expenditures in the pharmaceutical manufacturing other functions. During the Reporting Period, Fosun Pharma
segment accounted for 15.82% of the revenue from the continued to pursue the registration and commercialization
pharmaceutical manufacturing segment. In particular, R&D of products such as AKYNZEO (netupitant and palonosetron
expenses were RMB1,792 million, accounting for 11.26% of the hydrochloride capsules, named in Chinese mainland: Akynzeo)
revenue from the pharmaceutical manufacturing segment. and ALOXI (palonosetron hydrochloride).
8 Segment results are obtained as segment revenue less cost of sales, selling and distribution expenses, administrative expenses and research and development
expenses.
In terms of emerging markets, in Africa Fosun Pharma is practicable date for the publication of the 2023 interim results
mainly engaged in medical product export and distribution in announcement of Shanghai Henlius) (the “Shanghai Henlius
the English-speaking and French-speaking regions in Sub- LPD”), five products (18 indications) under Shanghai Henlius
Saharan Africa, with its sales network covering more than were successfully marketed in China (excluding Hong Kong,
40 countries and regions. During the Reporting Period, Fosun Macau and Taiwan regions of PRC), one of which was marketed
Pharma had commenced the construction of a park integrating in Europe and Australia and other countries/regions. As a
drug R&D, manufacturing, logistics and delivery in Cote d’Ivoire, representative of domestic biological drugs to “go global”,
aiming to realize local drug manufacturing and supply in Africa. HANQUYOU has successfully been approved in approximate 40
countries and regions. Self-developed by Shanghai Henlius, the
In addition, in the field of medical cosmetology, Sisram innovative PD-1 monoclonal antibody product HANSIZHUANG
Med, a subsidiary, continued to enhance its global channel (serplulimab injection) was approved by the National Medical
capacity, and in the first half of 2023, the proportion of direct Products Administration (NMPA) in March 2022. Meanwhile,
sales revenue of Sisram Med further increased to 72%. In Shanghai Henlius also established global cooperation with
the respiratory health filed, Breas, a subsidiary, continued to several internationally renowned partners for HANLIKANG,
explore the European and the U.S. markets in depth as well as HANQUYOU, HANDAYUAN, and HANBEITAI obtaining remarkable
expanded the Chinese market. During the Reporting Period, the achievements in internationalization for self-developed
Vivo 1, 2 and 3 ventilators of Breas were approved for launch products. During the Reporting Period, core products
in Chinese mainland, and the localization process continued to continued to expand its sales, and Shanghai Henlius recorded
advance. an operating income of approximately RMB2,500.5 million,
representing a year-on-year increase of 93.9%; a realized profit
Shanghai Henlius of RMB240.0 million, representing a year-on-year decrease of
As of the end of the Reporting Period, the Group held 60.15% RMB252.1 million.
equity interest in Shanghai Henlius.
During the Reporting Period, based on clinical needs, Shanghai
Shanghai Henlius continued to innovate and deploy in R&D, Henlius has orderly organized the development of innovative
production and commercialization. During the Reporting Period, products. As of the Shanghai Henlius LPD, Shanghai Henlius
it efficiently promoted the commercialization of products has carried out a total of more than 30 clinical trials in an
and achieved semi-annual profits for the first time. Great orderly manner in various countries/regions. Shanghai Henlius
achievements have also been made in the clinical development is clinically value-oriented in the earlier stage of R&D, and
and drug registration of pipeline products and the construction cooperates with the early R&D teams in China and the U.S.,
of international production capacity. based on the in-depth data-driven new drug discovery platform
and biocomputing-accelerated molecular design technology
Shanghai Henlius has strong global product commercialization through the network biology and polypharmacology, to develop
capabilities. In order to achieve continuous growth in sales innovative drugs for combating intractable diseases. As of
scale of products, Shanghai Henlius has an experienced the Shanghai Henlius LPD, Shanghai Henlius has a total of 63
commercialization team covering five major segments, namely molecules, with drug forms covering monoclonal antibody,
market promotion, channel management, pricing and market double antibody, antibody-drug conjugates, recombinant
access, domestic sales and strategic planning. As at the end proteins, small molecule-drug conjugates, etc. During the
of the Reporting Period, total employee headcount is over Reporting Period, Shanghai Henlius recognized R&D expenses
1,300. With a solid new drug pipeline and a rapid clinical of approximately RMB673.8 million, representing a decrease of
advancement strategy, on 24 August 2023 (being the latest approximately RMB153.6 million compared to RMB827.4 million
in the same period in 2022.
As at the end of the Reporting Period, Shanghai Henlius Fosun Pharma acquired approximately 74% equity interest
had a total commercial production capacity of 48,000L, fully in Gland Pharma in October 2017. Fosun Pharma has
supporting the commercialization needs of domestic and business relationships in China and Africa, and the acquisition
overseas approved marketing products. In July 2023, the provides Gland Pharma with access to these two core growth
Xuhui Facility has undergone the on-site GMP inspection markets for injectables. In November 2020, Gland Pharma
conducted by the Indonesian Food and Drug Authority (BPOM) was successfully listed in India with the largest initial public
for HANSIZHUANG before launch in Indonesia. In August offering (IPO) of INR64.795 billion in the Indian healthcare
2023, Songjiang First Plant has undergone the Pre-License industry. As of the end of the Reporting Period, Fosun Pharma
Inspection (PLI) by the FDA for HANQUYOU. As at the end of held 57.86% equity interest in Gland Pharma.
the Reporting Period, Shanghai Henlius’ production capacity
of 96,000L was under construction, and it is expected to reach Over the years, Gland Pharma has grown up from a contract
a total production capacity of 144,000L in 2026, with an aim manufacturer of small volume liquid parenteral products
to gradually improve and enhance large-scale commercial to one of the largest generic injectables manufacturing
production capacity based on a sound quality management companies in India with a global footprint across over 60
system, so that it can expand capacity and improve economic countries. Gland Pharma has a track record of supporting the
cost-effectiveness while maintaining high quality standards. requirements of global pharmaceutical companies for a wide
range of injectables through B2B model. Its B2B model covers
Gland Pharma intellectual property-led technology transfer and contract
Established in 1978, Gland Pharma is one of the largest manufacturing models. In addition, in the Indian market, Gland
generic injectables manufacturing companies in India. In 2003, Pharma also adopts B2C model through which its products
its flagship sterile injection plant in Hyderabad, India, with mainly targeted at end consumers such as hospitals, nursing
multiple delivery formats and production capabilities, received homes and government agencies. The unique and significant
its first approval from the FDA. Gland Pharma has a consistent advantages of Gland Pharma in the entire pharmaceutical
compliance record and its manufacturing facilities have been value chain have helped it achieve rapid growth. Gland Pharma
inspected by regulatory authorities of various countries around is now exploring to foray into complex injectables and Biologic/
the world, including FDA (US), MHRA (UK), TGA (Australia), Biosimilar CDMO business after delivering excellence over the
ANVISA (Brazil), BGV Hamburg (Germany), and others. past four years in small molecule generics injectables.
Gland Pharma has a presence in the U.S., Canadian, European, With its eight production facilities in India, comprising four
Australian and Indian markets. In addition to these markets, operational formulations facilities with a total of 28 production
Gland Pharma has also strategically increased its business lines and four API facilities, Gland Pharma continues to
presence in the “Rest of the World” (“ROW”) markets to further strengthen its manufacturing capabilities. The formulation
strengthen its global position. During the Reporting Period, manufacturing facilities consist of two multiple sterile
core markets which include the U.S., Europe, Canada, Australia injectables facilities, one dedicated Penems facility and one
and New Zealand have contributed 70% of the revenue. ROW oncology facility. During the Reporting Period, Gland Pharma
markets and domestic market of India have contributed 23% adhered to the international R&D strategy, and a number of
and 7% of the revenue respectively. Gland Pharma was working generic drugs were approved for launch, and the strategy to
towards building foundation to enter the Chinese market and on introduce these products into the Chinese market continued.
that direction received its first China approval for Dexrazoxane.
The product is now launched and wins a share in the Chinese In April 2023, Gland Pharma through its wholly-owned
market in collaboration with Fosun Pharma. subsidiary in Singapore entered into a share purchase
agreement to acquire 100% equity interest in Cenexi. Founded
Gland Pharma’s main products include: cardiac (Enoxaparin in 2004, Cenexi, along with its subsidiaries, is engaged
Sodium), hematological system (Heparin Sodium), anti- primarily in the business of CDMO of pharmaceutical products
infective (Vancomycin, Caspofungin, Daptomycin, Micafungin, with expertise in sterile liquid and lyophilized fill-finished drug,
Remdesivir), central nervous system (Dexmedetomidine, including capabilities on oncology and complex products. It
Rocuronium Bromide), and other injections. has presence across four manufacturing sites in Europe which
include three sites in France and one site in Belgium.
Gland Pharma has a strategic focus on expanding its CDMO markets outside the U.S. Furthermore, Sisram Med intensified
offerings in the European market and building a manufacturing its R&D efforts and advanced the R&D process actively. During
presence in the market. The acquisition provides Gland Pharma the Reporting Period, Sisram Med achieved FDA regulatory
with access to know-how and development capabilities in clearance for Alma’s BeautiFill TM system intended for laser
sterile forms including niche technologies like ophthalmic gel, assisted liposuction and skin firming:
needleless injectors and hormones. This acquisition can help
expand Gland Pharma’s global presence and further solidify its LipoSenseTM – a smart fibre and adipose tissue delivery system
identity as an injectable focused CDMO company. that improves surgical safety by real-time measurement of the
treated area temperature.
During the Reporting Period, Gland Pharma’s revenue was
RMB1,689.7 million, representing a year-on-year increase of CellFieTM – intended for the closed-loop processing of micro
1.36%. fragment adipose tissue for re-injection in medical procedures
involving the harvesting, concentrating, and transferring of
Going forward, Gland Pharma will continue to invest in R&D autologous adipose tissue harvested with a lipoplasty system,
and production capabilities, strengthen vertical integration and for the purpose of, achieving body shaping through autologous
expand API production capacity to reduce dependence on APIs fat transplantation.
purchased externally. Meanwhile, Gland Pharma will accelerate
its growth through mergers and acquisitions, focusing on Injection filler Business: In April 2023, Sisram Med announced
complex technology and product platforms (e.g. long-acting/ that its Type A Botulinum Toxin Daxxify, indicated for the
suspension products), and complex API raw material production temporary improvement in the appearance of moderate to
technologies (e.g. fermentation technology), etc. severe glabellar lines associated with corrugator and/or
procerus muscle activity in adult patients. The drug registration
Sisram Med application has been accepted by the NMPA, and it is expected
As at the end of the Reporting Period, the Group held to be launched in China.
approximately 71.03% equity interest in Sisram Med.
In addition to the vertical cultivation of the business field,
During the Reporting Period, Sisram Med achieved a total Sisram Med is actively strategizing in marketing and global
revenue of USD171.6 million, representing a year-on-year expansion. In May 2023, at the Alma Academy event hosted by
decrease of 1.7%. The decrease was mainly due to economic Sisram Med, nearly 500 doctors from 46 countries gathered
downturn in the European market and geopolitical volatility. together, and Sisram Med displayed a number of award-
Additionally, certain markets, such as the United Kingdom and winning Alma products to further enhance the reputation of
Dubai, were affected by the transition from the distribution Sisram Med and its brand globally. In June 2023, Sisram Med
model to the direct sale model, and the transition period of opened the Sisram Wellness Center in downtown Chicago, the
acquiring Chinese distributors led to a slowdown in its local first global beauty-health experience center that combines
business. Gross profit increased by 5.7% to USD105.3 million offering clinic treatments, product displays and training, and
compared to USD99.6 million of the same period of last year. marketing, providing custom-made exceptional care, including
The increase in gross profit was consistent with its direct sales advanced medical aesthetic services in skin health, beauty, and
strategy, primarily due to the establishment of direct sales wellness. The opening of the center will increase its influence
offices to shorten the supply chain and the increase of average in the U.S., an important market of Sisram Med.
selling prices, etc. Net profit attributable to shareholders of
Sisram Med was USD18.9 million, representing a year-on- During the Reporting Period, Sisram Med also further expanded
year decrease of 8.4%. Sisram Med continued to increase its its channels. In February 2023, Sisram Med announced the
R&D efforts. During the Reporting Period, the R&D investment establishment of a direct sales office in Dubai, to support
increased by 10% to USD9.159 million, compared with and meet the high demand for the products and services of
USD8.329 million of the same period of 2022. Sisram Med in the European and Middle Eastern markets.
In March 2023, Sisram Med announced the acquisition of
Energy-based Device Business: Sisram Med launched two 60% of Alma Lasers, and the transaction was completed in
popular products to new markets during the Reporting Period: June 2023. This acquisition will strengthen the layout of the
Soprano Titanium TM, a flagship equipment platform for hair direct sales of Sisram Med in the Chinese market, to help the
removal, was introduced to the North America market following further expansion of Alma products in China. Meanwhile, it
regulatory FDA clearance; Alma Opus, designed for skin will accelerate the synergy and mutual empowerment among
resurfacing and face tightening, was introduced to international four major business segments of Sisram Med, achieving global
development and cross-business collaboration.
Fosun Health Looking forward to the second half of 2023 and beyond,
leveraging its existing advantageous medical resources and
Fosun Health provides services such as medical groups,
digital platform, Fosun Health will continue to deepen its
intelligent healthcare and value-added insurance to meet
business deployment in the fields of medical groups, intelligent
medical needs. As at the end of the Reporting Period, Fosun
healthcare and value-add insurance, facilitate the integration of
Health obtained a total of 9 internet hospital licenses, and
online and offline services, improve its specialized capabilities
the hospitals controlled by Fosun Health had a total of 6,448
and life-cycle management system based on the course of
authorized beds. During the Reporting Period, Fosun Health’s
disease, and accelerate the development of the one-stop health
operating revenue amounted to RMB3.123 billion, representing
management services that integrate medicine and healthcare,
a year-on-year increase of 5.4%. Its revenue growth benefited
aiming to realize its vision of becoming a “Asia’s leading and
from the business recovery of the hospitals and the quality
world-class medical and healthcare technology group”.
growth of the online business. Meanwhile, it focused on its core
businesses to grow its profitability, and implemented various
measures to reduce costs and enhance efficiency. During the
Fosun Care (Shanghai Zhuli Investment Co., Ltd.)
Reporting Period, segment loss amounted to RMB258 million, As of the end of the Reporting Period, the Group held
representing a year-on-year decrease of RMB225 million. approximately 90.91% equity interest in Shanghai Zhuli.
In terms of medical groups, through continuous promotion Since its establishment in 2012, Fosun Care has maintained
of the integration of online and offline medical institutions, an operational standards of high standard, high quality and
and the expansion of primary medical services, Fosun Health high efficiency. It has been listed in the top 10 of the “Excellent
formed a regional healthcare services network surrounding key Index • Excellent Performance in the Operation of Senior Care
regions such as the Greater Bay Area and the Yangtze River Institutions” issued by Guardian Index Research Institute for
Delta. Fosun Health took self-operated flagship hospitals as the two consecutive years, demonstrating the comprehensive
starting point to collaborate with regional medical institutions strength of Fosun Care. As of the end of the Reporting Period,
to integrate prevention, diagnosis, treatment and rehabilitation Fosun Care invested in and operated senior care and nursing
services, thereby meeting the diversified medical needs of the institutions in nearly 10 cities including Beijing, Shanghai,
users. During the Reporting Period, Foshan Fosun Chancheng Ningbo, Suzhou, Tianjin, Wuhan, Foshan and other cities,
Hospital became the first designated hospital in Foshan under with a total of over 11,000 beds held. During the Reporting
the Measure of using Hong Kong registered drugs and medical Period, revenue of Fosun Care amounted to RMB79.76 million,
devices used in Hong Kong public hospitals in Guangdong- representing a year-on-year increase of 5.04%.
Hong Kong-Macao Greater Bay Area. Guangzhou Xinshi
Hospital entered into a strategic cooperation with Guangdong In terms of ecosystem synergy, Fosun Care proceeded with
Pharmaceutical University. StarKids Children’s Hospital of the healthcare complex project of Foshan Fosun Chancheng
Shanghai officially commenced operation to provide gynecology Hospital, which is scheduled to commence operation in
and pediatrics medical services. the second half of 2023. Meanwhile, Fosun Care worked
closely with insurance companies through the innovation
In terms of intelligent healthcare, many medical institutions and marketing of the “large-sum annuity insurance + senior
including Foshan Fosun Chancheng Hospital and its medical community residency rights” insurance product in cooperation
units have comprehensively launched the “cloud HIS” (a new- with Pramerica Fosun Life Insurance, Fosun United Health
generation intelligent healthcare cloud platform) and internet Insurance and AEON Life Insurance Company, Ltd., which
hospital SaaS (the “dual SaaS platform”) system, to enhance helped boost large-sum insurance sales with premiums of
the underlying digital capabilities. RMB1.8 billion in the first year. With the assistance from Fosun
Care, Fosun United Health Insurance and Pramerica Fosun
In terms of value-add insurance, Fosun Health continued to Life Insurance acquired more than 4,196 affiliated insurance
promote two-way empowerment of healthcare and insurance policies in total during the Reporting Period.
to provide insurance and health management services for
users. Fosun Health launched the construction of a commercial In the future, focusing on “medical care, wellness, healthcare
insurance system for member medical institutions, and created and enjoyment (醫、養、康、享)” as its core businesses, built
customized insurance innovative payment solutions around upon its own asset management and operation capabilities as
featured and cutting-edge medical technologies to enable the cornerstone, and leveraging it refined operation system,
more specialized patients to enjoy special medical services, Fosun Care will build a digital and intelligent system for
benefiting more than 14,000 patients cumulatively. health and wellness communities, realizing a full-service
digital platform. At the same time, Fosun Care focused on the
development of healthcare products for “immediate needs”
in core cities and core regions, and accelerated the launch of
beds in an asset-light model. It aims at becoming the leader in
China’s senior care industry.
Yuyuan
As of the end of the Reporting Period, the Group held
approximately 61.79% equity interest in Yuyuan.
The businesses of Yuyuan mainly consist of jewelry and

fashion, cultural business, cultural dining, food and beverage,
beauty and health, Chinese fashion watches, cultural creativity,
complex real estate and commercial management, etc. With
the support of the global platform and resource empowerment
system of the Group, Yuyuan has its strategic vision targeted at
family customers.
During the Reporting Period, Yuyuan’s revenue for the year
HAPPINESS
amounted to RMB27.44 billion, representing a year-on-
year increase of 21.9%, of which the net profit attributable
to shareholders of the listed company was RMB2.22 billion,
representing a year-on-year increase of 225.8%. The sales
revenue from the consumption industry reached RMB23.49
billion, representing a year-on-year increase of 25.9%. Since
the strategic transformation in 2018, the income structure of
Yuyuan has been continuously optimized, and the proportion
of consumption industry income has risen to 85.6% during the
Reporting Period.
HAPPINESS
During the Reporting Period, the revenue and profit/(loss) During the Reporting Period, by optimizing market layout
attributable to owners of the parent of the Happiness segment and upgrading product offerings, the operation channels
were as follows: of jewelry and fashion business of Yuyuan continued to
expand, with increasing product competitiveness and market
Unit: RMB million share. The performance of jewelry and fashion business has
outperformed than expected. In addition, the customer flow
in commercial landmarks, such as Yuyuan Tourist Mart, has
gradually recovered, boosting the improvement in commercial
management, cultural dining and other businesses. Meanwhile,
ended ended same
with respect to the property development and sales business
of Yuyuan, the property income and profit carried forward
2023 2022 last year
recognized during the Reporting Period decreased as compared
Revenue 43,001.6 32,065.4 34.1% to the same period of last year, which was attributable to
Profit/(Loss) attributable to property lifecycles. During the Reporting Period, Yuyuan
owners of the parent 765.1 (60.4) 1,366.7% completed the disposal of IGI Group, allowing Yuyuan to put
more resources in key development strategies and projects,
During the Reporting Period, revenue of the Happiness segment and bringing more non-operating profit during the Reporting
amounted to RMB43,001.6 million, representing a year-on-year Period.
increase of 34.1%, which was mainly attributable to China’s
recovery after the pandemic, the rising of gold price, the During the Reporting Period, the main business performance of
worldwide lifting of pandemic-related tourism restrictions, and Yuyuan is as follows:
the fast recovery of resorts, resulting in strong revenue growth
of Yuyuan and FTG. During the Reporting Period, the profit – Yuyuan’s jewelry and fashion business achieved revenue
attributable to owners of the parent of the Happiness segment of RMB21.11 billion, representing a year-on-year increase
was RMB765.1 million, representing a turnaround from the of 35.0%. The jewelry and fashion network expanded
loss attributable to owners of the parent of RMB60.4 million in significantly, with a net increase of 325 stores to 4,917
same period of 2022, mainly due to the continuing recovery of stores. At the same time, the product structure was
FTG’s business and Yuyuan’s increased profit from industrial further optimized. The sales of “Guyun Gold” (古韻金), the
operation segment and gain from disposal of subsidiaries. high-margin series products with ancient craftsmanship,
exceeded RMB5.5 billion, representing a year-on-year
increase of 72%.
－ Catering business realized a revenue of RMB720 million, liquor and spirits reached RMB3,270.71 million, representing
representing a significant year-on-year increase of a year-on-year increase of 15.95%. In terms of liquor and
159.7%. During the Reporting Period, Songhelou (松鶴 spirits category, the revenue of mid-range and high-end
樓) noodle shops and Chunfeng Songyuelou (春風松月 liquor and spirits products amounted to RMB2,757.42 million,
樓) shops continued to accelerate chain development, representing a year-on-year increase of 14.61%, while revenue
increasing by near 20 stores. of low-end liquor and spirits products amounted to RMB513.29
million, representing a year-on-year increase of 23.75%.
－ In terms of cultural business, the Yuyuan commercial
district teamed up with BFC and the Bund commercial In terms of operational management, adhering to the overall
district to create the “Bund Art Festival”, creating the principle of “accumulating procedures through campaigns,
“Bund Cat Street” successfully, which became a hot topic c r e a t i n g h i t p r o d u c t s t h r o u g h b r e a k t h r o u g h s ”, S h e d e
on major social platforms in the first half of the year, and Spirits improved its campaign mechanism and procedure
created momentum for the development of the Grand management. It adopted the “one policy for each city”, and
Yuyuan. gathered resources to make breakthroughs in key cities. It
announced the launch of its new strategic product, “Classic
Looking forward to the second half of 2023, Yuyuan will Collection • Ten Years of Shede Spirits (藏品•舍得10年)”, with
strategically take the promotion of “Oriental Lifestyle price around RMB1,000. Following Yelanggujiu Industry Co.,
Aesthetics” as its priority, and aim to create internal industry Ltd. (夜郎古酒莊公司) officially put into operations, Shede
cohesion and achieve external resources coordination by Spirits stepped into the field of sauce-flavour spirits. Shede
centering on consumers, products and scenes. It will continue Spirits proactively explored new channels such as key account
to strengthen fundamental capability building on globalization, (KA), C2M and private sections, aiming to improve its omni-
ecosystem, technology innovation and FES, and enhance channel operation capability. It regulated the operation of
system protection. Focusing on family customers, Yuyuan will “3+1” distributor consultation committee, and strengthened
grasp the opportunities arising from the increase in consumer its coordination with factories. Through digitalization, BC
base. Yuyuan will accelerate the revival of large and small interaction, targeted marketing and other means, Shede
time-honored brands by leveraging on their matrix advantages. Spirits promoted product sales. Under the intensifying market
By integrating business travel and culture, Yuyuan strives to competition, with the implementation of the aforementioned
create extensive mankind value, brand value and cultural value. measures, Shede Spirits sales volume maintained stable
growth in major liquor and spirits products including Taste of
Shede Spirits Shede Spirits (品味舍得), Way of Shede Spirits (舍之道), Tuopai
As of the end of the Reporting Period, Yuyuan held T68 premium liquor and other products.
approximately 30.22% equity interest in Shede Spirits through
Shede Group. In terms of distribution channels, Shede Spirits continued
to deepen its distributor development. The number and
During the Reporting Period, Shede Spirits adhered to the quality of distributors have steadily improved. As of the end
overall marketing strategy of “maintaining stable prices, of the Reporting Period, Shede Spirits had a total of 2,405
promoting sales and reducing inventories”. Through the distributors, which increased by 247 distributors as compared
implementation of consumer experience projects hosting at to the end of 2022, representing an increase of 11.45%.
classic taverns, classic liquor banquets, Shede • Smart Tour
(舍得•智慧之旅), Tuopai in Wonderful Night (沱牌潮in美好夜) Looking forward to the second half of 2023, Shede Spirits will
and Tuopai premium liquor-tasting for free, it recorded steady adopt a series of measures to increase brand investments,
growth in traditional markets, meanwhile the sales in emerging st re ng t he n m arke t in f rast ruct ure , act iv e ly commence
markets such as Chongqing, Southern Jiangsu, Shanghai and consumer education works, optimize organizational and
Wuhan grew rapidly. Under the leadership of the management management system, focus on strategic products and key
and the efforts of the operation teams, Shede Spirits managed cities, actively expand its footprints in key cities with great
to achieve excellent results in both production and operation. potential, vigorously explore quality distributors, and accelerate
During the Reporting Period, Shede Spirits recorded revenue the construction of old taverns and Shede flagship stores,
of RMB3,528.73 million, representing a year-on-year increase thereby continuously enhance the brand awareness of Shede
of 16.64%, and net profit attributable to shareholders of the Spirits to further promote its business growth and strive to
listed company recorded RMB919.66 million, representing a achieve its business goal.
year-on-year increase of 10.07%. In particular, the revenue of
FTG Atlantis Sanya is located on the Haitang Bay National Coast of

Sanya in Hainan Province, China, and it was officially opened
As at the end of the Reporting Period, the Group held about
in April 2018. During the Reporting Period, the number of
78.26% equity interest in FTG.
visits increased to about 3.2 million and achieved revenue of
RMB887.1 million, an increase of 82.2% in the first half of 2023
FTG is one of the leading leisure-focused integrated tourism
compared to the same period in 2022. The average daily rate
groups worldwide. Throughout its mission, “Better Holiday,
by room remained stable compared to the same period in 2022,
Better Life”, FTG endeavors to create a world’s leading family
while the average occupancy rate increased by 40.1 percentage
leisure and tourism ecosystem. FTG’s primary business
points to 86.2%.
segments include:(i) Club Med and Others, which include Club
Med and Miniversity; (ii) Atlantis Sanya, which includes Sanya
In 2023, FTG established the Vacation Asset Management
Atlantis and Fanxiu; (iii) Vacation Asset Management Center,
Center, integrating the Taicang Alps Resort and Lijiang
including Taicang Alps Resort and Lijiang Club Med Resort;
Club Med Resort. Taicang Alps Resort is located in Taicang
and (iv) Foryou Club and Other Services, including Foryou Club
City, Jiangsu Province, Eastern China, covering an area of
and Thomas Cook UK. During the Reporting Period, benefiting
approximately 483,000 square meters. The indoor skiing
from the lifting of global pandemic restrictions and strong
resort “Alpine Snow Live” was in the commissions phase of
post-pandemic vacation demand, FTG’s total revenue was
snowmaking as of June 2023; The theme commercial street
RMB8,898.8 million, representing a year-on-year increase
“Alpine Time” and Club Med Urban Oasis Taicang Resort
of 38.7%, and its profit attributable to equity holders was
entered the full construction phase in June 2021, and as of
RMB471.8 million, compared to a loss of RMB196.6 million in
June 2023, they are already in the decoration stage. Alpine
the same period of 2022. FTG’s financial condition remained
Snow Live, Club Med Urban Oasis Taicang Resort, and Alps
robust during the Reporting Period. In the first half of 2023,
Time Phase I are planned to open in the second half of 2023.
FTG achieved net cash inflow from operating activities of
RMB1.65 billion, an increase of 60.4% compared to the same
Lijiang Club Med Resort is situated in Baisha Town, Lijiang
period in 2022. As of June 30, 2023, cash and bank balances
City, Yunnan Province, Southwestern China, covering an area
were approximately RMB3.30 billion.
of approximately 695,000 square meters. It includes Club Med
Lijiang resort, Tang’an Residence Lijiang, and Lake Camp,
Club Med, headquartered in France and founded in 1950, is
which have been put into operation in the second half of 2021.
a world-renowned family centric all-inclusive leisure and
In the first half of 2023, Lijiang Club Med Resort achieved
vacation service provider. As of the end of the Reporting Period,
revenue of RMB39.6 million.
Club Med had sales and marketing operations in more than 40
countries and regions across six continents. Meanwhile, Club
In November 2019, FTG acquired the right, title and interest
Med also operated 66 resorts.
of Thomas Cook brand, a centennial travel brand, as well as
its trademarks across most international markets upon its
In the first half of 2023, the business volume of Club Med
liquidation. In 2023, FTG repositioned the former “Thomas
amounted to RMB7,938.8 million, representing a year-on-year
Cook Lifestyle Platform” (“TC China”) to Foryou Club, creating
increase of 32.2%, and reaching to 119.6% of that of the same
scenic platform for a high-quality holiday services, committed
period of 2019. The capacity of Club Med increased by 13.4% as
to providing high-quality domestic and international holiday
compared to that of the same period of 2022, and recovered to
products and services for its members and their families
99.2% of that of the same period of 2019. The global average
around the world. In the first half of 2023, the platform had a
occupancy rate by bed of Club Med reached about 62.4%,
membership base of over 6.13 million, with 56 thousand paid
increasing by 3.3 percentage points compared to the same
users. In the first half of 2023, Foryou Club generated the
period of 2022 and showed a decrease of 2.7 percentage
business volume of approximately RMB177.5 million, a year-on-
points compared with the same period of 2019; while the
year increase of 11.5% from 2022. Additionally, benefiting from
average daily bed rate was RMB1,753.3, at constant exchange
the brand’s organic strength and high demand for post-COVID
rate, representing an increase of about 10.6% and 32.2% as
travel, Thomas Cook UK realised a year-on-year improvement
compared with the same period of 2022 and 2019 respectively.
in gross profit margin during the Reporting Period.
Lanvin Group In December 2022, Lanvin Group became listed on NYSE under
the stock code of “LANV”, which marked an important milestone
Lanvin Group (formerly known as Fosun Fashion Group), a
of Lanvin Group’s development and a key step in its strategy
global luxury fashion group, was found in 2018. From 2018 to
of building a symbolic portfolio of luxury fashion brands. The
2021, Lanvin Group acquired the controlling equity interests in
proceeds raised from the listing transaction will be used
Lanvin, a historic high-end French couture house, established
to accelerate the organic growth of Lanvin Group’s existing
in 1889, Austrian luxury skinwear specialist Wolford, Italian
brands and to fund strategic acquisitions that enrich its luxury
luxury shoemaker Sergio Rossi, American luxury womenswear
fashion portfolio.
brand St. John, and Italian high-end menswear maker Caruso.
These five classic brands have over 390 years of combined
The brands of Lanvin Group have undergone successful
history. Lanvin Group’s brands are known worldwide and
transformations over the past few years, which has also enabled
Lanvin Group has a far-reaching global presence in more than
Lanvin Group to gradually establish a leading position. Lanvin
80 countries with nearly 1,200 points of sales, nearly 300 retail
Group is dedicated to continuous model innovation, increasing
stores and approximately 3,000 employees.
digital capabilities, omni-channel activation, new market
development, localized marketing, and the utilization of Lanvin
The brand portfolio of Lanvin Group produces a wide range
Group’s unique advantages and high-quality resources in the
of product categories and distributes through a combination
Asia-Pacific market. Lanvin Group is committed to helping brands
of DTC (Direct-to-Consumer) and wholesale channels across
optimize product structure and explore new categories with great
various regions. These aspects not only provide Lanvin Group
growth potential, such as leather goods and accessories.
with significant growth opportunities, but also ensures its
stability and resilience throughout market cycles. The brands
During the Reporting Period, Lanvin Group achieved a revenue
of Lanvin Group have six professional production facilities
of EUR215 million, a year-on-year increase of 6.4%. During the
in Europe and North America covering the manufacture of
Reporting Period, Lanvin Group achieved growth in respect of
footwear, skinwear, knitwear, menswear and fashion jewelry,
all channels and regions, among which the Greater China region
which is the basis for its brands to maintain their unparalleled
increased by 13.9%, the EMEA region increased by 5.3%, and
product know-how and continuous innovation and R&D
the North American market increased by 2.6%, while the Asian
capabilities.
market out of the Greater China region increased by 27.1%.
Since 2019, Lanvin Group has built a platform based on a
Through continuous product portfolio enhancement, channel
strong strategic alliance with industry-leading enterprises.
efficiency improvement and headquarters expense optimization,
The strategic alliance is composed of companies with
the profitability of different segments of Lanvin Group continued
complementary skillsets and expertise along the luxury
to improve during the Reporting Period. The gross profit
fashion value chain spectrum. These companies are committed
increased to EUR125 million, with a gross profit margin of 58.5%,
to cooperating with Lanvin Group in key sectors such as
representing an increase from EUR113 million (gross profit
product development, market expansion, brand marketing
margin of 55.9%) as compared with the first half of 2022, and an
and e-commerce, empowering the brands and promoting
increase from EUR60.555 million (gross profit margin of 51.8%)
sustainable growth. These strategic partners have become
more than doubled compared with the first half of 2021. For
shareholders of Lanvin Group through prior capital rounds
the contribution profit (gross profit less selling and marketing
and/or through participation in private investments in public
expenses) increased from EUR5.933 million in the first half of
equity. This strategic alliance will continue to play an integral
2022 to a new high of EUR14.854 million, with a marginal rate of
role in Lanvin Group’s global expansion.
return of 6.9%. The various operational improvement measures
of Lanvin Group are gradually being reflected, and will continue
In October 2021, Lanvin Group officially changed its name from
to boost profitability in the second half of 2023.
Fosun Fashion Group to Lanvin Group, and unveiled its new
brand identity. This new brand image not only showed Lanvin
In the first half of the year, various brands under the Lanvin
Group’s insistence on maintaining its classic heritage, but also
Group commenced a number of new exciting projects. In
fully demonstrated Lanvin Group’s clear vision to build a global
particular, Lanvin announced the establishment of two new
portfolio of iconic luxury fashion brands.
organizational structures: Leather Goods & Accessories
and Lanvin Lab. As an experimental space inviting creative
partnerships with proven and rising international talents
that challenge and reinforce the house’s cultural values and
position. Lanvin Lab has announced Future, the Grammy-
winning artist, as its first guest creative director and will
launch its inaugural collection in the second half of 2023.
In February 2023, Wolford announced its new creative director,

Nao Takekoshi, a highly successful industry veteran who
began his career at Issey Miyake and went on to work with
brands such as Cerruti, Gucci, Donna Karan, Jil Sander and
Calvin Klein. Mr. Takekoshi’s arrival marks an important step
in the development of Wolford’s strategy, which is based on
strengthening and modernizing the brand’s iconic style while
shaping it into a global brand.
In terms of products and marketing, Sergio Rossi and New

York fashion design brand AREA, Wolford and Italian trending
brand No21 launched the iconic crossover series in the first
half of the year. St. John and celebrity stylist Karla Welch jointly
created a new series of outfits perfectly designing for modern
women. Lanvin unveiled the “Lanvin Character Studies” series,
which explored the elegance and glamour at the heart of the WEALTH
brand; Wolford unveiled a new campaign starring legendary
singer Grace Jones, whose bold and confident personality and
attitude have inspired generations of women; St. John launched
the #OwnYourPower campaign with Shonda Rhimes, the writer
and producer of the iconic American TV series; Sergio Rossi
collaborated with Mari Katayama, a Japanese artist who has been
walking on prosthetic legs since the age of nine, to creatively
combine the brand’s craftsmanship with a special population to WEALTH
convey the unstoppable spirit of freedom in the face of adversity. The Group’s Wealth segment includes two major sectors:
Insurance and Asset Management.
In addition, Lanvin reacquired its Japan trademarks from its
strategic partner, Itochu Corporation, in March 2023, to further
integrate its global IP and management.
INSURANCE
During the Reporting Period, the revenue and profit/(loss)
Lanvin Group believes that the success investment and practice attributable to owners of the parent of the Insurance sector
in product creation and brand building will be a strong driver were as follows:
boosting the growth of brands in the second half of 2023 and
future. Unit: RMB million
Throughout 2023, despite the macroeconomic challenges, For the six For the six Change
Lanvin Group expects to continue its growth momentum in months months over the
the second half of 2023, optimize operational efficiency and ended ended same
continue its margin improvement. With exciting marketing 30 June 30 June period of
initiatives, design collaborations, and collection launches 2023 2022 last year
planned, Lanvin Group anticipates a strong performance in the (restated)
second half of the year. Additionally, Lanvin Group continues Revenue 18,442.4 20,547.0 (10.2%)
to pursue high-quality investment opportunities, prudently
Profit/(Loss) attributable to
strengthen its existing brand matrix and ecosystem, and will
owners of the parent 750.7 (956.6) 178.5%
make full use of the expertise and resources of its strategic
alliance platform to further penetrate the world’s fastest-
growing fashion luxury market as well as support the long-
term development of its business on a global scale.
During the Reporting Period, the revenue of the Insurance Net income for the Reporting Period was EUR99 million.
sector decreased by 10.2% compared to the same period of Fosun Insurance Portugal’s leading position in the country has
last year, mainly because revenue of AmeriTrust (which is allowed for a sound operating development in spite of overall
disposed at the end of 2022) is consolidated in same period of tough business environment.
last year. The profit attributable to owners of the parent of the
Insurance sector was RMB750.7 million during the Reporting In November 2022, Fitch Ratings affirmed Fidelidade Insurer
Period, as compared with the loss attributable to owners of the Financial Strength Rating at ‘A’ and Long-Term Issuer Default
parents of RMB956.6 million in the same period of 2022, and Rating at ‘A-’. Fitch’s rating highlights Fidelidade’s strong brand
was mainly attributable to the optimization of insurance profit presence and strong capitalization and leverage capabilities.
and increased investment income of insurance companies.
During the first half of 2023, Fosun Insurance Portugal received
Note: Financial data of individual insurance portfolio companies presented in several awards related to its strong brand name and high level
this section are based on local general accounting standards applicable
of customer satisfaction, a commercial competitive advantage
to respective regulatory territories, and all quoted numbers are unaudited
management information. underpinning its historical leading position in the Portuguese
market. The awards include Superbrands 2023 (general and
Fosun Insurance Portugal health insurer categories), Trusted Brands (Fidelidade and
Multicare brands), Best Reputation 2023 from Escolha do
Since 2014, the Group holds an 84.9892% controlling stake
Consumidor (general and health insurance brands), Five Star
in Fosun Insurance Portugal. As a leading participant in the
Award (customer satisfaction) and Innovation in Insurance
Portuguese insurance market, Fosun Insurance Portugal
2023 (for its Pet Ecosystem project).
facilitates business development of the Group in European,
Latin American, and African countries.
Fosun Insurance Portugal continues its sustainability strategy
with the implementation of its “Vision 2030 – Preparing the
Fosun Insurance Portugal is a global insurance operator with
future, contributing to the resilience of society and positively
a product offering which includes all key lines of business
impacting all stakeholders”. The efforts are organized in three
and benefits from the largest and most diversified insurance
axes of action concerning social, environmental and economic/
sales network in Portugal, comprised exclusive and multi-
governance dimensions.
brand agents, brokers, own branches, internet and telephone
channels, and a strong distribution system with Caixa Geral de
Two other awards received this year are related to Fosun
Depósitos S.A. (CGD), a leading Portuguese bank, and the post
Insurance Portugal’s ESG effort. Merco Responsibility ESG
office. Its international business includes 11 countries, with
Portugal named Fidelidade one of the most sustainable
operations in Europe, America, Africa and Asia.
companies in the country and the highest-ranked insurance
company. In addition, the 2023 Great Place to Work ranking
Fosun Insurance Portugal’s total gross written premiums
distinguished Fosun Insurance Portugal as the best insurance
(“GWP”) for the first half of 2023 were EUR2.652 billion, a slight
company to work for in Portugal and the fifth in the large
increase of 0.84% year-on-year. While the Non-life consolidated
company category.
GWP reached EUR1.462 billion, a sound 11.8% growth, the Life
business decreased by 10.0% to EUR1.19 billion.
Going forward, Fosun Insurance Portugal will continue
strengthening its leadership in the Portuguese market through
The Life segment decline is exclusively centered around the
the execution of a commercial strategy based on a value
Life financial business in Portugal due to the impact of the
proposition that combines a strong product lineup, innovation
macroeconomic environment. In spite of this, as of first half
efforts centered in the use of technology and automation,
of 2023, Fosun Insurance Portugal still achieved a market-
and client-friendly distribution channels. In addition, Fosun
leading 30.1% share in the Portuguese market, with its Non-life
Insurance Portugal will further consolidate its position as a
market share remaining stable at 29.0% and the Life business
key retirement and savings market player, reshaping the life
experiencing a 0.4 percentage point decrease to 31.6%.
business while improving its capital efficiency.
The international business reported an overall GWP of EUR832
On the international business front, Fosun Insurance Portugal
million, a 19.4% increase year-on-year, highlighting the
will carry on seeking opportunities overseas to lever existing
benefits of Fosun Insurance Portugal’s diversification strategy.
operations and share best practices across geographies, while
benefiting from external markets’ contribution to diversification
and growth.
Peak Reinsurance Peak Reinsurance won the “Asian Reinsurer of the Year – Gold”
in the Insurance Asia Awards (IAA) held by Asia Insurance
As at the end of the Reporting Period, the Group held 86.71%
Group for the eighth consecutive year. The award proved the
equity interest in Peak Reinsurance through Peak Reinsurance
resilience of Peak Reinsurance in the face of major market
Holdings.
disruptions in 2022 and its competitive edge in innovation,
including the issuance of the first 144A catastrophe bond in
During the Reporting Period, Peak Reinsurance recorded GWP
Hong Kong. In the latest S&P Global Ratings Global Reinsurer
of USD833 million (first half of 2022: USD1,224 million)9. During
Rankings, Peak Reinsurance ranked the 27th in terms of net
the Reporting Period, Peak Reinsurance received recognition
premiums written, unchanged from last year10.
from AM Best (A-), fully reflecting its good international brand
reputation, diversified product portfolio and geographical
advantages, as well as its solid financial strength.
Pramerica Fosun Life Insurance
As at the end of the Reporting Period, the Group held 50%
With the increasing public awareness of the potential financial equity interest in Pramerica Fosun Life Insurance.
impact from catastrophe losses, the global reinsurance
demand remains strong. In the first half of 2023, major During the Reporting Period, Pramerica Fosun Life Insurance
disasters occurred around the world, including the flooding recorded premium income of RMB2,295 million, representing
in New Zealand from the end of January to early February, a year-on-year increase of 101.68%. New premiums from the
immediately followed by Cyclone Gabrielle, which put some agent agency channel, the bank and post office agency channel
pressure on Peak Reinsurance, but also increased customers’ and the professional broker agency increased by 61%, 181%
demand for adequate reinsurance protection. On the other and 224% year-on-year respectively. Net loss amounted to
hand, the availability of global reinsurance capital was still RMB0.81 million.
tight due to the global capital market turmoil caused by losses
from previous catastrophic events, and the tight international In the first half of 2023, the social and economic operation
money supply. The strong demand and declining reinsurance showed a recovery trend. Pramerica Fosun Life Insurance
capacity jointly contributed to higher reinsurance rates. seized the phased opportunities in the market, accelerated
the pace of business operation, promoted the construction
Against a backdrop of rising property and casualty reinsurance of diversified channels, actively promoted the optimization
rates and tight availability of capital across the world, Peak of the business structure, and focusing on long-term value
Reinsurance was well positioned to capitalize on its strength, growth. In terms of channel strategy, it made overall plans to
flexibly adjusting its strategy to deliver excellent financial promote the high-quality professional, ecological and digital
performance, and prudently managed its risk exposures. At the development of professional broker agency, bank and post
same time, its life and health insurance reinsurance business office agency and agent channels. During the Reporting Period,
continued to maintain strong organic growth momentum, the per capita new policy regular premium of the agent team
and its footprint expanded from China to the Middle East and was RMB65,000/month, representing a year-on-year increase
Southeast Asia. of 53%, and the capacity index ranked among the top in the
industry. In terms of product services, it adhered to focusing on
Amid increasing expectation that the monetary tightening the whole life-cycle insurance needs of its family customers,
cycle would come to an end in the global financial market, and enhanced the brand reputation of “Knowing what you need,
Peak Reinsurance proactively made investments and managed customizing according to your needs (懂你所需、應需定制)”.
their risks towards a higher quality fixed income portfolio In terms of technological construction, it provided customers
and strengthened its liquidity. Generally speaking, the return with convenient digital services such as policy registration
on investment of Peak Reinsurance increased to 2.3% (non- and policy custody, and completed a major upgrade of the
annualized) in the first half of 2023, with investable assets and core system technology platform. In terms of ecosystem
net assets of USD3 billion and USD1.3 billion respectively. empowerment, it utilized technology empowerment and an
ecosystem to build its own differentiated competition barriers
and strive to become a provider of happy life for customers. In
the first half of 2023, Pramerica Fosun Life Insurance issued a
total of 3,240 policies for senior community.
9 The figures disclosed are unaudited for the end of the first half of 2022 and 2023.
10 Source: S&P Global Ratings Top 40 Global Reinsurers And Reinsurers By Country: 2022, 30 August 2022. Ranking is based on 2021 net reinsurance premiums
written.
Looking forward to the second half of 2023 and beyond, Looking forward in the second half of 2023 and beyond, Fosun
Pramerica Fosun Life Insurance will continue to adhere to United Health Insurance regarding “protecting the healthy life
the business philosophy of long-term value increase, with of hundreds of millions of Chinese families” as its mission,
“guarding the future you want (守護你想要的未來)” as its Fosun United Health Insurance will develop a membership
mission, and integrate the high-quality development concepts operation system centering on family customers, treat senior
of “entrepreneurship, innovation and creation” to expand the care, rehabilitation, and maternal and child businesses as top
business and service coverage of the bank and post office priority, thereby establishing a comparative advantage in the
agency channels and professional broker agency channels, segmented market competition, so as to create greater value
continue to promote the steady and high-quality development for shareholders and customers.
of the agent force, and constantly explore micro-innovation
of the product system. Pramerica Fosun Life Insurance will
ASSET MANAGEMENT
build up a differentiated competitive advantage with the help
of “insurance + ecosystem” to continue its lean operation, and During the Reporting Period, the revenue and (loss)/profit
enhance the quality of its operations. attributable to owners of the parent of the Asset Management
segment were as follows:
Fosun United Health Insurance
Unit: RMB million
Established in January 2017, Fosun United Health Insurance
is the sixth professional health insurance company in China
jointly sponsored by the Group and other 5 companies. As at
the end of the Reporting Period, the Group held 20% equity
ended ended same
interest in Fosun United Health Insurance.
2023 2022 last year
In the first half of 2023, with the concerted efforts of
macroeconomic policies, the gradual resumption of normalized Revenue 6,992.6 7,082.5 (1.3%)
socio-economic operation, the life insurance industry was in a (Loss)/Profit attributable to
stage of growth recovery. Fosun United Health Insurance made owners of the parent (546.0) 2,001.4 (127.3%)
good use of its ecosystem, customer operation, innovation
impetus, technological innovation and digital intelligence,
During the Reporting Period, the revenue of the Asset
and managed to grow faster than the industry average,
Management segment decreased by 1.3% year-on-year, which
realizing revenue from the insurance business of RMB2,313
was mainly due to the revenue decrease of Asset Management
million, representing a year-on-year increase of 14.2%. Fosun
(Property) business. The loss attributable to owners of the
United Health Insurance served over 6.72 million customers
parent of RMB546.0 million, representing a decrease of 127.3%
in aggregate, representing a year-on-year increase of 2.6%
as compared with the profit attributable to owners of the
compared to the same period of last year. During the Reporting
parent of RMB2,001.4 million of the same period of last year,
Period, the number of newly registered members of the official
was mainly attributable to the sales cycle fluctuation by Asset
client application “Kang You Wei (康有唯)” exceeded 170,000,
Management (Property) business during the Reporting Period,
and the total number of registered members reached 499,000.
attributable to the decrease in profit from sale of completed
properties.
Fosun United Health Insurance always focuses on the track of
health insurance, and has developed special heath protection
Fosun Capital
products catering to the healthcare needs of Chinese families
and enterprises. Since its establishment, Fosun United Health Fosun Capital provides high-quality equity investment and
Insurance has provided more than 170 special insurance management services to investors such as well-known family
products and health management services to Chinese families funds, pensions, insurance companies, listed companies,
and corporate customers, including more than 16 products large investment institutions and high net worth individuals
with new sales volume of more than RMB5 million in the first domestically and internationally. As at the end of the Reporting
half of 2023. Period, the Group held 100% equity interest in Fosun Capital.
As at the end of the Reporting Period, Fosun Capital had Fosun RZ Capital was awarded “Top 100 China Best Venture
invested in over 100 companies, and successfully exited from Capital Institutions in 2022” by Touzhong.com, and “Top 100
investments in more than 50 companies through domestic or Chinese Venture Capital Institutions in 2022” by Zero2IPO
overseas listings, equity transfer and other ways. Fosun Capital Group during the Reporting Period.
had a total of 22 funds under management accumulatively,
with an asset size under management of over RMB20 billion. In the future, Fosun RZ Capital’s investment will deepen its
As at the date of this report, among the enterprises invested involvement in technological innovation and strive to capture
by Fosun Capital, 15 of Fosun Capital’s investment companies more technology-driven investment opportunities. Fosun RZ
submitted for IPO, three of which were approved by the listing Capital will evolve together with global outstanding enterprises
review committee of the Shenzhen Stock Exchange, and one and maintain empowering the development of the four business
of which was approved by the listing review committee of the segments of the Group.
Shanghai Stock Exchange.
Hauck Aufhäuser Lampe Privatbank AG (HAL)
During the Reporting Period, Fosun Capital was ranked of 10th Founded in 1796, HAL is headquartered in Frankfurt with
among the “Top 100 Best Private Equity Investment Institutions offices in several key German cities such as Munich,
in China of 2022” and 7th among the “Top 50 Best Chinese Düsseldorf, Hamburg, Berlin and Stuttgart. It also has branches
Private Equity Investment Institutions in China of 2022” by in Luxembourg, Dublin and London, a subsidiary in Vienna and
Touzhong.com. a representative office in Paris. As of the end of the Reporting
Period, the Group held 99.69% equity interest in HAL.
Looking forward, relying on its excellent investment
capabilities, high-quality post-investment services and the HAL aims to rank among the top 3 private banks in Germany
Group’s strong global industry integration capabilities, Fosun with a focus on managing, maintaining, serving and trading
Capital will be able to empower its portfolio companies in client assets. The bank follows a clear growth strategy with
terms of business resources and industrial depth and help the a diversified and capital-light business model covering four
companies realize long-term value creation and sustainable core business areas, i.e. Asset Servicing, Private & Corporate
development. Banking, Investment Banking and Asset Management.
Fosun RZ Capital Despite the headwinds in the economic environment, HAL

The vision of Fosun RZ Capital is to become a global leading experienced another year of significant growth. The acquisition
industry investment institution, with the aim of generating of Bankhaus Lampe KG increased the interest-paying assets
excellent investment returns and long-term strategic value for of the private banking business and paid off richly under the
the Group. As at the end of the Reporting Period, the Group anticipating of the interest rate hikes. At the same time, the
held 100% equity interest in Fosun RZ Capital. loan portfolio does not face significant issues as it has been
managed on low volume and low risk. As at the end of the
Fosun RZ Capital has long focused on investment in high- Reporting Period, HAL’s assets under service and management
growth and high-tech companies in major economic growth reached EUR266 billion, representing an increase of 11%
regions worldwide, creating an influential global industry-wide compared to the same period of 2022. At the end of June 2023,
innovation ecosystem. As at the end of the Reporting Period, HAL’s total assets in the balance sheet was EUR13.30 billion.
the total management size of Fosun RZ Capital was nearly At the same time, HAL’s gross income increased by 24% during
RMB10 billion which has invested in over 100 high-quality the Reporting Period to EUR224 million compared with the
enterprises. Fosun RZ Capital has a globalized core team of same period of 2022. HAL’s profit before tax increased from
around 50 employees in seven offices around the world, with EUR23.70 million in the first half of 2022 to EUR59.70 million
an average of more than ten years’ investment experience. in the first half of 2023, due to higher interest revenue with
During the Reporting Period, Fosun RZ Capital has invested in moderately increased administrative expenses at the same
several high-quality enterprises in the fields of new technology, period.
new energy, and new overseas development, and has exited
more than 10 invested projects.
HAL’s growth story gained recognition from the public. As As at the end of the Reporting Period, the consolidated total
a result, the bank received several awards including “Best assets of BCP amounted to EUR90,950 million, representing
Private Bank in Germany 2022”, “Germany’s Most Popular Bank a decrease of 5.3% year-on-year. BCP’s consolidated loans
2023”, “Leading Employers in Germany 2023”. to customers (gross) amounted to EUR57,912 million,
representing a slight decrease of 1.3% year-on-year. By region,
Furthermore, HAL is proactively responding to ESG loans to customers (gross) in Portugal amounted to EUR39,883
developments and continuously optimizing its corporate million, representing a slight decrease of 1.7% year-on-year.
governance to fully meet regulatory requirements. A dedicated Although loans from local individual customers remain active, it
group-wide ESG department and ESG Committee ensure was affected by the lower demand for corporate loans in a rate
consistency with the ESG strategy across all business hike environment, and a 14.4% reduction in non-performing
lines, focusing on current market developments, regulatory loans. Loans to customers (gross) in Poland amounted to
requirements and organizational structure. HAL’s extensive EUR17,296 million, representing a decrease of 6.2% year-on-
activities to put the ESG strategy into practice have also year, mainly due to the local management’s efforts to improve
received external attention and an award for “outstanding its capital adequacy ratio and optimize risk-weighted assets,
sustainable engagement”. which resulted in a reduction of loans.
BCP During the Reporting Period, the quality of BCP’s loan

In 1985, a group of over 200 shareholders and a team of assets was solid and it continued its strategy to reduce non-
experienced banking professionals incorporated BCP. During performing assets. The non-performing exposure (NPE)
the period from 1995 to 2000, BCP solidified its position in reduced by EUR361 million at BCP’s group level, resulting in
the Portuguese banking market through a series of strategic a reduction in the NPE ratio as a percentage of the total loan
mergers and acquisitions, and became the largest privately- portfolio from 3.8% as at the end of 2022 to 3.7% as at the end
owned private bank in Portugal. Since 2000, BCP has been of the Reporting Period. At the same time, the coverage of NPE
strengthening its position in the emerging markets in Europe at BCP group level increased by 9.1 percentage points year-on-
and Africa, especially Poland, Mozambique and Angola, which year to 73.6% as at the end of the Reporting Period.
have close historical connection with Portugal. Since 2010,
BCP has entered the Chinese mainland market through its Meanwhile, during the Reporting Period, another remarkable
Guangzhou representative office and relaunched its business performance of BCP was customer growth. The number of
activities in Macau with onshore full banking license. In active customers at BCP’s group level increased from 6.48
November 2016, the Group invested in BCP. As at the end of the million at the end of 2022 to 6.57 million, among which the
Reporting Period, the Group held 29.95% equity interest in BCP. number of mobile active customers increased from 4.09 million
at the end of 2022 to 4.31 million. During the Reporting Period,
During the Reporting Period, the consolidated core operating BCP received several external awards and recognitions. BCP
profit (net interest income plus net fees and commission was awarded “Best Investment Bank 2023 in Portugal” by
income less operating costs, excluding the impact of one-off Global Finance , as well as “Consumer Choice in Portugal 2021,
factors) of BCP amounted to EUR1,199.9 million, 40.1% higher 2022 and 2023” in the “Large Banks” category in Portugal.
than EUR856.5 million of the same period of last year, the The BCP Poland was awarded the best bank in Poland in the
results performance of which was remarkable. In particular, “2023 World’s Best Banks List” by Forbes , and ActivoBank was
the core operating profit in Portugal reached EUR692.5 million, awarded “Customer Choice” under the “Digital banks” for 5
which increased by 65.0% as compared to EUR419.6 million consecutive years.
of the same period of last year. The core operating profit in
Poland reached EUR451.8 million, which increased by 18.0% as In the first half of 2023, BCP delivered strong half-year results
compared to EUR382.8 million of the same period of last year. in a challenging surrounding environment, and maintained
The growth in core operating profit was driven by a significant high liquidity and a sound capital level. Its operations rapidly
widening of the net interest margin between the Eurozone and recovered in the post-pandemic period, and achieved several
Poland due to several rate hikes by the European Central Bank objectives announced in its new strategic plan “Excellence
(ECB) and the Polish base rates at its highest level since 2013. 2024” ahead of schedule. Looking ahead, BCP will continue
BCP’s net profit attributable to shareholders reached EUR423.2 to focus on its five future strategic priorities for talent
million, which significantly increased by 580.4% as compared optimization, mobile digitization, growth and leadership in the
with the same period of last year despite higher day-to-day Portuguese market, international expansion, and business
operating expenses resulting from the inflation in Portugal and model sustainability, in order to create and share value with its
Poland, and the relevant expense regarding Swiss Franc loan customers.
risk increased to EUR399.1 million as compared to the same
period of last year.
The Bund Finance Center (“BFC”)

Located at 600 Zhongshan No. 2 Road (E), Shanghai, China,
BFC is a benchmark project of the Group’s “Hive City”, and also
a landmark of a large-scale all-in-one ecosystem commercial
complex in the core area of the Bund in Shanghai. The project
embraced its opening on 12 December 2019. The gross floor
area (“GFA”) of BFC is over 420,000 square meters. BFC’s main
businesses include (i) office rental business which offers a
super-grade-A office building with an occupancy rate of 92%
during the Reporting Period; (ii) retail business that houses
over 200 stores and brands, of which approximately 30 stores
are the first of its kind; (iii) catering business that offers an
array of high-quality international restaurants and over 4 INTELLIGENT
MANUFACTURING
restaurants that won Michelin stars, including the legendary
Italian restaurant “DA VITTORIO SHANGHAI”, which has won two
Michelin stars consecutively; (iv) health business with a fitness
club, BFC FITNESS, and a high-end medical clinic Zallhui (卓
爾薈); (v) art gallery conducted through Fosun Foundation Art
Center (Shanghai).
During the Reporting Period, BFC recorded total operating

revenue of RMB419 million, representing an increase of 3%
from the same period of 2022; operating EBITDA was RMB262 INTELLIGENT MANUFACTURING
million, which remained unchanged as compared with the
During the Reporting Period, the revenue and profit attributable
same period of 2022. In the first half of 2023, BFC heightened
to owners of the parent of the Intelligent Manufacturing
its efforts both online and offline which added about 100,000
segment were as follows:
members, and the total number of members exceeded
880,000 as at the end of the Reporting Period. In respect of
Unit: RMB million
offline operation, BFC launched the Bund Art Festival (藝術
季), Music Festival (音樂季) and Fashion Festival (時尚季) and
other highlighted activities in succession. By creating its own
IP festivals, BFC more accurately reached the trendy young
ended ended same
population.
2023 2022 last year
Looking forward, BFC will deepen its implementation of FC2M
strategy and introduce Fosun’s excellent industry resources to Revenue 5,460.2 5,127.0 6.5%
meet the clients’ needs, providing caring services to families Profit attributable to owners
to meet their desires for a better life, and securing its building of the parent 118.2 1,041.0 (88.6%)
of the “Happiness Ecosystem”. At the same time, leveraging
its close proximity to Yuyuan Tourist Mart, BFC will strive to
During the Reporting Period, the revenue of the Intelligent
achieve two-way empowerment with Yuyuan Tourist Mart in
Manufacturing segment amounted to RMB5,460.2 million,
the future, aiming to become a “Grand Yuyuan” that integrates
representing a year-on-year increase of 6.5%, and profit
culture, art, tourism, consumption, finance, commerce and
attributable to owners of the parent amounted to RMB118.2
natural scenery with full upgrade of its overall regional image
million, representing a year-on-year decrease of 88.6%. The
and industrial ecosystem to become the most representative
main reason for the increase in revenue was due to business
new landmark in Shanghai.
growth of Easun Technology. The main reason for the decrease
in profit was due to the strategic exit of some investments in
joint ventures and associates (including Jianlong Shares and
Nanjing Nangang), resulting in a decrease in the share of profit
of joint ventures and associates in Intelligent Manufacturing
segment.
Hainan Mining by around 20% as compared to that of the first quarter in 2023.
The compliance procedures and equipment procurement for
As at the end of the Reporting Period, the Group held 45.80%
the 20,000-tonnes lithium hydrogen oxide project (phase I) have
equity interest in Hainan Mining.
completed. With construction units in position, the project has
entered the construction fast track.
Hainan Mining focuses on the operation of two types of
resources of industry of iron ore and oil and gas, mainly
During the Reporting Period, Hainan Mining actively facilitated
including (i) iron ore mining, processing and sales business;
investments and mergers and acquisition in upstream oil
(ii) oil and gas exploring, developing and sales business; (iii)
and gas and new energy industry, and accelerated strategic
commodity trade and processing business; and (iv) production
transformation. In January 2023, Hainan Mining proposed
and sales of sand and gravel materials. During the Reporting
the acquisition of 49% equity interest in ROC at a cash
Period, Hainan Mining recorded revenue of RMB2,401 million,
consideration of USD163 million. As of today, the approval
representing a decrease of 12.63% year-on-year; net profit
procedures of Foreign Investment Review Board (FIRB) of
attributable to shareholders of the listed company of RMB303
Australia had completed, while the approval procedures in
million, representing a decrease of 30.78% year-on-year;
China is still ongoing. In the same month, Hainan Mining
net cash flows from operating activities of RMB733 million,
proposed to make an investment of USD118 million in KOD
representing a decrease of 4.25% year-on-year.
and its wholly-owned subsidiary, namely KMUK, to obtain a
controlling equity interest in a lithium mine asset of Bougouni
During the Reporting Period, based on the first annual
in Mali, Africa. In April 2023, Hainan Mining completed the
production capacity of underground mining of Shilu Branch
domestic approval for the above transaction. As at the end of
in 2022, the output of underground mining was 2.6822
the Reporting Period, relevant restructuring procedures, such
million tonnes, representing an increase of 0.92% year-on-
as debt restructuring, of KMUK had basically completed, and is
year. The output of finished ore was 1.4418 million tonnes,
currently pushing forward the other restructuring procedures,
representing completion of 52.81% of the estimated annual
such as the establishment of relevant companies incorporated
output. ROC continued to stabilize production and enhance
in Mali, and the change in exploration right and mining right.
efficiency through optimization of development technology
and operation and management method. In the first half of
In terms of organizational construction, Hainan Mining
2023, ROC produced 2.6864 million barrels of oil and gas.
continued to facilitate relevant works on the 2022 restricted
Weizhou 12-8E block commenced operation in April 2022
share incentive scheme in relation to the grant of 3,457,800
and sustained high production during the Reporting Period.
restricted reserved shares to 46 participants. In terms of
In June 2023, Huizhou 12-7 oil field was approved by the
digitalization and intelligent construction, Hainan Mining
relevant government department in PRC, and the newly added
launched the supply chain system and construction
proven geological reserves of oil are nearly 10 million tonnes.
management system, providing more efficient and smart
It is one of the important milestones that will contribute the
support for business operation. Shilu Branch commenced
production to ROC in the future. Meanwhile, the relatively stable
the upgrade and construction of smart mine, and facilitated
domestic settlement prices of natural gas balanced the risk of
the progress of realizing unmanned underground equipment
fluctuations in crude oil prices and ensured the relative stable
operation, automated production, integrated production
revenue from the oil and gas business.
management and control, and information management
visualization.
D u ring th e R e p orti n g P e r i o d , t h e c o n st r u c t i o n o f ke y
engineering projects of Hainan Mining underwent smoothly,
In the second half of the year, centering on the “14th Five-
laying a solid foundation for the sustainable business
Year Plan” strategic development plan, Hainan Mining will
development of different main tracks. The construction of
continued to develop industrial operation, aiming to achieve
-120m∼-360m middle range mining engineering project of
the production and operation goal of annual finished iron ore
Shilu iron field completed drilling of 2,460.21m, completing
output of 2.73 million tonnes and oil and gas output of 5.73
31.25% of its annual plan and the progress of the project
million barrel equivalent. It will also promote the construction
general plan is closed to 30%. The construction of magnetized
of key engineering projects such as magnetized roasting and
roasting project made significant progress, and is expected
lithium hydrogen oxide project. On the other hand, Hainan
to fulfill the conditions for feeding test in September 2023.
Mining will continue to implement industrial investment and
The supercharging and depressurization project in 70 wells of
industry-finance integration, focus on facilitating investments
Bajiaochang gas field of ROC successfully put into production.
and mergers and acquisition in upstream oil and gas and new
The production volume in the second quarter in 2023 increased
energy industry, and promote the implementation of direct
financing projects in capital market such as open issuance of
convertible corporate bonds to public.
JEVE In terms of customer development, JEVE proactively deepened

its cooperation with existing customers to develop new projects
As at the end of the Reporting Period, the Group and the non-
for new models. During the Reporting Period, the Dongfeng
consolidated entities in which the Group participated in the
Nissan project and the Geely Vremt project commenced
investment jointly held 49.95% equity interest in JEVE.
delivery. JEVE obtained nomination of Jiangning (江鈴) lithium
iron project, Ennovation light truck project and Dayun (大
During the Reporting Period, JEVE adhered to technological
運) project, etc., received quotations and development needs
innovation and lean operation, but its business was affected by
from many customers such as Wuling New Energy (五菱新能
a combination of factors such as destocking in the industry and
源), Geely (吉利), Box Automobile (盒子汽車), Volvo, FAW Jetta
a slowdown of downstream of new energy vehicle growth. Its
(一汽捷達), Changan New Energy (長安新能源), and Taizhou
revenue decreased by 44.77% year-on-year to RMB488 million,
Tianyao New Energy ( 泰州天垚新能源), and entered into
and its installed capacity decreased by 19.34% year-on-year to
strategic cooperation agreements with Pengsen (鵬森) and a
0.73 GWh.
company in Silicon Valley, the U.S., which fully demonstrated
the competitiveness of JEVE’s power battery products in the
In terms of R&D, JEVE further strengthened cooperation with
downstream vehicle market.
renowned scientific research institutes, actively deployed
cutting-edge technologies, and increased investment in R&D.
Looking forward, based on the existing market capacity and
As at the end of the Reporting Period, JEVE had applied for
scale, JEVE will conduct in-depth analysis and implement
1,549 patents, among which 590 were invention patents, and
measures practically by way of the four dimensions of “target
undertook 16 national projects and 12 local projects. Based
customer planning, product and R&D technology planning,
on the developed soft pack cell with an energy density of
marketing planning and capital planning”, so as to achieve the
approximately 320Wh/kg, JEVE continued to develop a product
leading position in the domestic power battery field, and finally
system with an energy density of 350Wh/kg. In terms of core
become an outstanding green energy system solution provider.
products, on the basis of consolidating the 355 cells and
modules, JEVE enriched and standardized the development of
MEB590 cells and systems, which are in mass production now.
Easun Technology
Established in 2018, Easun Technology acquired 100% equity
In terms of square structure products, according to interest in FFT, Germany, one of the major providers of
the development progress, various models were tested intelligent manufacturing solutions in the automobile industry
successively after assembly completion, and the mass in the world, in 2019. As at the end of the Reporting Period,
production of the products would be realized in 2023. On the Group and the non-consolidated entities in which the
the basis of the development experience of the original NCM Group participated in the investment held 83% equity interest
high energy density system, lithium iron phosphate products in Easun Technology. Easun Technology has been focusing on
would be developed as a key system in 2023, and the specific the development of two core businesses in the global market:
development of a number of customers’ products have been (i) the R&D and production of automated and digital production
completed. lines and (ii) the design and upgrading of manufacturing
software for the automotive industry, and will continue to
In terms of production capacity construction, the four accelerate the development of industrial digitalization business
production bases in Tianjin, Yancheng, Jiaxing and Changxing to provide customers with a whole-process coverage of
continued to make progress, and the preparation of production intelligent factory solutions.
base in Chuzhou continued. The total production capacity of
JEVE was going to reach a new level. During the Reporting During the Reporting Period, Easun Technology realized
Period, the second phase of the Yancheng base, and the revenue of RMB3.10 billion, representing an increase of 26.8%
Changxing base of JEVE commenced operation. The production from the same period of 2022 with new orders amounting to
of square battery commenced at the Changxing base, which RMB5.34 billion, representing an increase of 46.67% from the
opened up a new situation for JEVE’s development in the same period of 2022, benefiting from a domestic new energy
square battery field, laid a foundation for JEVE’s future vehicle boom and accelerated electrification initiated by
business development and market expansion, and facilitated to European and U.S. automobile producers.
enhance the market competitiveness of JEVE.
In the future, Easun Technology will constantly enhance the In terms of capacity construction, Wansheng currently has
profitability and competitiveness of its main business in the four main production bases: (1) Zhejiang Linhai Production
automotive industry, expand its business scale and market Base, which produces flame retardants, coating additives
share, fully utilize its own automation technology accumulation, and other products, with a designed production capacity of
and developed customers in other industries for its automation 133,500 tonnes; (2) Jiangsu Taixing Economic Development
business. Meanwhile, Easun Technology will continue to invest Production Base, which produces amine additives, catalysts,
in R&D and global supply chain construction and reduce costs, quaternary ammonium salts and other products, with
and continue to expand its existing proprietary technologies a d e s i g n e d p r o d u c t i o n c a p a c i t y o f 65,300 t o n n e s ; (3)
and standard product sequences in laser, vision, lightweight Shandong Weifang Production Base, which produces flame
fixture, etc., and build superior intelligent equipment as part retardant raw materials, flame retardants, epoxy resins
of the production lines designed by it through endogenous and additives, surfactants, etc., is still under construction.
R&D and outbound mergers and acquisitions, thereby reducing After the construction is completed, an additional capacity
its production costs and enhancing its competitiveness. of 319,300 tonnes Phase I will be added; and (4) Shandong
Easun Technology will also accelerate the development of its Jining Production Base, produces phosphorus oxychloride,
industrial digitalization business and provide customers with phosphorus pentachloride and other products, with a designed
complete smart factory solutions. production capacity of 121,500 tonnes.
Wansheng In terms of R&D innovation, Wansheng attaches great importance

In the first half of 2023, due to a sharp decline in global end to product innovation and R&D, and the establishment of research
user consumption demand resulting from the energy crisis in institutes. In addition to increasing the original R&D investment in
Europe, which was triggered by geopolitical volatility and the research institutes, in the first half of 2023, Wansheng established
continued rate hikes in the U.S. and Europe amid high inflation, a new institute of advanced materials and engineering, introduced
as well as changes in the market supply and demand pattern high-end R&D talents and teams. Relying on Wansheng’s
resulting from the expansion of production capacity in the Shanghai R&D center, Zhejiang Linhai headquarters R&D
domestic market, the prices of flame retardants, the primary center, and the major production bases, Wansheng focused on
product of Wansheng, decreased year-on-year and, accordingly, its strategic businesses, conducted comprehensive technology
gross profit per tonne of the primary product declined. For the innovation work such as independent R&D and cooperative
first half of 2023, its revenue was RMB1.425 billion, down by development, and strived to make breakthroughs in high-tech and
20.61% year-on-year, while net profit attributable to the parent advanced technology, especially in the “neck-stuck” technological
was RMB116 million, down by 51.66% year-on-year. challenges, thus forming a technology and application platform
with unique advantages, and accelerating the industrialization of
the results of technology innovation. As at the end of the Reporting
Period, Wansheng had 62 invention patents, 61 utility model
patents, 6 software copyrights and 206 applications of patents
(including 134 invention patents and 72 utility model patents).
Looking forward, Wansheng will create more value for

customers through continuous innovation, become a trusted
partner for global customers, and develop into a globally
leading supplier of functional new materials.
FINANCIAL REVIEW Capital Expenditures and Capital Commitment

CHANGES IN ACCOUNTING POLICIES The capital expenditure of the Group mainly consists of
additions to property, plant and equipment, exploration and
The Group has implemented the accounting policy of “Hong
evaluation assets, mining rights, intangible assets, investment
Kong Financial Reporting Standard No.17-Insurance Contract”
properties and oil and gas assets. We have been increasing
(“HKFRS 17”) starting from 1 January 2023. HKFRS 17 is
our investment in the R&D of pharmaceutical products in order
a comprehensive new accounting standard for insurance
to produce more proprietary products with higher gross profit
contracts covering recognition and measurement, presentation
margin. With an aim to further strengthen our leading role
and disclosure. HKFRS 17 replaces the existing HKFRS
in the happiness industry, we have made extra efforts in the
4-Insurance Contracts. Please refer to Note 1.2 to the interim
Happiness segment.
condensed consolidated financial information for more
information about the impact of HKFRS 17 on the Group.
As at 30 June 2023, the Group’s capital commitment contracted
but not provided for was RMB14,348.3 million. These were
With the implementation of HKFRS 17, the important
mainly committed for property development, addition of plant
insurance subsidiaries of the Group (eg. Fidelidade and Peak
and machinery, oil and gas assets and investments. Details of
Reinsurance), after analyzing the industrial practices and
capital commitment are set out in note 14 to interim condensed
its own business patterns, find it more reliable, relevant
consolidated financial statements.
and comparable to present all assets and liabilities in the
order of liquidity under the HKFRS 17 reporting frameworks.
Indebtedness and Liquidity of the Group
Considering the consistency of financial reporting between the
subsidiaries and the Company, and importance of the insurance As of 30 June 2023, the total debt of the Group was
business to the Group, the Group changed the presentation of R M B220,924.3 m i l l i o n , r e p r e s e n t i n g a d e c r e a s e f r o m
all assets and liabilities to being in order of liquidity for the RMB226,919.2 million as of 31 December 2022, which was
first time in the financial statements of the Reporting Period, mainly due to decrease in borrowings as a result of the Group’s
together with the implementation of HKFRS 17. The Group also active management of maturing debts. As of 30 June 2023,
discloses in Note 18 to the interim condensed consolidated medium-to-long-term debt of the Group accounted for 51.2%
financial information, for each asset and liability line item, the of total debt, while 53.2% as of 31 December 2022. As of 30
amounts expected to be recovered or settled in (a) no more June 2023, cash and bank balance and term deposits increased
than twelve months after the Reporting Period, and (b) more by RMB14,116.0 million to RMB114,680.0 million as compared
than twelve months after the Reporting Period. with RMB100,564.0 million as of 31 December 2022.
Net Interest Expenditures During the Reporting Period, the average financing cost was
5.32%, which increased by 0.82 percentage point as compared
Net interest expenditures, net of capitalized amounts of the
to that of the same period of 2022.
Group, increased to RMB5,791.1 million for the six months
ended 30 June 2023 from RMB5,124.7 million for the six
Unit: RMB million
months ended 30 June 2022. The increase in net interest
expenditures was mainly attributable to the increase in the
interest rate. For the six months ended 30 June 2023, the 30 June 31 December
interest rates of borrowings were approximately between 0.0% 2023 2022
and 12.2% as compared with approximately between 0.0% and Total debt 220,924.3 226,919.2
12.1% over the same period of last year.
Cash and bank and
term deposits 114,680.0 100,564.0
Tax
Tax of the Group was RMB2,422.8 million for the six months
ended 30 June 2023, which was increased by RMB1,250.1
million compared with that for the six months ended 30 June
2022 of RMB1,172.8 million. The increase in tax was mainly
due to the increase in taxable profit of the Group.
The original denomination of the Group’s debt as well as cash The Maturity Profile of Outstanding Borrowings
and bank and term deposits by currencies, equivalent in RMB,
The Group sought to manage and extend the maturity of
as at 30 June 2023, is summarized as follows:
outstanding borrowings, so as to ensure that the outstanding
borrowings of the Group due to mature every year would not
exceed the expected cash flow of that year and the Group has
Total debt the re-financing ability for the relevant liabilities in that year.
RMB 123,811.9
Outstanding borrowings classified by year of maturity as at 30
USD 49,898.0 June 2023 are as follows:
EUR 34,797.1
HKD 7,827.7
JPY 3,542.6
Others 1,047.0
48.8% Within one year
21.9% In the second year
Unit: RMB million equivalent 19.8% In the third to fifth
years, inclusive
9.5% Over five years
Cash and Bank and

Term Deposits
RMB 30,360.9
USD 14,589.3
EUR 61,282.9
Available Banking Facilities
HKD 1,585.1 As at 30 June 2023, save for cash and bank balances and term
deposits of RMB114,680.0 million, the Group had unutilized
JPY 724.0
banking facilities of RMB140,397.3 million. The Group has
Others 6,137.9
signed strategic cooperation agreements with various foreign
and Chinese banks. According to these agreements, the
banks committed to strengthening further on the existing
Unit: RMB million equivalent relationship, and providing comprehensive financial support
toward the Group’s “Health, Happiness, Wealth and Intelligent
Manufacturing” businesses. Prior approval of individual
Total Debt to Total Capital Ratio projects by banks in accordance with bank regulations of China
As of 30 June 2023, the ratio of total debt to total capital must be obtained before the use of these banking facilities.
(gearing ratio) decreased to 51.8% as compared with 53.0% as As at 30 June 2023, available banking facilities under these
of 31 December 2022. The healthy debt ratios and abundant arrangements totaled approximately RMB324,986.9 million, of
funds can reinforce the Group’s ability to defend against which RMB184,589.6 million was utilized.
external risk exposure and ensure the Group to capture
investment opportunities. Pledged Assets
As at 30 June 2023, the Group had charges on assets of
Basis of Calculating Interest Rate RMB139,389.3 million (31 December 2022: RMB128,855.4
To stabilize interest expenses, the Group endeavored to million) for bank and other borrowings. Details of pledged
maintain appropriate borrowings at fixed interest rates and assets are set out in note 11 to interim condensed consolidated
floating interest rates. The Group made timely adjustment to financial statements.
the debt structure according to the interest rate policy, seeking
to optimize the interest rate level. As at 30 June 2023, 52.1% Contingent Liabilities
of the Group’s total borrowings bore interest at a fixed interest The Group’s contingent liabilities was RMB8,976.2 million
rate. as at 30 June 2023 (31 December 2022 RMB9,263.7 million),
Details of contingent liabilities are set out in note 15 to interim
condensed consolidated financial statements.
Interest Coverage Interest rate exposure

For the six months ended 30 June 2023, the interest coverage The Group uses bank loans and other borrowings to meet
was 3.0 times as compared with 2.9 times for the same period its capital expenditure and working capital requirements
in 2022. The increase was mainly due to the increase in EBITDA from time to time and is subjected to the risk of interest rate
of the Group for the Reporting Period increased to RMB17,511.9 fluctuation. Since a certain amount of the Group’s borrowings
million from RMB14,981.1 million for the same period in 2022. is provided at floating interest rates which are subjected
to change by the lenders as required by amendments of
regulations of the People’s Bank of China and the market
Financial Policies and Risk Management
conditions in and outside Mainland China, the interest expenses
General policy of the Group will increase if the People’s Bank of China or
The Company maintains the financial independence of different foreign banks increase their interest rates.
business segments. Nevertheless, the Company also gives
appropriate guidance on the fund management of different Application of derivatives
segments so as to ensure that risks of the Group are well The Group will apply derivative instruments as necessary to
monitored and financial resources are being effectively applied. hedge the risk exposure instead of speculation.
To maintain multiple financing channels, the Group tries to
obtain funds from different channels through banks and capital
markets. Finance arrangements are organised to meet the Forward-Looking Statements
needs of business development and match the Group’s cash This report includes certain forward-looking statements which
flow. involve the financial conditions, results and businesses of
the Group. These forward-looking statements are the Group’s
Foreign currency exposure expectation or beliefs on future events and they involve known
The functional currencies of the Company and PRC subsidiaries and unknown risks and uncertainties, which may cause actual
are HKD and RMB, respectively. The financial statements results, performance or development of the situation to differ
are presented in RMB. Each entity in the Group determines materially from the situation expressed or implied by these
its own functional currency. Foreign currency-denominated statements.
assets held by the Group are exposed to foreign exchange
risks. These assets include monetary assets such as deposits
and bonds held in foreign currencies and non-monetary
assets measured at fair value such as investment properties,
stocks and funds held in foreign currencies. The Group’s
foreign currencies denominated liabilities are also exposed
to risks as a result of fluctuations in exchange rates. These
liabilities include monetary liabilities such as borrowings,
customers’ deposits and claim reserves denominated in foreign
currencies. Financial settlement and currency conversion as
at the reporting date of these foreign currency-denominated
assets and liabilities may generate a certain amount of foreign
exchange losses or gains, thereby affecting the Group’s profits
or net assets. The Group will adopt appropriate hedging
methods as necessary to hedge the foreign currency risk
exposure.
INTERIM CONDENSED CONSOLIDATED STATEMENT

OF PROFIT OR LOSS
For the six months ended 30 June 2023

2023 2022
RMB’000 RMB’000
Notes (Unaudited) (Unaudited)
(Restated)
TOTAL REVENUE 3 97,064,648 87,549,647
Revenue 78,847,395 67,220,748
Insurance revenue 18,217,253 20,328,899
Cost of sales (54,776,033) (44,752,704)
Insurance service expense (15,185,907) (18,676,123)
Net service expense from reinsurance contracts held (1,198,247) (933,623)
Financial (expenses)/income from insurance contracts issued (432,410) 143,624
Financial income from reinsurance contracts held 52,418 12,719
Other income and gains 3 10,682,571 9,421,537
Selling and distribution expenses (10,398,121) (8,059,075)
Administrative expenses (13,718,503) (11,626,604)
Other expenses (1,937,351) (4,897,039)
Finance costs 4 (6,152,526) (5,618,979)
Share of profits of:
Joint ventures 377,185 626,484
Associates 2,618,088 2,306,386
PROFIT BEFORE TAX 5 6,995,812 5,496,250
Tax 6 (2,422,830) (1,172,764)
PROFIT FOR THE PERIOD 4,572,982 4,323,486
Attributable to:
Owners of the parent 1,359,746 2,282,157
Non-controlling interests 3,213,236 2,041,329
4,572,982 4,323,486
EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS
OF THE PARENT 7
Basic
– For profit for the period (RMB) 0.17 0.27
Diluted
– For profit for the period (RMB) 0.17 0.27

OF COMPREHENSIVE INCOME

2023 2022
RMB’000 RMB’000
(Unaudited) (Unaudited)
(Restated)
PROFIT FOR THE PERIOD 4,572,982 4,323,486
OTHER COMPREHENSIVE INCOME
Other comprehensive income that may be reclassified to profit or
loss in subsequent periods:
Finance reserve for insurance contracts issued (1,220,738) 4,403,736
Income tax effect 319,193 (1,225,980)
(901,545) 3,177,756
Finance reserve for reinsurance contracts held 72,748 (168,913)
Income tax effect (16,304) 18,285
56,444 (150,628)
Debt investments at fair value through other comprehensive income:
Changes in fair value 1,317,690 (6,374,879)
Changes in allowance for expected credit losses 77,781 (2,630)
Reclassification adjustments for (gains)/loss on disposal included in the
consolidated statement of profit or loss (37,662) 41,983
Income tax effect (426,960) 1,485,790
930,849 (4,849,736)
Fair value adjustments of hedging instruments in cash flow hedges (78,992) 157,921
Income tax effect 22,168 (39,731)
(56,824) 118,190
Fair value adjustments of hedging of a net investment in a foreign operation (140,750) 77,862
(96,414) 59,738
Share of other comprehensive income/(loss) of associates 18,149 (68,285)
Share of other comprehensive loss of joint ventures – (12,198)
Exchange differences on translation of foreign operations 2,741,778 16,657
Net other comprehensive gain/(loss) that may be reclassified to profit or
loss in subsequent periods 2,692,437 (1,708,506)

2023 2022
RMB’000 RMB’000
(Restated)
OTHER COMPREHENSIVE INCOME (Continued)
Other comprehensive income that will not be reclassified to profit or
loss in subsequent periods:
Revaluation (loss)/gain upon transfer from owner-occupied property to
investment property (8,849) 16,337
(5,362) 13,478
Actuarial reserve relating to employee benefit 24,490 193,655
Income tax effect (7,203) (56,828)
17,287 136,827
Equity investments designated at fair value through
other comprehensive income:
Change in fair value 1,278 (3,704)
Income tax effect (980) 1,220
298 (2,484)
Share of other comprehensive loss of associates (217,284) (27,377)
Net other comprehensive (loss)/income that will not be reclassified to
profit or loss in subsequent periods (205,061) 120,444
OTHER COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD, NET OF TAX 2,487,376 (1,588,062)
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 7,060,358 2,735,424
Attributable to:
Owners of the parent 2,712,456 620,821
7,060,358 2,735,424

OF FINANCIAL POSITION
30 June 2023
30 June 31 December
2023 2022
RMB’000 RMB’000
Notes (Unaudited) (Audited)
(Restated)
ASSETS
Cash and bank balances 114,680,038 100,564,000
Reverse repurchase agreements 2,077,606 –
Loans and advances to customers 17,487,273 16,162,944
Trade and notes receivables 8 14,180,253 13,200,451
Inventories 26,077,999 25,649,708
Completed properties for sale 15,887,608 15,028,738
Properties under development 59,566,197 62,079,128
Contract assets and other assets 86,658 610,268
Due from related companies 12,418,648 12,929,293
Prepayments, other receivables and other assets 35,126,474 35,314,912
Assets classified as held for sale 13,537,963 19,817,066
Placements with and loans to banks and other financial institutions 55,228 55,009
Derivative financial instruments 2,835,114 3,537,338
Financial assets at fair value through profit or loss 57,179,906 59,964,219
Finance lease receivables 815,433 789,562
Reinsurance contract assets 9,023,042 8,829,508
Insurance contract assets 1,713,265 1,539,288
Debt investments at fair value through other comprehensive income 72,032,080 63,534,883
Debt investments at amortised cost 25,357,640 25,171,823
Policyholder account assets in respect of unit-linked contracts 27,403,462 23,276,840
other comprehensive income 2,950,973 2,763,627
Property, plant and equipment 9 48,201,982 45,668,203
Investment properties 95,805,599 95,743,357
Right-of-use assets 22,480,682 21,297,657
Exploration and evaluation assets 573,547 584,684
Mining rights 472,636 480,763
Oil and gas assets 2,057,636 1,890,258
Intangible assets 35,924,419 34,278,110
Investments in joint ventures 10,170,412 9,903,075
Investments in associates 71,680,779 68,653,959
Goodwill 28,596,143 27,413,654
Deferred tax assets 8,418,201 8,457,243
Total assets 834,874,896 805,189,568
30 June 31 December
2023 2022
RMB’000 RMB’000
(Restated)
LIABILITIES
Deposits from customers 81,362,676 76,935,942
Assets sold under agreements to repurchase 10,159,868 151,868
Accounts payable to brokerage clients 1,198,960 3,828
Placements from banks and other financial institutions – 149,062
Financial liabilities at fair value through profit or loss 5,240,371 4,306,876
Liabilities directly associated with the assets classified as held for sale 122,529 117,467
Trade and notes payables 10 24,578,281 24,393,592
Contract liabilities 27,253,971 24,332,435
Tax payable 12,467,010 12,078,193
Due to banks and other financial institutions 3,341,062 1,141,108
Derivative financial instruments 3,488,790 3,148,744
Accrued liabilities and other payables 78,453,118 76,128,935
Due to the related companies 3,950,895 5,104,219
Interest-bearing bank and other borrowings 11 220,924,262 226,919,151
Reinsurance contract liabilities 3,327,592 3,387,408
Insurance contract liabilities 62,627,459 58,575,463
Investment contract liabilities 39,222,156 39,969,531
Financial liabilities for unit-linked contracts 27,403,462 23,276,840
Due to the holding company 285,442 122,606
Deferred income 1,194,488 1,231,069
Deferred tax liabilities 22,906,600 22,515,230
Total liabilities 629,508,992 603,989,567
NET ASSETS 205,365,904 201,200,001
EQUITY
Equity attributable to owners of the parent
Share capital 37,146,381 37,146,381
Treasury shares (192,381) (353,338)
Other reserves 88,287,752 85,875,927
125,241,752 122,668,970
Total equity 205,365,904 201,200,001
Guo Guangchang Gong Ping

Director Director

OF CHANGES IN EQUITY
Attributable to owners of the parent
Fair Exchange Non-

Issued Treasury Other Surplus value Other Retained fluctuation controlling Total
capital shares deficits reserve reserve reserve earnings reserve Total interests equity
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
At 31 December 2022 (As previously reported) 37,146,381 (353,338) (443,540) 16,958,449 (9,271,813) 6,779,196 74,457,983 (3,752,442) 121,520,876 78,108,939 199,629,815
Effect of changes in accounting policies (note 1.2) – – – – 990,071 1,808,395 (1,854,989) 204,617 1,148,094 422,092 1,570,186
At 1 January 2023 (As restated) 37,146,381 (353,338) (443,540) 16,958,449 (8,281,742) 8,587,591 72,602,994 (3,547,825) 122,668,970 78,531,031 201,200,001
Total comprehensive income/(loss) for the Period – – – – 517,667 (710,248) 1,359,746 1,545,291 2,712,456 4,347,902 7,060,358
Acquisition of subsidiaries (note 13(a)) – – – – – – – – – 135,198 135,198
Distributions to non-controlling shareholders of subsidiaries – – – – – – – – – (2,449,759) (2,449,759)
Transfer from retained profits – – – 1,215,754 – – (1,215,754) – – – –
Disposal of subsidiaries (note 13(b)) – – – – – – – – – (273,877) (273,877)
Final dividend declared – – – – – – (101,481) – (101,481) – (101,481)
Share of other reserve of associates – – – – – (104,472) – – (104,472) (2,215) (106,687)
Acquisition of additional interests in subsidiaries – – – – – 171,370 – – 171,370 (269,049) (97,679)
Deemed acquisition of additional interest in subsidiaries – – – – – (19,080) – – (19,080) 15,542 (3,538)
Disposal of partial interests in subsidiaries without losing control – – – – – 168 – – 168 1,262 1,430
Capital contribution from non-controlling shareholders of subsidiaries – – – – – – – – – 42,913 42,913
Deemed disposal of partial interests in subsidiaries – – – – – 47 – – 47 413 460
Reclassification of non-controlling interests to liabilities as if the
acquisition took place due to put options granted to non-controlling
shareholders of subsidiaries – – – – – (128,691) – – (128,691) (58,262) (186,953)
Repurchase and cancellation of shares of the Company – 2,797 – – – – (72,209) – (69,412) – (69,412)
Equity-settled share-based payments of the Company** – 158,160 – – – (46,283) – – 111,877 – 111,877
Equity-settled share-based payments of subsidiaries – – – – – – – – – 103,053 103,053
At 30 June 2023 (unaudited) 37,146,381 (192,381) (443,540)* 18,174,203* (7,764,075)* 7,750,402* 72,573,296* (2,002,534)* 125,241,752 80,124,152 205,365,904
* These reserve accounts comprise the consolidated other reserves of RMB88,287,752,000 (31 December 2022: RMB85,875,927,000 (restated)) in the interim
condensed consolidated statement of financial position.
** According to the share award scheme of the Company, 20,359,760 shares were vested during the Period.
Attributable to owners of the parent
Fair Exchange Non-

Issued Treasury Other Surplus value Other Retained fluctuation controlling Total
capital shares deficits reserve reserve reserve earnings reserve Total interests equity
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
At 31 December 2021 (As previously reported) 36,919,889 (254,519) (443,540) 16,601,416 (814,779) 6,131,977 77,084,283 (4,154,821) 131,069,906 72,143,992 203,213,898
Effect of changes in accounting policies – HKFRS17 (note 1.2) – – – – (130,576) (210,697) (991,418) 95,897 (1,236,794) (157,269) (1,394,063)
Effect of changes in accounting policies – IFRIC Agenda Decision** – – – – – – (82,500) 7,618 (74,882) (19,660) (94,542)
At 1 January 2022 (As restated) 36,919,889 (254,519) (443,540) 16,601,416 (945,355) 5,921,280 76,010,365 (4,051,306) 129,758,230 71,967,063 201,725,293
Total comprehensive income/(loss) for the Period (restated) – – – – (4,087,884) 2,395,330 2,282,157 31,218 620,821 2,114,603 2,735,424
Acquisition of subsidiaries – – – – – – – – – 393,921 393,921
Distributions to non-controlling shareholders of subsidiaries – – – – – – – – – (1,903,646) (1,903,646)
Transfer from retained profits – – – 327,939 – – (327,939) – – – –
Disposal of subsidiaries – – – – – – – – – (15,527) (15,527)
Final dividend declared – – – – – – (2,072,867) – (2,072,867) – (2,072,867)
Share of other reserve of associates – – – – – (263) – – (263) (4,564) (4,827)
Acquisition of additional interests in subsidiaries – – – – – (519,258) – – (519,258) (832,227) (1,351,485)
Disposal of partial interests in subsidiaries without losing control – – – – – 52,504 – – 52,504 33,691 86,195
Capital contribution from non-controlling shareholders of subsidiaries – – – – – – – – – 352,508 352,508
Deemed disposal of partial interests in subsidiaries – – – – – (37,505) – – (37,505) 106,257 68,752
Reclassification of non-controlling interests to liabilities as if the
acquisition took place due to put options granted to non-controlling
shareholders of subsidiaries – – – – – (1,235) – – (1,235) (25,031) (26,266)
Repurchase and cancellation of shares of the Company – 43,473 – – – – (46,785) – (3,312) – (3,312)
Equity-settled share-based payments of the Company* 201,408 (122,650) – – – (26,013) – – 52,745 – 52,745
Equity-settled share-based payments of subsidiaries – – – – – – – – – 134,010 134,010
At 30 June 2022 (unaudited and restated) 37,121,297 (333,696) (443,540) 16,929,355 (5,033,239) 7,784,840 75,844,931 (4,020,088) 127,849,860 72,321,058 200,170,918
* According to the share award scheme of the Company, 8,507,680 shares were vested during the period for the six months ended 30 June 2022.
** In IFRIC Update March 2021, the IFRS Interpretations Committee published its agenda decision on Configuration or Customisation Costs under a Software as a
Service (“SaaS”) contract (“IFRIC Agenda Decision”) in relation to the application of IAS 38 (which is equivalent to HKAS 38). The Group applied the IFRIC Agenda
Decision in the year of 2022 and the configuration or customisation costs for SaaS contract which were previously capitalised were charged to expenses. The
change in accounting policy has been accounted for retrospectively and the comparative figures for the corresponding comparative prior periods have been
restated.

OF CASH FLOWS

2023 2022
Notes RMB’000 RMB’000
CASH FLOWS FROM OPERATING ACTIVITIES
Cash generated from operations 17,156,501 12,388,702
Tax paid (1,994,427) (4,409,477)
NET CASH FLOWS GENERATED FROM OPERATING ACTIVITIES 15,162,074 7,979,225
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of items of property, plant and equipment, intangible assets,
exploration and evaluation assets and oil and gas assets (4,669,796) (4,294,142)
Prepayments for addition of right-of use assets (33,331) (42,252)
Increase of investment properties (256,317) (1,296,994)
Purchase of financial assets at fair value through profit or loss, equity
investments designated at fair value through other comprehensive
income, debt investments at fair value through other comprehensive
income and debt investments at amortised cost (100,359,773) (83,975,638)
Decrease in deposits of derivative financial instruments 26,705 39,813
Proceeds from disposal of financial assets at fair value through profit
or loss, equity investments designated at fair value through other
comprehensive income, debt investments at fair value through other
comprehensive income and debt investments at amortised cost 106,974,605 88,256,107
Proceeds from disposal of items of property, plant and equipment,
intangible assets, non-current assets held-for-sale, investment
properties and oil and gas assets 3,884,414 1,006,121
Repayment of deposits received and related interests from disposal of
equity investment (8,298,959) –
Disposal of subsidiaries 13(b) 9,038,142 1,180,328
Proceeds from disposal or partial disposal of associates and
joint ventures 656,959 4,453,344
Acquisition of subsidiaries 13(a) (1,159,456) 174,999
Investment in associates and joint ventures (662,563) (458,160)
Dividends and interest received from financial assets at fair value through
profit or loss, equity investments designated at fair value through other
comprehensive income, debt investments at fair value through other
comprehensive income, debt investments at amortised cost, associates
and joint ventures 2,376,660 2,369,516
Decrease/(increase) in pledged bank balances and time deposits with
original maturity of more than three months 538,545 (993,527)
Prepayments for proposed acquisitions of long-term assets (2,223) (152,823)
Prepayment received from disposal of equity investment 9,948,959 –
Interest received 362,777 350,359
NET CASH FLOWS GENERATED FROM INVESTING ACTIVITIES 18,365,348 6,617,051

2023 2022
RMB’000 RMB’000
CASH FLOWS FROM FINANCING ACTIVITIES
Capital contribution from non-controlling shareholders of subsidiaries 212,891 293,328
New bank and other borrowings 52,026,413 83,613,075
Principal portion of lease payments (1,726,712) (1,514,591)
Repayment of bank and other borrowings (59,306,967) (65,290,309)
Funding received from third parties – 731,665
Distribution paid to non-controlling shareholders of subsidiaries (1,710,839) (1,748,400)
Acquisition of additional interests in subsidiaries (100,211) (1,292,734)
Interest paid (5,981,960) (5,882,284)
Disposal of partial interests in subsidiaries without losing control 1,430 86,195
Dividend paid to the controlling shareholder – (1,638,312)
Increase in restricted cash (4,521,881) –
Repurchase of shares (69,412) (13,391)
NET CASH FLOWS (USED IN）╱GENERATED FROM FINANCING ACTIVITIES (21,177,248) 7,344,242
NET INCREASE IN CASH AND CASH EQUIVALENTS 12,350,174 21,940,518
Cash and cash equivalents at beginning of the Period 85,473,432 86,257,727
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD 97,823,606 108,198,245
ANALYSIS OF BALANCES OF CASH AND CASH EQUIVALENTS
CASH AND BANK BALANCES AT END OF THE PERIOD 114,680,038 117,653,742
Less: Pledged bank balances and term deposits with original maturity of
more than three months (13,975,737) (7,180,011)
Required reserve deposits (666,082) (399,881)
Restricted presale proceeds of properties (2,214,613) (1,875,605)
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD 97,823,606 108,198,245
NOTES TO INTERIM CONDENSED CONSOLIDATED

FINANCIAL INFORMATION
1. BASIS OF PREPARATION AND CHANGES IN ACCOUNTING POLICIES

1.1 BASIS OF PREPARATION
The interim condensed consolidated financial information for the six months ended 30 June 2023 (the “Period”) has
been prepared in accordance with HKAS 34 Interim Financial Reporting . The interim condensed consolidated financial
information does not include all the information and disclosures required in the annual financial statements, and should
be read in conjunction with the Group’s annual consolidated financial statements for the year ended 31 December 2022.
The financial information relating to the year ended 31 December 2022 that is included in the interim condensed
consolidated statement of financial position as comparative information does not constitute the Company’s statutory
annual consolidated financial statements for that year but is derived from those financial statements. Further
information relating to those statutory financial statements required to be disclosed in accordance with section 436 of
the Hong Kong Companies Ordinance is as follows:
The Company has delivered the financial statements for the year ended 31 December 2022 to the Companies Registry
(Hong Kong) as required by section 662(3) of, and Part 3 of Schedule 6 to, the Hong Kong Companies Ordinance. The
Company’s auditors have reported on the financial statements for the year ended 31 December 2022. The auditor’s
report was unqualified; and did not contain a statement under sections 406(2), 407(2) or 407(3) of the Hong Kong
Companies Ordinance.
1.2 CHANGES IN ACCOUNTING POLICIES

The accounting policies adopted in the preparation of the interim condensed consolidated financial information are
consistent with those applied in the preparation of the Group’s annual consolidated financial statements for the year
ended 31 December 2022, except for the adoption of the following new and revised Hong Kong Financial Reporting
Standards (“HKFRSs”) for the first time for the current period’s financial information and and the Group’s change in
presentation of all assets and liabilities to being in order of liquidities.
Adoption of the revised HKFRs
HKFRS 17 Insurance Contracts

Amendments to HKFRS 17 Insurance Contracts
Initial Application of HKFRS 17 and HKFRS 9
Amendments to HKFRS 17 – Comparative Information
Amendments to HKAS 1 and HKFRS Practice Statement 2 Disclosure of Accounting Policies
Amendments to HKAS 8 Definition of Accounting Estimates
Deferred Tax related to Assets and Liabilities arising
Amendments to HKAS 12 from a Single Transaction
Amendments to HKAS 12 International Tax Reform – Pillar Two Model Rules
1. BASIS OF PREPARATION AND CHANGES IN ACCOUNTING POLICIES (Continued)

1.2 CHANGES IN ACCOUNTING POLICIES (Continued)
The nature and impact of the new and revised HKFRSs that are applicable to the Group are described below:
HKFRS 17 – Insurance Contracts

(a) HKFRS 17 – Insurance Contracts
HKFRS 17 is a comprehensive new accounting standard for insurance contracts covering recognition and measurement,
presentation and disclosure. HKFRS 17 replaces the existing HKFRS 4 Insurance Contracts. The standard applies to
insurance contracts (including reinsurance contracts) issued, reinsurance contracts held as well as investment contracts
with discretionary participation features issued. A few scope exceptions apply. The overall objective of the standard is to
provide an accounting model for insurance contracts that is more useful and consistent for insurers. In contrast to the
requirements in HKFRS 4, which are largely based on grandfathering previous local accounting policies, the standard
provides a comprehensive model for insurance contracts, covering all relevant accounting aspects. The core of the
standard is the general model, supplemented by:
• a specific adaptation for contracts with direct participation features (the variable fee approach); and
• a simplified approach (the premium allocation approach) mainly for short-duration contracts.
(b) Amendments to HKFRS 17 – Insurance Contracts

Amendments to HKFRS 17 include changes to simplify certain requirements in the standard and make financial
performance easier to explain. The amendments also provide additional reliefs to reduce the effort required for the
transition to HKFRS 17.
(c) Initial Application of amendments to HKFRS 17 and HKFRS 9 – Comparative Information

Amendments to HKFRS 17 is a transition option relating to comparative information about certain financial assets
presented on initial application of HKFRS 17, which helps to avoid temporary accounting mismatches between financial
assets and insurance contract liabilities, and to improve the usefulness of comparative information for users of financial
statements. An entity that chooses to apply the transition option set out in this amendment shall apply it on initial
application of HKFRS 17.
HKFRS 17 is a comprehensive new accounting standard for insurance contracts covering recognition and measurement,
presentation and disclosure, and is replacing the existing HKFRS 4 Insurance Contracts Standard. In contrast to the
requirements in HKFRS 4, which are largely based on grandfathering previous local accounting policies for measurement
purposes, HKFRS 17 provides a comprehensive model (the general model) for insurance contracts, supplemented by the
variable fee approach for contracts with direct participation features that are substantially investment-related contracts,
and the premium allocation approach mainly for short-duration contracts which typically applies to certain non-life
insurance contracts which have a coverage period of 1 year or less. The main features of the new accounting model for
insurance contracts are as follows:
• The measurement of the present value of future cash flows, incorporating an explicit risk adjustment, re-measured
at the end of every reporting period (the fulfilment cash flows).
• A Contractual Service Margin (“CSM”) that represents the unearned profitability of the (re)insurance contracts and
is recognised in profit or loss over the coverage period.
• Certain changes in the expected present value of future cash flows are adjusted against the CSM and thereby
recognised in profit or loss over the remaining coverage period.

HKFRS 17 – Insurance Contracts (Continued)
(c) Initial Application of amendments to HKFRS 17 and HKFRS 9 – Comparative Information (Continued)
• The effect of changes in the time value of money and financial risks will be reported in either profit or loss or other
comprehensive income, determined by the accounting policy choice at the level of portfolios of insurance contracts.
For certain portfolios of insurance contracts, the Group chose to disaggregate effect of such changes into profit or
loss and other comprehensive income.
• The recognition of insurance revenue and insurance service expenses in the consolidated statement of profit or
loss based on the insurance contract services provided during the year.
• Insurance revenue and insurance service expenses shall exclude any investment components (the amounts that an
insurance contract requires the insurer to repay to a policyholder, regardless of whether an insured event occurs).
• Insurance finance income or expense, which comprises the change in carrying amount of the insurance contracts
arising from effect and changes in effect of time value of money and financial risks, is presented separately from
insurance service results.
HKFRS 17 was effective for annual reporting periods beginning on or after 1 January 2023, with comparative figures
restated. The Group chose to apply the full retrospective method in situations where it is possible to recover all
the necessary historical information. For the other contracts, considering the impracticality of recovering historical
information, either the modified retrospective approach or the fair value method was applied. The transition date, for the
purposes of applying those approaches, was 1 January 2022.
As a result of the adoption of HKFRS 17, the Group ceased to apply the overlay approach for designated eligible financial
assets in accordance with Amendments to HKFRS 4.
At the date of initial application of HKFRS 17 (i.e. 1 January 2023), the Group designated some of its equity investments
as equity investments designated at fair value through other comprehensive income when they are investments in
equity instruments as defined by HKAS 32 Financial Instruments: Presentation and are not held for trading. According to
the transitional provisions under HKFRS 9, the Group applied such changes retrospectively and restated the comparative
information for the effect of such changes.
Insurance contract balances remeasured under HKFRS 17 principles require derecognition of the related assets and
liabilities, and previously reported balances that would not have existed if HKFRS 17 had always been applied. Under
HKFRS 17, these are included in the measurement of the insurance contracts as part of the fulfilment cash flows.
Insurance revenue was no longer be measured by premium, but recognised by the provision of services throughout the
coverage period of the contracts.
The opening balances as at 1 January 2022, comparative financial position as at 31 December 2022 and comparative
information for the period ended 30 June 2022 have been restated for the effects of the retrospective application of
HKFRS 17 in the interim condensed consolidated financial statements.

HKFRS 17 – Insurance Contracts (Continued)
(c) Initial Application of amendments to HKFRS 17 and HKFRS 9 – Comparative Information (Continued)
Impact on the interim condensed consolidated statement of financial position:
Increase/(decrease)
As at As at
31 December 1 January
2022 2022
RMB’000 RMB’000
Total equity 1,570,186 (1,394,063)
Amendments to HKAS 1 and HKFRS Practice Statement 2 – Disclosure of Accounting Policies

Amendments to HKAS 1 require entities to disclose their material accounting policy information rather than their significant
accounting policies. Accounting policy information is material if, when considered together with other information included
in an entity’s financial statements, it can reasonably be expected to influence decisions that the primary users of general
purpose financial statements make on the basis of those financial statements. Amendments to HKFRS Practice Statement 2
provide non-mandatory guidance on how to apply the concept of materiality to accounting policy disclosures. The Group has
applied the amendments since 1 January 2023. The amendments did not have any impact on the Group’s interim condensed
consolidated financial information but are expected to affect the accounting policy disclosures in the Group’s annual
consolidated financial statements.
Amendments to HKAS 8 – Definition of Accounting Estimates

Amendments to HKAS 8 clarify the distinction between changes in accounting estimates and changes in accounting policies.
Accounting estimates are defined as monetary amounts in financial statements that are subject to measurement uncertainty.
The amendments also clarify how entities use measurement techniques and inputs to develop accounting estimates. The
Group has applied the amendments to changes in accounting policies and changes in accounting estimates that occur on
or after 1 January 2023. Since the Group’s policy of determining accounting estimates aligns with the amendments, the
amendments did not have any impact on the financial position or performance of the Group.
Amendments to HKAS 12 – Deferred Tax related to Assets and Liabilities arising from a Single Transaction
Amendments to HKAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction narrow the scope
of the initial recognition exception in HKAS 12 so that it no longer applies to transactions that give rise to equal taxable
and deductible temporary differences, such as leases and decommissioning obligations. Therefore, entities are required to
recognise a deferred tax asset (provided that sufficient taxable profit is available) and a deferred tax liability for temporary
differences arising from these transactions. The Group has applied the amendments on temporary differences related to
leases and decommissioning obligations as at 1 January 2022, with any cumulative effect recognised as an adjustment to
the balance of retained profits or other component of equity as appropriate at that date. In addition, the Group has applied
the amendments prospectively to transactions other than leases that occurred on or after 1 January 2022, if any. The
amendments did not have any impact on the financial position or performance of the Group.

Amendments to HKAS 12 – International Tax Reform – Pillar Two Model Rules
Amendments to HKAS 12 – International Tax Reform – Pillar Two Model Rules introduce a mandatory temporary exception
from the recognition and disclosure of deferred taxes arising from the implementation of the Pillar Two model rules
published by the Organisation for Economic Co-operation and Development. The amendments also introduce disclosure
requirements for the affected entities to help users of the financial statements better understand the entities’ exposure to
Pillar Two income taxes, including the disclosure of current tax related to Pillar Two income taxes separately in the periods
when Pillar Two legislation is effective and the disclosure of known or reasonably estimable information of their exposure to
Pillar Two income taxes in periods in which the legislation is enacted or substantively enacted but not yet in effect. Entities
are required to disclose the information relating to their exposure to Pillar Two income taxes in annual periods beginning
on or after 1 January 2023, but are not required to disclose such information for any interim periods ending on or before 31
December 2023. The Group has applied the amendments and the mandatory temporary exception retrospectively. The Group
is currently assessing its risk exposure to Pillar Two income taxes.
Change in presentation following adoption of HKFRS 17

With the implementation of HKFRS 17, the important insurance subsidiaries of the Group (eg., Fidelidade – Companhia
de Seguros, S.A. and Peak Reinsurance Holdings Limited), after analysing the industrial practices and their own business
patterns, find it more reliable, relevant and comparable to present all asset and liabilities in order of liquidity under the
HKFRS 17 reporting frameworks. Considering the consistency of financial reporting between the subsidiaries and the Group,
and importance of the insurance business to the whole group, the Group changed the presentation of all assets and liabilities
to being in order of liquidity for the first time for the current period’s financial statements, together with the implementation
of HKFRS 17.
HKAS 1 Presentation of Financial Statements illustrates that an entity shall present current and non-current assets, and
current and non-current liabilities, as separate classifications in its statement financial position except when a presentation
based on liquidity provides information that is reliable and more relevant. When that exception applies, an entity shall
present all assets and liabilities in order of liquidity. For some entities, such as financial institutions, a presentation of assets
and liabilities in increasing or decreasing order of liquidity provides information that is reliable and more relevant than a
current/non-current presentation because the entity does not supply goods or services within a clearly identifiable operating
cycle.
The comparative consolidated statement of financial position as at 31 December 2022 has been restated for the effects of
the retrospective application of the change in the presentation of all assets and liabilities to being in order of liquidity in the
interim condensed consolidated financial statements. The Group also discloses (in Note 18), for each asset and liability line
item, the amounts expected to be recovered or settled (a) no more than twelve months after the reporting period, and (b)
more than twelve months after the reporting period.
2. OPERATING SEGMENT INFORMATION

For management purposes, the Group is organised into business units based on their products and services and has five
reportable operating segments as follows:
(i) The Health segment engages in the research and development, manufacture, sale and trading of pharmaceutical and
health products and providing medical services and health management;
(ii) The Happiness segment comprises principally the operation and investments in tourism and leisure, fashion consumer
and lifestyle industries;
(iii) The Insurance segment mainly engages in the operation of and investment in the insurance businesses;
(iv) The Asset Management segment comprises principally the operation and investment of asset managements, market
investments, and investments in other companies of the Group; and
(v) The Intelligent Manufacturing segment comprises principally the operation of and investment in the intelligent
manufacturing and iron, steel and ore production.
Both the Insurance segment and the Asset Management segment listed above belong to the Wealth sector of the Group.
Management monitors the results of the Group’s operating segments separately for the purpose of making decisions about
resource allocation and performance assessment.
Segment performance is evaluated based on reportable segment profit or loss, which is measured consistently with the
Group’s profit or loss after tax. The head office and corporate expenses are allocated to each reportable segments based on
their respective utilization of internal resources. Certain interest bearing bank and other borrowings which are managed on
the group basis are allocated to each reportable segments based on their respective utilization of the financing.
Inter-segment sales and transfers are transacted with reference to the fair selling prices used for sales made to third parties
at the then prevailing market prices.
2. OPERATING SEGMENT INFORMATION (Continued)

Six months ended 30 June 2023 (unaudited)
Intelligent
Health Happiness Wealth Manufacturing
Asset
Insurance Management Eliminations Total
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
Segment revenue:
Sales to external customers 23,487,639 42,856,443 18,442,375 6,817,982 5,460,209 – 97,064,648
Inter-segment sales 349,929 145,182 1 174,706 – (669,818) –
Total revenue 23,837,568 43,001,625 18,442,376 6,992,688 5,460,209 (669,818) 97,064,648
Segment results:
Profit before tax 2,436,449 2,140,433 1,547,080 563,701 424,599 (116,450) 6,995,812
Tax (649,880) (598,501) (314,705) (735,319) (124,425) – (2,422,830)
Profit/(loss) for the Period 1,786,569 1,541,932 1,232,375 (171,618) 300,174 (116,450) 4,572,982
Other segment information:
Interest and dividend income 208,974 122,303 1,853,392 253,364 62,211 (67,773) 2,432,471
Other income and gains (excluding interest
and dividend income) 723,396 3,713,940 1,366,816 2,165,909 287,096 (7,057) 8,250,100
Impairment losses recognised in the
statement of profit or loss, net (161,520) (229,993) (63,409) (137,172) (17,407) – (609,501)
Finance costs (739,474) (1,826,629) (981,214) (2,532,523) (156,832) 84,146 (6,152,526)
Share of profits and losses of
– Joint ventures (95,841) 418,312 (403) 55,117 – – 377,185
– Associates 1,167,779 108,749 21,993 1,536,146 (152,226) (64,353) 2,618,088

Six months ended 30 June 2022 (restated) (unaudited)
Intelligent
Asset
Insurance Management Eliminations Total
Segment revenue:
Sales to external customers 22,977,552 31,965,270 20,547,027 6,932,834 5,126,964 – 87,549,647
Inter-segment sales 389,027 100,086 – 149,791 – (638,904) –
Total revenue 23,366,579 32,065,356 20,547,027 7,082,625 5,126,964 (638,904) 87,549,647
Segment results:
Profit before tax 2,437,026 264,702 (817,951) 2,277,453 1,388,357 (53,337) 5,496,250
Tax (541,317) (229,883) 52,840 (283,092) (171,312) – (1,172,764)
Profit/(loss) for the period 1,895,709 34,819 (765,111) 1,994,361 1,217,045 (53,337) 4,323,486
Other segment information:
Interest and dividend income 126,580 143,736 1,710,567 551,437 16,756 (91,797) 2,457,279
Other income and gains (excluding
interest and dividend income) 996,995 651,628 2,250,633 3,082,252 (2,673) (14,577) 6,964,258
Impairment losses recognised in
the statement of profit or
loss, net (91,440) 1,624 (13,201) (58,817) (73,014) – (234,848)
Finance costs (536,347) (1,483,517) (994,547) (2,544,732) (152,043) 92,207 (5,618,979)
Share of profits and losses of
– Joint ventures (99,564) 220,725 (19,056) 81,488 442,891 – 626,484
– Associates 922,471 (92,450) 160,703 973,647 380,522 (38,507) 2,306,386

Total segment assets and liabilities as at 30 June 2023 and 31 December 2022 are as follows:
Segment assets:
30 June 31 December
2023 2022
RMB’000 RMB’000
(Unaudited) (Audited)
(Restated)
Health 125,632,873 120,454,202
Happiness 204,544,736 200,117,980
Wealth
Insurance 185,540,377 178,364,650
Asset Management 288,651,474 269,113,047
Intelligent Manufacturing 42,245,115 47,424,454
Eliminations* (11,739,679) (10,284,765)
Total consolidated assets 834,874,896 805,189,568
Segment liabilities:
30 June 31 December
2023 2022
RMB’000 RMB’000
(Restated)
Health 63,012,873 59,223,893
Happiness 150,560,990 147,602,416
Wealth
Insurance 167,560,134 161,640,436
Asset Management 238,577,786 225,380,343
Intelligent Manufacturing 18,637,007 17,299,410
Eliminations* (8,839,798) (7,156,931)
Total consolidated liabilities 629,508,992 603,989,567
* Inter-segment loans and other balances are eliminated on consolidation.


Geographical information
Revenue from external customers

2023 2022
RMB’000 RMB’000
(Restated)
Chinese Mainland 52,978,625 44,740,526
Portugal 10,953,963 9,323,165
Other countries and regions 33,132,060 33,485,956
Total Revenue 97,064,648 87,549,647
The revenue information above is based on the locations of the customers.
3. TOTAL REVENUE, OTHER INCOME AND GAINS

An analysis of total revenue, other income and gains is as follows:

2023 2022
RMB’000 RMB’000
(Restated)
Total Revenue
Revenue from contracts with customers
– Sale of goods 56,358,102 49,709,376
– Rendering of services 20,323,211 16,439,424
76,681,313 66,148,800
Revenue from other sources
– Insurance revenue 18,217,253 20,328,899
– Rental income 1,043,832 1,079,667
– Interest income 1,423,755 379,690
20,684,840 21,788,256
Others
– Less: Government surcharges (301,505) (387,409)
97,064,648 87,549,647
3. TOTAL REVENUE, OTHER INCOME AND GAINS (Continued)

An analysis of total revenue, other income and gains is as follows: (Continued)
Disaggregated revenue information

Set out below is the reconciliation of the revenue from contracts with customers to the amounts disclosed in the segment
information:
For the six months ended 30 June 2023 (unaudited)
Segments:
Intelligent
Asset
Insurance Management Total
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
Type of goods or services
Sale of goods 17,573,828 30,796,758 778 2,539,341 5,447,397 56,358,102
Rendering of services 5,964,524 12,052,691 225,049 2,033,230 47,717 20,323,211
23,538,352 42,849,449 225,827 4,572,571 5,495,114 76,681,313
Timing of revenue recognition
Goods transferred at a point in time 17,573,828 30,796,758 778 2,539,341 5,447,397 56,358,102
Services transferred over time 5,964,524 12,052,691 225,049 2,033,230 47,717 20,323,211
23,538,352 42,849,449 225,827 4,572,571 5,495,114 76,681,313
For the six months ended 30 June 2022 (restated) (unaudited)
Segments:
Intelligent
Asset
Insurance Management Total
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
Type of goods or services
Sale of goods 18,302,007 23,330,920 905 2,966,406 5,109,138 49,709,376
Rendering of services 4,724,338 8,708,922 217,776 2,718,440 69,948 16,439,424
23,026,345 32,039,842 218,681 5,684,846 5,179,086 66,148,800
Timing of revenue recognition
Goods transferred at a point in time 18,302,007 23,330,920 905 2,966,406 5,109,138 49,709,376
Services transferred over time 4,724,338 8,708,922 217,776 2,718,440 69,948 16,439,424
23,026,345 32,039,842 218,681 5,684,846 5,179,086 66,148,800
3. TOTAL REVENUE, OTHER INCOME AND GAINS (Continued)

Disaggregated revenue information (Continued)
An analysis of the Group’s other income and gains is as follows:

2023 2022
RMB’000 RMB’000
(Restated)
Other income
Interest income 449,025 422,985
Dividends and interest from financial assets 1,983,446 2,034,294
Rental income 269,372 244,918
Government grants 496,360 281,203
Fee income relating to investment contracts and reinsurance revenue sharing 446,760 307,428
Others 630,798 790,561
4,275,761 4,081,389
Gains
Gain on disposal of subsidiaries (note 13(b)) 1,734,873 464,257
Gain on deemed disposal of associates 88,560 10,234
Gain on disposal/partial disposal of associates 315,853 958,443
Gain on bargain purchase of subsidiaries (note 13(a)) 1,491 256,514
Gain on disposal of items of property, plant and equipment 248,695 3,480
Gain on disposal of items of intangible assets 431,826 8,728
Gain on disposal of joint ventures 5,133 –
Gain on fair value adjustment of investment properties 1,731,019 2,810,602
Gain on fair value adjustment of financial assets
at fair value through profit or loss 1,849,360 –
Gain on reversal of impairment of debt investments
at fair value through other comprehensive income – 2,630
Gain on rent concessions as a result of the COVID-19 pandemic – 52,088
Exchange gains, net – 773,172
6,406,810 5,340,148
Other income and gains 10,682,571 9,421,537
4. FINANCE COSTS

2023 2022
RMB’000 RMB’000
(Restated)
Total interest expenses (excluding lease liabilities) 5,914,278 5,544,160
Incremental interest on other long term payables 19,175 2,642
Interest on lease liabilities 397,931 301,993
Less: Interest capitalised, in respect of bank and other borrowings (546,961) (735,529)
Interest expenses, net 5,784,423 5,113,266
Interest on discounted bills 6,690 11,451
Bank charges and other finance costs 361,413 494,262
Total finance costs 6,152,526 5,618,979
5. PROFIT BEFORE TAX

The Group’s profit before tax is arrived at after charging/(crediting):

2023 2022
RMB’000 RMB’000
(Restated)
Cost of sales 54,776,033 44,752,704
Insurance service expense 15,185,907 18,676,123
Depreciation of items of property, plant and equipment (note 9) 1,874,681 1,708,264
Depreciation of items of right-of-use assets 1,533,030 1,218,145
Amortisation of:
Mining rights 8,127 8,136
Intangible assets 1,052,014 1,190,381
Oil and gas assets 257,145 235,210
Impairment of financial assets and contract assets, net:
– Impairment of receivables 59,114 6,332
– Provision for/(reversal of) impairment of debt investments measured
at fair value through other comprehensive income 77,781 (2,630)
– Provision for/(reversal of) impairment of loans and advances to customers 110,732 (6,088)
– Impairment of debt investments at amortised cost 350 2,866
– Impairment of finance lease receivables 25,464 28,219
– Impairment of prepayments and other assets 10,486 45,224
Provision for inventories 68,320 113,945
Provision for impairment of investments in associates 61,284 8,403
Provision for impairment of completed properties for sale 18,452 31,579
Provision for impairment of intangible assets 87,891 –
Provision for impairment of property under development 89,627 –
Provision for impairment of items of property, plant and equipment (note 9) – 4,831
Provision for impairment of right-of-use assets – 2,167
(Gain)/loss on fair value adjustment of financial assets
at fair value through profit or loss (1,849,360) 2,170,684
Loss on disposal of debt investments at fair value through
other comprehensive income 123,850 60,582
Exchange loss/(gain), net 24,162 (773,172)
Loss on derivative financial instruments 303,933 1,486,961
6. TAX
The major components of tax expenses for the six months ended 30 June 2023 and 2022 are as follows:

2023 2022
RMB’000 RMB’000
Notes (Unaudited) (Unaudited)
(Restated)
Current – Portugal, Hong Kong and others (1) 647,845 1,294,672

Current – Chinese Mainland
– Income tax in Chinese Mainland for the period (2) 662,246 837,631
– LAT in Chinese Mainland for the period (3) 246,794 346,953
Deferred tax 865,945 (1,306,492)
Tax expenses for the period 2,422,830 1,172,764
Notes:
(1) Taxes on profits assessable elsewhere have been calculated at the tax rates prevailing in the jurisdictions in which the Group operates. Hong Kong profits
tax has been provided at the rate of 16.5% (six months ended 30 June 2022: 16.5%) on the estimated assessable profits arising in Hong Kong during the
Period.
The provision for income tax of Peak Reinsurance Company Limited, incorporated in Hong Kong is based on a preferential rate for insurance companies of
8.25% (six months ended 30 June 2022: 8.25%).
The provision for income tax of Alma Lasers Ltd. (“Alma Lasers”), a subsidiary of Shanghai Fosun Pharmaceutical (Group) Co., Ltd. (“Fosun Pharma”), which
was incorporated in Israel, is based on a preferential rate of 6% (six months ended 30 June 2022: 6%).
The provision for income tax of Fidelidade – Companhia de Seguros, S.A., and its subsidiaries,, subsidiaries incorporated in Portugal, is based on a rate of
The provision for income tax of Club Med Holding and its subsidiaries which was incorporated in France acquired by the Group is based on a rate of
The provision for income tax of Hauck Aufhäuser Lampe Privatbank AG and its subsidiaries which was incorporated in Germany is based on a rate of
The provision for income tax of Gland Pharma Limited (“Gland”), which was incorporated in India, is based on a statutory rate of 25.17% (six months ended
30 June 2022: 25.17%).
(2) The provision for Chinese Mainland current income tax is based on a statutory rate of 25% (six months ended 30 June 2022: 25%) of the assessable profits
of the Group as determined in accordance with the Enterprise Income Tax Law of the PRC which was approved and became effective on 1 January 2008,
except for certain subsidiaries of the Group in Chinese Mainland, which were taxed at preferential rates of 0% to 20%.
(3) According to the tax notices issued by the relevant local tax authorities, the Group commenced to pay land appreciation tax (“LAT”) at rates ranging from
0.5% to 5% on proceeds from the sale and pre-sale of properties from 2004. The Directors considered that the relevant tax authorities would unlikely
impose additional LAT levies other than the amount already paid based on the relevant percentages of the proceeds from the sale and pre-sale of the
Group’s properties.
During the Period, the prepaid LAT of the Group amounted to RMB108,671,000 (six months ended 30 June 2022: RMB149,165,000).
In addition, based on the latest understanding of the LAT regulations from the State Administration of Taxation, the Group made an additional LAT provision
in the amount of RMB176,967,000 (six months ended 30 June 2022: RMB448,325,000) in respect of the sales of properties in the Period in accordance
with the requirements set forth in the relevant PRC tax laws and regulations. During the Period, unpaid LAT provision in the amount of RMB38,844,000
(six months ended 30 June 2022: RMB250,537,000) was reversed to the consolidated statement of profit or loss upon the completion of the liquidation and
clearance with the local tax authorities by certain subsidiaries of the Group.
7. EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE

PARENT
The calculation of the basic earnings per share amount is based on the profit for the Period attributable to ordinary equity
holders of the parent, adjusted to reflect the cash dividends distributed to the share award scheme, and the weighted
average number of ordinary shares of 8,178,773,321 (six months ended 30 June 2022: 8,294,589,202) in issue during the
Period.
The calculation of the diluted earnings per share amount is based on the profit for the Period attributable to ordinary equity
holders of the parent. The weighted average number of ordinary shares used in the calculation is the weighted average
number of ordinary shares in issue during the Period, as used in the basic earnings per share calculation, and the weighted
average number of ordinary shares assumed to have been issued on the deemed vesting or conversion of all dilutive
potential ordinary shares into ordinary shares.
The calculations of the basic and diluted earnings per share are based on:

2023 2022
RMB’000 RMB’000
(Restated)
Earnings
Profit attributable to ordinary equity holders of the parent 1,359,746 2,282,157
Less: Cash dividends distributed to share award scheme (343) (10,928)
Adjusted profit attributable to ordinary equity holders of the parent,
used in the basic earnings per share calculation 1,359,403 2,271,229
Cash dividends distributed to the share award scheme 343 10,928
Profit attributable to ordinary equity holders of the parent,
used in the diluted earnings per share calculation 1,359,746 2,282,157*
7. EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE

PARENT (Continued)
The calculations of the basic and diluted earnings per share are based on: (Continued)
Number of shares
2023 2022
(Restated)
Shares
Weighted average number of ordinary shares in issue during
the period used in the basic earnings per share calculation 8,178,773,321 8,294,589,202
Effect of dilution – weighted average number of ordinary shares:
– Share award scheme 12,724,816 8,204,250
– Share option scheme 125 –
Weighted average number of ordinary shares used in the calculation of
diluted earnings per share 8,191,498,262 8,302,793,452*
Basic earnings per share (RMB) 0.17 0.27
Diluted earnings per share (RMB) 0.17 0.27
* Because the diluted earnings per share amount is increased when taking the share award scheme into account, the share award scheme had an anti-
dilutive effect on the basic earnings per share for the six months ended 30 June 2022 and were ignored in the calculation of diluted earnings per share.
The potential ordinary shares of the share option scheme are excluded from the calculation of diluted earnings per share, because the exercise price of the
share option scheme is higher than the average market price of the ordinary shares of the Company for the six months ended 30 June 2022. Therefore, the
diluted earnings per share amount is based on the profit restated for the six months ended 30 June 2022 of RMB2,271,229,000, and the weighted average
number of ordinary shares of 8,294,589,202 in issue for the six months ended 30 June 2022.
8. TRADE AND NOTES RECEIVABLES

30 June 31 December
2023 2022
RMB’000 RMB’000
Trade receivables 13,649,317 12,298,558
Notes receivable 530,936 901,893
14,180,253 13,200,451
An ageing analysis of trade receivables as at the end of the reporting period, based on the invoice date, is as follows:
30 June 31 December
2023 2022
RMB’000 RMB’000
Outstanding balances with ages:
Within 90 days 9,678,426 10,233,845
91 to 180 days 2,041,204 1,097,546
181 to 365 days 1,480,553 683,256
1 to 2 years 516,777 479,048
2 to 3 years 228,844 198,183
Over 3 years 261,542 179,687
14,207,346 12,871,565
Less: Provision for impairment of trade receivables 558,029 573,007
13,649,317 12,298,558
Trade and notes receivables of the Group mainly arose from the Health segment and the Happiness segment. Credit terms
granted to the Group’s customers are as follows:
Credit terms
Health segment 90 to 180 days
Happiness segment 30 to 360 days
At 30 June 2023, the Group’s trade and notes receivables with a carrying amount of approximately RMB289,243,000 (31
December 2022: RMB473,279,000) were pledged to secure interest-bearing bank and other borrowings as set out in note 11
to the interim condensed consolidated financial statements.
9. PROPERTY, PLANT AND EQUIPMENT

2023 2022
RMB’000 RMB’000
Carrying value at beginning of the Period (audited) 45,668,203 42,387,533
Additions 3,234,846 2,602,564
Acquisition of subsidiaries (note 13(a)) 1,368,513 4,530,597
Transfer from investment properties 639,195 142,157
Disposal of subsidiaries (note 13(b)) (433,511) (332,528)
Disposals (261,397) (201,625)
Transfer to assets classified as held for sale – (420,070)
Transfer to investment properties (824,865) (6,290)
Provision for impairment (note 5) – (4,831)
Depreciation charge for the Period (note 5) (1,874,681) (1,708,264)
Exchange realignment 685,679 (181,325)
Carrying value at end of the Period (unaudited) 48,201,982 46,807,918
As at 30 June 2023, the Group’s property, plant and equipment with a net carrying value of RMB10,460,201,000 (31 December
2022: RMB10,369,166,000) were pledged as security for interest-bearing bank and other borrowings as set out in note 11 to
the interim condensed consolidated financial statements.
10. TRADE AND NOTES PAYABLES

30 June 31 December
2023 2022
RMB’000 RMB’000
Trade payables 22,158,477 21,954,620
Notes payable 2,419,804 2,438,972
24,578,281 24,393,592
An ageing analysis of trade payables as at the end of the reporting period, based on the invoice date, is as follows:
30 June 31 December
2023 2022
RMB’000 RMB’000
Outstanding balances with ages:
Within 90 days 14,739,557 14,032,419
91 to 180 days 1,272,013 1,577,017
181 to 365 days 2,931,130 3,041,641
1 to 2 years 1,191,614 1,415,175
2 to 3 years 447,856 1,063,014
Over 3 years 1,576,307 825,354
22,158,477 21,954,620
Trade and notes payables of the Group mainly arose from the Health segment and Happiness segment. The trade and
notes payables are non-interest-bearing and are normally settled on terms of 30 to 60 days or based on the progress of
construction of properties.
11. INTEREST-BEARING BANK AND OTHER BORROWINGS

30 June 31 December
2023 2022
RMB’000 RMB’000
Bank loans: (1)
Guaranteed 427,474 502,976
Secured 67,127,983 58,926,901
Unsecured 91,002,559 92,657,317
158,558,016 152,087,194
Corporate bonds and enterprise bonds (2) 13,286,648 20,333,046
Private placement bond (3) 284,983 1,453,304
Senior notes (4) 24,874,576 29,330,861
Medium-term notes (5) 3,559,632 8,610,818
Super short-term commercial papers (6) 1,562,365 –
Exchangeable Bonds (7) 1,990,986 1,940,594
Other borrowings, secured (1,8) 13,495,891 10,247,311
Other borrowings, unsecured (8) 3,311,165 2,916,023
Total 220,924,262 226,919,151
Notes:
(1) Certain of the Group’s interest-bearing bank and other borrowings are secured by the pledges of assets with carrying values at the end of each reporting
period as follows:
30 June 31 December
2023 2022
RMB’000 RMB’000
Pledge of assets:
Buildings (note 9) 9,423,658 9,160,988
Plant and machinery (note 9) 8,745 8,811
Construction in progress (note 9) 1,027,798 1,199,367
Investment properties 62,007,819 60,362,581
Right-of-use assets 1,617,005 1,539,538
Completed properties for sale 3,527,961 4,594,245
Trade and notes receivables (note 8) 289,243 473,279
Pledged bank balances 1,661,801 1,041,172
Finance lease receivables 95,700 129,044
Inventories 987,214 929,883
Investment in an associate 12,620,006 11,844,320
Financial assets at fair value through profit or loss 9,783,206 2,864,708
Intangible assets 329,376 341,569
Apart from the above, certain interest-bearing bank borrowings and other borrowings are secured by investments in subsidiaries as at 30 June 2023,
including 1,741,834,016 shares of Shanghai Yuyuan Tourist Mart (Group) Co., Ltd., and 536,980,000 shares of Shanghai Fosun Pharmaceutical (Group) Co.,
Ltd.
As at 30 June 2023, interest-bearing bank and other borrowings amounted to RMB295,040,000 (31 December 2022: RMB383,053,000) were guaranteed
by Fosun International Holdings Ltd. which is the ultimate holding company of the Group. Interest-bearing bank and other borrowings amounted to
RMB132,442,000 (31 December 2022: RMB119,923,000) as at 30 June 2023 were guaranteed by third parties.
The bank loans bear interest at rates ranging from 0.0% to 11.85% (31 December 2022: 0.00% to 11.85%) per annum.
11. INTEREST-BEARING BANK AND OTHER BORROWINGS (Continued)

Notes: (Continued)
(2) Corporate bonds and enterprise bonds
On 13 August 2018, Fosun Pharma issued five-year domestic corporate bonds with a par value of RMB1,300,000,000 and an effective interest rate of 5.15%
per annum. On 13 August 2021, Fosun Pharma repaid in advance with a par value of RMB554,999,000. Interest is paid annually in arrears and the maturity
date is 13 August 2023.
On 26 November 2018, Yuyuan issued five-year domestic corporate bonds with a par value of RMB2,000,000,000 and an effective interest rate of 4.97% per
annum. On 26 November 2021, Yuyuan repaid in advance with a par value of RMB1,474,566,000. Interest is paid annually in arrears and the maturity date
is 26 November 2023.
On 27 November 2019, Yuyuan issued five-year domestic corporate bonds with a par value of RMB600,000,000 and an effective interest rate of 4.95% per
annum. Interest is paid annually in arrears and the maturity date is 27 November 2024.
On 20 February 2020, Yuyuan issued five-year domestic corporate bonds with a par value of RMB1,900,000,000 and an effective interest rate of 3.60% per
annum. On 20 February 2023, Yuyuan repaid in advance with a par value of RMB1,699,100,000. Interest is paid annually in arrears and the maturity date is
20 February 2025.
On 21 April 2020, Fosun High Technology issued five-year domestic corporate bonds with a par value of RMB300,000,000 and an effective interest rate of
4.58% per annum. Interest is paid annually in arrears and the maturity date is 21 April 2025.
On 7 August 2020, Fosun High Technology issued five-year domestic corporate bonds with a par value of RMB1,900,000,000 and an effective interest
rate of 4.56% per annum. Among these, corporate bonds with a par value of RMB1,855,600,000 were purchased by third party investors. Interest is paid
annually in arrears and the maturity date is 7 August 2025.
On 2 November 2020, Fosun High Technology issued five-year domestic corporate bonds with a par value of RMB1,600,000,000 and an effective interest
rate of 4.87% per annum. Among these, corporate bonds with a par value of RMB1,430,000,000 were purchased by third party investors. Interest is paid
annually in arrears and the maturity date is 2 November 2025.
On 4 June 2021, Fosun Insurance Portugal issued five-year corporate bonds with a par value of EUR500,000,000 and an effective interest rate of 4.25% per
annum. Interest is paid at the maturity date which is 4 September 2026.
On 23 July 2021, Yuyuan issued two-year domestic corporate bonds with a par value of RMB500,000,000 and an effective interest rate of 4.10% per annum.
Interest is paid annually in arrears and the maturity date is 23 July 2023.
On 27 July 2021, Fosun High Technology issued three-year offshore corporate bonds with a par value of USD200,000,000 and an effective interest rate of
4.42% per annum. Interest is paid semi-annually in arrears and the maturity date is 27 July 2024.
On 18 January 2022, Fosun High Technology issued two-year domestic corporate bonds with a par value of RMB1,600,000,000 and an effective interest
rate of 6.36%per annum. On 18 January 2023, Fosun High Technology repaid in advance with a par value of RMB1,583,900,000. Interest is paid annually in
arrears and the maturity date is 18 January 2024.
On 15 March 2022, Fosun High Technology issued three-year offshore corporate bonds with a par value of USD150,000,000 and an effective interest rate
of 3.24% per annum. Interest is paid semi-annually in arrears and the maturity date is 15 March 2025.
On 21 March 2022, Yuyuan issued three-year domestic corporate bonds with a par value of RMB550,000,000 and an effective interest rate of 4.95% per
annum. Interest is paid annually in arrears and the maturity date is 21 March 2025.
(3) Private placement bonds
On 22 November 2021, Napier TMK, a subsidiary of Yuyuan, issued three-year private placement bonds with a par value of JPY 1,500,000,000 and the
effective interest rate is 12.69% per annum. Interest is paid quarterly in arrears and the maturity date is 22 November 2024.
On 28 March 2022, Napier TMK, a subsidiary of Yuyuan, issued thirty-one-month private placement bonds with a par value of JPY 3,500,000,000 and the
effective interest rate is 5.19% per annum. Interest is paid quarterly in arrears and the maturity date is 31 October 2024.
On 1 April 2022, Tekapo TMK, a subsidiary of Fosun Management Holdings Limited, issued five-year private placement bonds with a par value of JPY
700,000,000 and the effective interest rate is 1.69% per annum. Interest is paid quarterly in arrears and the maturity date is 1 April 2027.

Notes: (Continued)
(4) Senior notes
On 17 August 2016, Wealth Driven Limited, a subsidiary of Fosun Industrial Holdings Limited, issued three tranches of seven-year senior notes with
effective interest rates of 5.603%, 5.599% and 5.41%, respectively. Among these, senior notes with a par value of USD11,607,000 were purchased by third
party investors. Interest is paid semi-annually in arrears and the maturity date is 17 August 2023.
On 2 July 2019, Fortune Star, a subsidiary of Fosun Industrial Holdings Limited, issued four-year senior notes with a par value of USD700,000,000 and an
effective interest rate of 6.90%. Among these, senior notes with a par value of USD628,525,000 were purchased by third party investors. Interest is paid
semi-annually in arrears and the maturity date is 2 July 2023.
On 2 July 2020, Fortune Star, a subsidiary of Fosun Industrial Holdings Limited, issued four-year senior notes with a par value of USD600,000,000 and an
effective interest rate of 6.99%. Among these, senior notes with a par value of USD588,652,000 were purchased by third party investors. Interest is paid
semi-annually in arrears and the maturity date is 2 July 2024.
On 19 October 2020, Fortune Star, a subsidiary of Fosun Industrial Holdings Limited, issued five-year senior notes with a par value of USD400,000,000 and
an effective interest rate of 6.09%. Among these, senior notes with a par value of USD394,372,000 were purchased by third party investors. Interest is paid
semi-annually in arrears and the maturity date is 19 October 2025.
On 8 December 2020, Fortune Star, a subsidiary of Fosun Industrial Holdings Limited, issued five-year senior notes with a par value of USD300,000,000
and an effective interest rate of 5.56%. Interest is paid semi-annually in arrears and the maturity date is 19 October 2025.
On 27 January 2021, Fortune Star, a subsidiary of Fosun Industrial Holdings Limited, issued six-year senior notes with a par value of USD500,000,000 and
an effective interest rate of 5.23%. Among these, senior notes with a par value of USD499,650,000 were purchased by third party investors. Interest is paid
semi-annually in arrears and the maturity date is 27 January 2027.
On 18 May 2021, Fortune Star, a subsidiary of Fosun Industrial Holdings Limited, issued five-year senior notes with a par value of USD500,000,000 and an
effective interest rate of 5.20%. Interest is paid semi-annually in arrears and the maturity date is 18 May 2026.
On 2 July 2021, Fortune Star, a subsidiary of Fosun Industrial Holdings Limited, issued five-year senior notes with a par value of EUR500,000,000 and an
effective interest rate of 4.15%. Among these, senior notes with a par value of EUR482,141,000 were purchased by third party investors. Interest is paid
semi-annually in arrears and the maturity date is 2 October 2026.
(5) Medium-term notes
On 22 July 2020, Yuyuan issued three-year medium-term notes with a par value of RMB1,000,000,000 and an effective interest rate of 3.94% per annum.
Interest is paid annually in arrears and the maturity date is 21 July 2023.
On 22 September 2020, Fosun High Technology issued five-year medium-term notes with a par value of RMB1,000,000,000 and an effective interest rate of
5.01% per annum. Among these, medium-term notes with a par value of RMB880,000,000 were purchased by third party investors. Interest is paid annually
in arrears and the maturity date is 22 September 2025.
On 9 September 2021, Yuyuan issued two-year medium-term notes with a par value of RMB700,000,000 and an effective interest rate of 4.20% per annum.
Interest is paid annually in arrears and the maturity date is 9 September 2023.
On 15 October 2021, Yuyuan issued three-year medium-term notes with a par value of RMB500,000,000 and an effective interest rate of 4.70% per annum.
Among these, medium-term notes with a par value of RMB480,000,000 were purchased by third party investors. Interest is paid annually in arrears and
the maturity date is 15 October 2024.
On 9 March 2022, Fosun Phrama issued four-year medium-term notes with a par value of RMB500,000,000 and an effective interest rate of 3.55% per
annum. Interest is paid annually in arrears and the maturity date is 9 March 2026.
(6) Super short-term commercial papers
On 13 January 2023, Fosun High Technology issued super short-term commercial papers with a par value of RMB1,000,000,000 and an effective interest
rate of 6.99% per annum. Interest is payable at the maturity date which is 12 July 2023.
On 20 June 2023, Yuyuan issued super short-term commercial papers with a par value of RMB530,000,000 and an effective interest rate of 5.45% per
annum. Interest is payable at the maturity date which is 16 December 2023.

Notes: (Continued)
(7) Exchangeable Bonds
On 29 March 2022, Fosun High Technology issued 3-year Exchangeable Bonds (the “Exchangeable Bonds”) with a par value of RMB2 billion. The
Exchangeable Bonds are convertible into ordinary shares of Hainan Mining Co., Ltd. (“Hainan Mining”), a subsidiary of the Group which is a listed company
in Shanghai Stock Exchange. The Exchangeable Bonds bear a fixed annual interest rate of 1%. The initial conversion price is RMB10.26 per share. The
bondholders can convert the Exchangeable Bonds into the shares of Hainan Mining at the prevailing conversion price during the period from 29 September
2022 to 24 March 2025 (the “Conversion Period”). The Exchangeable Bonds are secured by 336 million shares of Hainan Mining A shares hold by the group.
The maturity date of the Exchangeable Bonds is 28 March 2025. On the maturity date Fosun High Technology will redeem the outstanding Exchangeable
Bonds at 109% of the par value, excluding the interest in the third year. During the Conversion Period, if the closing price of Hainan Mining’s A Shares is
not less than 130% (inclusive 130%) of the prevailing conversion price for at least 15 trading days out of any 30 consecutive trading days, or if the total
unconverted amount is less than RMB30 million, Fosun High Technology has the right to redeem all or part of the outstanding Exchangeable Bonds at par
value plus accrued interest. Within six months before the maturity date of the Exchangeable Bonds, if the closing price of Hainan Mining’s A Shares is less
than 70% of the prevailing conversion price for at least 15 trading days out of any 30 consecutive trading days, the bondholders have the right to sell all or
part of the Exchangeable Bonds at par value plus accrued interest to the issuer. As at 30 June 2023, the prevailing conversion price of the Exchangeable
Bonds was RMB10.12 per share.
(8) Other borrowings
In March 2020, Fosun Tourism Group (“FTG”), a subsidiary of the Group, issued asset-backed securities which were backed by the Atlantis Sanya hotel and
water park as mortgages with a coupon rate of 5%, and the 100% equity interest in Hainan Atlantis and operating revenue of Atlantis Sanya as a pledge.
The principal and interest of the prioritised level shall be repaid semi-annually in 48 instalments in 24 years. The coupon rates of the securities of the
prioritised level are subject to adjustments by FTG and the holders have the rights, at their option, to require FTG to redeem at an interval of every three
years within the terms of the securities. The fund raised by FTG from the third-party investors to RMB5,713,869,000 was recorded as other borrowings as
at 30 June 2023.
The other borrowings represent borrowings from third parties, which bear interest at rates ranging from 0.0% to 12.15% (31 December 2022: 0.0% to
10.0%) per annum.
12. DIVIDENDS
2023 2022
RMB’000 RMB’000
Final declared – HKD0.014 per ordinary share (2022: HKD0.30) 101,481 2,072,867
The proposed final dividend of HKD0.014 per ordinary share for the year ended 31 December 2022 was approved by the
shareholders at the annual general meeting of the Company on 9 June 2023.
The board of directors did not recommend the payment of an interim dividend in respect of the Period (six months ended 30
June 2022: Nil).
13. ACQUISITION AND DISPOSAL OF SUBSIDIARIES

(a) Acquisition of subsidiaries
(i) Acquisition of subsidiaries accounted for as business combination
The major acquisition of subsidiaries accounted for as a business combination is set out as follows:
In April 2023, Gland Pharma International PTE Ltd, a subsidiary of Fosun Pharma, acquired 100% equity interest in
Phixen SAS from a third party. The consideration was RMB873,339,000. The acquisition was undertaken to further
develop the business under health segment of the Group.
In June 2023, a subsidiary of Fosun Pharma, Alma Hong Kong 2023 Limited (“Alma HK”), entered into an asset
purchase agreement with PhotonMed International Limited (“PhotonMed HK”) and its owner, pursuant to which
Alma HK has agreed to purchase the business (comprising the target assets). After the completion of the acquisition
on 28 June 2023, Alma HK shall issue 40% of its shares to PhotonMed HK so that Alma and PhotonMed HK will
hold 60% and 40% of the total issued shares of Alma HK, respectively. The total consideration is an amount of up
to RMB270,000,000, including contingent portion up to RMB37,500,000, which is subject to adjustment in relation
to the target revenue and earnings. The acquisition was undertaken to further develop the business under health
segment of the Group.
13. ACQUISITION AND DISPOSAL OF SUBSIDIARIES (Continued)

(a) Acquisition of subsidiaries (Continued)
(i) Acquisition of subsidiaries accounted for as business combination (Continued)
The Group has elected to measure the non-controlling interests in all the subsidiaries acquired during the Period at
the non-controlling interest’s proportionate share of the acquired subsidiary’s identifiable net assets.
The provisional fair values of the identifiable assets and liabilities of all the acquired subsidiaries during the Period
as at the dates of acquisition were as follows:
Fair value
recognised on
acquisition
RMB ’000
(Unaudited)
Property, plant and equipment (note 9) 1,368,513
Intangible assets 451,202
Right-of-use assets 44,677
Cash and bank balances 72,491
Deferred tax assets 44,168
Trade and notes receivables 308,731
Prepayments, other receivables and other assets 117,982
Inventories 404,855
Interest-bearing bank and other borrowings (979,219)
Trade and notes payables (459,286)
Accrued liabilities and other payables (excluding lease liabilities) (380,515)
Tax payable (3,087)
Lease liabilities (44,531)
Contract liabilities (59,322)
Deferred tax liabilities (90,681)
Total identifiable net assets at fair values 795,978
Non-controlling interests (135,198)
Total net assets acquired 660,780
Gain on bargain purchase of subsidiaries 1,491
Goodwill on acquisition 523,078
1,185,349

(i) Acquisition of subsidiaries accounted for as business combination (Continued)
RMB’000
Satisfied by:
Cash 1,176,266
Investments in an associate 9,083
1,185,349
The fair values of the acquired trade and notes receivables and other receivables as at the date of acquisition
approximate to their gross contractual amounts. None of these receivables are expected to be uncollectible.
None of the goodwill recognised is expected to be deductible for income tax purposes.
(ii) An analysis of the cash flows in respect of the acquisition of subsidiaries as set out in (i) above is as follows:
RMB’000
Consideration settled by cash (1,176,266)
Cash and cash equivalents acquired 72,491
Prepayment of cash consideration as at 30 June 2023 (130,628)
Unpaid cash consideration as at 30 June 2023 74,947
Net outflow of cash and cash equivalents included in cash flows from investing activities (1,159,456)

(iii) Reconciliation of the carrying amount of the Group’s goodwill at the beginning and end of the reporting period is
presented below:
RMB ’000
(Unaudited)
Gross carrying amount

At 1 January 2023 28,697,907
Acquisition of subsidiaries 523,078
Disposal of subsidiaries (111,430)
Exchange realignment 770,841
At 30 June 2023 29,880,396
Accumulated impairment losses
At 1 January 2023 1,284,253
Impairment losses recognised during the Period –
At 30 June 2023 1,284,253
Net book value
At 1 January 2023 27,413,654
At 30 June 2023 28,596,143
Since the acquisitions, the acquired subsidiaries contributed RMB343,642,000 to the Group’s revenue and a loss of
RMB66,000 to the consolidated profit for the six months ended 30 June 2023.
Had the combinations taken place at the beginning of the period, the total revenue and the profit of the Group for
the period would have been RMB97,580,770,000 and RMB4,447,040,000, respectively.

(b) Disposal of subsidiaries
The major disposal of subsidiaries during the Period were as follows:
In May 2023, FTG, a subsidiary of the Group, entered into an equity transfer agreement with Goldman Sachs Group
to sell the Casa Cook and Cook’s Club brands and related overseas businesses, at a consideration of EUR8,000,000
(equivalent to RMB57,604,000).
In May 2023, FTG, a subsidiary of the Group, completed the disposal of its 54% equity interests in a subsidiary, Société
Villages Hôtel des Caraïbes (“SVHC”), at a consideration of EUR22,072,000 (equivalent to RMB164,055,000). SVHC owned
the Les Boucaniers Resort in France. FTG then entered into a lease contract with the buyer for the leaseback of the
assets of Les Boucaniers on a 15-year term and continued to operate the resort. FTG measured the right-of-use assets
arising from the leaseback for the proportion that related to the right of use retained by the Group and recognized the
amount of the gain that relates to the rights transferred to the buyer.
In May 2023, Alpha Yu B.V. (“Alpha Yu”), a subsidiary of the Group, disposed 80% of the equity interests in International
Gemological Institute B.V., IGI Netherlands B.V., and International Gemological Institute (India) Private Limited
(collectively referred to as IGI Group) to BCP ASIA II TOPCO PTE. LTD. at the consideration of USD455,380,000 (equivalent
to RMB3,203,865,000).

(b) Disposal of subsidiaries (Continued)
The total net assets disposed of in respect of the disposal of the subsidiaries during the Period were as follows:
30 June
2023
RMB’000
(Unaudited)
Net assets disposed of:
Property, plant and equipment (note 9) 433,511
Intangible asset 656,416
Goodwill (note 13(a)) 111,430
Right-of-use assets 33,903
Deferred tax assets 6,367
Cash and bank balances 203,291
Investments in associates 45
Trade and notes receivables 124,781
Prepayments, other receivables and other assets 227,531
Due from related parties 28,926
Inventories 4,464
Investment properties 4,205,500
Deferred income (49,554)
Interest-bearing bank and other borrowings (2,110,333)
Trade and notes payables (33,066)
Due to related parties (3,525)
Accrued liabilities and other payables (272,124)
Contract liabilities (1,639)
Tax payable (6,487)
Deferred tax liabilities (322,953)
Non-controlling interests (273,877)
2,962,607
Reclassification adjustments from other comprehensive losses upon disposal 50,759
3,013,366
Right-of-use assets recognized in sales and leaseback 37,959
Net gain on disposal of subsidiaries (note 3) 1,734,873
Provision for disposal costs 11,357
4,797,555

(b) Disposal of subsidiaries (Continued)
An analysis of the cash flows in respect of the disposal of subsidiaries is as follows:
30 June
2023
RMB’000
(Unaudited)
Satisfied by:
Cash 4,797,555
Cash consideration 4,797,555
Cash and bank balances disposed of (203,291)
Cash consideration received in advance for disposal of a subsidiary 205,418
Receipt of unreceived cash consideration for disposal as at 31 December 2022 4,259,651
Cash consideration unreceived as at 30 June 2023 (21,191)
Net inflow of cash and cash equivalents included in cash flows from investing activities 9,038,142
14. COMMITMENTS
The Group had the following capital commitments at the end of the reporting period:
30 June 31 December
2023 2022
RMB’000 RMB’000
Contracted, but not provided for:
Plant and machinery 3,047,239 4,078,905
Investments 8,315,209 5,889,963
Oil and gas assets 15,897 55,020
14,348,334 13,340,207
15. CONTINGENT LIABILITIES

The Group had the following contingent liabilities:
30 June 31 December
2023 2022
RMB’000 RMB’000
Note (Unaudited) (Audited)
Principal amount of the guaranteed bank loans of:
Related parties 2,152,699 1,536,034
Third parties 289,740 317,893
Qualified buyers’ mortgage loans (1) 6,533,800 7,409,793
8,976,239 9,263,720
(1) As at 30 June 2023, the Group provided guarantees of approximately RMB6,533,800,000 (31 December 2022: RMB7,409,793,000) in favour of their
customers in respect of mortgage loans provided by banks to such customers for their purchases of the Group’s developed properties where the
underlying real estate certificates can only be provided to the banks in a time delayed manner due to administrative procedures in the PRC. These
guarantees provided by the Group will be released when the customers pledge their real estate certificates as security to the banks for the mortgage loans
granted by the banks.
The directors consider that in case of default in payments, the net realisable value of the related properties can cover the outstanding mortgage principals
together with the accrued interest and penalties and therefore no provision has been made for the guarantees in the interim condensed consolidated
financial statements.
(2) Owing to the nature of the insurance business, the insurance and finance segment of the Group is involved in legal proceedings in the ordinary course of
its activity, including being the plaintiff or the defendant in litigation and arbitration proceedings. Most of such legal proceedings involve claims concerning
insurance policies, which are already provisioned, and some additional losses arising therefrom will be indemnified either by reinsurers or by other
recoveries, like salvages. Although the outcomes of such contingencies, lawsuits or other proceedings cannot be determined at present, the Group believes
that any resulting liabilities will not have a material adverse effect on its financial position or operating results.
16. RELATED PARTY TRANSACTIONS

(1) During the Period, the Group had the following material transactions with related parties in addition to the transactions
disclosed in note 11:

2023 2022
RMB’000 RMB’000
Associates, joint ventures and other related parties:
Sales of pharmaceutical products 4,501,302 2,581,112
Purchases of pharmaceutical products 301,579 188,884
Sales of other products 21,780 28,237
Purchases of other products 49,588 58,823
Rental income 7,414 5,808
Rental expense 1,100 780
Service income 194,571 133,746
Interest income 161,116 158,078
Interest expense 12,226 16,642
Service expense 13,556 28,220
Deposits from related companies 1,748,178 6,219,282
Bank loan guarantees provided 2,152,699 1,749,044
Loans to related parties 816,346 1,202,556
Bank loan guarantees received 295,040 402,684
In the opinion of the directors, all related party transactions as set out above were conducted on normal commercial
terms.
(2) Compensation of key management personnel of the Company:

2023 2022
RMB’000 RMB’000
Short-term employee benefits 35,123 37,710
Equity-settled share award scheme expense 37,826 21,187
Equity-settled share option scheme expense 10,285 11,556
Pension scheme contributions 224 231
83,458 70,684
17. FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS

The carrying amounts and fair values of the Group’s financial instruments, other than those with carrying amounts that
reasonably approximate to fair values, are as follows:
Carrying amounts Fair values

30 June 31 December 30 June 31 December
2023 2022 2023 2022
RMB’000 RMB’000 RMB’000 RMB’000
(Unaudited) (Audited) (Unaudited) (Audited)
(Restated) (Restated)
Financial assets
Equity investments designated at fair value through other
comprehensive income 2,950,973 2,763,627 2,950,973 2,763,627
Debt investments at fair value through other comprehensive
income 72,032,080 63,534,883 72,032,080 63,534,883
Debt investments at amortised cost 25,357,640 25,171,823 25,343,353 25,129,915
Financial assets at fair value through profit or loss 57,179,906 59,964,219 57,179,906 59,964,219
Financial assets included in prepayments, other receivables
and other assets 1,739,190 – 1,739,190 –
Loans and advances to customers 1,201,337 1,070,416 1,191,963 1,058,019
Financial assets included in policyholder account assets in
respect of unit-linked contracts 26,237,553 22,163,794 26,237,553 22,163,794
Derivative financial instruments 2,835,114 3,537,338 2,835,114 3,537,338
Associates measured at fair value through profit or loss 12,572,351 12,209,635 12,572,351 12,209,635
202,106,144 190,415,735 202,082,483 190,361,430
Financial liabilities
Interest-bearing bank and other borrowings 113,114,114 120,640,124 106,597,106 119,485,397
Financial liabilities at fair value through profit or loss 5,240,371 4,306,876 5,240,371 4,306,876
Financial liabilities included in accrued liabilities and other
payables 7,811,693 5,520,206 7,811,693 5,520,206
Deposits from customers 113,908 85,962 74,886 66,574
Financial liabilities for unit-linked contracts 26,237,553 22,163,794 26,237,553 22,163,794
Due to related companies and the holding company 1,459,700 1,092,310 1,459,700 1,092,310
Derivative financial instruments 3,488,790 3,148,743 3,488,790 3,148,743
157,466,129 156,958,015 150,910,099 155,783,900
17. FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS (Continued)
Management has assessed that the fair values of cash and bank balances, reverse repurchase agreements, finance lease
receivables, placements with and loans to banks and other financial institutions, accounts payable to brokerage clients,
trade and notes receivables, trade and notes payables, investment contract liabilities, placements from banks and other
financial institutions, amounts due from related companies, loans and advances to customers, financial assets included
in prepayments, other receivables and other assets, financial liabilities included in other payables and accruals, interest-
bearing bank and other borrowings, deposits from customers, amounts due to related companies and amounts due to banks
and other financial institutions, which are expected to be recovered or settled no more than 12 months, approximate to their
carrying amounts largely due to the short-term maturities of these instruments.
The Group’s corporate finance team is responsible for determining the policies and procedures for the fair value
measurement of financial instruments. The corporate finance team reports directly to the chief financial officer. At each
reporting date, the corporate finance team analyses the movements in the values of financial instruments and determines
the major inputs applied in the valuation. The valuation is reviewed and approved by the chief financial officer.
The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged
in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods and
assumptions were used to estimate the fair values:
The fair values of the financial assets included in prepayments, other receivables and other assets, financial liabilities
included in accrued liabilities and other payables, and interest-bearing bank and other borrowings which are expected to
be recovered or settled more than 12 months have been calculated by discounting the expected future cash flows using
rates currently available for instruments with similar terms, credit risk and remaining maturities. The Group’s own non-
performance risk for the amounts due to related companies and the holding company, financial liabilities included in accrued
liabilities and other payables, and interest-bearing bank and other borrowings which are expected to be recovered or settled
more than 12 months as at 30 June 2023 was assessed to be insignificant. The fair values of listed bonds and senior notes
are based on quoted market prices.
The Group enters into derivative financial instruments with various counterparties, principally financial institutions with
high credit ratings. Derivative financial instruments include commodity derivative contracts, forward currency contracts,
and currency and interest rate swaps. As at 30 June 2023, the fair values of commodity derivative contracts were measured
using quoted market prices of commodity future contracts, while the fair values of the forward currency contracts and the
fair values of currency and interest rate swaps were measured using valuation techniques similar to forward pricing and
swap models, using present value calculations. The models incorporate various market observable inputs including the credit
quality of counterparties and interest rate curves. The carrying amounts of the commodity derivative contracts, forward
currency contracts, and currency and interest rate swaps are the same as their fair values.
The fair values of listed equity investments without a lock-up period are based on quoted market prices. The fair values of
listed equity investments with a lock-up period have been estimated based on assumptions that are supported by observable
market prices and discount for lack of marketability. The directors believe that the estimated fair values resulting from the
valuation technique, which are recorded in the consolidated statement of financial position, and the related changes in fair
values, which are recorded in other comprehensive income or profit or loss, are reasonable, and that they were the most
appropriate values at the end of the reporting period.
The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques.
These valuation techniques maximise the use of observable market data where it is available and rely as little as possible
on entity specific estimates. If all significant inputs required by fair value measurement are observable, the instruments
are included in level 2. If one or more of the significant inputs is not based on observable market data, the instruments are
included in level 3.
For Level 3 financial assets, the Group adopts the valuation techniques to determine the fair value. Valuation techniques
include the market comparison approach, income approach etc. The fair value measurement of these financial instruments
may involve unobservable inputs such as credit spread and liquidity discount, etc. The Group periodically reviews all
significant unobservable inputs and valuation adjustments used to measure the fair values of financial assets in Level 3.
Below is a summary of significant unobservable inputs to the valuation of financial instruments as at 30 June 2023:
Unobservable inputs and sensitivity analysis for Level 3 assets

The financial assets measured at fair value held by the Group which were classified in Level 3 primarily correspond to debt
securities, investment funds and certain unlisted equity securities not quoted in an active market.
The fair value of debt securities, which consist of public and corporate bonds, is determined using broker quotes that
cannot be corroborated with observable market transactions. Significant unobservable inputs for these bonds would include
proprietary cash flow models and issuer spreads, which are comprised of credit, liquidity, and other security-specific
features of the bonds. An increase (decrease) in these issuer spreads would result in a lower (higher) fair value.
The fair values of investment funds classified in Level 3 are based on net asset value (NAV) reports provided by the
management of such funds.
For certain unlisted equity securities, the Group adopts the valuation techniques to determine the fair value. Valuation
techniques include the market comparison approach, etc., which requires the Group to determine comparable public
companies (peers) based on industry, size, leverage and strategy, and to calculate an appropriate price multiple, such as
price to earnings multiples and price to book value multiples, for each comparable company identified. The multiple is
calculated by dividing the enterprise value of the comparable company by an earnings measure. The trading multiple is then
discounted for considerations such as illiquidity and size differences between the comparable companies based on company-
specific facts and circumstances. The discounted multiple is applied to the corresponding earnings measure of the unlisted
equity investments to measure the fair value. An increase (decrease) in multiples would result in a higher (lower) fair value.
An increase (decrease) in liquidity discount would result in a lower (higher) fair value. The Group periodically reviews all
significant unobservable inputs and valuation adjustments used to measure the fair values of financial instruments in Level 3.
Unobservable inputs and sensitivity analysis for Level 3 liabilities

Significant unobservable valuation inputs for the share redemption option granted to non-controlling shareholders of
subsidiaries included in accrued liabilities and other payables is the progress of research and development activities, net
profit or EBITDA of the subsidiaries.
Significant unobservable valuation input for other financial liabilities included in accrued liabilities and other payables is fair
value of net assets of subsidiaries.
Fair value hierarchy

The following tables illustrate the fair value measurement hierarchy of the Group’s financial instruments:
Level 1: Fair values measured based on quoted prices (unadjusted) in active markets for identical assets or liabilities
Level 2: Fair values measured based on valuation techniques for which all inputs which have a significant effect on the
recorded fair value are observable, either directly or indirectly
Level 3: Fair values measured based on valuation techniques for which any inputs which have a significant effect on the
recorded fair value are not based on observable market data (unobservable inputs)
Fair value hierarchy (Continued)
Assets measured at fair value:
As at 30 June 2023 (unaudited)
Fair value measurement using
Quoted prices Significant Significant

in active observable unobservable
markets inputs inputs
(Level 1) (Level 2) (Level 3) Total
RMB’000 RMB’000 RMB’000 RMB’000
other comprehensive income 2,829,482 47,000 74,491 2,950,973
Debt investments at fair value through other
Derivative financial instruments 76,248 2,387,965 370,901 2,835,114
Financial assets included in policyholder account
assets in respect of unit-linked contracts 22,171,339 105,154 3,961,060 26,237,553
Associates measured at fair value through profit or
loss 953,968 7,229,692 4,388,691 12,572,351
104,827,437 34,715,761 34,264,779 173,807,977
As at 31 December 2022 (audited) (restated)

RMB’000 RMB’000 RMB’000 RMB’000
other comprehensive income 2,651,666 24,542 87,419 2,763,627
Financial assets included in policyholder account
assets in respect of unit-linked contracts 18,538,535 141,465 3,483,794 22,163,794
Associates measured at fair value through profit or
loss 915,136 7,838,465 3,456,034 12,209,635
97,065,299 35,158,730 31,949,467 164,173,496
During the Period, no financial assets in Level 2 as at 31 December 2022 were transferred out to Level 1 due to the end of
the lock-up period for these equity investments in 2023 (Six months ended 30 June 2022: RMB78,203,000).
Assets measured at fair value: (Continued)
The movements in fair value measurements within Level 3 during the Period are as follows:
Equity Financial assets

investments Debt included in
designated at investments Financial policyholder Associates
fair value at fair value assets at account assets measured at
through other through other fair value in respect of Derivative fair value
comprehensive comprehensive through unit-linked financial through
income income profit or loss contracts instruments profit or loss Total
As at 31 December 2022 87,419 1,302,349 23,461,348 3,483,794 158,523 3,456,034 31,949,467
Total (losses)/gains recognised in the consolidated
statement of profit or loss included in other gains – (1,394) 743,860 73,238 210,566 331,653 1,357,923
Total (losses)/gains recognised in other comprehensive
income (7,389) 43,263 – – – – 35,874
Addition – 350,228 599,827 247,570 – – 1,197,625
Disposals (6,704) (344,018) (1,516,859) (69,864) – (105,690) (2,043,135)
Exchange realignment 1,165 354,986 772,129 226,322 1,812 – 1,356,414
Transfers* – – (296,083) – – 706,694 410,611
As at 30 June 2023 74,491 1,705,414 23,764,222 3,961,060 370,901 4,388,691 34,264,779
* During the Period, the financial assets with a fair value of RMB1,741,812,000 in Level 3 as at 31 December 2022 were transferred out, and a fair value
of RMB2,152,423,000 in Level 2 as at 31 December 2022 were transferred in. The transfer was based on the significant input used in the fair value
measurement as a whole.
Equity Financial assets

investments Debt included in
designated at investments Financial policyholder Associates
fair value at fair value assets at account assets measured at
through other through other fair value in respect of Derivative fair value
comprehensive comprehensive through unit-linked financial through
income income profit or loss contracts instruments profit or loss Total
(Restated) (Restated)
As at 31 December 2021 74,357 1,507,785 20,129,334 1,057,304 39,752 2,433,326 25,241,858
Total (losses)/gains recognised in the consolidated
statement of profit or loss included in other gains – 9,312 632,940 (37,861) 35 209,021 813,447
Total gains/(losses) recognised in other comprehensive
income 199 (172,606) – – – – (172,407)
Addition 160 45,959 2,237,518 1,068,056 28,709 – 3,380,402
Disposals – (199,107) (1,225,178) (18,347) (11,237) – (1,453,869)
Exchange realignment 1,333 140,141 (27,369) (41,303) (1,129) – 71,673
Transfers* – – 727,670 – – 35,000 762,670
As at 30 June 2022 76,049 1,331,484 22,474,915 2,027,849 56,130 2,677,347 28,643,774
* During the Period, the financial assets with a fair value of RMB1,001,511,000 in Level 3 as at 31 December 2021 were transferred out, and a fair value
of RMB1,764,182,000 in Level 2 as at 31 December 2021 were transferred in. The transfer was based on the significant input used in the fair value
measurement as a whole.
Assets for which fair values are disclosed:

RMB’000 RMB’000 RMB’000 RMB’000
Loans and advances to customers – – 1,191,963 1,191,963
Debt investments at amortised cost 19,399,870 5,693,571 249,912 25,343,353
Financial assets included in prepayment, of the
receivables and other assets – – 1,739,190 1,739,190
19,399,870 5,693,571 3,181,065 28,274,506
As at 31 December 2022 (audited)

RMB’000 RMB’000 RMB’000 RMB’000
Loans and advances to customers – – 1,058,019 1,058,019
Debt investments at amortised cost 19,070,664 5,658,195 401,056 25,129,915
19,070,664 5,658,195 1,459,075 26,187,934
Liabilities measured at fair value:

RMB’000 RMB’000 RMB’000 RMB’000
Financial liabilities for unit-linked contracts 22,171,339 105,154 3,961,060 26,237,553
Financial liabilities at fair value through
profit or loss 4,341,640 898,731 – 5,240,371
Financial liabilities included in accrued liabilities
and other payables – – 2,988,279 2,988,279
Derivative financial instruments 5,927 2,221,628 1,261,235 3,488,790
26,518,906 3,225,513 8,210,574 37,954,993
As at 31 December 2022 (audited) (restated)

RMB’000 RMB’000 RMB’000 RMB’000
Financial liabilities for unit-linked contracts 18,538,535 141,465 3,483,794 22,163,794
Financial liabilities at fair value through
profit or loss 3,364,387 942,489 – 4,306,876
Financial liabilities included in accrued liabilities
and other payables – – 2,729,160 2,729,160
21,911,501 3,255,520 7,181,552 32,348,573
Liabilities measured at fair value: (Continued)
The movements in fair value measurements in Level 3 during the Period are as follows:
Financial
liabilities
included
in accrued Financial
liabilities liabilities for Derivative
and other unit-linked financial
payables contracts instruments Total
RMB’000 RMB’000 RMB’000 RMB’000
At 1 January 2,729,160 3,483,794 968,598 7,181,552
Total gains recognised in the consolidated statement
of profit or loss included in other income (31,020) 73,238 47,682 89,900
Addition 290,139 247,570 180,573 718,282
Decrease – (69,864) – (69,864)
Exchange realignment – 226,322 64,382 290,704
At 30 June 2,988,279 3,961,060 1,261,235 8,210,574
The movements in fair value measurements in Level 3 during the last Period are as follows:
Financial
liabilities
included
in accrued Financial
liabilities liabilities for Derivative
and other unit-linked financial
payables contracts instruments Total
RMB’000 RMB’000 RMB’000 RMB’000
At 1 January 1,729,069 1,057,304 919,481 3,705,854
Total gains recognised in the consolidated statement
of profit or loss included in other income (14,287) (37,861) – (52,148)
Addition 758,026 1,068,056 – 1,826,082
Decrease – (18,347) (9,833) (28,180)
Exchange realignment – (41,303) 63,541 22,238
At 30 June 2,472,808 2,027,849 973,189 5,473,846
Liabilities for which fair values are disclosed:

RMB’000 RMB’000 RMB’000 RMB’000
Interest-bearing bank and other borrowings 25,363,778 81,233,328 – 106,597,106
Deposits from customers – – 74,886 74,886
Due to related companies and the holding company – 1,459,700 – 1,459,700
Financial liabilities included in accrued liabilities and
other payables – 4,823,414 – 4,823,414
25,363,778 87,516,442 74,886 112,955,106
As at 31 December 2022 (audited)

RMB’000 RMB’000 RMB’000 RMB’000
Interest-bearing bank and other borrowings 24,266,009 95,219,388 – 119,485,397
Deposits from customers – – 66,574 66,574
Due to related companies and the holding company – 1,092,310 – 1,092,310
Financial liabilities included in accrued liabilities and
other payables – 2,791,046 – 2,791,046
24,266,009 99,102,744 66,574 123,435,327
18. EXPECTED LIQUIDITY INFORMATION

The table below summarizes the expected recovery or settlement of assets and liabilities.
30 June No more than More than

2023 12 months 12 months
RMB’000 RMB’000 RMB’000
ASSETS
Cash and bank balances 114,680,038 114,200,766 479,272
Reverse repurchase agreements 2,077,606 2,077,606 –
Loans and advances to customers 17,487,273 16,285,936 1,201,337
Trade and notes receivables 14,180,253 14,180,253 –
Inventories 26,077,999 26,077,999 –
Completed properties for sale 15,887,608 15,887,608 –
Properties under development 59,566,197 54,583,720 4,982,477
Contract assets and other assets 86,658 86,658 –
Due from related companies 12,418,648 12,047,704 370,944
Prepayments, other receivables and other assets 35,126,474 27,971,157 7,155,317
Assets classified as held for sale 13,537,963 13,537,963 –
Placements with and loans to banks and other financial
institutions 55,228 15,842 39,386
Derivative financial instruments 2,835,114 2,186,573 648,541
Financial assets at fair value through profit or loss 57,179,906 32,868,809 24,311,097
Finance lease receivables 815,433 334,584 480,849
Reinsurance contract assets 9,023,042 5,800,759 3,222,283
Insurance contract assets 1,713,265 917,495 795,770
comprehensive income 72,032,080 10,549,241 61,482,839
Debt investments at amortised cost 25,357,640 7,143,392 18,214,248
Policyholder account assets in respect of unit-linked
contracts 27,403,462 1,646,106 25,757,356
other comprehensive income 2,950,973 – 2,950,973
Property, plant and equipment 48,201,982 – 48,201,982
Investment properties 95,805,599 – 95,805,599
Right-of-use assets 22,480,682 – 22,480,682
Exploration and evaluation assets 573,547 – 573,547
Mining rights 472,636 – 472,636
Oil and gas assets 2,057,636 – 2,057,636
Intangible assets 35,924,419 – 35,924,419
Investments in joint ventures 10,170,412 – 10,170,412
Investments in associates 71,680,779 – 71,680,779
Goodwill 28,596,143 – 28,596,143
Deferred tax assets 8,418,201 – 8,418,201
Total assets 834,874,896 358,400,171 476,474,725
18. EXPECTED LIQUIDITY INFORMATION (Continued)

30 June No more than More than
RMB’000 RMB’000 RMB’000
LIABILITIES
Deposits from customers 81,362,676 81,248,768 113,908
Assets sold under agreements to repurchase 10,159,868 10,159,868 –
Accounts payable to brokerage clients 1,198,960 1,198,960 –
Financial liabilities at fair value through profit or loss 5,240,371 5,240,371 –
Liabilities directly associated with the assets classified
as held for sale 122,529 122,529 –
Trade and notes payables 24,578,281 24,578,281 –
Contract liabilities 27,253,971 26,969,899 284,072
Tax payable 12,467,010 12,467,010 –
Due to banks and other financial institutions 3,341,062 3,341,062 –
Derivative financial instruments 3,488,790 2,281,027 1,207,763
Accrued liabilities and other payables 78,453,118 52,273,036 26,180,082
Due to the related companies 3,950,895 741,028 3,209,867
Interest-bearing bank and other borrowings 220,924,262 107,810,148 113,114,114
Reinsurance contract liabilities 3,327,592 2,824,954 502,638
Insurance contract liabilities 62,627,459 24,341,539 38,285,920
Investment contract liabilities 39,222,156 1,961,817 37,260,339
Financial liabilities for unit-linked contracts 27,403,462 45,873 27,357,589
Due to the holding company 285,442 – 285,442
Deferred income 1,194,488 – 1,194,488
Deferred tax liabilities 22,906,600 – 22,906,600
Total liabilities 629,508,992 357,606,170 271,902,822
NET ASSETS 205,365,904 794,001 204,571,903

31 December No more than More than
RMB’000 RMB’000 RMB’000
ASSETS
Cash and bank balances 100,564,000 100,071,263 492,737
Loans and advances to customers 16,162,944 15,092,528 1,070,416
Trade and notes receivables 13,200,451 13,200,451 –
Inventories 25,649,708 25,649,708 –
Completed properties for sale 15,028,738 15,028,738 –
Properties under development 62,079,128 56,611,465 5,467,663
Contract assets and other assets 610,268 610,268 –
Due from related companies 12,929,293 12,558,844 370,449
Prepayments, other receivables and other assets 35,314,912 29,836,360 5,478,552
Assets classified as held for sale 19,817,066 18,030,509 1,786,557
Placements with and loans to banks and other financial
institutions 55,009 17,894 37,115
Derivative financial instruments 3,537,338 2,879,068 658,270
Financial assets at fair value through profit or loss 59,964,219 37,828,774 22,135,445
Finance lease receivables 789,562 331,208 458,354
Reinsurance contract assets 8,829,508 5,203,221 3,626,287
Insurance contract assets 1,539,288 804,787 734,501
comprehensive income 63,534,883 9,592,012 53,942,871
Debt investments at amortised cost 25,171,823 10,283,828 14,887,995
Policyholder account assets in respect of unit-linked
contracts 23,276,840 1,854,480 21,422,360
other comprehensive income 2,763,627 8,214 2,755,413
Property, plant and equipment 45,668,203 – 45,668,203
Investment properties 95,743,357 – 95,743,357
Right-of-use assets 21,297,657 – 21,297,657
Exploration and evaluation assets 584,684 – 584,684
Mining rights 480,763 – 480,763
Oil and gas assets 1,890,258 – 1,890,258
Intangible assets 34,278,110 – 34,278,110
Investments in joint ventures 9,903,075 – 9,903,075
Investments in associates 68,653,959 – 68,653,959
Goodwill 27,413,654 – 27,413,654
Deferred tax assets 8,457,243 – 8,457,243
Total assets 805,189,568 355,493,620 449,695,948

31 December No more than More than
RMB’000 RMB’000 RMB’000
LIABILITIES
Deposits from customers 76,935,942 76,849,980 85,962
Assets sold under agreements to repurchase 151,868 151,868 –
Accounts payable to brokerage clients 3,828 3,828 –
Placements from banks and other financial institutions 149,062 149,062 –
Financial liabilities at fair value through profit or loss 4,306,876 4,306,876 –
Liabilities directly associated with the assets classified
as held for sale 117,467 117,467 –
Trade and notes payables 24,393,592 24,393,592 –
Contract liabilities 24,332,435 23,966,336 366,099
Tax payable 12,078,193 12,078,193 –
Due to banks and other financial institutions 1,141,108 1,141,108 –
Derivative financial instruments 3,148,744 2,120,707 1,028,037
Accrued liabilities and other payables 76,128,935 54,027,688 22,101,247
Due to the related companies 5,104,219 2,098,906 3,005,313
Interest-bearing bank and other borrowings 226,919,151 106,279,027 120,640,124
Reinsurance contract liabilities 3,387,408 2,923,783 463,625
Insurance contract liabilities 58,575,463 18,468,373 40,107,090
Investment contract liabilities 39,969,531 13,274,724 26,694,807
Financial liabilities for unit-linked contracts 23,276,840 109,810 23,167,030
Due to the holding company 122,606 – 122,606
Deferred income 1,231,069 – 1,231,069
Deferred tax liabilities 22,515,230 – 22,515,230
Total liabilities 603,989,567 342,461,328 261,528,239
NET ASSETS 201,200,001 13,032,292 188,167,709
19. EVENT AFTER THE REPORTING PERIOD

There have been no significant events since the end of the Reporting Period.
20. COMPARATIVE AMOUNTS

As stated in note 1.2, the comparative amounts have been restated to reflect the prior period adjustments relating to the
adoption of HKFRS 17 and the change in the presentation of all assets and liabilities to being in order of liquidity.
As stated in the note to the interim condensed consolidated statement of changes in equity, due to the application of IFRIC
Agenda Decision, certain comparative amounts have been restated to confirm with current period’s accounting treatment.
STATUTORY DISCLOSURES
INTERIM DIVIDEND
The Board has resolved not to declare or distribute any interim dividend for the Reporting Period.
SHARE AWARD SCHEME

2015 Share Award Scheme
A share award scheme was adopted by the Company on 25 March 2015 and terminated on 16 March 2023 (the “2015 Share
Award Scheme”). All unvested award shares granted under the 2015 Share Award Scheme will continue to be valid and will be
vested in accordance with the provisions of the 2015 Share Award Scheme.
2023 Share Award Scheme

A new share award scheme has been adopted by the Company on 16 March 2023 (the “2023 Share Award Scheme”). For details
of the 2023 Share Award Scheme, please refer to the circular of the Company dated 27 February 2023.
On 30 March 2023 (the “Grant Date”), the Board resolved to award an aggregate of 25,937,000 award shares (the “2023 Award
Shares”) to 113 selected participants under the 2023 Share Award Scheme. Subject to the satisfaction of the vesting criteria and
conditions of the 2023 Share Award Scheme, the 2023 Award Shares shall be transferred from the trustee, Computershare Hong
Kong Trustees Limited (the “Trustee”), to the selected participants upon expiry of the respective vesting period.
The purposes of the 2015 Share Award Scheme and the 2023 Share Award Scheme are (i) to align the interests of the eligible
persons with those of the Group through ownership of Shares, dividends and other distributions paid on Shares and/or the
increase in value of the Shares; and (ii) to encourage and retain eligible persons to make contributions to the long-term growth
and profits of the Group.
The closing price of the Shares, immediately before the Grant Date was HKD6.11. The aggregate fair value of the 2023 Award
Shares at the Grant Date amounted to approximately HKD123,913,630. The fair value of equity-settled the 2023 Award Shares
granted was estimated on the basis of the closing price of the Shares as stated in the Hong Kong Stock Exchange’s daily
quotations sheet on 30 March 2023 for the 2023 Award Shares, being the grant date defined under the International Financial
Reporting Standards 2 Share-based Payment requirement, which must be a business day and if subject to Shareholders’ approval,
is the date when approval is obtained.
As at 30 June 2023, the Company has granted accumulated 110,738,200 award shares under the 2015 Share Award Scheme
and the 2023 Share Award Scheme, of which 50,945,300 award shares were unvested except for the vested, expired, lapsed or
cancelled award shares.
The number of options and awards available for grant under the scheme mandate of all schemes of the Company at (i) the
beginning of the Reporting Period was 672,650,164 and (ii) the end of the Reporting Period was 726,684,012.
The number of Shares that may be issued in respect of options and awards granted under all schemes of the Company during the
Reporting Period (i.e. 25,937,000 Shares) divided by the weighted average number of shares of the relevant class in issue for the
Reporting Period (i.e. 8,178,773,321) were approximately 0.32%.
Details of the movement of the award shares under the 2015 Share Award Scheme and the 2023 Share Award Scheme during the
Reporting Period were as follows:
Number of the award shares Changed during the Reporting Period

Lapsed/
Unvested Granted Vested cancelled Unvested
Number of as at during the during the during the as at
Name of granted 1 January Reporting Reporting Reporting 30 June
Director Date of grant Vesting period Shares 2023 Period Period(15) Period (11) 2023
Guo Guangchang 24 March 2022 24 March 2022 to 23 March 2023(8)(b) 738,000 738,000 – 738,000 – –
Wang Qunbin 24 March 2022 24 March 2022 to 23 March 2023 (8)(b)
704,000 704,000 – 704,000 – –
26 March 2015 26 March 2015 to 24 March 2018 (1)
250,000 – – – – –
1 April 2016 1 April 2016 to 30 March 2019(2) 330,000 – – – – –
4 May 2017 4 May 2017 to 2 May 2020(3) 375,000 – – – – –
555,000 – – – – –
27 March 2019 27 March 2019 to 26 March 2022 (5)(a)
535,000 – – – – –
1 April 2020 1 April 2020 to 31 March 2023(6)(a) 1,660,000 564,400 – 564,400 – –
Chen Qiyu
31 March 2021 31 March 2021 to 30 March 2024(7)(a) 1,920,000 1,286,400 – 633,600 – 652,800
24 March 2022 to 23 March 2025 (8)(a)
2,460,000 2,460,000 – 811,800 – 1,648,200
24 March 2022
24 March 2022 to 23 March 2023 (8)(b)
646,000 646,000 – 646,000 – –
31 August 2022 to 30 August 2025(9)(a) 50,000 50,000 – – – 50,000
31 August 2022
31 August 2022 to 30 August 2023(9)(b) 502,400 502,400 – – – 502,400
2,803,000 – 2,803,000 – – 2,803,000
190,000 – – – – –
4 May 2017 4 May 2017 to 2 May 2020(3) 375,000 – – – – –
555,000 – – – – –
535,000 – – – – –
1 April 2020 1 April 2020 to 31 March 2023(6)(a) 1,660,000 564,400 – 564,400 – –
Xu Xiaoliang
31 March 2021 31 March 2021 to 30 March 2024(7)(a) 1,920,000 1,286,400 – 633,600 – 652,800
24 March 2022 to 23 March 2025 (8)(a)
2,460,000 2,460,000 – 811,800 – 1,648,200
24 March 2022
24 March 2022 to 23 March 2023 (8)(b)
244,000 244,000 – 244,000 – –
31 August 2022
31 August 2022 to 30 August 2023 (9)(b)
220,200 220,200 – – – 220,200
2,803,000 – 2,803,000 – – 2,803,000

Lapsed/
26 March 2015 26 March 2015 to 24 March 2018(1) 290,000 – – – – –
4 May 2017 4 May 2017 to 2 May 2020(3) 325,000 – – – – –
340,000 – – – – –
310,000 – – – – –
Qin Xuetang(12) 1 April 2020 1 April 2020 to 31 March 2023(6)(a) 295,000 100,300 – 100,300 – –
31 March 2021 31 March 2021 to 30 March 2024(7)(a) 720,000 482,400 – 237,600 – 244,800
24 March 2022 to 23 March 2025 (8)(a)
1,360,000 1,360,000 – 448,800 – 911,200
24 March 2022
24 March 2022 to 23 March 2023 (8)(b)
88,000 88,000 – 88,000 – –
31 August 2022 31 August 2022 to 30 August 2023(9)(b) 74,800 74,800 – – – 74,800
30 March 2023 30 March 2023 to 29 March 2026(10)(a) 1,653,000 – 1,653,000 – – 1,653,000
60,000 – – – – –
1 April 2016 1 April 2016 to 30 March 2019 (2)
110,000 – – – – –
4 May 2017 4 May 2017 to 2 May 2020(3) 190,000 – – – – –
235,000 – – – – –
1 April 2020 1 April 2020 to 31 March 2023 (6)(a)
275,000 93,500 – 93,500 – –
Gong Ping
24 March 2022 to 23 March 2025(8)(a) 960,000 960,000 – 316,800 – 643,200
24 March 2022
24 March 2022 to 23 March 2023 (8)(b)
88,000 88,000 – 88,000 – –
31 August 2022 to 30 August 2025 (9)(a)
160,000 160,000 – – – 160,000
31 August 2022
30 March 2023 30 March 2023 to 29 March 2026(10)(a) 1,001,000 – 1,001,000 – – 1,001,000
800,000 800,000 – 264,000 – 536,000
Huang Zhen 31 August 2022 31 August 2022 to 30 August 2023 (9)(b)
165,200 165,200 – – – 165,200
30 March 2023 30 March 2023 to 29 March 2026(10)(a) 682,000 – 682,000 – – 682,000

Lapsed/
4 May 2017 4 May 2017 to 2 May 2020(3) 190,000 – – – – –
240,000 – – – – –
235,000 – – – – –
1 April 2020 1 April 2020 to 31 March 2023(6)(a) 275,000 93,500 – 93,500 – –
Pan Donghui
24 March 2022 to 23 March 2025 (8)(a)
1,160,000 1,160,000 – 382,800 – 777,200
24 March 2022
24 March 2022 to 23 March 2023 (8)(b)
378,000 378,000 – 378,000 – –
31 August 2022
1,324,000 – 1,324,000 – – 1,324,000
25,000 16,750 – – 16,750 –
Zhuang Yuemin(13)
24 March 2022 24 March 2022 to 23 March 2025(8)(a) 25,000 25,000 – – 25,000 –
Yu Qingfei
25,000 25,000 – 8,250 – 16,750
10,000 – – – – –
4 May 2017 4 May 2017 to 2 May 2020(3) 35,000 – – – – –
25,000 – – – – –
Zhang Shengman 27 March 2019 27 March 2019 to 26 March 2022 (5)(a)
25,000 – – – – –
25,000 25,000 – 8,250 – 16,750
25,000 – 25,000 – – 25,000
4 May 2017 4 May 2017 to 2 May 2020 (3)
35,000 – – – – –
Zhang Huaqiao 27 March 2019 27 March 2019 to 26 March 2022(5)(a) 25,000 – – – – –
25,000 8,500 – 8,500 – –
25,000 16,750 – 8,250 – 8,500

Lapsed/
4 May 2017 4 May 2017 to 2 May 2020(3) 35,000 – – – – –
25,000 – – – – –
David T. Zhang 27 March 2019 27 March 2019 to 26 March 2022 (5)(a)
25,000 – – – – –
25,000 25,000 – 8,250 – 16,750
25,000 – 25,000 – – 25,000
4 May 2017 4 May 2017 to 2 May 2020(3) 35,000 – – – – –
25,000 – – – – –
Lee Kai-Fu 1 April 2020 1 April 2020 to 31 March 2023 (6)(a)
25,000 8,500 – 8,500 – –
25,000 – 25,000 – – 25,000
25,000 16,750 – 8,250 – 8,500
Tsang King Suen
Katherine
Sub-total 42,583,500 19,415,250 10,391,000 9,325,700 41,750 20,438,800

Lapsed/
Other grantees:
26 March 2015 26 March 2015 to 24 March 2018(1) 3,610,000 – – – – –
1 April 2016 1 April 2016 to 30 March 2019(2) 3,945,000 – – – – –
4 May 2017 4 May 2017 to 2 May 2020 (3)
3,680,000 – – – – –
3,872,000 – – – – –
27 March 2019 27 March 2019 to 26 March 2022(5)(a) 4,333,000 – – – – –
28 August 2019 28 August 2019 to 27 August 2022(5)(b) 420,000 – – – – –
4,236,000 1,224,680 – 1,187,960 36,720 –
– Other employee 28 August 2020 28 August 2020 to 27 August 2023 (6)(b)

70,000 10,200 – – – 10,200
participants 31 March 2021 31 March 2021 to 30 March 2024(7)(a) 6,995,000 4,495,700 – 2,179,650 70,350 2,245,700
25 August 2021 25 August 2021 to 24 August 2024(7)(b) 265,000 56,950 – – – 56,950
24 March 2022 to 23 March 2025 (8)(a)
16,320,000 16,220,000 – 5,268,450 308,600 10,642,950
24 March 2022
24 March 2022 to 23 March 2023 (8)(b)
2,398,000 2,398,000 – 2,398,000 – –
31 August 2022 to 30 August 2025(9)(a) 1,010,000 990,000 – – – 990,000
31 August 2022
31 August 2022 to 30 August 2023(9)(b) 1,454,700 1,454,700 – – – 1,454,700
30 March 2023 to 29 March 2026 (10)(a)
14,934,000 – 14,934,000 – 440,000 14,494,000
30 March 2023
30 March 2023 to 29 March 2024 (10)(b)
612,000 – 612,000 – – 612,000
– Related entity
participants – – – – – –
– Service providers – – – – – –
Total 110,738,200 46,265,480 25,937,000 20,359,760 897,420 50,945,300
Notes:
(1) Subject to the satisfaction of the vesting criteria and conditions of the 2015 Share Award Scheme, the award shares which were granted on 26 March 2015 shall
be transferred from the Trustee to the selected participants upon expiry of the following vesting periods:
Percentage of Award Shares to be Vested Vesting Date Vesting Period
33% 25 March 2016 26 March 2015 to 24 March 2016
(2) Subject to the satisfaction of the vesting criteria and conditions of the 2015 Share Award Scheme, the award shares which were granted on 1 April 2016 shall be
transferred from the Trustee to the selected participants upon expiry of the following vesting periods:
33% 31 March 2017 1 April 2016 to 30 March 2017

(3) Subject to the satisfaction of the vesting criteria and conditions of the 2015 Share Award Scheme, the award shares which were granted on 4 May 2017 shall be
transferred from the Trustee to the selected participants upon expiry of the following vesting periods:
33% 3 May 2018 4 May 2017 to 2 May 2018
33% 3 May 2019 4 May 2017 to 2 May 2019
34% 3 May 2020 4 May 2017 to 2 May 2020
(4) Subject to the satisfaction of the vesting criteria and conditions of the 2015 Share Award Scheme, the award shares which were granted on 28 March 2018 shall
be transferred from the Trustee to the selected participants upon expiry of the following vesting periods:
(5) (a) Subject to the satisfaction of the vesting criteria and conditions of the 2015 Share Award Scheme, the award shares which were granted on 27 March 2019
shall be transferred from the Trustee to the selected participants upon expiry of the following vesting periods:
(b) Subject to the satisfaction of the vesting criteria and conditions of the 2015 Share Award Scheme, the award shares which were granted on 28 August
2019 shall be transferred from the Trustee to the selected participants upon expiry of the following vesting periods:
33% 28 August 2020 28 August 2019 to 27 August 2020
(6) (a) Subject to the satisfaction of the vesting criteria and conditions of the 2015 Share Award Scheme, the award shares which were granted on 1 April 2020
33% 1 April 2021 1 April 2020 to 31 March 2021

(b) Subject to the satisfaction of the vesting criteria and conditions of the 2015 Share Award Scheme, the award shares which were granted on 24 March 2022
shall be transferred from the Trustee to the selected participants upon expiry of the following vesting period:
(9) (a) Subject to the satisfaction of the vesting criteria and conditions of the 2015 Share Award Scheme, the award shares which were granted on 31 August
2022 shall be transferred from the Trustee to the selected participants upon expiry of the following vesting period:

(b) Subject to the satisfaction of the vesting criteria and conditions of the 2023 Share Award Scheme, the award shares which were granted on 30 March 2023
shall be transferred from the Trustee to the selected participants upon expiry of the following vesting period:
(11) During the Reporting Period, 897,420 award shares were lapsed and expired and the Group did not cancel any award shares.
(12) Mr. Qin Xuetang has resigned as an executive Director with effect from 17 February 2023.
(13) Mr. Zhuang Yuemin has resigned as a non-executive Director with effect from 2 February 2023.
(14) Save as disclosed above, there is no any other information required to be disclosed pursuant to Rule 17.07 of the Listing Rules.
(15) The weighted average closing price of the Shares immediately before the dates on which awards were vested during the Reporting Period was HKD6.13.
(16) The purchase price for all award shares is nil.
Except for independent non-executive Directors who are not subject to the performance assessment system of the Company, each of the selected participants
have satisfied their respective performance targets (the “Performance Targets”) for the previous financial year before the grant date. In general, the performance
assessment of the selected participants are classified into three broad categories: (i) individual performance, (ii) group performance, and (iii) performance of business
segments, business lines and/or functional departments managed by the selected participants.
1) The Performance Targets applicable to the seven existing Directors, including Mr. Guo Guangchang, Mr. Wang Qunbin, Mr. Chen Qiyu, Mr. Xu Xiaoliang, Mr. Gong
Ping, Mr. Huang Zhen and Mr. Pan Donghui and one former Director, being Mr. Qin Xuetang, include: revenue, profit, cash flow, improvement of ESG performance
and organization evolution of the Group.
2) For other employee participants, given that the industry nature, business development stage and strategic goal of the business segments, business lines and/or
functional departments managed by the selected participants are different, the Performance Targets applicable to other employee participants are individualized
with different assessment criteria and weighting based on their different roles and functions.
a. Individual performance: The assessment criteria are based on, among others, their management ability and efficiency and their contribution to enhancing
the performance of the respective business segments or business lines such as ability to introduce key talents, risk control and quality operation system,
digitalization and entrepreneurship;
b. Group performance: The assessment criteria are based on, among others, revenue, profit, cash flow, improvement of ESG performance and organization
evolution of the Group; and
c. Performance of business segments, business lines and/or functional departments managed by the selected participants: The assessment criteria
are based on a wide range of factors which are important to the long-term development of such business segments, business lines and/or functional
departments depending on their respective industry nature, business development stage and strategic goals, such as segment financial performance,
industry ranking, customer satisfaction, risk control, digital transformation, production safety, expense management and human resource planning.
SHARE OPTION SCHEMES

The Company adopted a share option scheme on 19 June 2007 and it expired on 18 June 2017 (the “2007 Share Option Scheme”).
The Company adopted a share option scheme on 6 June 2017 and it was terminated on 16 March 2023 (the “2017 Share Option
Scheme”). All outstanding options granted under the 2007 Share Option Scheme and the 2017 Share Option Scheme will continue
to be valid and exercisable in accordance with the relevant provisions of the schemes. The purposes of the 2007 Share Option
Scheme and the 2017 Share Option Scheme are to provide incentive and/or reward to eligible persons for their contribution to,
and continuing efforts to promote the interest of, the Group.
A new share option scheme of the Company has been adopted in the extraordinary general meeting held on 16 March 2023 (the
“2023 Share Option Scheme”). The purpose of the 2023 Share Option Scheme is to provide incentive and/or reward to eligible
persons for their contribution to, and continuing efforts to promote the interests of, the Group. For details of the 2023 Share
Option Scheme, please refer to the circular of the Company dated 27 February 2023.
The Board announced that on 30 March 2023 (the “Grant Date”), subject to the acceptance of relevant grantees, the Company
has decided to grant 71,070,000 share options to subscribe for an aggregate of 71,070,000 Shares under the 2023 Share Option
Scheme. The closing price of the Shares, immediately before the Grant Date was HKD6.11 per Share. The aggregate fair value
of such 71,070,000 share options at the Grant Date amounted to approximately HKD98,386,240. The fair value of equity-settled
share options granted was estimated as at the date of grant using a binomial model, taking into account the terms and conditions
upon which the options were granted, as well as the factors such as risk-free interest rate, share price, volatility, expected life of
options and dividend. The fair value of options is subject to a number of assumptions and limitations that may be subjective and
uncertain.
As at the end of the Reporting Period, the Company has granted accumulated 497,691,000 options to subscribe for an aggregate
of 497,691,000 Shares under the 2007 Share Option Scheme, the 2017 Share Option Scheme and the 2023 Share Option Scheme,
of which 314,057,850 effective options were outstanding except for the exercised, expired, lapsed or cancelled options.
The following table discloses movements in the Company’s outstanding options under the 2007 Share Option Scheme, the 2017
Share Option Scheme and the 2023 Share Option Scheme during the Reporting Period.
Number of the options

Expired/
lapsed/ Exercise
Granted Exercised cancelled Outstanding price of
Outstanding as during the during the during the as at the options
Date of grant of at 1 January Reporting Reporting Reporting 30 June Vesting period Exercise period per Share
Name of Grantee the options 2023 Period Period Period9 2023 of the options of the options (HKD)
Chen Qiyu 8 January 2016 7,500,000 – – 2,500,000 5,000,000 8 January 2016 to 8 January 2021 to 11.53
7 January 20231 7 January 20261
4 May 2017 1,350,000 – – 225,000 1,125,000 4 May 2017 to 4 May 2022 to 11.75
3 May 20241 3 May 20271
1 April 2020 1,500,000 – – – 1,500,000 1 April 2020 to 1 April 2023 to 8.79
31 March 20256 31 March 20306
31 March 2021 1,500,000 – – – 1,500,000 31 March 2021 to 31 March 2024 to 10.91
30 March 20266 30 March 20316
23 March 20276 23 March 20326
30 March 2023 – 4,000,000 – – 4,000,000 30 March 2023 to 30 March 2026 to 6.16
29 March 20287 29 March 20337

Expired/
lapsed/ Exercise
Xu Xiaoliang 8 January 2016 7,500,000 – – 2,500,000 5,000,000 8 January 2016 to 8 January 2021 to 11.53
4 May 2017 1,350,000 – – 225,000 1,125,000 4 May 2017 to 4 May 2022 to 11.75
3 May 20241 3 May 20271
1 April 2020 1,500,000 – – – 1,500,000 1 April 2020 to 1 April 2023 to 8.79
31 March 20256 31 March 20306
30 March 20266 30 March 20316
23 March 20276 23 March 20326
29 March 20287 29 March 20337
Qin Xuetang10 8 January 2016 7,500,000 – – 2,500,000 5,000,000 8 January 2016 to 8 January 2021 to 11.53
30 March 20266 30 March 20316
23 March 20276 23 March 20326
29 March 20287 29 March 20337
Gong Ping 8 January 2016 3,000,000 – – 1,000,000 2,000,000 8 January 2016 to 8 January 2021 to 11.53
4 May 2017 4,410,000 – – 735,000 3,675,000 4 May 2017 to 4 May 2022 to 11.75
3 May 20241 3 May 20271
30 March 20266 30 March 20316
23 March 20276 23 March 20326
29 March 20287 29 March 20337
Huang Zhen 24 March 2022 600,000 – – – 600,000 24 March 2022 to 24 March 2025 to 8.71
23 March 20276 23 March 20326
29 March 20287 29 March 20337

Expired/
lapsed/ Exercise
Pan Donghui 8 January 2016 5,250,000 – – 1,750,000 3,500,000 8 January 2016 to 8 January 2021 to 11.53
4 May 2017 1,710,000 – – 285,000 1,425,000 4 May 2017 to 4 May 2022 to 11.75
3 May 20241 3 May 20271
30 March 20266 30 March 20316
23 March 20276 23 March 20326
29 March 20287 29 March 20337
Other grantees
– Other employee 8 January 2016 25,450,000 – – 8,250,000 17,200,000 8 January 2016 to 8 January 2021 to 11.53
participants 7 January 20231 7 January 20261
4 May 2017 25,160,000 – – 4,710,000 20,450,000 4 May 2017 to 4 May 2022 to 11.75
3 May 20241 3 May 20271
28 March 2018 11,690,600 – – 474,000 11,216,600 28 March 2018 to 28 March 2019 to 17.58
27 March 20252,3 27 March 20282,3
27 March 2019 54,081,250 – – 420,000 53,661,250 27 March 2019 to 27 March 2020 to 12.86
26 March 20262,4 26 March 20292,4
28 August 2019 450,000 – – – 450,000 28 August 2019 to 28 August 2020 to 9.95
27 August 20235 27 August 20295
1 April 2020 12,820,000 – – 867,500 11,952,500 1 April 2020 to 1 April 2021 to 8.79
31 March 20254,6 31 March 20304,6
27 August 20244 27 August 20304
31 March 2021 29,595,000 – – 2,150,000 27,445,000 31 March 2021 to 31 March 2022 to 10.91
30 March 20264,6 30 March 20314,6
25 August 2021 712,500 – – 412,500 300,000 25 August 2021 to 25 August 2022 to 9.90
24 August 20254 24 August 20314
24 March 2022 48,607,500 – – 1,695,000 46,912,500 24 March 2022 to 24 March 2023 to 8.71
23 March 20274,6 23 March 20324,6
30 August 20264 30 August 20324
30 March 2023 – 54,670,000 – 1,230,000 53,440,000 30 March 2023 to 30 March 2024 to 6.16
29 March 20287,8 29 March 20337,8

Expired/
lapsed/ Exercise
– Related entity 8 January 2016 – – – – – 8 January 2016 to 8 January 2021 to 11.53
participants 7 January 20231 7 January 20261
4 May 2017 – – – – – 4 May 2017 to 4 May 2022 to 11.75
3 May 20241 3 May 20271
28 March 2018 – – – – – 28 March 2018 to 28 March 2019 to 17.58
27 March 20252,3 27 March 20282,3
26 March 20262 26 March 20292
28 August 2019 – – – – – 28 August 2019 to 28 August 2020 to 9.95
27 August 20235 27 August 20295
1 April 2020 – – – – – 1 April 2020 to 1 April 2021 to 8.79
31 March 20254,6 31 March 20304,6
27 August 20244 27 August 20304
31 March 2021 200,000 – – – 200,000 31 March 2021 to 31 March 2024 to 10.91
30 March 20266 30 March 20316
24 August 20254 24 August 20314
24 March 2022 200,000 – – – 200,000 24 March 2022 to 24 March 2025 to 8.71
23 March 20276 23 March 20326
30 August 20264 30 August 20324
30 March 2023 – – – – – 30 March 2023 to 30 March 2024 to 6.16
29 March 20287,8 29 March 20337,8
– Service providers – – – – –
Total 274,916,850 71,070,000 – 31,929,000 314,057,850
Notes:
1. Subject to the satisfaction of the vesting criteria and conditions set out in the respective grant letters, the options under the 2007 Share Option Scheme are
vested and become exercisable by each grantee in three tranches as set out below:
(a) up to the first 20% of the options, at any time from the date falling on the fifth anniversary of the date of grant till the end of the 10th year period
commencing from the date of the grant of options (the “2007 Option Period”);
(b) up to a further 30% of the options, at any time from the date falling on the sixth anniversary of the date of grant till the end of the 2007 Option Period; and
(c) in respect of the remaining 50% of the options, which, for the avoidance of doubt, comprise those options which have not been exercised (and not lapsed)
since the fifth anniversary of the date of grant, at any time from the date falling on the seventh anniversary of the date of grant till the end of the 2007
Option Period.
2. Subject to the satisfaction of the vesting criteria and conditions set out in the respective grant letters, the options, being granted to the global core management
staff under the 2017 Share Option Scheme are vested and become exercisable in three tranches as set out below:
(a) up to the first 20% of the options, at any time from the date falling on the fifth anniversary of the date of grant till the end of the 10th year period
commencing from the date of grant of the options (the “2017 Option Period”);
(b) up to a further 30% of the options, at any time from the date falling on the sixth anniversary of the date of grant till the end of the 2017 Option Period; and
since the fifth anniversary of the date of grant, at any time from the date falling on the seventh anniversary of the date of grant till the end of the 2017
Option Period.
3. Subject to the satisfaction of the vesting criteria and conditions set out in the respective grant letters, the options, being granted to the employees of the Group
under the 2017 Share Option Scheme are vested and become exercisable in five tranches as set out below:
(a) up to the first 20% of the options, at any time from the date falling on the first anniversary of the date of grant till the end of the 2017 Option Period;
(b) up to a further 20% of the options, at any time from the date falling on the second anniversary of the date of grant till the end of the 2017 Option Period;
(c) up to a further 20% of the options, at any time from the date falling on the third anniversary of the date of grant till the end of the 2017 Option Period;
(d) up to a further 20% of the options, at any time from the date falling on the fourth anniversary of the date of grant till the end of the 2017 Option Period;
and
(e) in respect of the remaining 20% of the options, which, for the avoidance of doubt, comprise those options which have not been exercised (and not lapsed)
since the first anniversary of the date of grant, at any time from the date falling on the fifth anniversary of the date of grant till the end of the 2017 Option
Period.
under the 2017 Share Option Scheme are vested and become exercisable in four tranches as set out below:
(c) up to a further 25% of the options, at any time from the date falling on the third anniversary of the date of grant till the end of the 2017 Option Period; and
(d) in respect of the remaining 25% of the options, which, for the avoidance of doubt, comprise those options which have not been exercised (and not lapsed)
since the first anniversary of the date of grant, at any time from the date falling on the fourth anniversary of the date of grant till the end of the 2017
Option Period.
5. Subject to the satisfaction of the vesting criteria and conditions set out in the respective grant letters, the options, being granted to the newly-joined management
staff and the intelligent technology professionals of the Group under the 2017 Share Option Scheme are vested and become exercisable in either one of the
exercising schedules as set out below:
Type I exercising schedule
(d) in respect of the remaining 25% of the options, which, for the avoidance of doubt, comprise those Options which have not been exercised (and not lapsed)
Option Period.
Type II exercising schedule
(a) up to the first 50% of the options, at any time from the date falling on the second anniversary of the date of grant till the end of the 2017 Option Period;
(b) up to a further 25% of the options, at any time from the date falling on the third anniversary of the date of grant till the end of the 2017 Option Period; and
since the second anniversary of the date of grant, at any time from the date falling on the fourth anniversary of the date of grant till the end of the 2017
Option Period.
(a) up to the first 20% of the options, at any time from the date falling on the third anniversary of the date of grant till the end of the 2017 Option Period;
(b) up to a further 30% of the options, at any time from the date falling on the fourth anniversary of the date of grant till the end of the 2017 Option Period;
and
since the third anniversary of the date of grant, at any time from the date falling on the fifth anniversary of the date of grant till the end of the 2017 Option
Period.
(a) up to the first 20% of the options, at any time from the date falling on the third anniversary of the date of grant till the end of the tenth year period
commencing from the date of grant of the options (the “2023 Option Period”);
(b) up to a further 30% of the options, at any time from the date falling on the fourth anniversary of the date of grant till the end of the 2023 Option Period;
and
since the third anniversary of the date of grant, at any time from the date falling on the fifth anniversary of the date of grant till the end of the 2023 Option
Period.
under the 2023 Share Option Scheme are vested and become exercisable in four tranches as set out below:
(d) in respect of the remaining 25% of the options, which, for the avoidance of doubt, comprise those Options which have not been exercised (and not lapsed)
Option Period.
9. During the Reporting Period, 31,929,000 share options were lapsed and expired and the Group did not cancel any shares.
10. Mr. Qin Xuetang has resigned as an executive Director with effect from 17 February 2023.
11. Save as disclosed above, there is no any other information required to be disclosed pursuant to Rule 17.07 of the Listing Rules.
Each of the grantees is required to meet their Performance Targets during the vesting period. In general, the Performance Targets of the grantees are
classified into three broad categories: (i) individual performance, (ii) group performance, and (iii) performance of business segments, business lines and/or
functional departments managed by the grantees.
1) The Performance Targets applicable to the seven existing Directors, including Mr. Guo Guangchang, Mr. Wang Qunbin, Mr. Chen Qiyu, Mr. Xu Xiaoliang,
Mr. Gong Ping, Mr. Huang Zhen and Mr. Pan Donghui and one former director, being Mr. Qin Xuetang, include: revenue, profit, cash flow, improvement
of ESG performance and organization evolution of the Group.
2) Unless the Performance Targets are met, the options granted to the grantees will lapse.
3) For other participants, given that the industry nature, business development stage and strategic goal of the business segments, business lines and/
or functional departments managed by the other participants are different, the Performance Targets applicable to other participants are individualized
with different assessment criteria and weighting based on their different roles and functions.
a. Individual performance: The assessment criteria are based on, among others, their management ability and efficiency and their contribution
to enhancing the performance of the respective business segments or business lines such as ability to introduce key talents, risk control and
quality operation system, digitalization and entrepreneurship;
b. Group performance: The assessment criteria are based on, among others, revenue, profit, cash flow, improvement of ESG performance and
organization evolution of the Group; and
c. Performance of business segments, business lines and/or functional departments managed by the Option Grantees: The assessment criteria
are based on a wide range of factors which are important to the long-term development of such business segments, business lines and/
or functional departments depending on their respective industry nature, business development stage and strategic goals, such as segment
financial performance, industry ranking, customer satisfaction, risk control, digital transformation, production safety, expense management and
human resource planning.
HUMAN RESOURCES
Fosun’s human resources strategy is guided by the values of “Self-improvement, Teamwork, Performance and Contribution to
Society”, and focuses on building a global entrepreneurial platform that creates outstanding value for customers, analyzes the
organizational capabilities that drive business growth and rapidly iterate the corresponding organization, mechanism, and talent
system. We emphasize that the person in charge of the business is the first person in charge of human resources. Combined
with an efficient and compliant governance structure, we will set up talent committees at all levels of organizations to conduct
collective discussions on major organizational and talent issues, so as to guarantee the full engagement of business managers in
the construction of organizational talent system, and by creating a global shared platform for human resources consultation and
services, it will fully empower the building of the entire Group’s human resources organization capacity.
In the first half of 2023, Fosun further improved its organizational capability of its global operations, and formed more agile
organizational support around key strategic and business directions. Meanwhile, based on Fosun’s characteristic FC2M
entrepreneurial platform and global ecosystem, we put into practice the entrepreneurial body organizational mechanism to
stimulate the entrepreneurial spirit and business vitality of our entrepreneurial teams. By deepening our talent structure of
“expert + high potential” and focusing on future development and business growth with value creation as the core, we continued
to explore the value measurement methods and market-oriented operation modes for the headquarters-type organization and
middle and back office functions, so as to continuously enhance the effectiveness of human resources.
Fosun has always adhered to the concept of “Talents are Fosun’s first asset”. We match people with positions based on the
differentiated positioning of management talents and business talents, and design global job rotation and succession plans to
drive the improvement of the talent development system. We pay special attention to the rapid growth of high-performance and
high-potential talents, tilt organizational resources towards promotion and incentivization, and maintain a strong momentum for
endogenous development of talents. In terms of talent planning and attraction, we focus on the world, match the high-growth
goals of the business, continue to introduce industry leaders and experts, and build a future-oriented talent echelon in a forward-
looking manner. ONE Fosun enterprises work together to attract global talents under the ONE Fosun employer brand, and
providing an injection of new talent into Fosun enterprises. As of 30 June 2023, the Group had approximately 104,000 employees.
Fosun Partner Management System

The partnership model is an important mechanism for the retention and incentivization of Fosun’s core talent, placing emphasis
on Fosun partners leading Fosun people, especially the entrepreneurial spirit, to create an organizational cohesion of co-creation,
co-responsibility and sharing. In 2023, Fosun’s characteristic competition and cooperation (coopetition) mechanism was exercised,
resulting in over 150 global partners.
Fosun partner management system focuses on refining and improving the talent standards and core competency requirements,
and further strengthens the management foundation for key positions and core talents, through partner ecosystem campaigns,
integrate internal and external resources, and create incremental value for customers. At the same time, we put more emphasis
on the investment of partners in consolidating the talent echelon and building agile organizations, and strengthen the introduction
of outstanding talents from the perspective of core assets of talents.
Employee Experience and Service

Focusing on the concept of ESG, Fosun insists on doing business for good and people-oriented, constantly optimizes and
innovates, and strengthens the construction of an employee experience management system covering the entire career life cycle
of employees. Through exploring, managing and constructing employee experience points and scenarios, we fully integrate care
and services into daily work and life, covering not only employees themselves, but also employees’ families. At the same time,
we encourage every Fosuner to put forward reasonable suggestions to help the Company continuously improve employees’
experience. We fully link Fosun’s various member companies and employees in various employee services and activities to build
Fosun’s happiness ecosystem and share and spread the value of Fosun’s ecosystem, thus creating happiness together.
In the first half of 2023, we promoted various employee activities and initiated a number of employee public welfare activities,
fully integrating ESG concepts into employees’ experience, actively implementing our core value of “Contribution to Society”, and
enhancing the personal social value of employees. We also further strengthened the development and construction of digital tools
for employee experience, constructed a multi-dimensional employee experience and corporate culture communication matrix,
and made full use of Fosun’s own mobile applications and integrated service platforms to push employees’ salary and personnel
systems, various benefits and rights introductions, to carry out various employee activities. Meanwhile, Fosun global employee
portal was also continuously upgraded to further integrate various Fosun ecological resources at home and abroad, and increase
the contents such as global employee rights and interests, company news and ESG columns. It strengthened the communication
between global enterprises and employees, and effectively assisted Fosun in building and upgrading its global organization.
Employee Learning and Development

Fosun regards the development of both the Company and its staff as one of the most important responsibilities of the Group,
providing employees with more opportunities for career development and better working conditions through sustained efforts.
Through continuous growth and structural optimization of the organization, we promote team integration and cooperation,
create value, provide employees with global rotation and diversified career development path for building an organization which
continuously learns, pursuing a vision of joint development of the Group and our employees.
We build different series of talent development programs and professional development programs according to the Group’s
development strategy, its development characteristics and Human Resources planning requirements. For different development
goals, specific development paths are planned. The training courses are designed according to entrepreneur model and
professional requirements, so as to help employees to grow rapidly while solving specific business problems at the same time.
For instance, we have the partner coaching project, chairman/CEO coaching project, FES Executive training camp, CHO special
warfare camp, star youth long-distance camp and Fostar Management Trainee Program. Fosun deepened the training and
development of global talents by designing and launching the Fosun Global Leadership Program, an executive training program
for Fosun’s executives involved in overseas business, and the Fosun Global HR Leadership Program, an HR executive training
program for overseas business to promote entrepreneurs of Fosun global industries to integrate with each other, empower the
ecosystem and develop together.
Employment and Labor Standards

The Group has been adhering to the principle of “Attract with potential development, focus through career plan, groom through
meaningful work, appraise by performance”, advocating fair competition and opposing discrimination. All employees and job
applicants are not confined by factors such as gender, age, race, skin color or religious belief. The establishment of all human
resources policies strictly complies with all rules and relevant regulations in connection with remuneration and dismissal,
recruitment and promotion, employee schedule, equal opportunities, diversity, working hours, rest periods and other benefits in
countries/regions where our operations are located.
During the Reporting Period, all employees of the Group met the minimum working age requirements set out in the relevant laws
of the countries/regions where our operations were located and the employment of child labor or forced labor is prohibited.
Employee Remuneration Policy and Incentive

The remuneration policy and package of Fosun’s employees are periodically reviewed and determined based on the basis of their
performance, experience and current industry practice. The Group always implements incentive principles of value creation,
performance orientation, profit and loss sharing, and clear reward and punishment. Oriented by strategy implementation and
employee development, the Group adheres to value creation and growth, and builds an incremental value sharing mechanism that
combines short, medium, and long-term, emphasizing Bonus mechanism linked to OKR achievement, value growth award linked
to annual performance, and equity incentive linked to long-term value growth. Adapt to different regions and industries around
the world, the Group establishes a multidimensional and multi-level entrepreneurial body value measurement and value sharing
mechanism. In the first half of 2023, we continue to build a template for our internal entrepreneurial incentive mechanism with a
focus on value creation in key issues using campaign motivation as a standing point and stimulates the entrepreneurial spirit and
co-entrepreneurship spirit of Fosun people.
Human Resources Intelligence

Under the strategic guidance of science and technology leadership and continuous innovation, we use digital and intelligent
innovative technological means, and on the premise of complying with various relevant laws and regulations on data security
protection in various countries, through various human resources digital and intelligent platforms integration with the independent
research and development of tools, advocate and connect various industrial groups and enterprises within the ecosystem to learn
from each other and empower each other, and continuously form the accumulation and precipitation of best practices in digital
intelligent innovation of human resources, leading the Group to build a compliant, smart, innovative and efficient global digital
human resources solution.
INTERESTS AND SHORT POSITIONS OF DIRECTORS AND CHIEF EXECUTIVES IN

SHARES, UNDERLYING SHARES AND DEBENTURES
As at 30 June 2023, the interests or short positions of the Directors or chief executives of the Company in the Shares, underlying
shares or debentures of the Company or any associated corporations (within the meaning of Part XV of the SFO) as recorded in
the register required to be kept under Section 352 of the SFO or as otherwise notified to the Company and the Hong Kong Stock
Exchange pursuant to the Model Code were as follows:
(1) Long Positions in the Shares, Underlying Shares of the Company
Number of Shares Approximate

and/or underlying percentage of
Name of Director/chief executive Class of Shares Shares Type of interests Shares in issue
Guo Guangchang Ordinary 6,044,246,673(1) Corporate 73.67%
Ordinary 738,000 Individual 0.01%
Wang Qunbin Ordinary 704,000 Individual 0.01%
Chen Qiyu Ordinary 31,084,400 Individual 0.38%
Xu Xiaoliang Ordinary 27,480,000 Individual 0.33%
Gong Ping Ordinary 14,725,800 Individual 0.18%
Huang Zhen Ordinary 3,447,200 Individual 0.04%
Pan Donghui Ordinary 14,323,484 Individual 0.17%
Yu Qingfei Ordinary 50,000 Individual 0.00%
Zhang Shengman Ordinary 125,250 Individual 0.00%
Zhang Huaqiao Ordinary 530,000 Individual 0.01%
David T. Zhang Ordinary 230,000 Individual 0.00%
Lee Kai-Fu Ordinary 185,000 Individual 0.00%
Tsang King Suen Katherine Ordinary 75,000 Individual 0.00%
(2) Long Positions in the Shares and Underlying Shares of the Company’s Associated Corporations (Within
the Meaning of Part XV of The SFO)
Approximate
Number of shares percentage in
Name of Director/ Name of associated and/or underlying Type of relevant class
chief executive corporation Class of shares shares interests of shares
Guo Guangchang Fosun Holdings Ordinary 1(2) Corporate 100.00%
Fosun International Holdings Ordinary 29,000 Individual 85.29%
Fosun Pharma A shares (3)
114,075 Individual 0.01%
A shares (3)
885,595,955 (2)
Corporate 41.77%
H shares 77,533,500(2) Corporate 14.05%
Sisram Med Ordinary 331,911,200(2) Corporate 71.03%
FTG Ordinary 987,339,132(2) Corporate 79.50%
Shanghai Henlius Domestic shares 291,365,387 (2)
Corporate 80.00%
H shares 35,523,439 (2)
Corporate 21.74%
Wang Qunbin Fosun International Holdings Ordinary 5,000 Individual 14.71%
Fosun Pharma A shares (3)
Chen Qiyu Fosun Pharma A shares(3) 114,075 Individual 0.01%
FTG Ordinary 501,478 Individual 0.04%
Xu Xiaoliang FTG Ordinary 2,052,328 Individual 0.17%
Gong Ping FTG Ordinary 200,988 Individual 0.02%
Huang Zhen Fosun Pharma A shares (3)
FTG Ordinary 308,000 Individual 0.02%
Yuyuan A shares (3)
1,301,000 Individual 0.03%
Pan Donghui FTG Ordinary 490,000 Individual 0.04%
(3) Interests in Debentures of the Company’s Associated Corporations (Within the Meaning of Part XV of The
SFO)
Name of Director/chief executive Name of associated corporation Type of interests Debentures(USD)

Wang Qunbin Fortune Star (BVI) Limited Individual 1,773,889(4)
Chen Qiyu Fortune Star (BVI) Limited Individual 1,478,241(4)
Xu Xiaoliang Fortune Star (BVI) Limited Individual 6,356,437(4)
Gong Ping Fortune Star (BVI) Limited Individual 1,478,241(4)
Huang Zhen Fortune Star (BVI) Limited Individual 739,121(4)
Pan Donghui Fortune Star (BVI) Limited Individual 739,121(4)
Notes:
(1) Pursuant to Division 7 of Part XV of the SFO, 6,044,246,673 Shares held by Mr. Guo Guangchang are deemed corporate interests held through Fosun
Holdings and Fosun International Holdings.
(2) Pursuant to Division 7 of Part XV of the SFO, the shares held by Mr. Guo Guangchang are deemed corporate interests held through Fosun International
Holdings, Fosun Holdings, the Company and/or its subsidiaries.
(3) A shares mean the equity securities listed on the SSE.
(4) The debentures were cancelled upon repayment on 2 July 2023.

INTERESTS AND SHORT POSITIONS OF SUBSTANTIAL SHAREHOLDERS IN SHARES

AND UNDERLYING SHARES
As at 30 June 2023, so far as was known to the Directors, the persons or entities, other than a Director or chief executive of the
Company, who had an interest or a short position in the Shares or the underlying shares of the Company which would fall to be
disclosed to the Company under the provisions of Divisions 2 and 3 of Part XV of the SFO or which were recorded in the register
required to be kept by the Company under section 336 of the SFO were as follows:
Number of Shares directly Approximate percentage

Name of the substantial Shareholder or indirectly held of Shares in issue
Fosun Holdings 6,044,246,673(2) 73.67%
Fosun International Holdings (1)
6,044,246,673 (2)(3)
73.67%
Notes:
(1) Fosun International Holdings is owned as to 85.29% and 14.71% by Messrs. Guo Guangchang and Wang Qunbin, respectively.
(2) Fosun International Holdings is the beneficial owner of all the issued shares in Fosun Holdings and, therefore, Fosun International Holdings is deemed, or taken
to be interested in the Shares owned by Fosun Holdings for the purpose of the SFO.
(3) Mr. Guo Guangchang, by virtue of his ownership of shares in Fosun International Holdings as to 85.29%, is deemed or taken to be interested in the Shares owned
by Fosun Holdings for the purpose of the SFO.
Save as disclosed above, so far as was known to the Directors, as at 30 June 2023, the Company has not been notified by any
persons (other than a Director or chief executive of the Company) who had an interest or a short position in the Shares or the
underlying shares of the Company which would fall to be disclosed to the Company under the provisions of Divisions 2 and 3 of
Part XV of the SFO or which were recorded in the register required to be kept by the Company under Section 336 of the SFO.
CHANGES IN DIRECTORS’ INFORMATION

Pursuant to Rule 13.51B(1) of the Listing Rules, the changes in the information of the Directors during the Reporting Period are
set out below:
(1) Changes in the Significant Positions Held Within the Group
Name of Director Company name Date of changes Original position Current position
Pan Donghui The Company March 2023 Executive President and Executive Director,
Chief Human Resources Executive President and
Officer (“CHO”) CHO
Qin Xuetang The Company February 2023 Executive Director and Supervisory
Executive President Commissioner
Li Fuhua The Company February 2023 – Non-Executive Director
Zhuang Yuemin The Company February 2023 Non-Executive Director –
(2) Changes in other directorships held in public companies the securities of which are listed on any
securities market in Hong Kong or overseas and other major appointments
Name of Director Company name Date of changes Original position Current position
Zhang Shengman Green Economy February 2023 – Independent Non-
Development Limited Executive Director
China Lilang Limited March 2023 – Independent Non-
Executive Director
PURCHASE, SALE OR REDEMPTION OF LISTED SECURITIES OF THE COMPANY

The Company purchased a total of 15,895,500 Shares on the Hong Kong Stock Exchange at an aggregate consideration of
HKD83,700,335 during the Reporting Period. As at 30 August 2023, all the purchased Shares have been cancelled.
Purchase price paid per Share

Total number of Total purchase
Month Shares repurchased Highest (HKD) Lowest (HKD) price paid (HKD)
April 2023 3,695,000 5.76 5.62 20,999,875
May 2023 11,000,500 5.31 5.02 56,479,415
June 2023 1,200,000 5.32 5.10 6,221,045
Total 15,895,500 – – 83,700,335
Save as disclosed above, neither the Company nor any of its subsidiaries purchased, sold or redeemed any Shares during the
Reporting Period.
REVIEW OF INTERIM REPORT

The audit committee of the Company (the “Audit Committee”) comprises four Independent Non-Executive Directors, namely Mr.
Zhang Shengman (Chairman), Mr. David T. Zhang, Dr. Lee Kai-Fu and Ms. Tsang King Suen Katherine. None of the members of
the Audit Committee is a former partner of the Company’s existing external auditors. The main duties of the Audit Committee are
to review the relationship with external auditors, review the Company’s financial information and oversee the financial reporting
system, risk management and internal control systems of the Company, and to provide recommendations and advice to the Board.
The interim report of the Company for the Reporting Period are unaudited but have been reviewed by the Audit Committee. The
Audit Committee does not have any disagreement with the accounting treatment adopted by the Company.
COMPLIANCE WITH THE CG CODE

During the Reporting Period, the Company applied the principles of and fully complied with all code provisions as set out in the CG
Code contained in Part 2 of Appendix 14 of the Listing Rules. The Company regularly reviews its corporate governance practices
to ensure compliance with the CG Code.
MODEL CODE FOR SECURITIES TRANSACTIONS

The Company has adopted the Model Code. Specific enquiry has been made to each of the Directors and the Directors have
confirmed that they have complied with the Model Code throughout the Reporting Period. The Company has also established
written guidelines on no less exacting terms than the Model Code for securities transactions by the employees who are likely to
be in possession of unpublished inside information of the Company. No incident of non-compliance of the above mentioned written
guidelines by the relevant employees of the Company was noted by the Company.
MATERIAL ACQUISITIONS, DISPOSALS AND SIGNIFICANT INVESTMENTS HELD

On 5 January 2023 (after trading hours), the Company and Shanghai Fosun Industrial Technology Development Co., Ltd.* (上
海復星工業技術發展有限公司, “Fosun Industrial Development”) (a wholly-owned subsidiary of the Company) entered into an
equity transfer agreement with Beijing Camdragon Heavy Industry Group Co., Ltd.*(北京建龍重工集團有限公司) and Camdragon
Investment Co. Ltd., pursuant to which Fosun Industrial Development has agreed to sell, and Camdragon Heavy Industry Group
Co., Ltd.*(北京建龍重工集團有限公司) has agreed to purchase, 25.7033% equity interest in Tianjin Jianlong Iron & Steel Industrial
Co., Ltd.* (天津建龍鋼鐵實業有限公司), 26.6667% equity interest in Jianlong Steel Holdings Co., Ltd.*(建龍鋼鐵控股有限公司) and
26.6667% equity interest in Beijing Northern Jianlong Industrial Co., Ltd.*(北京北方建龍實業有限公司); the Company has agreed to
sell, and Camdragon Investment Co. Ltd. has agreed to purchase 26.6667% equity interest in Janeboat Holdings Ltd. The aggregate
consideration was RMB6.7 billion. The payment arrangements and the equity transfers will be completed in two stages. On 28
March 2023, the parties entered into a supplemental agreement to supplement the detailed payment arrangement of the second
stage payment. Upon completion of the transactions, Fosun Industrial Development will no longer hold any equity interests in each
of Tianjin Jianlong Iron & Steel Industrial Co., Ltd.* (天津建龍鋼鐵實業有限公司), Jianlong Steel Holdings Co., Ltd.*(建龍鋼鐵控股
有限公司) and Beijing Northern Jianlong Industrial Co., Ltd..*(北京北方建龍實業有限公司); and the Company will no longer hold
any equity interest in Janeboat Holdings Ltd.. The transactions have not been completed as at the end of the Reporting Period. For
details of the above discloseable transaction, please refer to the announcements of the Company dated 5 January 2023, 28 March
2023 and 12 May 2023.
On 14 March 2023, Fosun High Technology, Shanghai Fosun Industrial Investment Co., Ltd.* (上海復星產業投資有限公司, “Fosun
Industrial Investment”) and Fosun Industrial Development (subsidiaries of the Company, together, the “Nanjing Nangang Sellers”)
and Shagang Group and Shagang Investment (together, the “Previous Purchasers”) entered into an equity transfer agreement (the
“Previous ETA”), pursuant to which, the Nanjing Nangang Sellers agreed to conditionally dispose of, and the Previous Purchasers
agreed to conditionally acquire 60% equity interest in Nanjing Nangang (the “Target Interest”) for a consideration of RMB13.58
billion (subject to adjustment) (the “Previous Disposal”). As at the signing date of the Previous ETA, Nanjing Iron & Steel Group Co.,
Ltd.* (南京鋼鐵集團有限公司, “Nanjing Iron & Steel Group”) was a shareholder of Nanjing Nangang holding its 40% equity interest.
As a result of Nanjing Iron & Steel Group’s exercise of the right of first refusal on 2 April 2023, the Nanjing Nangang Sellers and
Nanjing Iron & Steel Group on 2 April 2023 entered into a new equity transfer agreement, pursuant to which, the Nanjing Nangang
Sellers agreed to conditionally dispose of, and Nanjing Iron & Steel Group agreed to conditionally acquire the Target Interest
(the “New Disposal”). The consideration of the New Disposal shall be the sum of RMB13.58 billion and the capital costs (the
interests on the earnest money paid by the Nanjing Nangang Sellers to Shagang Group) (subject to adjustment). Upon completion
of the New Disposal, the Group will cease to have any equity interest in Nanjing Nangang. As at the end of the Reporting Period,
the transaction has not been completed. For details of the above major transaction, please refer to the announcements of the
Company dated 19 October 2022, 14 March 2023 and 2 April 2023 and the circular of the Company dated 29 June 2023. For the
litigations relating to the above major transaction, please refer to the announcements of the Company dated 21 April 2023, 27
April 2023, 31 May 2023, 9 June 2023 and 29 August 2023.
On 14 March 2023, Fosun High Technology entered into a share acquisition agreement with Nanjing Iron & Steel Co., Ltd.* (南
京鋼鐵股份有限公司, “Nanjing Iron & Steel”), pursuant to which Fosun High Technology agreed to acquire, and Nanjing Iron &
Steel agreed to sell 174,305,939 shares of Zhejiang Wansheng Co., Ltd.* (浙江萬盛股份有限公司, “Wansheng”), representing
approximately 29.5645% of the issued shares of Wansheng as at the date of the share acquisition agreement, and all underlying
rights of such shares, at the acquisition consideration of RMB2.65 billion. The transaction has not been completed as at the end of
the Reporting Period. For details of the above discloseable translation, please refer to the announcement of the Company dated 14
March 2023.
On 19 May 2023, Alpha Yu B.V. (“Alpha Yu”) (an indirect subsidiary of the Company) and Lorie Holding B.V. (“Lorie Holding”) (a then
minority shareholder of each of International Gemmological Institute B.V. (“IGI Belgium”), IGI Netherlands B.V. (“IGI Netherlands”)
and International Gemmological Institute (India) Private Limited (“IGI India”)), as the sellers, entered into a sale and purchase
agreement with BCP Asia II Topco Pte. Ltd. (“BCP Asia II”), as the purchaser, pursuant to which Alpha Yu has agreed to sell, and
BCP Asia II has agreed to purchase, 80% of the entire issued share capital in each of IGI Belgium, IGI Netherlands and IGI India,
respectively; Lorie Holding has agreed to sell, and BCP Asia II has agreed to purchase, 20% of the entire issued share capital in
each of IGI Belgium, IGI Netherlands and IGI India, respectively. The consideration payable to Alpha Yu (after deducting the stamp
duties payable by Alpha Yu) was USD455.38 million (subject to the adjustment). Upon completion of the transactions, Alpha Yu will
no longer hold any shares in IGI Belgium, IGI Netherlands and IGI India, and IGI Belgium, IGI Netherlands and IGI India will cease
to be subsidiaries of the Company. The transactions have been completed as at the end of the Reporting Period. For details of the
above discloseable transaction, please refer to the announcement of the Company dated 21 May 2023.
Save for those disclosed in this report, there were no other significant investments held, nor were there material acquisitions or
disposals of subsidiaries, associates or joint ventures during the Reporting Period. Apart from those disclosed in this report, there
was no future plan for other material investments or capital assets as at the end of the Reporting Period.
* For identification purpose only

CORPORATE INFORMATION
EXECUTIVE DIRECTORS COMPANY SECRETARY

Guo Guangchang (Chairman) Sze Mei Ming
Wang Qunbin (Co-Chairman)
Chen Qiyu (Co-Chief Executive Officer) AUTHORIZED REPRESENTATIVES
Xu Xiaoliang (Co-Chief Executive Officer)
Qin Xuetang (resigned on 17 February 2023)
Qin Xuetang (resigned on 17 February 2023) Huang Zhen (appointed on 17 February 2023)
Gong Ping Sze Mei Ming
Huang Zhen
Pan Donghui (appointed on 29 March 2023)
AUDITORS
Ernst & Young
NON-EXECUTIVE DIRECTORS Certified Public Accountants
Zhuang Yuemin (resigned on 2 February 2023) Registered Public Interest Entity Auditor
Yu Qingfei 27th floor, One Taikoo Place
Li Shupei 979 King’s Road, Quarry Bay
Li Fuhua (appointed on 2 February 2023) Hong Kong
INDEPENDENT NON-EXECUTIVE DIRECTORS PRINCIPAL BANKERS

Zhang Shengman China Development Bank
Zhang Huaqiao Industrial and Commercial Bank of China
David T. Zhang Bank of China
Lee Kai-Fu Shanghai Pudong Development Bank
Tsang King Suen Katherine China Merchants Bank
Ping An Bank
China Minsheng Bank
AUDIT COMMITTEE China Construction Bank
Zhang Shengman (Chairman) China CITIC Bank
David T. Zhang Bank of Shanghai
Lee Kai-Fu The Export-Import Bank of China
Hongkong and Shanghai Banking Corporation Limited
Tsang King Suen Katherine
Bank of East Asia
Standard Chartered Bank
REMUNERATION COMMITTEE Natixis Bank
Zhang Huaqiao (Chairman) Citi Bank
Zhang Shengman
David T. Zhang REGISTERED OFFICE
Lee Kai-Fu Room 808, ICBC Tower
Tsang King Suen Katherine 3 Garden Road
Central
NOMINATION COMMITTEE Hong Kong
David T. Zhang (Chairman)
Zhang Shengman SHARE REGISTRAR
Zhang Huaqiao Computershare Hong Kong Investor Services Limited
Lee Kai-Fu 17M Floor
Tsang King Suen Katherine Hopewell Centre
183 Queen’s Road East
Wanchai
ENVIRONMENTAL, SOCIAL AND Hong Kong
GOVERNANCE COMMITTEE
Lee Kai-Fu (Chairman) STOCK CODE
Qin Xuetang (resigned on 17 February 2023) 00656
Zhang Shengman
Zhang Huaqiao
David T. Zhang WEBSITE
Tsang King Suen Katherine http://www.fosun.com
GLOSSARY
FORMULA
Capital employed = equity attributable to owners of the parent + total debt
EBITDA = profit for the year + tax + net interest expenditures + depreciation and amortisation
Interest coverage = EBITDA/net interest expenditures
Net debt = total debt – cash and bank balances and term deposits
Net interest expenditures = Interest expenses, net + interest on discounted bills
Total debt = current and non-current interest-bearing bank and other borrowings
Total debt to total capital ratio = total debt/(shareholder’s equity + total debt)
ABBREVIATIONS
AmeriTrust AmeriTrust Group, Inc. (formerly known as Meadowbrook Insurance Group, Inc.)
Amgen Amgen Inc., a company whose shares are listed on the NASDAQ with stock code AMGN
BabyTree BabyTree Group, a company whose shares are listed on the Hong Kong Stock Exchange
with stock code 01761
Baihe Jiayuan Baihe Jiayuan Network Group Co., Ltd* (百合佳緣網絡集團股份有限公司)
BCP Banco Comercial Português, S.A., a company whose shares are listed on the Euronext
Lisbon with stock code BCP
Board the board of Directors
Bohe Health Bohe Health Technology Co., Ltd.* (上海薄荷健康科技股份有限公司)
Cainiao Cainiao Network Technology Co., Ltd.* (菜鳥網絡科技有限公司)
Cenexi Phixen, société par actions simplifiée
CG Code Corporate Governance Code contained in Part 2 of Appendix 14 of the Listing Rules
Club Med Club Med SAS
Company or Fosun International Fosun International Limited
Director(s) the director(s) of the Company
Easun Technology Shanghai Easun Technology Co., Ltd.* (上海翌耀科技股份有限公司) (formerly known as
上海翌耀科技有限公司 and 上海愛夫迪自動化科技有限公司)
EMEA Europe, Middle East, and Africa
ESG Environmental, Social and Governance
EUR Euro, the lawful currency of the Eurozone
FC2M Fosun/Family Client-to-Maker
FES Fosun Entrepreneurship/Ecosystem System, a business management system with
high management efficiency that continuously evolves in practice in order to build the
core competitiveness of a time-honored enterprise and cultivate talents with Fosun’s
entrepreneurial spirit
GLOSSARY
FFT FFT GmbH & Co. KGaA

Fidelidade Fidelidade – Companhia de Seguros, S.A.
Fidelidade Assistência Fidelidade Assistência – Companhia de Seguros, S.A. (formerly known as Cares –
Companhia de Seguros, S.A.)
Fosun Alliance Fosun Alliance application
Fosun Capital Shanghai Fosun Capital Investment Management Co., Ltd.* (上海復星創富投資管理股份有
限公司)
Fosun Foundation Shanghai Fosun Foundation
Fosun Health Shanghai Fosun Health and Technology (Group) Co., Ltd.* (上海復星健康科技(集團)有限公司)
Fosun High Technology Shanghai Fosun High Technology (Group) Co., Ltd.* (上海復星高科技(集團)有限公司)
Fosun Holdings Fosun Holdings Limited
Fosun Insurance Portugal Fidelidade and its subsidiaries
Fosun International Holdings Fosun International Holdings Ltd.
Fosun Pharma Shanghai Fosun Pharmaceutical (Group) Co., Ltd.* (上海復星醫藥(集團)股份有限公司),
a company whose A shares are listed on the SSE with stock code 600196, and whose H
shares are listed on the Hong Kong Stock Exchange with stock code 02196
Fosun RZ Capital Shanghai Insight Investment Management Limited
Fosun Sports Fosun Sports Group S.à r.l.
Fosun Trade Hainan Fosun Trading Co., Ltd.* (海南復星商社貿易有限公司)
Fosun United Health Insurance Fosun United Health Insurance Co., Ltd.* (復星聯合健康保險股份有限公司)
FTG Fosun Tourism Group, a company whose shares are listed on the Hong Kong Stock
Exchange with stock code 01992
Gland Pharma Gland Pharma Limited, a company whose shares are listed on the National Stock Exchange
of India Limited and BSE Limited with stock code GLAND
Group or Fosun the Company and its subsidiaries
Guide Guide Investimentos S.A. Corretora de Valores
Hainan Mining Hainan Mining Co., Ltd.* (海南礦業股份有限公司), a company whose shares are listed on
the SSE with stock code 601969
HAL Hauck Aufhäuser Lampe Privatbank AG (formerly known as Hauck & Aufhäuser
Privatbankiers AG and Hauck & Aufhäuser Privatbankiers KGaA)
HKD Hong Kong dollars, the lawful currency of Hong Kong
Hong Kong the Hong Kong Special Administrative Region of the PRC
Hong Kong Stock Exchange The Stock Exchange of Hong Kong Limited
IDERA IDERA Capital Management Ltd.
IGI Group International Gemmological Institute B.V., International Gemmological Institute (India)
Private Limited and IGI Netherlands B.V.
India the Republic of India
INR Indian Rupee, the lawful currency of India
Intuitive Surgical Intuitive Surgical, Inc., a company whose shares are listed on the NASDAQ with stock code
ISRG
GLOSSARY
JEVE Tianjin EV Energies Co., Ltd.* (天津市捷威動力工業有限公司)

Jianlong Shares 25.7033% equity interest in Tianjin Jianlong Iron & Steel Industrial Co., Ltd.* (天津建龍鋼鐵
實業有限公司), 26.6667% equity interest in Jianlong Steel Holdings Co., Ltd.* (建龍鋼鐵控
股有限公司), 26.6667% equity interest in Beijing Northern Jianlong Industrial Co., Ltd.* (北
京北方建龍實業有限公司), 26.6667% equity interest in Janeboat Holdings Ltd.
JPY Japanese yen, the lawful currency of Japan
Kite Pharma KP EU C.V.
Lanvin Group Lanvin Group Holdings Limited (復朗集團), a company whose shares are listed on the
NYSE with stock code LANV
Listing Rules the Rules Governing the Listing of Securities on the Hong Kong Stock Exchange
Luz Saúde Luz Saúde, S.A. (formerly known as ESPÍRITO SANTO SAÚDE – SGPS, SA)
Macau the Macau Special Administrative Region of the PRC
Model Code the Model Code for Securities Transactions by Directors of Listed Issuers contained in
Appendix 10 of the Listing Rules
Multicare Multicare – Seguros de Saúde, S.A.
Nanjing Nangang Nanjing Nangang Iron & Steel United Co., Ltd.* (南京南鋼鋼鐵聯合有限公司)
NASDAQ National Association of Securities Dealers Automated Quotations
NYSE The New York Stock Exchange
Organon Organon LLC
Peak Reinsurance Peak Reinsurance Company Limited
Pramerica Fosun Life Insurance Pramerica Fosun Life Insurance Co., Ltd.* (復星保德信人壽保險有限公司)
PRC or China the People’s Republic of China, which for the purpose of this report, excludes Hong Kong,
Macau and Taiwan region
Reporting Period the six months ended 30 June 2023
RMB Renminbi, the lawful currency of the PRC
ROC Roc Oil Company Pty Limited
Sanyuan Foods Beijing Sanyuan Foods Co., Ltd.* (北京三元食品股份有限公司), a company whose shares
are listed on the SSE with stock code 600429
SFO the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong)
Shagang Group Jiangsu Shagang Group Co., Ltd.* (江蘇沙鋼集團有限公司)
Shagang Investment Jiangsu Shagang Group Investment Holding Co., Ltd.* (江蘇沙鋼集團投資控股有限公司)
Shanghai Henlius Shanghai Henlius Biotech, Inc.* (上海復宏漢霖生物技術股份有限公司), a company whose
shares are listed on the Hong Kong Stock Exchange with stock code 02696
Shanghai Zhuli Shanghai Zhuli Investment Co., Ltd.* (上海助立投資有限公司)
Share(s) the share(s) of the Company
Shede Spirits Shede Spirits Co., Ltd. (舍得酒業股份有限公司), a company whose shares are listed on the
SSE with stock code 600702
Sisram Med Sisram Medical Ltd, a company whose shares are listed on the Hong Kong Stock Exchange
with stock code 01696
SSE the Shanghai Stock Exchange
United States or U.S. the United States of America
USD United States dollars, the lawful currency of the United States
GLOSSARY
Wansheng Zhejiang Wansheng Co., Ltd* (浙江萬盛股份有限公司), a company whose shares are listed
on the SSE with stock code 603010
Yong’an P&C Insurance Yong’an Property Insurance Company Limited* (永安財產保險股份有限公司)
Yuyuan Shanghai Yuyuan Tourist Mart (Group) Co., Ltd.* (上海豫園旅遊商城(集團)股份有限公司), a
company whose shares are listed on the SSE with stock code 600655
* For identification purpose only

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Focused Development with Steady Advancement

Financial Summary Interim Condensed

Business Overview Interim Condensed

Management Discussion & Notes to Interim Condensed

Interim Condensed Statutory Disclosures

Interim Condensed Corporate Information

Interim Condensed Glossary

For the six months ended 30 June

MANAGEMENT DISCUSSION & ANALYSIS

REVENUE BY SEGMENT OF THE GROUP

For the six For the six Change over

MANAGEMENT DISCUSSION & ANALYSIS

PROFIT/(LOSS) ATTRIBUTABLE TO OWNERS OF THE PARENT BY SEGMENT OF THE

For the six For the six Change over

ASSET ALLOCATION OF THE GROUP

MANAGEMENT DISCUSSION & ANALYSIS

CORPORATE STRUCTURE OF MAIN BUSINESS1 (AS OF 30 JUNE 2023)

Luz Saúde5 Guide Wansheng14

Gland Pharma Shanghai Zhuli6 Jinhui Liquor IDERA JEVE15

BabyTree8 Shanghai Insight12

MANAGEMENT DISCUSSION & ANALYSIS

During the Reporting Period, Fosun Pharma achieved a

During the Reporting Period, Fosun Pharma achieved a net

MANAGEMENT DISCUSSION & ANALYSIS

MANAGEMENT DISCUSSION & ANALYSIS

MANAGEMENT DISCUSSION & ANALYSIS

MANAGEMENT DISCUSSION & ANALYSIS

MANAGEMENT DISCUSSION & ANALYSIS

MANAGEMENT DISCUSSION & ANALYSIS

The businesses of Yuyuan mainly consist of jewelry and

During the Reporting Period, Yuyuan’s revenue for the year

MANAGEMENT DISCUSSION & ANALYSIS

MANAGEMENT DISCUSSION & ANALYSIS

FTG Atlantis Sanya is located on the Haitang Bay National Coast of

MANAGEMENT DISCUSSION & ANALYSIS

MANAGEMENT DISCUSSION & ANALYSIS

In February 2023, Wolford announced its new creative director,

In terms of products and marketing, Sergio Rossi and New

MANAGEMENT DISCUSSION & ANALYSIS

MANAGEMENT DISCUSSION & ANALYSIS

MANAGEMENT DISCUSSION & ANALYSIS

MANAGEMENT DISCUSSION & ANALYSIS

Fosun RZ Capital Despite the headwinds in the economic environment, HAL

MANAGEMENT DISCUSSION & ANALYSIS

BCP During the Reporting Period, the quality of BCP’s loan

MANAGEMENT DISCUSSION & ANALYSIS

The Bund Finance Center (“BFC”)

During the Reporting Period, BFC recorded total operating

MANAGEMENT DISCUSSION & ANALYSIS

MANAGEMENT DISCUSSION & ANALYSIS

JEVE In terms of customer development, JEVE proactively deepened

MANAGEMENT DISCUSSION & ANALYSIS

Wansheng In terms of R&D innovation, Wansheng attaches great importance

Looking forward, Wansheng will create more value for

MANAGEMENT DISCUSSION & ANALYSIS

FINANCIAL REVIEW Capital Expenditures and Capital Commitment

MANAGEMENT DISCUSSION & ANALYSIS

Cash and Bank and

MANAGEMENT DISCUSSION & ANALYSIS