复星国际2024年年报

20242024 2 3 6 11 38 39 54 59 92 93 98 99 101 103 107 112 313 314 100%AI 尊敬的股東們： 20241753002024 20234,34620249,251 30121 聚焦主業，「有進有退」顯成效 全球動力嫁接全球資源 202449.3% 2024 致股東的信 ®502024202461.72+20145%29.8%3020232025175 PD-1®Hetronifly®2025PD-1IonIon系統 AIAIAIPharmAIDT+1銳AIAIAIGCG.OAI 以創新驅動長期發展 202416920 「保險+產業+投資」飛輪驅動，輕資產要靠「手藝活」 18A202320248.250.3% 20244Artesun®8,000– MSCIESGAA ++++ 2024+1.4128.5 20245022024 202598%T6880%ClubMed 財務穩健，ESG助天下 202411120243 郭廣昌2025330 業務概覽 3.1%1,346.570.1%19.3%12.7%249202343.5320247.52023 1992 +FES 35 優化資產組合與債務結構雙管齊下，強化信用指標與多元融資佈局齊頭並進 202411202438 全球佈局有效對沖宏觀波動海內外核心主業行穩致遠 20241,921.42023 5120246BB–202411 12130.76% 2020202020212022202220247502024175300HAL, Ageas, Guide 1.20252PD-1®Hetronifly®ES-SCLC® 2.®Zercepac®HERCESSI ™Adheroza 不斷夯實核心能力構建產業護城河 海外資產價值加速釋放，全球化戰略縱深佈局全面開啟–3549.3%6.2% 3.®202412® 420253 業務概覽 41,20052.4% 2024202318.429.8% 科 技 創 新 激 活 產 品 力奠 定 可 持 續 發 展 基 礎–++ 20245ABNAMROBankN.V.HALHALHauck & Aufhäuser Fund Services S.A.HAFSHAFS2016HAL(IRR)14% 7165VeroIonF-i6000F-C2000 多 維 產 業 生 態 共 振激 活 乘 長 飛 輪–202550+4,000××2025IP20 IP·VRAR 2025FESFES 30IP 19020%AI202336%44%202348%62% 聚焦主業商業向善多元舉措踐行可持續發展 ESG2024 打 造 驅 動 商 業 持 續 進 化 的FES管 理 引 擎–FES 積極應對氣候變化，推動低碳轉型–2024420248.88 FES80 55FES1,40983FES68FESFES2024976839356 業務概覽 全 球 協 同，文 化 築 基–ESGESGESGESGESGMSCIESGAAESGAA–5%20241% –20241678211.52.53001,6341,00020248,0004 業務回顧 192,142.020236,058.33.1%46,552.976,710.155,114.115,585.90.5%13.8%6.4%22.2%62%9%29%77%23%71%12%17%26%74% 本集團之分板塊收入 管理層討論與分析 本集團之分板塊歸屬於母公司股東之利潤╱（虧損） 118,103.22023124,936.84,348.9 本集團之資產配置 796,528.020231.5% 管理層討論與分析 1.20241231(2.3.4.5.FidelidadeLuz Saúde 99.86%Luz Saúde84.87%6.87.35%3.55%39.99%88.78%7.14.53%3.75%37.20%15.93%8.24.49%80.81%4.48%0.88%28.65%9.60.28%4.34%62.97%10.51%St Hubert SASSt Hubert100%St Hubert51%11.12.14.40%14.00%19.47%13.20245HAL14.銳15.202532816.42.07%37.69%17.16.30%33.65% 46,552.90.5%LuzSaúde901.155.3% 復星醫藥 36.22% 40,9102,77015.46%2,31415.10%4,47731.13%2.4531820243,000 管理層討論與分析 5,5543,644 2025 復宏漢霖 59.56% 5,724.46.1%820.5274.51,840.5406.9(IND) 20253206244 2024®®(ES-SCLC)®®®HLX14HLX11 2025AIBiopharma GLAND PHARMA Gland Pharma 51.83% GlandPharma68315%846%12%2024GlandPharma33 GlandPharma366(CDMO)Gland PharmaMAIA Pharmaceuticals, Inc.152027(RTU)2024314102024Gland PharmaCDMO -1 (GLP-1)Gland Pharma402025GlandPharmaCDMO2023CDMOCenexi 復銳醫療科技 銳71.42% 銳349.120232.8%28.812.6%9.2%8.2%銳 銳AlmaHarmony ™AlmaSopranoTitanium ™20%AlmaIQ ™銳ProlleniumRevanesse®Revanesse®Profhilo®20244銳A®DAXXIFY®2025銳 管理層討論與分析 2025銳銳 復星健康 186,578960.34.7%8.2%218209 1368615720252HISDeepSeek-R1AI202532680%52 2025 復星康養（上海助立） 90.91% 201211,000381.29 +43+C 76,710.113.8%1,878.62023611.9% 豫園股份 61.88% 469.2419.30%1.2593.81%67.82%0.21% 8004,500 ABC97.68 4.55% 2025 舍得酒業 30.22% 5,357.0724.41%345.7780.46%4,788.884,095.60693.28 管理層討論與分析 T6836 2,663 2025 復星旅文 78.11% 719,043.56.0%17,001.9EBITDA82.8%20241,397.051.3 Club MedClub Med4068ClubMed16,146.520237.0%20234.7%69.2%20231,791.020236.9%202512823春 節 期 間ClubMed202416%80%ClubMed97%90%202488% 1,544.683.8%20231.920236.16.31,920.5 59.425.0 復朗集團 64.63% 9328.622.89% LanvinPeterCopping20251LanvinLanvinSergio RossiPaul AndrewSalvatore FerragamoSt.JohnNordstromWolfordEtroWolfordEtro 20251St. John KnitsAndy Lew2025 保險 5.0%1,716.12023117.2%2023 84.9892% (GWP)6,17218.5%3,1729.3%2.9%3,00030.2%(+37.6%)(+14.2%)173.53.6%30.2%0.7% 55009(IFS)A+A(IDR)AA–12ESGSustainalyticsESG 2025 86.71% 1,763100.1%1,15625.7%20232024A– 2024 187.06.7%202312.811.7%14.3 2025 管理層討論與分析 50% 9,251112.9%112.6%207.5%58.3%10.5%106.7493.5 +10,70378% 2025+ 28.40% 5,225.626.7%42.086.5%70320232.8% 200119 2025+ 資管 10.3%690.8%20245115202444(IRR)34%20235.641810.50.6220230.62202451 100% 70302006IPO32 銳 100% 銳100銳6141 銳 管理層討論與分析 HAL HAL 99.74% HALHAL2,80020232,7202.9%HAL128HAL5.0%460.1HAL2023113.4131.4 BCP BCP 20.03% BCP906.4856.05.9%786.48.5%167.148.52024BCP(ROE)13.8% BCPBCP1,0218.2%BCP0.7%572.0BCP(CET1)20.6%16.3%0.7%0.9% BCP10%71% BCP50%BCP BFC BFC 100% BFC60042 BFC772.520236.6%EBITDA461.5202313.3%BFCalexanderwangPaulSmithVERSACESnowPeak10–BFCBFCBFC22123BFCIPIP BFCBFC 15,585.922.2%2023626.8167.1% 海南礦業 46.61% 4,065.5313.11%706.4912.97% 21880929.28% Tethys Oil AB4123% 202532 2.383.17A 202510-356 管理層討論與分析 萬盛股份 29.56% 29.633.97%103.4243.72% 20.9513.61%11.799.37%2.6119.86%2.514.27%4.0622.94% (BD)396 2814681511582789 2025 翌耀科技 79.76% 8,0922,69620.8% 管理層討論與分析 財務回顧 202312,074.2202412,726.2202420240.0%12.7%0.0%12.4% 202420232,524.62,554.8 20240.5320230.170.7020240.5320248,135.520238,174.2 2024123114.432023123115.230.8020246,485.22024719283.3 202412310.022025716202565 2024123112,241.859 20241231214,104.620231231211,923.92024123148.7%2023123155.0%20241231106,339.3202312 3192,459.613,879.7 5.63%20233 20241231 2024123152.0%2023123150.4% 2024123153.7% 管理層討論與分析 20241231 20241231106,339.3144,182.12024