Guo Guangchang: "Focus on building sustainable, predictable and enterprise with stable profit growth "

HONG KONG, March 28, 2024 /PRNewswire/ -- On March 28th, Fosun International Chairman Guo Guangchang said at the 2023 annual results conference, "We are even more clear that we must focus on building sustainable, predictable, and enterprise with stable profit growth. Our core strategy revolves around directing our efforts towards enterprises where we have already established advantages. We used to "prospecting" and "exploration" across various industries and locations worldwide, and now we have evolved to 'deep mining' (which means focusing on the development of our core industries) and 'developing good mines' (which means tapping into industries with high value-added development and growth potential). We will actively invest and expand particularly in sectors where we hold competitive edges. Looking ahead, amidst all uncertainties, we must rely on our own stronger capabilities and greater certainty to navigate challenges."

In 2023, Fosun continued to implement core business-focused strategy, maintain steady development and improve its operating capabilities in advantageous industries. During the Reporting Period, the Group achieved a total revenue of RMB198.2 billion, profit attributable to owners of the parent was RMB1.38 billion. Meanwhile, Fosun has continued to optimize its debt structure and strengthen liquidity management to prepare for the next phase of steady development. As a result, total debt continued to reduce both at consolidated statements of the Group and at the Group level.

In light of the current interest rate levels and financing environment, Guo Guangchang also emphasized Fosun will more focus on asset-light operation in the future. "We need to continue reducing the proportion of heavy assets, not because we are not developing, but to concentrate our development on asset-light ventures, generating profits through such endeavors. Simply put, we need to rely on our "operational capabilities" to make money, not just by money itself. It's about earning through capability and expertise, and this is our unwavering commitment."

Regarding technology innovation, Guo Guangchang stated, "We need to strengthen global business development and work together with partners. This is our steadfast commitment. Collaborating with global partners in innovation and technology is a path where Fosun has been quite successful." On the topic of globalization, Guo Guangchang said, "We firmly believe in the resilience of China's economic development and are optimistic about its future. Our globalization efforts primarily focus on building capabilities for global expansion, distributing products globally, and integrating research and development and markets on a global scale."

Guo Guangchang also emphasized, "We must be proactive, yet we also frequently remind ourselves and others to tread cautiously, as if walking on thin ice or standing at the edge of an abyss, approaching our tasks with utmost care and dedication."

SOURCE Fosun