Dear investors and analysts, good morning. Welcome to Fosun International 2025 Interim Results Announcement. I am General Manager of Investor Relations of Fosun International, Lu cy Sun. I will now introduce the management team attending the results announcement today. We have Guo Guangchang, Chairman of Fosun International; Wang Qunbin, Co-Chairman of Fosun International; Chen Qiyu, Executive Director and Co-CEO of Fosun International; Xu Xiaoliang, Executive Director and Co-CEO of Fosun International; and Gong Ping, Executive Director, Executive President, and CFO of Fosun International.
We will divide today's announcement into two parts, the morning session and afternoon session. In the morning, Fosun International management team will talk about the business and strategic developments for the first half of 2025. In the afternoon session, the heads of the business groups will talk about the business results for the first half of the year. Now let's give the floor to Gong Ping, Executive President, Executive Director, and CFO of Fosun International, to talk about the financials.
Dear investors, both online and in the room, good morning. Welcome to Fosun International 2025 interim results announcement. On behalf of the group management, I will report on the group's financial results in the first half of 2025. In the first half of this year, the group reached CNY 87.3 billion of total revenue, slightly down compared with the same period last year, mainly impacted by some business. We see strong growth for overseas revenue, and the proportion increased from 43% to 53% of total revenue. The industrial operating profit maintained stable, reaching CNY 3.15 billion, and we achieved CNY 0.66 billion of profit attributable to owner of the parent.
The adjusted NAV reached HKD 18 per share, reflecting our continuous improvement, and we are seeing strong dividend payments from the core portfolio companies. We invested CNY 3.6 billion in technology and innovation, ensuring stable business growth. Apart from stable business foundation, we have been improving revenue structure. In the health business, we see a strong contribution from Henlius innovative drug. In licensed out deals, we signed $1.4 billion, and 32% of the total revenue comes from innovative drug. The CEO will talk about that later. In terms of wealth business, we are seeing solid growth. While divesting HAL, we still ensure stable growth in different business contribution. Yuyuan Gold and Jewelry business had some slight downturn in the first quarter, but in the second quarter, they are strongly bouncing back, and the tourism business is also improving significantly.
In intelligent manufacturing, we are seeing double-digit growth. In oil and gas and excluding HAL business, the main revenue contribution maintained strong. Our four core business, their revenue maintained stable. For Yuyuan, due to consumption downturn, there's slightly decrease, but we are very confident in that, especially for gold and jewelry business, we are seeing strong recovery in the second quarter, and we are very confident in the second half of the year. In terms of the financials, in the first half, we completed CNY 13.62 billion of public market financing, and cash bank balances and term deposits reached CNY 67.83 billion, remained stable compared with the last year. The average cost of borrowing decreased from 5.6% last year to 5.3% this year. When we compare with the same period of last year, we have a 50 basis points drops.
With rate cuts in the U.S. and our own financing cost management activities will further reduce our average cost of borrowings. S&P Global Ratings affirmed our stable outlook. On May 29, 2025, S&P completed its annual review of Fosun Group and maintained the BB- rating with a stable outlook. S&P reaffirmed the improvements in Fosun's overall credit indicators, highlighting its strengthened liquidity buffer and extended debt duration. We have been emphasizing our finance strategy. First is global operations with enhanced quality efficiency growth driven by technology innovation. In terms of Fosun Pharma, we are actively promoting the overseas expansion. From early 2025 to August, two license-out deals were signed with a total value of $875 million, including an upfront payment of $42 million.
As for Henlius, in the first half 2025, overseas product profit grew over 200% year-on-year, with strong growth expected for the full year. From early 2025 to August, three license-out deals were signed totaling over $543 million, including an upfront payment of $69 million. We are also accelerating global expansion of consumption business. For Club Med, in the first half 2025, global business volume reached new high, up by 3.8% year-on-year. Operating profit continued to grow, increasing by 11% year-on-year. As for Shede Spirits, its overseas sales exceeded CNY 10 million in the first half, up by 35% year-on-year. Overseas presence spans five continents, 40 countries and regions, 100 duty-free stores and 1,200 retail outlets. We also steadily expand the insurance globalization for Fosun Insurance Portugal.
In the first half of the year, the international business recorded a total premium of $924 million, nearly 30% of total. Its operations in 13 Portuguese Spanish-speaking countries have become a vital part of this globalization strategy. As for Hainan Mining, in January 2025, the acquisition of Texas Oils completed through a tender offer with a transaction value of $166 million. In Easun Technology, following the establishment of a JV with leading Saudi group Juffali, the final assembly project officially commenced operations in the first half of the year at King Abdullah Economic City in Jeddah. In terms of innovation driven pharmaceutical breakthrough for Fosun Pharma, in the first half of the year, its innovative drug revenue rose by 14% year-on-year, accounting for 38% of total revenue, up by 5.8 percentage points from the same period last year.
As for Henlius, the self-developed HLX43 has become the world's first PD-L1 targeting ADC, progressing to phase II clinical trials, displaying significant benefits versus international peers, with potential sales exceeding $10 billion. In terms of Yuyuan, it is leveraging digital technology such as naked-eye 3D and VR to integrate Yuyuan architecture with 10 leading domestic IPs, creating immersive experience. In the first of the year, the core areas of Yuyuan Tourist Mart GMV reached CNY 2.6 billion , up by 55%, occupancy rate up by 8 percentage points year-on-year. As for Club Med, over the past decade, they invested EUR 175 million in digital transformation. They partnered with Alibaba Cloud to launch the tourism agent, AIGO, with the first application to be rolled out at Winter Sanya later this year.
As for Fosun Insurance Portugal, the AI-powered LLM increased medical reimbursement invoice recognition from 36% in the end of 2023 to 51% in mid-2025, a fully automated car insurance claim approved rating from 48% in the end of 2023 to 62% in mid-2025. As for Hainan Mining, in the first half of the year, they advanced 18 R&D projects with R&D investment up by 37% year-on-year. We keep having asset reevaluation and ongoing debt reduction commitment. We are seeing the share price improvement of Fosun International up by 18%. For Fosun Pharma, it went up by 53%, Henlius up by 235%, and Sisram Medical up by 88%. In terms of Millennium BCP, its share price also went up by 69%. For Hainan Mining, Gland Pharma, and Livzon Group, they are all experiencing increase in share price.
For the primary market, Yuyuan Jewelry and Fashion Group completed capital increase and share expansion, brought in shareholders. After these rounds, they raised nearly CNY 2 billion with post-investment valuation of around CNY 11.2 billion. For Fosun United Health Insurance, they brought in institutional shareholders such as IFC and ADB. Within the pipeline, there are dozens of ecosystem companies with IPO potential, unlock opportunities for value revaluation. We are preparing for that, both Fosun United Health Insurance, DeCare, Fosun Health, Recent Technology, and Winter Sanya. In terms of liability, we are steadily reducing our debt level, reducing costs. At the group level, asset divestment and subsidiary dividend generated cash flow of over CNY 8 billion, and subsidiaries intensified the divestment of heavy non-core non-strategic assets, completed contract worth nearly CNY 7 billion in the first half of this year.
As for equity divestment, we achieved equity divestment in [inaudible] Technology, [inaudible], United Family Healthcare, et c. In real estate, that include Fosun Insurance Portugal building in Lisbon, Madison House in New York, [inaudible] BFC. Compared with six months ago, we are seeing slight decrease in our financing cost. The third part of our finance strategy is diversified financing channels, declining cost of borrowings. In terms of bank financing, we built long-term partnerships with banks. In the first half of this year, we signed strategic agreement with several banks, including Citigroup, Postal Savings Bank of China Minsheng Bank, etc . In March 2025, the group successfully completed the first closing of a three-year unsecured syndicated loan overseas, raising $675 million. The syndicate's green shoe option is progressing smoothly. In terms of bond financing, we have successfully issued six SCP, raising a total of CNY 3.9 billion.
We successfully issued three asset-backed two-year midterm notes, raising CNY 3.5 billion. We successfully issued three unsecured two-year corporate bonds, raising CNY 1.4 billion. In the overseas market, Fosun International's bond yields continued to trend lower following the reopening of U.S. dollar bond market. Fosun International in January 2025 tapped U.S. dollar bonds due 2028, selling $500 million with substantial oversubscription. As of August 2025, Fosun International has completed a tender offer and early redemption of its U.S. dollar bonds due October 2025, leaving no more offshore bonds maturing for the rest of the year. In terms of bond financing costs, in the first half of 2025, consolidated financing costs were 5.26%, continuing its downward trend compared with 5.63% at the end of 2024 and 5.79% in the first half of 2024. Since 2025, domestic public market financing has gradually improved.
The cost of Group's commercial papers declined by about 80 basis points in the first half of the year. Meanwhile, the Group successfully issued three asset-backed bonds in the first half of this year, with a lowest financing cost of 3.69%. In July and August 2025, Shanghai Fosun High Technology (Group) Co., Ltd. transitioned to unsecured issuance format by successfully issuing three unsecured two-year corporate bonds with a low coupon of 3.5%. We are also extending our financial institution network, lowering financing costs. End of 2025, offshore syndicated loan, we secure support from around 20 leading regional banks overseas. In addition to long-term partner banks like HSBC, Standard Chartered, HSBC, and Commerzbank, we have also first-time participants including JPMorgan, MUFG, Société Générale, UniCredit, ADCB. We have multiple mainstream issuers, bank wealth management subsidiaries, and other non-bank financial institutions participating in the Group's fundraising.
The fourth part of our finance strategy is outstanding asset-light operating capability, empowering insurance investments. In terms of outstanding asset-light operating capability, in the tourism business, as of May 2025, Club Med operates 68 resorts, 85% of which utilize lease or management business model. In the senior care services investment operation in elderly care and nursing institutions have been implemented in nearly 10 key cities, with a total number of beds of over 11,000. In terms of commercial property management, in the first half 2025, U.S. total managed commercial property reached about 3 billion square meters, generating rental income of CNY 1.12 billion for property owners and contribution of EBITDA of CNY 650 million, up by 19%. In terms of fund management services, our onshore actively managed funds exceeding CNY 50 billion and offshore actively managed funds exceeding CNY 200 billion.
For the offshore funds management part, we have Fosun Capital Fund with nearly CNY 24 billion and Fosun Health Capital Funds with nearly CNY 15 billion under management. We are seeing a very systematic operating model so that we can use better leverage to empower insurance investments. We have a lot of high-quality insurance business under different brands. They are building on the strong growth of this high-quality insurance business and the Group's proven asset-light operation capabilities so that we can enable the flywheel project. In the first half of this year, we are seeing very strong growth for the insurers with strong profitability growth. For Fosun Insurance Portugal, the total assets reached EUR 22.6 billion with EUR 3.27 billion premium in first half 2025. Net profit EUR 133 million.
For Peak Re, total assets reached $3.9 billion, with premiums of $1.06 billion and solvency around 180%. We are also seeing strong premium growth for Pramerica Fosun Life Insurance and Fosun United Health Insurance with CNY 5.36 billion and CNY 3.64 billion of premium in the first half of this year, respectively. We are also already seeing asset-light operations and the insurance ecosystem achievements in the first half of this year and in future there will be stronger growth. For Fosun United Health Insurance, in the first half of this year, they saw 1,733 policies from senior care communities with premium of CNY 1.63 billion. For Pramerica Fosun Life Insurance, they saw 3,900 policies from senior care communities with total premiums of CNY 39 billion. Our finance strategy paves a promising future.
In the future, we will unswervingly prioritize the Group's portfolio, focusing resources on cultivating businesses with the potential to become industry leaders. We will continue to advance the implementation of asset-light strategy, further divesting heavy asset projects that lack fund advantages. Our goal is to reduce the Group's interest-bearing debt to approximately CNY 60 billion and industrial operating profit and net profit attributable to owner of the parent, respectively, need to reach CNY 10 billion . We aim to consistently elevate our credit rating to investment grade. That's all for the financials part. Now we will leave the floor to the Co-CEO of Fosun International, Mr. Chen Qiyu, to talk about the business performance.
Next, I will report on the business in the first half. First, let me talk about the health segment. In first half 2025, the health segment recorded CNY 22.57 billion of total revenue, slightly decreased. Net profit to parents was CNY 760 million, up by 48.3% year-over-year, mainly driven by the year-over-year growth in the Fosun Pharma's profit. Fosun Pharma recorded CNY 19.43 billion of revenue. Henlius recorded CNY 2.82 billion of revenue. Net profit was CNY 390 million . The HANSIZHUANG got approval in the EU, the U.K., and other regions. HLX43, this is an ADC product, has released positive phase Ia/Ib clinical data on efficacy and safety in lung cancer for the first time, and more than 10 clinical trials covering major indications are ongoing globally. The overseas revenue was CNY 8.59 billion , up by 2.1 basis points increase.
The overseas revenue accounted to 38.1% of total revenue, with 2.1 basis points increase. Fosun Pharma's R&D expenditures was CNY 2.58 billion and got five indication of four innovative drugs approved, and also licensed out products and licensing products. Fosun Health and Jianxia Healthcare recorded CNY 3.58 billion of revenue. It will further enhance integrated operation in the Greater Bay Area. The Foshan Chancheng Hospital ranked number one on the private hospital competitiveness ranking for the eighth consecutive year. Jianxia Healthcare achieved rapid growth with improved performance. Luz Saúde recorded 399 million EUR revenue, up by 6.9% year-over-year, and the net profit has been grown by 12.3% year-over-year. For Fosun Pharma, its innovative products has been growing steadily, reaching CNY 4.3 billion of revenue, up by 14.3%. Net profits after one-off gains was CNY 961 million . It continuously advanced lean management to achieve health growth of the company.
It also has been optimizing asset structure and cash return acceleration, and also has achieved a very healthy level of free cash flow. For Fosun Pharma, we have sustainable and innovative product pipeline. In the first half of 2025, after long years of deployment, we got four innovative drugs with a total of five indications independently developed and licensed-in by the group, were approved for launch both domestically and internationally. Four innovative drugs had entered the pre-launch approval stage, and 57 generic drug varieties were also approved for launch both domestically and internationally. We focus on solid tumor, hema, and immunization, and we are also strengthening our four major technology platforms, encompassing antibody and ADC cell therapy and small molecule, to further building our high-value pipelines.
We are also working with the health funds to explore cutting-edge technologies such as radiopharmaceuticals, RNA gene therapy, and AI drug R&D to further enrich our value chain. As you can see, we also have core therapeutic areas listed here. In the first half of 2025, in terms of the innovation and innovative drugs, we achieved the licensing and licensed out. All of this has been published. HXS004, Target, HLX13, HLX15, serplulimab, and FXS6837 has achieved a licensed out.
As you know that in China, comparing to the big pharma, the Chinese companies are licensed out of many products to the big pharma in the global world. We believe in the second half and the next year, Fosun Pharma and Henlius will achieve more license-out results. As for licensing, as you can see, we are insisting licensing products with the key partners. I can give you a few examples. For example, AR1001, we licensing this product. Also we work with Teva to co-develop the PD-1/IL-2 product. This is a very innovative cooperation model.
And also we licensed in CD47 molecule. As for globalization, Fosun Pharma has already started the global footprint, and also we got a very good foundation for the past few years. For example, in the U.S., we have already got a sales team for generic drug, and also we have already built a U.S. sales team for serplulimab. In EU, we have operating company working with the local partners to launch the innovative drugs. And similarly, in Japan, we have started a clinical trial, including HRX-22 for first-line gastric cancer. The first patient dosing of phase three MRCT was completed.
In India, we have entities. In Africa, we have been working there for over 10 years, and recently we are expanding in Southeast Asia. We have already established a sales platform for Southeast Asia, and we are expanding into different regions of Southeast Asia. In Middle East, we are collaborating with Fakeeh Care Group, and we established a JV to further promote the launch of innovative therapeutic products in Saudi Arabia and other countries. Going forward, we will further expand in South America. So, the global footprint and the global operation for Fosun Pharma not only focus on innovative drugs, but also we are expanding in the global regions. As for medical service and healthcare management, we are also moving strongly. As for Aesthetic Medical , the revenue has already reached $165 million from the Sisram in the first half.
Before, we focus on the medical devices, but in the recent two years, we focus on injectable fillers. As you can see that in first half, the revenue reached $14.4 million, up by over 218% year -on -year. The licensing revenues is accelerating its commercialization in China. Intuitive Fosun is a global leader in surgical robotics and is still a leader in China. 29 da Vinci surgical system were installed in Chinese Mainland and Macau region in first half. Over 450 systems were installed. As for Ion System, six Ion System has been installed in Chinese Mainland. Breas is a well-known European ventilator manufacturer, its operating revenue, net profit and operating cash flow all recorded steady growth.
As for the diagnostics, Fosun Diagnostics received approval for two products, China's first and currently only home testing kits for COVID-19 and influenza A and B antigens. The first approved product under Fosun Diagnostics respiratory infection syndrome, multiple nuclear acid detection solution, the fully automated high-speed chemistry immunoassay instruments completed follow-up validation and optimization upgrades. We collaborated with Siemens Healthineers and registered 16 customized biochemical reagents and one quality control products. For medical service and healthcare management model, we focus on premium medical care and professional services. Fosun Health is expanding its footprints in medical group and smart healthcare and insurance empowerment. Foshan Chancheng Hospital and Hengsheng Hospital as designated medical institutions under the Hong Kong and Macao Medicine and Equipment Connect, launched 15 new drugs and medical devices from the catalog.
As for the Fosun Health, it is accelerating its establishments in the new first-tier cities and provincial capitals. It is operating a total of 16 rehabilitation medical institutions, of which four were in trial operation with another seven institutions under constructions. As we are further expanding and optimizing our eco models, working more closely with Insurance plus Healthcare, Insurance plus Wellness, Healthcare plus Wellness, and Health Management. As for digitalization and AI-driven businesses, Fosun Pharma over the past two years has been focusing on digitalization and AI-driven business growth. Right now, it has gradually covering R&D operation and the product application. Fosun Pharma is among the first domestic pharmaceutical enterprises to deploy LLMs like GPT-4o and DeepSeek, and was selected into 2025 Forbes China top 10 AI innovation scenario application enterprises. As for Pharma, PharmAID decision intelligence platform has been playing a big role in R&D.
As for the early stage R&D and Henlius AI for science platform, all contributing to our innovation, the drug discovery and efficiency. Going forward, we will further leverage AI in clinical trials so that we can further improve the efficiency of clinical trials. As for MedTech, the MedTech also has been improving AI into our product. As for healthcare, especially Foshan Chancheng Hospital, Foshan Chancheng Hospital has already been using the Mini App very frequently. Moving forward to the Happiness segment, the total revenue recorded CNY 33.72 billion in the first half, mainly because of the consumption segment adjustment. The revenue decreased by 21.9% year-on-year. Yuyuan recorded CNY 19.11 billion of revenue, mainly because of the challenge in the industry. We have seen the jewelry and the fashion of core consumer sector showed signs of recovery in Q2.
With their challenging environments, Yuyuan has been operating leanly and reduced significantly in their cost. Fosun Tourism Group recorded a record high revenue, CNY 9.53 billion of revenue because of the global operating capacity, and it has been further optimized the cost and the operational enhancement led to double-digit growth in key profit indicators. The overseas revenue was CNY 13.56 billion, accounted for 40% of the total revenue, especially Club Med operates in 40 countries and regions across six continents, and Club Med reported record high revenue during the reporting period. Yuyuan, in the first half of 2025 under the economic pressure, the operating revenue was down by 31% year-on-year. In Q2, the operating revenue was CNY 10.33 billion, broadly flat comparing with the same period last year. We are seeing the recovery.
As for gross profit, in Q2, the gross profit has been improved comparing to Q1 and the same period last year. Cash and cash equivalents remains ample. Under Yuyuan, the core business is jewelry and fashion. We have seen Q2 recovery in jewelry and fashion. The fashion jewelry business in first half generated a revenue of CNY 12.8 billion. In Q2, the revenue rebounded to CNY 7.61 billion and increased comparing to Q1 and Q2 last year. We are also seeing improvement in the gross profit. As for the Shede Liquor, although we are seeing the pressure, Shede Liquor has been remaining on its age baijiu strategy and price volume control policy, promoting the brand upwards while deepening base market. Sales of T68 Tuo Pai Exceptional Snow accelerated growth. The company accelerated the development of online channels with emerging e-commerce sales up by 31%.
Shede Liquor pursuing international expansion actively, now covering five continents with presence in 40 countries and regions. Overseas retail endpoints reached 1,200. Yuyuan Tourist Mart has been improving and renovating itself. We have also seen the initial results. The occupancy rate reached 99%, up by eight percentage point year-on-year. The sales volume has reached CNY 2.61 billion, up by 55% year-on-year. Visitor traffic reached 19 million, remained flat. The number of events is 1,000 per day. We have self-owned IP, super scenario development, and special marketing campaigns, all contributing to sales growth. As for FTG, as we mentioned before, in 2025 we are seeing the record high revenue, but more importantly, we are also seeing the profit growth.
With ongoing cost reduction, efficiency enhancement, and operational optimization in the first half of 2025, excluding one off gain on disposal of resource, adjusted EBITDA grew by 16% year-on-year, and adjusted EBITDA margin rose by 3.2 percentage point. Adjusted net profit increased by 42% year-on-year, and adjusted net profit margin rose by 1.4 percentage point. Club Med also achieved the record high revenue. The operation revenue has been improved by 4% year-on-year. We are seeing the growth from the ADR and the reduced cost and the double-digit growth in operating profit driven by efficiency improvements. Club Med is now running 68 resorts in over 40 countries and regions, and 69% of direct and semi-direct sales rate. For the outlook in the second half and the next year, we have already seen the booking in the second half and the next year.
We are already seeing the booking in the second half 2025 will have 9% of growth comparing to last year. The booking in the first half 2026 will be grown by 17% year-on-year. For FTG, we will further have strengthened core business, pursue asset-light growth and embracing AI for Atlantis. It will further diversify offering boosted traffic. The business volume remained high, reaching CNY 760 million. The average occupancy rate reached 88%, which is high. The number of visitors reached over three million. The Taicang Alps Phase II officially commenced, and the Lijiang project is rooted in Naxi culture and creating a benchmark resort destination. Taicang is very near to us, and you can ski there. As for Lijiang, the Yunnan is also a very good tourist destination right now. We are also moving forward with our asset-light strategy.
The Taicang Alps Phase II officially commenced, aiming to create a world-class winter resort landmark. In June 2025, it officially broke ground with a total investment of nearly CNY 5 billion, a joint project by Taicang government platform and FTG, expected to commence operation in June 2029. The Ring, Chongqing project signed, aiming to build a world-class mega entertainment mall. Accelerated implementation of AI technology across products and operations. As you know that Club Med is famous for its G.O., and we are co-developing the AIGO cultural tourism intelligent agent. As for the wealth segment, in the first half, the total revenue was CNY 27.83 billion, up by 3.3% year-on-year, primarily driven by gross insurance revenue. The net profit to parents has already been increased significantly to CNY 243 million. We are seeing strong profits in different entities. Also, for Fidelidade.
Fidelidade maintained the top market share in Portugal. The premium revenue recorded EUR 3.27 billion, and its international businesses accounted for 28.2%. Net profit reached EUR 133 million. Peak Re, the total premium revenue recorded $1 billion, and net profit reached $900 million. BCP, the core net profits reached EUR 1.17 billion, and the net profit to parents was EUR 500 million. HAL recorded EUR 218 million of revenue. Pre-tax profit rose to EUR 55 million. For Pramerica Fosun, the total premium revenue was CNY 5.36 billion. Fosun United Health recorded CNY 3.6 billion of total premium, and asset management recorded CNY 6.94 billion of revenue. Our insurance business has global footprints, not only in China. We have seen the significant growth from Pramerica Fosun and Fosun United Health. Also we are seeing for our overseas insurers, including Peak Re and Fidelidade.
Fidelidade is rooted in Europe and also expanding globally. As for the overseas insurers, they have efficient operation become cornerstone of profits. For Fidelidade, steadily expanding the business scale and continuously enhancing profitability level. The combined ratio was controlled under 91.5%, and the annualized investment yield reached 3.5%. Peak Re prudently managed risk exposure with excellent performance in profitability. The combined ratio was 88.1%, and annualized investment yields reached 4.1%. As for domestic insurers, they rely on Fosun's ecosystem for rapid growth. Pramerica Fosun leverage ecosystem strength and focus on long-term value growth. The new business value has been grown by 39% year-on-year, over 3,900 policies from healthcare communities, and CNY 3.9 billion full cycle premium. As for Fosun United Health, created a new business model of health insurance and intelligently manufacture health products.
Its new business value has been increased by 49% year-on-year, and full cycle premium has reached CNY 1.6 billion. Also we are seeing global footprints for asset management platforms. We also have a very comprehensive footprint in China. In the first half, Fosun Capital got four portfolio companies filed for IPO, two portfolio companies successfully listed. Fosun RZ Capital had four new investment in high-quality companies across AI robotics, smart manufacturing as new global expansions, and 10 projects successfully exited, and one successor USD funds completed closing. We have very good major existing investments, including Zhaojin Mining and [inaudible] Gold. Continuing with intelligent manufacturing segment. The total revenue recorded CNY 4 billion in the first half, decreased by 24.6% year-on-year, primarily due to the consolidation scope. Easun Technology is no longer in our consolidated form. Excluding this effect, revenue would have increased by 14% year-on-year.
Net profits to parents was CNY 140 million. Hainan Mining recorded CNY 2 billion of revenue, up by 10.46%. Net profits to parents was over CNY 281 million. Both lithium mining and lithium salt processing achieved product rollout, and its overseas assets accounting for 48% of the total. The overseas revenue was CNY 1.12 billion. Easun Technology recorded CNY 3.76 billion of new orders. The company has secured new industry-leading customers in North America and Middle East. As for Hainan Mining, it's further focused on resources to continuously build resilience through market cycle. During the downturn, we still achieved steady performance. Hainan Mining reached stable iron ore output and oil, gas, and output. We are seeing 15% of decrease from the index. Comparing to the macroeconomy, we have already seen over 10% of growth in the first half in terms of the revenue compared to last year.
We're also expanding into new segments. In Hainan, we have the Hainan Mining and the 20,000-ton lithium hydroxide plant site, and also the Bougouni Lithium Mine in Mali, Africa. We will continue to expand in global markets, including the Middle East, and also to take different methods to further enhance the values. Also, we are planning for cash dividends, equity incentives, and share buybacks. Wansheng is the world's leading new functional material company. Right now, after COVID. During the COVID, the whole industry has been sizing up, and it become more competitive. Because of this, the profit has been down by a little bit. However, Wansheng has been enhancing operation capability through supply and cell synergy and focusing on base development with accelerated construction, driving innovation through technology advancement, and broaden product portfolio through prioritizing quality industries.
In Weifang base, the IPO-funded products and over 76,000 ton in new specialty functional materials have entered pilot production. We believe after the output and installation, the commissioning, we will see good results. We have already completed the Shandong project. It is a very good company. We will further drive innovation through technology advancement. The new nylon flame retardant completed pilot production with performance highly recognized by customer. Multiple specialty resins and antistatic agents successfully trial produced. That's my report on the first half performance. Next, I'll give the floor to Xu Xiaoliang to talk about strategic development.
Dear investors and analysts and friends from the media, good morning. I will now report to you our reflection of Fosun's strategic development. Since its founding in 1992, Fosun has journeyed through 33 years of growth, evolving across different stages and economic cycles. Over time, we have continued to optimize our industrial structure and steadily enhancing our global competitiveness. With the external environment changing all the time, Fosun's mission and vision of creating happier lives for families worldwide remains unchanged. We aim to create a global happiness ecosystem, fulfilling the needs of families worldwide in health, happiness, and wealth. For all the work that Fosun does, it's all about delivering our vision and mission. Centering around this vision, Fosun has sharpened its strategic focus across several dimensions. The first is business streamlining.
We are focusing on the family consumption sectors to scale and reinforce our competitive companies, while decisively divesting non-core businesses. The second is capital-intensive to asset-light. We are enhancing partnerships with domestic and international capital, improving asset-light operations, and using light to drive heavy. The third part is balancing investment and divestment, balancing offense and defense, advancing high-value projects while safeguarding our operational fundamentals. The fourth part is technology innovation. We are committing to technological innovation, driving industry upgrades, and building core competitiveness. Over the past year, Fosun has further developed business consensus and organizational consensus. I will now talk about these two parts. First, in terms of business consensus, the first important consensus is globalization. Fosun is one of China's leading privately owned enterprises with a truly global footprint and operating capabilities.
In the first half of this year, we reached a new milestone in globalization, with overseas revenue accounting for 53% of the total. We have moved from China momentum leveraging global resources to China capabilities leveraging global resources. These capabilities are reflected in several dimensions. The first is global R&D and BD capability. We see that Henlius innovative drug, HANSIZHUANG, has now been approved in over 30 countries and regions worldwide. HLX43 has also entered international multi-center phase II clinical trials. The second is global investment capability. Fosun Pharma has partnered with a leading Saudi healthcare group to bring innovative therapies to Saudi Arabia. Hainan Mining has also launched the pilot production of phase I at Bougouni Lithium Mine in Mali. In terms of cultural export capability, the Yuyuan Lantern Festival in Thailand concluded successfully, celebrating the 50th anniversary of China-Thailand diplomatic relations.
For the Yuyuan Lantern Festival in Thailand, spanning across 55 days, it attracted over four million visitors. In terms of global operation capability, Fosun Tourism Group has fully implemented the group's satellite strategy to upgrade global resorts. Club Med achieved new record highs in the first half this year. Another important part for Fosun's business consensus is going into the flywheel model. Today, Fosun has entered the stage of deep industrial operations, where we have established a flywheel model driven by insurance capital plus investments, plus industrial operations. That is based on Fosun's deep understanding across different industries, our rich investment experience, and high-quality commercial resources, so that we can use insurance to connect with more investment parties and then empower our industrial operations for win-win-win. Fosun is exploring flywheel projects in senior care, high asset management, and tourism.
We will keep evolving in these dimensions and accelerate industrial high-quality development. The third business consensus is building marketing force. In today's complex and highly competitive market environment, Fosun has built strong marketing force to better connect products with customers. We are seeing solid results in the first half of the year. For Fosun Pharma, it further strengthened its global market presence and marketing system with about 5,000 sales representatives in China and over 1,000 overseas. As for Shede Spirits, in the first half of this year, it took a forward-looking approach to marketing and channel development for its T68 product. Despite industry headwinds, T68 still achieved a breakthrough, with sales up by 23% year-on-year. Fosun Tourism Group is also capturing the rebound in inbound tourism. For Atlantis Sanya, in the first half of this year, they saw a 71% year-on-year increase in international visitors.
Club Med China saw inbound revenue rose by 65%. As for Fosun Insurance Portugal, it has advanced organizational upgrades with marketing support, staying close to customers and market needs while driving product innovation. In the first half of this year, its savings insurance sales in Portugal exceeded EUR 1 billion, up by more than 40% year-on-year. The fourth business consensus is AI application. At Fosun, we believe that those who use AI well will thrive and those who do not will be left behind.
That is why we are driving adoption of AI across the entire value chain. For example, using AI to accelerate R&D for stronger product innovation. Fosun Pharma has launched PharmAID, the industry's first AI decision-making platform empowering drug discovery, smart healthcare, and precision medicine. With PharmAID, information extraction efficiency has improved up by 50%. AI can also be adopted to enhance customer experience for stronger marketing power.
Club Med has developed its AIGO, a travel agent that personalizes and streamlines the entire vacation journey while significantly improving operational efficiency. Another part of consensus is organizational consensus. In order to implement our strategies and business goals, ultimately, it depends on organizational support. Fosun's trends emphasize building warrior-like organizations. We emphasize that there is no fixed formula for management where fixed paths is best, and there is no unchanged formula for management. Management should be dynamic. On the talent front, Fosun is emphasizing leaner and flatter organization. As for our talent team, we are focusing on building talent pipeline, and we are building a multilevel partnership system. Now we have about 160 global partners, and in the first half this year, for the first time, Fosun Group has been implementing the HiPo partner program.
In the first half of this year, we selected 44 HiPo partners, preparing for the future leaders of Fosun for its long-term development. In terms of mechanism, first, we emphasize a meeting mechanism. For organization, for business, for fine, for the capital, we have different parts of meeting mechanisms. The second part of mechanism is incentive mechanisms to be aligned with our values and to match the Fosun values. In terms of culture, we remain true to the founding spirit of co-entrepreneurship, continuously strengthen our shared commitment, guided by our cultural principle of rule, rationale, and relationship. Our global governance ultimately centers on the rule of law, with the protection of shareholder rights as the baseline and maximizing shareholding value as the goal. Self-improvement, teamwork, performance, and contribution to society is our original aspiration. Upholding business for good, we are committed to sustainable development and creating value for all stakeholders.
In the past half year, Fosun's ESG performance has continued to improve. On the environment front, we aim to achieve peak carbon emissions by 2028 and carbon neutrality by 2050. We have also conducted climate risk assessments and released the third climate information disclosures report. On the society front, the Rural Doctors Program was established in 2017, and over the past eight years, the program has supported 24,000 rural doctors, benefiting three million families in rural communities. The artesunate for injection has saved the lives of over 84 million severe malaria patients worldwide. As for governance, we have strengthened our ESG governance framework and incorporated ESG performance into the board's evaluation system. Fosun's strong ESG performance has been widely recognized by leading domestic and international institutions, and we have been included in peer industry indices. Our MSCI ESG rating has remained at double A for four consecutive years.
Fosun International has received the ESG Leading Enterprise Award from Bloomberg Businessweek Chinese edition for five consecutive years. That concludes my sharing on Fosun's strategic progress. Today, while the global economy is still in a slow recovery and filled with uncertainties, Fosun will continue to sharpen its strategic focus. We will solve development challenges through growth itself and navigating future cycles with a long-term mindset. We are committed to creating greater value for our shareholders and society, and to make families around the world happier. Once again, I would like to thank all of the investors for your longstanding support. We also welcome you to visit Fosun to experience our products and our happiness ecosystem. I wish all of the families happy, healthy, and wealthy. Thank you.
Thank you for the management. Next, we will move on to the Q&A session. I will invite the CD's guest here to ask questions. We will give you a microphone. Okay, the lady in the front line.
Okay, thank you. The lady says. Okay. Thank you, and I am very honored to be able to ask the questions. I am from the Nation Security, and I have noticed that today the topic is from shared vision to greater horizons. We also seen that in the first half, Fosun International has made breakthrough and innovative results. I mean, Chairman Guo always says that the company needs to insist on doing the right thing, the difficult thing, especially the things that requires time. My question to the management team is that in the second half, what is the things that we will be keep moving on, and what is the sector that we will be focusing? Thank you.
The question would be answered by Chairman Guo.
O kay, so the question is about the sector. In the first half, we are seeing the recovery from the consumption sector. Also for the innovations and the innovative drugs, we are seeing the breakthroughs. So we are very confident about our business and the future growth. Going forward, for the innovative drugs, we not only have Henlius, but also CAR T and the maturing drug segments. So we will have great potential in innovation and smart innovation. I have been thinking about this. Several years ago, we mentioned that we want to have people to live happily, healthily, and wealthily until 120, and still cancer can be cured.
Seven and eight years ago, it may seemed a little bit not going to happen, but I think right now we all believe that a lot of cancers can be detected and can be cured or can be controlled. So we are seeing the developments in the industry, and also we are seeing great potentials. In our pipeline, we also have great products in our pipeline that has the CNY 5 billion or even CNY 10 billion potential in our pipelines. I have been strengthening this to the team. We cannot just sort out. I think license in and license out, both are very important comparing to other Chinese pharmaceutical company. We need to have our uniqueness.
We need to be able to build our own global R&D clinical trial and sales capabilities. This has been promoted by our teams, and we are aiming to become a big pharma in the global market. This is our path to become the big pharma. License out is simple and can be sold in a very high price, but we are very patient. I believe that our products in the pipeline is very good. I want to share another comment with you. The technology is developing very rapidly, and why is that? I want to share some of my thoughts, especially in the past 5 years and 10 years. We believe that human are carbon-based animals, and we have seen great potential and breakthroughs in our gene developments and our gene study. As for AI and robotics, they are also growing and developing rapidly.
If we combine both, we would see great potential for innovation in the future, and it would be hard for us to imagine. For Fosun, our vision is to let the families to live happily, healthily, and wealthily until the age of 120. We are seeing great breakthroughs in the pharmaceutical businesses. I am not an expert in cancer, but my team told me that the cancer cannot be cured by one molecule. It would be relying on different methods, including the medical devices, the different molecules. It is sort of like a cocktail therapy. The combination of therapies can cure cancer. I think Fosun has a unique advantage because we have a very comprehensive footprint, and so we are in different sectors.
We believe that if we want to cure cancer or if we want to solve the difficult problems, we need to rely on different solutions and the comprehensive energy and capabilities. Fosun Pharma has its uniqueness. We can sell the new alcohol. We also rely on the aged alcohol, and also we rely on the things that needs requiring time. For Henlius, we have developed it for over 10 years. For the first 10 years, we invested over CNY 10 billion, and we did not see any return. But right now we are seeing it has been maturing. The same thing for the liquor, we are selling the aged alcohol. Also for our insurance companies, one company we have been invested for over 10 years, the other we have been invested in for over 12 years.
If you do not invest in one thing for over 10 years, you cannot achieve great competitiveness. For me, I think, if we enter a new sector, we prepare it for another 10 year. It might not be in line with our advantage. We need to focus on the sector and on the businesses that we have already been gaining the strength for over the past 10 years and just keep rooting it and keep developing it. For us, the new sector is not our goal. What excites us is that we make breakthroughs in the sector that we have already entered in and also have the advantages.
That is our excitement. For aged alcohol, we also have innovation. I want to make an advertisement. Tomorrow, Shede Spirits will launch a new product with 29 alcohol degrees, and it is called Shede Zizai . I think it would be beneficial for both customers. The first is who drink a lot, and if you want to free yourself, then 29 degrees would be good. If you are young and not that good at alcohol, then 29 Shede Zizai is also good for you. We hope that if you have time and if you are interested, you can watch out for our new product launch. Thank you.
Thank you, Chairman Guo , for your answer. We will now open to the second question.
Hello, Chairman Guo . Hello, everyone. I am from [inaudible] Securities. I have a question about de-leveraging. We see that Fosun Group has been adamantly divesting non-strategic non-core assets since 2022 to de-leverage. We noticed for the 2024 numbers and for the first half of 2025 numbers, the group consolidated statement interest-bearing debt levels slightly rebound. What is our interpretation on this?
Thank you for your question. We will have Chair man Wang to answer first, and then Gong can add more things later. Chair man Wang is saying thank you for your question.
I would like to first say thank you to all of the investors and analysts, and friends from media online and in the room. Thank you for your support for Fosun. Fosun is very clear on streamlining its business and focusing on development. While streamlining our business, while being more strategically focused, our requirements for management of financial indicators for de-leverage, the key is about de-leveraging for the parent company. In terms of the business we are focusing on, we are controlling the leverage ratio and the debt amount. You are paying very close attention to this. I give you credit. For Fosun International's consolidated statements, in terms of the debt level, excluding the effects factor, our debt level slightly reduced. At the consolidated level, indeed, as you mentioned, the interest-bearing debt level slightly increased.
As Chairman Guo and the two CEOs mentioned, while streamlining our business, we are also focusing on developments for biopharmaceuticals, for FTG, and other businesses where we are strong in. We still want to see great development for these businesses, but that is based on ample cash flow and a healthy leverage ratio. At the consolidated level, let me take FTG privatization as an example. We privatized it through share buyback, so this debt increased for FTG. As for Hainan Mining, they acquired an oil field in Oman. As for Fosun Pharma, for better development, they increased their debts level in a certain degree. For these core businesses, they are in healthy financial situation.
That is why we are seeing slightly increase in interest-bearing debt at the group's consolidated level. We keep improving our competitiveness for our businesses, and we are seeing strong improvements for the financing environment. Reducing debts and improving credit rating have been our goal, and we are very committed to it. We remain committed to our deleveraging goal, and we are making steady progress. Another thing we focused on is to reduce borrowing cost. When Alice Gong talked about the financial numbers, we can see that our cost of borrowing has been dropped by 50 basis points compared to the same period last year, but this is far from enough. We are having more efforts on lowering the cost of borrowings. That's all from me. Thank you.
Okay. Thank you, Chair man Wang, for your answer. We will open to the third question.
Hello. I'm from one of the Hong Kong family office. In the first half, as you know, the Hong Kong market is booming, especially the pharmaceutical segment. We are seeing that Fosun Pharma and Henlius has announced many good news. My question is that for the mid and the long term, our strategic development and the core driver for the Fosun Pharma and the pharmaceutical segments.
Okay, thank you for your question. The question would be answered by Mr. Chen Qiyu.
In the past, as you know that starting from the VBP, our strategic goal has been very clear. We are moving towards innovative drugs. Especially in 2021, the pharmaceutical segment has reached the peak. The following four years, we are seeing the cool down period in the pharmaceutical sectors in the stock market, and the stock price has presented its challenges. This is because of the industry adjustment, the difference from the industry adjustment, and the reception from the capital market.
The cooling down of the capital market has also made us to think clearly about our strategic future, whether we should do innovative drugs, and how should we do that. The trend in China market is that we need to move towards to the innovative drugs. We need to improve the innovative level, and also we need to improve our vision and the value achievement. We need to have a clear path for the values. These are our requirements. Over the past few years, we made the strategic footprints and adjustments. I think you can see from the Henlius' performance because it is independently listed.
Before, the capital market only thinking about us doing the biosimilars. Also, they have concerns about our portfolio structure, only focusing on PD-1. Is it too slow? Does it have the potential? We need time to answer those questions and to respond to those concerns. We can see that Henlius is not only have HANSIZHUANG, HANLIKANG, such products. We are also seeing that Henlius has very good performance of the biosimilars, and it has become a very big and large player in the global biosimilar market. Comparing to the U.S. biosimilar players, also we are comparing ourselves to the big names. We are collaborating with the many big players. The active biosimilar player in different markets, we are cooperating and establishing very good commercialization cooperation with them. That is why that we have very strong pipeline. That is the only foundation.
For the innovative product, the PD-1, although that the launch is late, but we have seen the indication is very unique. For example, for the SCLC and the clinical trials for the gastric cancer, also we are seeing the launch for markets in Europe, in the U.S. We are speeding up for the preparation and the clinical trials to prepare for the launch in the U.S. So HANSIZHUANG has already proved its successfulness, and it can prove that Henlius has strong capability in R&D and global commercialization. Right now, we are working on HLX43 and HLX22. It will further prove Henlius' capabilities. So that is why that the capital market has already seen that we have strong foundation, also we have strong capabilities. Actually, the cash flow from the products can reimburse our R&D expenditures. As for PD-1, HANSIZHUANG has already been proved its successfulness.
We are moving very quickly, especially for HLX43. From we start the project to clinical trial, it is moving very quickly. Before, we didn't do ADC, but right now we are in ADC. We have very accurate and precise targets and also very efficient clinical trials. This has all demonstrating our capabilities. So we think that innovative drugs would play an even bigger role in our strategic development. So you are asking about our strategic development and core drivers. So I think we will be more focusing on innovation, and we will have innovation-driven growth. But for innovation, we also need to have a platform and a foundation. Not only we need to have the map, we will also be relying on ADC and the CAR T for CAR T.
For the cell body and the generic, we will moving from the customized to generic, and we will further build a CAR T platform. We are expanding in CAR T. As for small molecule, we rebuilt the small molecule platform. We licensed out two self-developed small molecule products recently. With the team rebuild, and we will further expand in traditional and new small molecule. We also built a radiopharmaceutical platform, and we are building the RNA and the small acid platform. We will further build our platforms to speed up early study. I think for us, early study is very important. We need to have a strong pipeline in early study and then strengthen the clinical trials. For a big pharma, we need to have a strong early study and a strong platform, and also we need to precisely select the molecule for clinical trials.
We also need to further leverage the local development R&D and clinical trial in China. Right now, the Chinese market has been heavily recognized by the big names. This is because we have strong capability and strong data. We also need to further enhance our BD commercialization capability. We also need to further focus on the license out in different markets. Different markets have different uniqueness. For some markets, they rely on innovative drugs.
For some markets, we need to have both generic drugs and innovative drugs. Before, we are seeing the innovative drug and generic drugs are separated. For example, Aohong and other companies, they are generic drug company. But right now, all of our companies are focusing on innovative drugs. Of course, different companies will take different projects and responsibilities, but they will all moving forwards to innovative drugs. We will keep working on the globalization to achieve our value. That's all from me. Thank you.
Thank you, Mr. Chen. We will move on to the next question.
Hello, everyone. I am from [Zhongyuan] Securities. Thank you for giving me this opportunity. I would like to ask a question about the AI strategy. Fosun held a global AI conference. FTG started AI lab and reached full-stack AI cooperation with Alibaba Cloud. Fosun Pharma is also building the AI plus X Smart Healthcare Ecosystem. We are seeing that Fosun is very committed to fully embrace AI. How should we interpret Fosun's all-in AI strategy?
We can have Mr. Xu to answer this question.
Thank you for your question. A few days ago, we see that the State Council of China released its opinions on deeply implementing the AI plus A ction. That's why we see that at the national level, the nation is fully upgrading the AI strategy.
Of no doubt, AI is the biggest opportunity in this era for any country, for any company. It's not a choice, but a necessity. For Fosun, that also applies. Apart from fully embracing AI, we also propose that we need to all in AI. What we mean by all in AI is not that Fosun will devote all of its investment or resources to AI large model development. It's about having all of our organization and mindset and business in AI. We need to fully adopt AI in our business and leverage our advantages in scenarios. We are not building vehicles, we are learning how to drive with AI. In terms of AI application, here's Fosun's reflection. There are two mountains to climb for adopting AI.
The first is Business plus AI , and the second is AI plus Business , where most of the companies today, they are still in the first stage, that is Business plus AI . Let me give you an example. For an existing building, you can use AI. You can adopt AI in your facilities to boost your operational efficiency. But in terms of AI plus Business , it means from constructing the building to building delivery, to building operation, it starts with AI. We believe the true competition lies in the second stage, that is AI plus Business . For most of the businesses in Fosun, they are still in the first stage, that is Business plus AI . We can already experience the benefits of using AI. Let me give you an example in pharmaceuticals. There is a cruel rule in pharmaceuticals.
In the past, if you want to develop a new drug, it will take at least a decade. It requires at least $1 billion investment, but ultimately, the success rate may be less than 10%. For Fosun Pharma, they are already launching the PharmAID platform, and we can already feel the power of AI. At the drug discovery stage, PharmAID can provide you with sufficient information, and before clinical trial, AI can help you with patient selection, optimal dosage selection, and rational combination therapy selection.
Business plus AI is where we start, and it is a long journey. Ultimately, we want to shift towards AI plus Business . Along this journey, the hardest part is to build an AI-oriented organization. For this part, in the first half of this year, Fosun held the Global AI Conference, and we have already built the consensus on AI. Moving forward, we will be fully devoted to the AI plus Busines s initiatives to keep evolving. In the future, we want to work with more global partners to seize the AI opportunity and grow together with AI. Thank you.
Thank you, Mr. Xu Xiaoliang, for your answer. I can see another question is ready.
Thank you for giving me this opportunity to ask the question. We have noticed that, for example, Shede is taking their global route to Malaysia, and Henlius has already shipped the first batch to India, and Yuyuan has lightened up the Mekong River side. We have noticed that Fosun has already got the footprints in over 40 countries and regions, and we also want monitoring that what are the priorities for our global development in the future.
Thank you for your question, and the question will be answered by Mr. Chen Qiyu.
For the globalization, this has been a very key part for Fosun's development this round.
As you may notice that when we make the performance announcements, we highlight our overseas revenue and the percentage of overseas revenue. For the past few years, you would notice that all these indicators have been growing healthily. We want to interpret it by two ways. The first is the globalization of the overseas companies and also China companies moving global markets. I think both parts contributing to our globalization. For example, Henlius has demonstrated its performance greatly. Its share price cannot be achieved without two points. The first is the overseas market registration and the collaboration. The second is the BD and CSO. We have been noticing that the products of Henlius, if a good product can have a big deal, I think we have expectations for that. With that expectation, that will meet the global demands. Why is that?
This is because of our globalization mindset. For innovative drug, if you only focus on Chinese standards and the Chinese requirements and demands, or do you meet the demands and the requirements of the global markets, different regulations, different markets? I think Henlius is a small example for that. Our innovative drugs not only can meet the requirements of the Chinese demands, but also Chinese plus global markets. Right now, the global markets is playing a bigger role in our footprints. This is our starting point. While we are researching for the products, we are also thinking about who should we be cooperating with. The PAI in China, we are very clear about our markets and our partners. This is just one example I want to show you. It is the same for many of our companies.
Based on our macroeconomy, all of our companies need to have global market selections, then we can decide what should we do. Secondly, we also need to be focused in on the global network, direct and indirect network. Of course, the leading company needs to have the direct sales, for example, the consumption businesses and pharmaceutical businesses and the electronic businesses. The leading companies, they have the direct sales network. As we mentioned, in our report for Club Med, their direct and the semi-direct sales has reached 69%. This demonstrating their globalization capability. For Fosun Pharma, we also need to build the globalization endpoints capabilities. For example, in our global network, we need to further generate more revenue through our own network. We also need indirect sales network, including the agents and partners.
But even through the agents and the partners, we also need to be able to understand the local channels, the local management and control. That is about the global network. We need to understand the requirements and demands from different markets, and we need to have different product portfolio in different markets. We also need to have global supply chain. I think especially today, with so many uncertainties, we need to think about the supply chain cost competitiveness and the safety, security, and regulation about supply chain. For example, Wansheng, they are the leading company in retardants. Some products may face over 200% of tariff. Of course, we are still trying to solve the problem. Wansheng is going overseas, is building its factory in Thailand, and part of the products will be produced in Thailand and shipped to the global market.
I think supply chain is also very important. Last but not least, cross-cultural management is also important. If you are a portfolio company of Fosun, your globalization strategy needs to be defined and implemented. During the process, we also need to focus on the management team, the sales team, and operation team, whether they have the capability to have cross-cultural management. We need to be able to have the cross-border culture and management.
For example, the Fidelidade, they are leading in Portugal. However, they are also expanding in South America. What is the driver? I think it is because one of the reasons is that we bring entrepreneurship of Chinese. We bring this culture to them. We are pressing them to have higher growth, so they cannot find higher growth in Portugal. That is why they are moving overseas. Their ROE goal is 15%. Right now is 89%, which is also very good, but in order to achieve 15% of ROE, they need to move to the overseas markets and to find further growth opportunities. For Fosun, not only that we are telling our culture to Chinese companies, but also to overseas companies. That is all from me. Thank you.
Thank you, Mr. Chen, for your answer. We will open to the last question.
Hello, everyone. I am from VC. I would like to first congratulate Fosun Tourism Group for celebrating the 75th anniversary of Club Med. We are also happy to see the strong results of FTG. In the business result part, we see a new record high revenue for FTG and strong results in profit. I would like to ask the management team to explain the logic behind its rapid growth, and also share the outlook and business plan for the future. Thank you.
Thank you for your question. We will have Mr. Xu to answer this question. Mr. Xu says thank you for your question.
Indeed, for the first half this year, FTG reached record high in revenue, that is CNY 9.53 billion . As for Club Med Global, in the three major business units, they are all seeing record high in revenue, and the ADR keeps improving, showing the brand's strong influence and the premium. For FTG, excluding the one-time village disposal revenue, the adjusted EBITDA improved by 16% year-on-year, and adjusted net profit improved by 42% year-on-year. It shows that we are seeing very strong demand in vacation. It also shows that it is important to deliver strong offerings.
For resorts. In terms of capital intensive to asset light, the CNY 5 billion Taicang phase II has started construction, and it will be opened in two to three years, and it will be the largest indoor ski dome project in the world. In Chongqing, we have a 480,000 sq m of culture tourism mall already signed. We are seeing steady progress in our capital intensive to asset light strategy. The core of business growth is organizational support. In the first half of this year, Club Med welcomed the sixth CEO, Stéphane. He is a successor recommended by the former president, Henri. After selection of Fosun board, we have Stéphane on board, and Stéphane will lead the team in maintaining Club Med's French roots and core values, and also leading the team in reaching more record-high results. These are the highlights for the first half of this year.
As for the future development of Fosun Tourism Group, we have a very clear strategy. We see the blooming market for global tourism, for vacation-style tourism. After COVID, we see that people are desiring work-life balance and creating more happiness for families, having more high-quality family time. In tourism space, we see a shift from sightseeing tourism to vacation-style tourism, and that is a very key element in bringing happiness to families. For Fosun Tourism Group, we will be all in vacation-style tourism. We want to build the leading vacation lifestyle brand. For Club Med Global, this is the 75th anniversary of Club Med. Outside China, they have 33 sun PAI and 21 mountain PAIs.
In the future, Club Med Global will further strengthen its footprint in the source markets and destination markets, especially for Japan and Thailand in Southeast Asia, and Canada in North America, and Brazil in South America. For Club Med China, we will further enhance the two product lines, that is, UO and JV. They are centered around urban vacation or city cluster vacation. For the three PAIs in China, we have Yabuli, Beidahu, and Changbaishan. Based on this foundation, they will be further connected to the four resorts we have in Hokkaido and the rest of the 17 mountain PAIs in the rest of the world, so that we can connect China to APAC to the rest of the world. Also in China, we will have two new ideas. One is ultra resorts.
There are a lot of 5A or 4A scenic spots in China, and we believe in the future there will be more 5A or 4A resort destinations in China. In Hainan, we have started the ULTRAMED planning. In Lijiang, we have also started the Amaze Ultra destination. In Taicang, we have Alps Ultra destination. These are the Ultra destinations in China with really strong potential. The last product line is the Ultra Cultural Tourism Mall. For China's real estate development, we see a lot of existing properties.
Some are low efficient. We see undifferentiated properties in China. But in Thailand, there are a lot of examples that integrate culture, tourism, and complexes. We want to learn from them and build Ultra malls. The first example is Chongqing, which will be opened next year. These are the product lines and plan we have for the future for FTG. We believe that better holiday, better life, and we hope that for our investors, analysts, and friends from media, if you have time, we welcome you to visit our resorts in China and the rest of the world, and we will organize more events for you to visit there. We hope that all of you can have work-life balance and enjoy happier life. Thank you.
Thank you, management team. That's the end for our morning session. Chairman Guo, do you have any closing remarks? Chairman Guo says thank you, everyone. We will see you in the afternoon session. Thank you.