Dear investors and analysts, good morning. Welcome to Fosun International 2025 annual results announcement. I am the General Manager of Investor Relations Department, Sun Lu. Now, please allow me to introduce you to the participants here. We have Chairman of Fosun International, Mr. Guo Guangchang. Co-chairman of Fosun International, Mr. Wong Chun Bing. Executive Director and Co-CEO of Fosun International, Mr. Chen Qiyu. Executive Director and Co-CEO of Fosun International, Mr. Xu Xiaoliang. Executive Director, Executive President, and CFO of Fosun International, Mr. Gong Ping. Today, we will have morning session and afternoon session. In the morning, Fosun International's management team will brief us on Fosun International's business operations and strategy. In the afternoon, the head of the four business segments will share their business review and future outlook. Now, let's give the floor to Mr. Gong Ping to share on the financial part.
Dear investors and analysts, Fosun International, good morning. On behalf of Fosun International's management team, I will now report to you on Fosun's business results in 2025. In 2025, Fosun International made progress under pressure. The total revenue reached CNY 173.43 billion, down by 9.7% year-on-year, mainly due to declining yuan revenue and changes in consolidated scope. For the revenue from 4 core subsidiaries, it remained steady with CNY 128.24 billion, accounting for 74% of total group revenue, maintaining stable. We are seeing a highlight, the overseas revenue reached CNY 94.86 billion, accounting for 55% of total revenue, up by six percentage point year-on-year, demonstrating the group's solid progress in globalization.
As for investment in technology and innovation, the total investment reached CNY 7.8 billion, and we focused on R&D system optimization, R&D efficiency improvement, focusing on input-output ratio. As for the group's industrial operating profit, it reached CNY 4 billion, excluding non-cash impairment provisions from subsidiaries remaining stable. We will also like to report on the net profit attributable to owners of the parent is -CNY 23.4 billion. For this result, we also express our regret. As for 2025, net profit attributable to owners of the parent, -CNY 23.4 billion. What does it mean? This is the practice, based on prudent principle, and it is a practice for us to build a solid foundation for our future progress.
The impairment of real estate accounts for about 55%, mainly from the loss of real estate project under Yuyuan and impairment provisions on real estate project held by the group. Another 45% comes from impairment of non-core assets due to changing consumer behavior, shifts in industry dynamics, and valuations of secondary market financial investment positions are affected by share price fluctuations. It's worth mentioning that the impairment is mainly non-cash impairment charges. It does not have an impact on the fundamentals of our core businesses and operations. We are unlocking portfolio value with a clear path to value recovery. By the end of 2025, the group portfolio value maintained at CNY 207 billion, with 60% coming from listed assets, insurance contracts, assets.
The adjusted net asset value is maintained at CNY 133.5 billion, with adjusted NAV per share reaching HKD 18.1, so that's 0.24 of P/NAV ratio. By the end of 2025, our book value per share reached HKD 12.7, and the P/B ratio was 0.34, which shows our huge potential for value recovery. In the future, the management team will take multiple approaches to drive a leaner, more transparent portfolio to accelerate value co-recovery. As a midterm target, the group's net profit attributable to owners of the parent reach CNY 10 billion or above. We will accelerate the divestment of heavy assets and non-core subsidiaries to optimize portfolio and reduce group level interest-bearing liabilities to below CNY 60 billion. We will also accelerate spin-offs to unlock asset value.
As mentioned in the announcement, REIT application has been submitted to SSE by Atlantis Sanya. The Easun Technology A-share IPO filing has been submitted to Shanghai Securities Regulatory Bureau. Fosun Pharma also announced spin-off plan for its subsidiaries, such as Fosun and Genvax. As for listed companies, we will strengthen investor communications to improve market cap of listed subsidiaries. We are very happy to see that our four core subsidiaries continue to drive growth, building a resilient profit base. For Fosun Pharma, we are seeing innovation with global expansion. Driving innovative drug growth, and we are seeing revenue growth from the innovative drug with double-digit growth. In 2025, Fosun Pharma's net profit attributable to owner of the parent reached CNY 3.37 billion with 22% year-on-year growth. Yuyuan suffered short-term pressure, but we're still seeing recovery.
We are also seeing strong highlights in Q1 2026. As for the gold jewelry business is still ranking the top among its industry and Laomiao Jewelry opened three new stores overseas in Macau and Kuala Lumpur. That's global expansion breakthrough, and overseas sales of gold and jewelry surged by 229% year-on-year. Yuyuan phase one achieved CNY 4.29 billion GMV in 2025, with 40 million+ visits and improved occupancy rate. Fosun Insurance Portugal maintained market leader in Portugal, and it is steadily going for global expansion, expanding into Europe, Latin America, then Africa, and overseas total premium contribution exceeding 30%, solvency ratio maintained at 190%. In 2025, its net profit attributable to owners of the parent reached CNY 1.63 billion, with 16% year-on-year growth.
As for FTG, the adjusted EBITDA reached CNY 3.61 billion, with 15% CAGR in the past three years. In the last full year, CAGR reached 9% in terms of the revenue. We are also seeing Club Med hitting new high in terms of business volume. As for Atlantis Sanya, it reached CNY 124 million of business volume over 9 days during Spring Festival in 2026, with 98% average occupancy, making a record Spring Festival performance. We are also happy to see strong growth at last year core companies unlocking profit upside. Peak Re reached $2.2 billion of total premium in 2025, with 25% year-on-year growth, and there's nearly $200 million annual net profit for three consecutive years.
In 2025, it also established North America subsidiary and an India branch. For Pramerica Fosun Life Insurance and Fosun United Health Insurance, we also saw strong results. In 2025, Pramerica Fosun Life Insurance reached over CNY 13 billion in total premium with 42% year-on-year growth, reaching CNY 650 million in terms of net profit, and net profit increased by 5 times year-on-year. For Fosun United Health Insurance, the total premium reached CNY 7.84 billion with 50% year-on-year growth and CNY 140 million of net profit. As for Millennium bcp, in 2025, it reached EUR 1.02 billion of net profit with 12% year-on-year growth, 14.1% ROE in 2025, maintaining sound balance sheet with strong capital adequacy ratio and the CET1 ratio.
As for Hainan Mining, it reached CNY 4.42 billion in revenue with 8.6% year-on-year growth and CNY 430 million of net profit. It is still leveraging global M&A to accelerate development of mineral plus energy network across Africa, Middle East, and Southeast Asia, and profits growth expected to accelerate with ramp up of lithium and oil and gas production. For Fosun Pharma, it achieved multiple licensing deals and co-development partnership in 2025, with potential milestone payment exceeding $4 billion. Henlius has 10 products approved globally, covering about 60 countries and regions. Apart from Yuyuan gold jewelry business, Fosun Insurance Portugal also achieved international business, contributing 30% of total premium. As for Hainan Mining, it is also actively exploring global resources through projects like Bougouni Lithium Mine and Oman Oil Field.
As for our overseas revenue share, it grew from 49% in 2024 to 55% in 2025. We are also embracing AI across different industries. For example, Fosun Pharma launched PharmAID, and FTG introduced AIGO, the world's first AI travel agent across all scenarios. Fosun Insurance Portugal digital customer base now approaches nearly 22% of Portugal's population. As for capturing unicorn opportunities through VC, Maxone Semiconductor, a portfolio company of Fosun Capital, successfully stood on STAR Market, becoming the first listed semiconductor probe card company. Zai Group and Quant Group, portfolio companies of Fosun RZ Capital, successfully completed their IPO in Hong Kong, and Fosun Health Capital ranked among top 20 investors in biopharmaceuticals. We are also setting up investment in tech innovation.
Fosun Pharma has a devoted R&D investment, reaching nearly CNY 6 billion, and Henlius HLX43 will become the world's first PD-L1 ADC to enter phase II clinical trials, and it is a very promising product with tens of billions of dollars in terms of value. We are diversifying financing channels, steadily reducing the cost of debt. In 2025, the group's public markets financing reached CNY 27.8 billion. The average cost of debt in 2025 dropped from 5.6% to 5.0%. We are also deepening collaboration with financial institutions. We have signed strategic cooperation agreements with multiple financial institutions, including Citigroup, HSBC, Postal Savings Bank of China, Minsheng Bank , and BNP Paribas. We also signed another strategic cooperation agreement yesterday. We also successfully arranged our fourth syndicated loan for nine consecutive years, raising about $1 billion, with support from nearly 20 major banks.
Last week, we also had new achievements. In terms of expanding financing channels, we successfully issued U.S. dollar bonds in January, September, returned to euro bond market in November, and issued JPY 4.2 billion bonds in November. Fosun High Technology Group also issued the world's first yuan bond by a private enterprise in September. As for decline in financing costs, the cost of the group's commercial paper decreased by about 200 basis points. Coupon rates on long-term public bonds declined by around 110 basis points. Our offshore public bond coupon rates dropped from about 8.5% to 5.875%. Japanese bond issued a coupon rate of 3% at Q4 2025.
It's also worth mentioning that this morning we also made an announcement for the $200 million we will offer, we'll have cash offer. The group will continue to divest non-core assets in 2025. The cash flow at the group level from asset disposal and subsidiary dividend reached RMB 14 billion, and signed disposal of the assets on non-core, non-strategic asset across subsidiaries reached RMB 12 billion. We also received optimistic ratings. In March 2026, S&P maintained our current rating and outlook in the rating commentary that is BB- rating with stable outlook. We will further reduce group interest-bearing debts. In 2025, the number dropped to about RMB 90 billion, and our midterm target is to drop interest-bearing debt to below RMB 60 billion. The group will sharpen its focus on existing businesses while enhancing shareholder returns.
First, we will improve subsidiary operating efficiency, enhance ROE, and strengthen dividend management. Secondly, we will accelerate disposal of non-core assets to generate cash and unlock profits. Thirdly, as a general principle, the group will refrain from large-scale investments and M&A. We will also take multiple measures to enhance shareholder cash returns. Firstly, as announced, starting today till the June AGM, we have announced.