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CNOOC Limited Announces A Hundred-Million-Ton Oilfield Discovery of Huizhou 19-6

HONG KONG, March 31, 2025 /PRNewswire/ — CNOOC Limited (the “Company”, SEHK: 00883 (HKD Counter) and 80883 (RMB Counter), SSE: 600938) announces today that the Company has made a major oilfield discovery of Huizhou 19-6 in the deep and ultra-deep plays of the South China Sea, which adds over a hundred million tons of oil equivalent in-place.

Huizhou 19-6 oilfield is located in the eastern South China Sea, with an average water depth of approximately 100 meters. The main oil-bearing plays are Paleogene Enping Formation and Wenchang Formation, and the oil property is light crude. The discovery well HZ19-6-3 was drilled and completed at a depth of 5,415 meters, which encountered a total of 127 meters oil and gas pay zones. The well was tested to produce 413 barrels of crude oil and 2.41 million cubic feet of natural gas per day. Through continued exploration, the proved in-place volume of Huizhou 19-6 oilfield has exceeded a hundred million tons of oil equivalent.

Mr. Xu Changgui, the Chief Geologist of the Company, said, “In recent years, CNOOC Limited has strengthened the research on exploration theory and technology of the deep and ultra-deep plays in the South China Sea, and breakthroughs have been achieved. This discovery has confirmed the largest integrated clastic oilfield in the northern South China Sea in terms of original oil in place, breaking the traditional theoretical understanding, and demonstrating the enormous exploration potential of deep and ultra-deep plays in high-temperature and highly active basins offshore China.”

Mr. Zhou Xinhuai, CEO of the Company, said, “CNOOC Limited has made numerous breakthroughs in oil and gas exploration in the eastern South China Sea. Oilfields with hundred-million-ton oil in-place have been discovered in this area for two consecutive years, making it a new driver of the offshore oil and gas production growth. The Company will continue to strengthen its efforts in oil and gas exploration and development, to consolidate the resource base for increasing reserves and production, so as to bolster the high-quality development of the Company.”

— End —

Notes to Editors:

More information about the Company is available at http://www.cnoocltd.com.  

*** *** *** ***

This press release includes forward looking information, including statements regarding the likely future developments in the business of the Company and its subsidiaries, such as expected future events, business prospects or financial results. The words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyses made by the Company as of this date in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that the Company currently believes are appropriate under the circumstances. However, whether actual results and developments will meet the current expectations and predictions of the Company is uncertain. Actual results, performance and financial condition may differ materially from the Company’s expectations, including but not limited to those associated with macro-political and economic factors, fluctuations in crude oil and natural gas prices, the highly competitive nature of the oil and natural gas industry, climate change and environmental policies, the Company’s price forecast, mergers, acquisitions and divestments activities, HSSE and insurance policies and changes in anti-corruption, anti-fraud, anti-money laundering and corporate governance laws and regulations.

Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements. The Company cannot assure that the results or developments anticipated will be realised or, even if substantially realised, that they will have the expected effect on the Company, its business or operations.

*** *** *** ***

For further enquiries, please contact:

Ms. Cui Liu
Media & Public Relations
CNOOC Limited
Tel: +86-10-8452-6641
Fax: +86-10-8452-1441
E-mail: mr@cnooc.com.cn 

Mr. Bunny Lee
Porda Havas International Finance Communications Group
Tel: +852 3150 6707
Fax: +852 3150 6728
E-mail: cnooc.hk@pordahavas.com  

Patent Index 2024: Japan ranks 3rd in European patent applications

  • European Patent Office received nearly 200 000 patent applications last year, with Japanese companies and inventors filing 10.6% of the total Electrical machinery/energy, transport and computers are leading technology fields for Japanese inventions 
  • Tokyo 1st in global city ranking  
  • Sony Group is among the EPO’s Top 10 applicant companies
  • Four Japanese companies among the EPO’s Top 25 applicants worldwide.

MUNICH and TOKYO, March 31, 2025 /PRNewswire/ — According to the latest Patent Index 2024, published today by the European Patent Office (EPO), Japan ranked third worldwide, following the United States and Germany. In 2024, Japanese companies and inventors filed a total of 21,062 patent applications, accounting for 10.6% of all filings at the EPO. While this represents a  2.4% decrease compared to 2023, Japan remains a powerhouse in technological advancements. Overall, the EPO received 199,264 patent applications worldwide last year, maintaining a steady level of patenting activity comparable to 2023 (199,452 applications), following three years of significant growth.

“Despite political and economic uncertainties, companies and inventors from around the world filed a high number of patents last year, underlining their technological prowess and their continued investment in R&D,” said EPO President António Campinos. “The EPO’s patent data is a clear roadmap for industry, policy, and investment priorities – tracking global innovation trends and offering insights into European patent application activity across industries and regions.” 

Japanese companies excel across key technological sectors

Japanese companies remain leaders in multiple high-growth industries. Japan’s leading field for European patent applications, electrical machinery, apparatus, energy,  saw a total of 2,077 Japanese patent applications, an 8.4% increase compared to 2023. In the area of battery technologies (an important sub-field of electrical machinery), Japanese companies filed 20% more patent applications at the EPO in 2024 compared to 2023. Japan’s second most important field, transport  – which covers automotive, aircraft/aerospace and rail technologies, also experienced growth from Japan, with 1,357 applications, marking a 3.7% rise. The number 3 field was computer technology, with Japanese companies filing 20% more patent applications in several AI-related sub-fields..

Sony Group among the Top 10 in patent applications in Europe

Four Japanese companies ranked among the top 25 patent filers at the EPO. Sony Group led the way with 1,307 applications, securing the 9th position worldwide, up from 10th in 2023. It was followed by Panasonic with 990 filings, Canon with 760 applications, while Hitachi contributed 653. Sony was no. 7 applicant overall at the EPO in computer technology. 13th in measurement and 14th in digital communication. Toyota also made significant strides, ranking no. 4 for vehicle technology (an important sub-field of transport) and second in electric propulsion (electric vehicle) technology, with a notable 12.7% increase in patent applications compared to the previous year.

Japan also showed continued strength in innovation in battery technologies; in the battery-related sub-field of electrical machinery, apparatus, and energy, Japan placed three companies in the global top 10: Panasonic (4th place, 279 patents), Prime Planet Energy (8th place, 85 patents), and Toyota Motor(10th place).

Tokyo 1st in city ranking: Japan’s innovation hub and leading patent contributor

The Tokyo metropolitan area plays a pivotal role in driving Japan’s global technological presence, and it is Japan’s leading prefecture with a total of 11,592 patent applications at the EPO.. Tokyo is also the second largest region worldwide for European patent filings at the EPO, behind the US state of California and ahead of Guangdong (CN), Île-de-France (FR) and Bavaria (DE). Tokyo also leads the worldwide city ranking at the EPO.  Its dominance in patent filings spans a diverse range of industries, including electronics, AI, clean energy, and mobility solutions. Following Tokyo, Osaka ranks second among prefectures, with 2,979 patent applications, while Aichi takes third place with 1,447 applications, marking an impressive 21.9% growth. 

Unitary Patent gains in popularity in its second year

The Unitary Patent system, launched in 2023, continues to gain momentum, offering innovators from around the world simpler and more accessible patent protection across 18 EU Member States with a single request to the EPO. Unitary protection was requested for 25.6% of all European patents granted by the EPO in 2024 totalling over 28,000 requests. Patentees from EPO member states had the highest uptake rate, with 36.5% of their European patents transformed into Unitary Patents, followed by those from Republic of Korea (18.9%), China (17.9%), the US (16.0%), and Japan (7.9%, up from 4.9% in 2023).

Further information

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Official hashtag: #EPOPatentIndex

About the EPO
With 6 300 staff members, the European Patent Office (EPO) is one of the largest public service institutions in Europe. Headquartered in Munich with offices in Berlin, Brussels, The Hague and Vienna, the EPO was founded with the aim of strengthening co-operation on patents in Europe. Through the EPO’s centralised patent granting procedure, inventors are able to obtain high-quality patent protection in up to 45 countries, covering a market of some 700 million people. The EPO is also the world’s leading authority in patent information and patent searching.

Roborock Unveils Groundbreaking Saros Series in Australia

Featuring World-First Robotic Arm Technology and Smarter, Slimmer Cleaning for Aussie Homes

SYDNEY, March 31, 2025 /PRNewswire/ — Roborock, a global leader in ultra-intelligent home robotics, today announced the arrival of its revolutionary Saros Series in Australia, featuring three cutting-edge models designed to set a new benchmark in home cleaning: the flagship Saros 10, the Saros 10R, and the robotic-arm-powered Saros Z70.

Saros 10 Picture
Saros 10 Picture

The Saros Series debuts as Roborock’s most advanced cleaning lineup yet –combining AI-driven navigation, ultra-powerful suction, and first-of-its-kind robotic arm technology – to offer Australians smarter, more precise, and more efficient cleaning solutions tailored for modern living.

“We’ve spent the past 11 years listening to our customers – what they love, what slows them down, and what they wish their smart home helper could do better,” said Richard Chang, Founder & CEO of Roborock. “The Saros Series is the result of that feedback. From robots getting stuck under couches to mops dragging dampness across carpets, we’ve addressed it all. Whether it’s the Saros Z70 picking up small items off the floor, the Saros 10 gliding under low-clearance furniture, or the Saros 10R navigating cluttered spaces with AI smarts, each model is built to remove friction from your daily routine.”

Roborock Saros Z70: The World’s First Robotic Home Assistant with OmniGrip
Headlining the series is the Saros Z70, the world’s first* mass-produced robotic vacuum featuring OmniGrip – a five-axis robotic arm designed to lift and remove everyday obstacles like socks, towels, and even sandals under 300g**. This means no more pre-cleaning prep. The robotic arm integrates seamlessly with StarSight™ Autonomous System 2.0, an AI-powered navigation platform that recognizes up to 108 different obstacles and intelligently charts its cleaning path with a 21x higher sampling frequency than traditional LDS systems.

With 22,000 Pa suction power, Dual Spinning Mops, and VertiBeam™ Lateral Obstacle Avoidance, the Saros Z70 offers an unrivaled deep clean with a robot vacuum body height at 7.98cm – while also packing pet-friendly features like live video monitoring and pet zone detection.

Roborock Saros 10: Slim, Smart, and Seriously Powerful
At just 7.98cm thin, the Saros 10 is engineered to glide under furniture with ease—delivering a powerful clean without compromise. It debuts RetractSense™  Navigation, featuring a retractable LDS module and 100-degree Wide-Angle Vision for unparalleled spatial awareness. Coupled with Reactive AI 3.0, VertiBeam™, and a 22,000 Pa HyperForce®  suction system, the Saros 10 sets a new standard for ultra-thin vacuums.

The Saros 10 also introduces VibraRise™ 4.0 mopping technology with an auto mop removal function. The mopping system is enhanced with dual sonic vibration zones and 8N of downward pressure, to tackle even the toughest stains. Its RockDock® Ultra 2.0 supports 80°C hot water mop washing, 60°C hot air mop drying, and 2.5-hour fast charging, delivering a hands-free and hygienic cleaning experience.

Roborock Saros 10R: AI-Powered Intelligence in a Slim Profile
The Saros 10R delivers flagship performance in Roborock’s slimmest robot body to date. Replacing the traditional LDS module with StarSight™ Autonomous System 2.0, the Saros 10R boasts real-time mapping via AI-powered dual-light 3DToF and RGB cameras. It recognises up to 108 different obstacles and maneuvers around obstacles along its way – making it ideal for households with kids, pets, and cluttered spaces.

With 19,000 Pa suction power, dual spinning mops, and a certified dual anti-tangle system, the Saros 10R is both powerful and low-maintenance. Its Multifunctional Dock 4.0 brings hot water mop washing, auto mop removal, smart charging, and full-fledge of self-maintenance features into the mix.

Built for Australian Homes
Saros Series models are compatible with the Roborock SmartPlan® 2.0 via the Roborock App, enabling AI-driven customisation of cleaning settings, schedules, and routines. While also featuring smart home support, compatible with Apple Siri, Amazon Alexa, Google Home, Apple Watch and the Matter protocol in the future.

Pricing and Availability

The Roborock Saros Series – comprising the Saros Z70, Saros 10, and Saros 10R – will be available in Australia from today at leading Australian retailers across Roborock Australia’s official retail channels, such as Roborock’s Official Online Store and other Participating Authorised Retailers.

  • Roborock Saros Z70 – RRP: $3,999 AUD, available to pre-order now on Roborock’s Official Online Store.
  • Roborock Saros 10 – RRP: $2,999 AUD, available now.
  • Roborock Saros 10R – RRP: $2,899 AUD, available from May 2025.

ENDS

About Roborock 
Roborock is a leading smart cleaning brand renowned for its intelligent cleaning solutions. With a steadfast dedication to becoming a global leading smart appliance player, Roborock enriches lives with its innovative line of robotic, cordless, wet/dry vacuum cleaners, and washer-dryers. Rooted in a user-centric approach, our R&D-driven solutions cater to diverse cleaning needs in over 15 million homes across 170+ countries. Headquartered in Beijing and with strategic subsidiaries in key markets, including the United States, Japan, the Netherlands, Poland, Germany, and South Korea, Roborock is dedicated to elevating its market presence worldwide. For more information, visit https://au.roborock.com/.  

*Roborock was the first in the robotic vacuum industry to mass-produce this technology, launching it in January 2025.

**Based on internal testing carried out by the manufacturer. Actual results may vary due to environmental factors and software updates.

 

Saros 10R
Saros 10R

Saros Z70
Saros Z70

AWP Services New Zealand Limited t/a Allianz Partners forges a strategic partnership with Mitsui Sumitomo Insurance Company, Limited

AUCKLAND, New Zealand, March 31, 2025 /PRNewswire/ — Allianz Partners New Zealand and Mitsui Sumitomo Insurance Company Limited New Zealand Branch (“MSI NZ”), a member of MS&AD Insurance Group, are excited to announce a multi-year agreement, marking the beginning of a strategic partnership to further enhance and diversify insurance solutions in New Zealand.

This partnership agreement will take effect from 1 April 2025 and will enable Allianz Partners, a world leader in insurance and assistance services, to continue delivering exceptional products and customer service while providing greater scope to diversify our product offering.

Like Allianz Partners, MSI is one of the global leaders in international business, leveraging an extensive global network.  MSI’s strong drive for innovation and expansion aligns well with Allianz’s growth and market diversification strategy. This collaboration will enable Allianz Partners to introduce new, tailored solutions that meet evolving customer needs, while enhancing a joint capability to respond to market trends.

MSI is one of Japan’s largest insurance groups, offering a wide range of insurance products and conducting international business through a network spanning 48 countries and regions. With over 100 years of experience in international business, MSI provides products and services to mitigate a wide variety of global risks.

Kevin Blyth, Managing Director, New Zealand of Allianz Partners said: “Allianz Partners is thrilled to join forces with MSI in this strategic partnership, which represents a significant step forward in our commitment to delivering innovative insurance solutions in New Zealand. MSI’s strong global presence and dedication to innovation align well with our vision, ensuring we continue to meet the evolving needs of our customers.”

David Hall, Head of Distribution for MSI Australia and New Zealand said: “Partnering with a market leader such as Allianz Partners in the New Zealand travel insurance market is very exciting for us. Travel insurance is part of our core growth strategy in the region and we are delighted to have this opportunity to work with Allianz Partners. We also look forward to working with Allianz Partners to identify other opportunities to bring customer focused products to the New Zealand market.

About Allianz Partners

Allianz Partners is a world leader in B2B2C insurance and assistance products and services. Customer-driven, our innovative experts are redefining insurance services by delivering future-ready, high-tech products and solutions that go beyond traditional insurance. Our products are embedded seamlessly into our partners’ businesses, sold through intermediary channels or directly to customers through the Allianz brand. Present in over 75 countries, our 21,900 employees speak 70 languages, handle over 72.5 million cases each year, and are motivated to go the extra mile to our customers worldwide.

Akeso’s 2024 Results: Strengthening Global Competitiveness and Transforming the Treatment Landscape with Bispecific Antibodies

Key Highlights:

  • Global first “immuno + anti-vascular” bispecific antibody approved: ivonescimab for EGFR-TKI resistant nsq-NSCLC. Phase III HARMONi study topline data expected mid-2025 (FDA FTD).
  • ivonescimab outperforms pembrolizumab in Phase III study for first-line PD-L1+ NSCLC: mPFS HR=0.51; sNDA under priority review.
  • Cadonilimab approved for first-line gastric cancer: Fills immunotherapy gap for patients with low or negative PD-L1 expression.
  • Cadonilimab’s sNDA for first-line cervical cancer accepted by NMPA.
  • New commercial milestones: cadonilimab and ivonescimab added to the National Reimbursement Drug List (NRDL).
  • AK117 (CD47) enters Phase III trials: ivonescimab combined with AK117 for first-line HNSCC treatment, compared with pembrolizumab.
  • Cadonilimab and ivonescimab: Over 20 Phase III and 40+ Phase II trials ongoing, covering 40+ indications.
  • “IO+ADC” 2.0 strategy gaining momentum: First self-developed ADC and bispecific ADC enter clinical trials.
  • Non-oncology expansion: ebronucimab (PCSK9) approved, NDAs for ebdarokimab (IL-12/IL-23) and gumokimab (IL-17) under review.
  • 3 drugs approved, 5 new drugs with 5 indications under regulatory review.

HONG KONG, March 31, 2025 /PRNewswire/ — Akeso Inc. (9926.HK) (“Akeso”, “the Company”) released its 2024 annual report, emphasizing the company’s key achievements in drug research, clinical development, and commercialization.

In 2024, Akeso achieved key success in antibody therapy research and development. The approval of new indications for cadonilimab and the launch of first-in-class drugs like ivonescimab expanded the company’s footprint in major solid tumors, including lung and gastric cancers. Akeso continues to challenge current standard of care with head-to-head trials against pembrolizumab and other therapies, while advancing novel treatments such as anti-CD47 monoclonal antibody, antibody drug conjugates (“ADCs”) and bispecific ADCs. The company also achieved major milestones in commercialization and patient access, with products included in national insurance directories. Currently, over 25 registrational and Phase III clinical trials are actively progressing.

On the commercial front, Akeso’s adjustments in drug pricing and optimization of its commercial systems led to new drug sales revenue surpassing RMB 2 billion in 2024, a 25% year-on-year increase. The company continues to reduce operating losses, with an EBITDA loss of 225 million RMB in 2024.

Dr. Xia Yu, Founder, Chairwoman, President, and CEO of Akeso Biopharma:

“We are thrilled to have reached historic milestones in our innovative drug development in 2024. The approval of several globally competitive products and breakthroughs in advanced therapies have strengthened our global competitiveness in biopharmaceutical innovation.

Notably, our first-in-class bispecific antibodies, cadonilimab and ivonescimab, have been approved for commercial sales and included in China’s NRDL. This significantly improves drug accessibility, reduces patient burdens, and fulfills a key strategic goal in our domestic commercialization efforts. In clinical development, cadonilimab and ivonescimab are currently in over 20 registrational/Phase III clinical trials globally, establishing a strong presence in first-line treatments for a wide range of high-incidence cancers. Additionally, more than 40 Phase II trials are ongoing, further strengthening our leadership in global cancer immunotherapy.

We’ve also made key advances in novel therapies, with ligufalimab (anti-CD47 mAb) moving to Phase III for solid tumors, and progress in next-gen ADCs, bispecific ADCs, and autoimmune bispecific antibodies.

These achievements have expanded our oncology pipeline and strengthened our global expansion strategy with a comprehensive ‘IO 2.0+’ combination therapy platform.”

Akeso’s Bispecific Antibody Clinical Portfolio Continues to Expand, Demonstrating Global Leadership in Next-Generation Tumor Immunotherapy

In 2024, Akeso continued to focus and make progress on research and clinical development. The accomplishments from these efforts include :

  • 3 novel drugs approved for market
  • 5 NDAs under review for 5 indications
  • 24 drug candidates in global clinical development
  • Over 25 registrational/Phase III trials actively progressing

Notably, Akeso has focused on redefining global treatment paradigms through the development of breakthrough therapies that provide additional survival and safety benefit to current standard of care. Centered around its internally developed first-in-class bispecific antibodies—cadonilimab (PD-1/CTLA-4) and ivonescimab (PD-1/VEGF)—the company has conducted over 40 clinical trials across a number of indications.

Cadonilimab

After its approval for recurrent/metastatic cervical cancer, cadonilimab reached a major milestone in 2024 with the approval for a new indication in first-line gastric cancer, addressing unmet needs in PD-L1 low/negative populations. The sNDA for first-line cervical cancer is currently under review. Cadonilimab is also currently in 8 Phase III trials and nearly 20 Phase II studies, exploring treatments for major cancers in both first- and later-line settings.

Ivonescimab

In 2024, ivonescimab was approved for the treatment of EGFR-TKI-resistant, locally advanced or metastatic non-squamous non-small cell lung cancer (nsq-NSCLC). A major milestone was reached in May 2024 when the Phase III HARMONi-2 trial, comparing ivonescimab to pembrolizumab in first-line PD-L1-positive NSCLC, showed positive results. Data presented at the 2024 World Conference on Lung Cancer (WCLC) revealed a median Progression-Free Survival (mPFS) of 11.14 months for ivonescimab, compared to 5.82 months for pembrolizumab. This breakthrough highlights ivonescimab’s potential as a key therapy in next-gen immuno-oncology and boosts its global commercialization prospects.

Currently, ivonescimab is in 12 registrational/Phase III clinical trials, including 6 head-to-head studies against PD-1/L1 therapies, as well as in over 20 Phase II trials.

Key Phase III Trials in NSCLC :

  • Ivonescimab monotherapy vs. pembrolizumab as first-line (1L) treatment for PD-L1+ NSCLC
  • Ivonescimab + chemotherapy vs. pembrolizumab + chemotherapy (global multicenter trial) as 1L treatment for NSCLC
  • Ivonescimab + chemotherapy vs. tislelizumab + chemotherapy as 1L treatment for squamous NSCLC (sq-NSCLC)

Phase III Trials in Other Major IO Indications:

  • Ivonescimab + chemotherapy vs. durvalumab + chemotherapy as 1L treatment for biliary tract cancer
  • Ivonescimab + AK117 (CD47 mAb) vs. pembrolizumab as 1L treatment for PD-L1+ head and neck squamous cell carcinoma (HNSCC)
  • Ivonescimab combination as 1L treatment for triple-negative breast cancer (TNBC)
  • Ivonescimab in PD-(L)1-resistant NSCLC, and ivonescimab combination as 1L treatment for pancreatic cancer (preparation/initiation underway)

These trials reflect ivonescimab’s development strategy that is based on a fundamental understanding of tumor immunobiology and designing clinical studies that compares it with standard of care, encompassing both first-line and later-line treatments for high-incidence, high-mortality cancers. This positions Akeso as a key innovator in next-generation cancer immunotherapy, improving and contributing to the global IO cancer treatment landscape.

Breakthrough Bispecifics Enter NRDL, Paving the Way for the Next Stage of Commercial Growth

In 2024, Akeso Biopharma achieved commercial sales of RMB 2 billion, representing a 25% year-over-year growth.

As China’s innovative drug market transforms, clinically innovative medicines face historic development opportunities. Both cadonilimab and ivonescimab, recognized for their innovation and clinical value, were successfully included in the National Reimbursement Drug List (NRDL) during the 2024 negotiations, marking a major milestone in Akeso’s commercial franchise.

The inclusion of both cadonilimab and ivonescimab in the NRDL represents the next stage in Akeso’s market strategy, with a clear focus on hospital-based markets as the core growth area. It greatly improves the therapy accessibility, reduces patient treatment burdens, and evolves the innovative value of the company’s first-in-class bispecific antibodies into tangible social and commercial benefits.

Following the NRDL inclusion, Akeso has made key upgrades to its commercial infrastructure, aligning with its strategic priorities for accelerated growth:

  • Rapid Hospital Access: Prioritizing swift hospital access for cadonilimab and ivonescimab through data-driven tiering of key accounts.
  • Commercial Team Expansion: Enhancing coverage of core hospitals and regional hubs to ensure maximum reach and impact.
  • Scientific Leadership: Strengthening engagement with KOLs and generating real-world evidence to highlight the differentiated efficacy and safety profiles of its bispecifics, driving physician adoption.

These initiatives set the stage for Akeso’s growth in 2025 and beyond, while building a strong foundation for long-term, sustainable commercial growth.

Akeso’s non-oncology portfolio is also advancing with the launch of PCSK9 inhibitor ebronucimab and the potential approvals for assets like ebdarokimab and gumokimab. The company is building a dedicated commercial team to tap into the multi-billion RMB metabolic and autoimmune markets. Akeso’s strong pipeline in non-oncology indications will provide additional drivers for sales growth.

Potential Disclosure of Ivonescimab’s Topline HARMONi Clinical Data Mid-Year

International Expansion of Novel Drug Development Accelerates

Akeso’s global partner on ivonescimab, Summit Therapeutics, is advancing three international multicenter Phase III clinical trials:

  • The HARMONi study, a Phase III clinical trial that evaluates ivonescimab combined with chemotherapy compared to placebo plus chemotherapy in patients with EGFR-mutated, locally advanced or metastatic non-squamous NSCLC who have progressed after treatment with a 3rd generation EGFR TKI (e.g., osimertinib). Summit has announced plans to disclose topline data in mid-2025.
  • Summit expanded the HARMONi-3 study cohort in 2024 to include both squamous NSCLC (sq-NSCLC) and non-squamous NSCLC (nsq-NSCLC), expanding first-line coverage for all NSCLC populations.
  • The HARMONi-7 study, a global Phase III trial comparing ivonescimab monotherapy with pembrolizumab monotherapy as a first-line treatment for PD-L1-high NSCLC, is expected to begin in 2025.

In February 2025, Summit has entered into a clinical collaboration with Pfizer to evaluate ivonescimab in combination with Pfizer’s antibody-drug conjugates (ADCs) across solid tumors. Pfizer will be responsible for conducting the operations of the studies. The studies will be overseen by both Summit and Pfizer. Both parties retain their respective rights to their products. Akeso is responsible for the production of ivonescimab used in the clinical trial conducted globally.

Beyond bispecific antibodies

Akeso is advancing a pipeline of promising candidates beyond bispecific antibodies. The company’s first self-developed ADC, AK138D1, with the first patient enrolled in Australia for Phase I. Clinical trials for the Company’s first bispecific ADC have also begun. Additionally, the IND application for AK139, the first IL-4Rα/ST2-targeting bispecific, has been accepted.

Ligufalimab (CD47 mAb), considered a key target in immuno-oncology, advanced to Phase III in 2024. A randomized, double-blind, controlled Phase III trial (vs. pembrolizumab) is ongoing for first-line PD-L1(+) head and neck squamous cell carcinoma (HNSCC), making ligufalimab the first CD47 mAb to reach Phase III for solid tumors. A global Phase II trial combining ligufalimab with azacitidine for first-line myelodysplastic syndromes (MDS) is actively progressing across multiple countries, including the U.S.

In parallel with the accelerated global expansion of its novel drug development, Akeso’s therapies and clinical studies have also received recognition in top-tier academic journals and conferences. In 2024, the company revealed nearly 80 groundbreaking research findings in prestigious journals and academic conferences, including JAMA, Nature Medicine, and The Lancet.

About Akeso

Akeso (HKEX: 9926.HK) is a leading biopharmaceutical company committed to the research, development, manufacturing and commercialization of the world’s first or best-in-class innovative biological medicines. Founded in 2012, the company has created a unique integrated R&D innovation system with the comprehensive end-to-end drug development platform (ACE Platform) and bi-specific antibody drug development technology (Tetrabody) as the core, a GMP-compliant manufacturing system and a commercialization system with an advanced operation mode, and has gradually developed into a globally competitive biopharmaceutical company focused on innovative solutions. With fully integrated multi-functional platform, Akeso is internally working on a robust pipeline of over 50 innovative assets in the fields of cancer, autoimmune disease, inflammation, metabolic disease and other major diseases. Among them, 24 candidates have entered clinical trials (including 15 bispecific/multispecific antibodies and bispecific ADCs. Additionally, 6 new drugs are commercially available, and 5 new drugs with 5 new indications are under regulatory review for approval. Through efficient and breakthrough R&D innovation, Akeso always integrates superior global resources, develops the first-in-class and best-in-class new drugs, provides affordable therapeutic antibodies for patients worldwide, and continuously creates more commercial and social values to become a global leading biopharmaceutical enterprise.

For more information, please visit https://www.akesobio.com/en/about-us/corporate-profile/ and follow us on Linkedin.

Global Times: Practitioners’ Insights: Practice of ‘feedback window for unfinished work’ in Anji showcases CPC’s people-centric approach

BEIJING, March 31, 2025 /PRNewswire/ — Government service halls across many regions in China have established dedicated feedback windows for handling unfinished work. What is such window? Out of the curiosity, the Global Times recently visited the government service center in Anji county, East China’s Zhejiang Province.

Li Yunbiao, a member of the Communist Party of China (CPC), cut a professional figure in his crisp white shirt and neatly groomed hair. With a warm smile and energetic demeanor, he was standing behind a sign prominently displaying “Feedback Window for Unfinished Work.”

With a decade of experience in service positions, he is affectionately known by everyone as “Master Li,” a skilled problem-solver.

“This window specializes in resolving complex public service issues that couldn’t be addressed through regular channels. It serves as the last stop to catch and solve citizens’ unfinished work,” Li told the Global Times. “Our responsibility is to ensure that, within the bounds of compliance, people can run fewer errands and get things done sooner. That’s where our real value lies.”

“Our Party’s mission is to serve the people.” In the chapter of “Always Put the People First” of the fourth volume of the book Xi Jinping: The Governance of China, Xi, general secretary of the CPC Central Committee, states that “the people’s concerns are my concerns, and the people’s expectations are my goals.”

If the Party has a sound style of work, then the people are at peace and willing to stand with the Party in both success and adversity. The Communist Party of China has launched a Party-wide education campaign to implement its central leadership’s Eight Rules on improving work conduct, spanning from the conclusion of this year’s national two sessions through July.

This Party-wide initiative serves as both a theoretical re-education and ideological re-equipment for the Party members and officials, as well as a disciplinary re-inspection and conduct refinement.

The capacity to effectively serve the people directly reflects the Party conduct and determines the level of public support it commands. “When ordinary people judge the construction of Party conduct, they don’t primarily look at how many meetings were held, how many speeches were given, or how many documents were issued, but at what problems were solved. ‘When spring has warmed the stream, ducks are the first to know’ – whether there’s been a change, the people feel it most deeply.”

From being “unable to get things done” to “getting them done well,” from “resolving one issue” to “addressing them systematically,” such changes in the Party conduct and governance are increasingly taking place in Anji, in Zhejiang, and across China.

From ‘failure’ to ‘excellence’

Let people feel that we can get things done, and that we do so earnestly. Only then can we win the trust of the people and the entire Party. The remarks from Xi, made in a meeting in September 2013 in North China’s Hebei Province, have become a driving force for staff members at the “feedback window for unfinished work” at Anji’s government service center, including Li.

During a break, Li shared his work log with the Global Times reporter, on which the Excel spreadsheet documented information of thousands of enterprise and individual service cases with Li’s meticulous annotations: “Zhejiang XX Biomedical Technology Company (XX for anonymity) – Lots of failed insurance enrollment attempts by the company. Reflected to my window. Resolved successfully.” “Pending follow-up: Chen XX – Land acquisition quota eligible for retroactive payment before document issuance, but with interrupted insurance records. Can this be settled in one lump sum?”

“This window serves as the fallback position for our residents. No matter how tedious the process or complex the situation, my colleagues and I will work together to help people get things settled,” Li said.

In the article “Self-reform: The second answer to breaking the cycle of rise and fall” in the fourth volume of the book, Xi points out, “…we must remain firm and clearheaded: For whom do we govern, for whom do we exercise power, and for whom do we seek benefit?”

Regarding the CPC Central Committee’s Eight Rules, Xi has delivered resolute statements: The Eight Rules are not a five- or 10-year rules, but a permanent commitment that must be adhered to on a long-term basis; The formulation and implementation of the Eight Rules represent the Party’s foundational act of building credibility in the new era. It demands persistent and sustained efforts if a decade proves insufficient, we extend to two; if two fall short, we persist for three until its principles become ingrained social norms, with exemplary Party conduct guiding public ethos and social conduct.

Li deeply relates to this. “Over the years, the Party has demanded us to firmly say ‘no’ to the ‘Four Malfeasances of favoring form over substance, bureaucratism, hedonism, and extravagance’ in service, turning the implementation of the spirit of Eight Rules into conscious action. This involves continuously simplifying procedures, enhancing capabilities, improving service attitudes, and finding every possible way to better serve the people. These aren’t just words – they’re real actions,” Li said.

The establishment of the “feedback window for unfinished work” at Anji government service center was stemmed from addressing pain points in government services.

According to Ding Zejun, head of the government management department at the center, in the past, the local “12345” service hotline frequently received complaints from businesses and residents. These complaints arose from issues like incomplete or inaccurate materials, or conditions that didn’t meet legal requirements, resulting in matters that couldn’t be processed at the service center, with a lengthy complaint process.

To address the public’s struggles with “running back and forth” and “asking multiple parties,” the “feedback window for unfinished work” moves the problem-solving process forward, allowing most people to resolve complex matters on-site, Ding added.

Apart from providing consultation for those unclear on policies, and offering provisional acceptance within legal frameworks for those missing materials, a key role of the window is to coordinate and facilitate collaboration across multiple departments, Ding told the Global Times.

Li still vividly recalls a recent scene where people once shouted in frustration at his feedback window: “What on earth we should do?”

In early 2024, Xu Jia, the pension coordinator of a former state-owned coal mining enterprise and the company’s Party branch secretary in Anji, sat across from Li with furrowed brows. Since the company hadn’t registered in Anji years before and lacked a business license and a tax ID, more than 20 previous employees at the company eligible for pensions were stuck in the “tax ID” field during their applications. After weeks of fruitless efforts, they went to the window as a last resort.

Faced with this decades-old historical issue, Li knew that this was related to the livelihood of more than 20 families. After thinking for a moment, Li sprang into action. First, he contacted an engineer for Anji’s online government service platform, asking the later whether he could create a virtual tax ID for the unregistered enterprise.

Next, Li and the engineer each submitted reports to their respective regulatory authorities. With approval secured, the service center documented the situation and relayed it to the online platform. By that afternoon, the platform had acted on Li’s proposal, generating a virtual tax ID to resolve the pension application deadlock.

“In the past, many ‘unresolved cases’ might have been closed by rigidly following regulations,” Li said. “But now, we can’t just make a procedural yes-or-no judgment on whether something can be done we also have to consider whether it should be done. Some of these ‘unresolved’ cases could actually be resolved if service staff take the initiative and act with flexibility.”

From ‘solving one issue” to “systemic solution’

Since its establishment, the “feedback window for unfinished work” in Anji has resolved over 500 matters that were previously considered unresolvable. According to Ding, there is a steady decline in both inquiries and case submissions to the window.

Ding added that now, the window has established a precise and efficient “three-level response” mechanism. When businesses or residents report issues to the window, the window staff first record and categorize the problem in detail: For simple matters, an “immediate handling upon receipt” model is applied, with the window staff directly coordinating with responsible departments for on-site resolution; for complex issues involving multiple departments, a cross-departmental joint meeting mechanism is activated within an hour, formulating solutions through “on-site diagnosis,” ensuring a preliminary response within half a day and completing the matter’s resolution within three business days.

In the hearts of many Anji residents, this window has become a “master key” for solving problems: “No matter how tricky the issue is, it’s no big deal once it reaches the ‘feedback window for unfinished work.'”

The Anji government service center has established a follow-up mechanism. Currently, the feedback rate for resolved cases is around 90 percent, though some residents have given “basically satisfied” or “unsatisfied” ratings.

“Some people aren’t dissatisfied with the handling process, but rather with certain clauses in current policies,” Ding said frankly. “Diverse public needs sometimes inevitably outpace existing regulations.”

Ding said that, in response to policy bottlenecks identified in follow-ups, Anji is gradually improving an “appeal-suggestion-reform” conversion mechanism, sorting out policy optimization suggestions, and submitting special reports to provincial authorities through relevant departments.

From ‘relieving worries’ to ‘warming hearts’

When the Global Times reporter spoke with some residents at the Anji government service center hall, while many praised the current convenience, they also shared inconveniences from years past: Handling one matter required visiting lots of departments, while information wasn’t shared between departments, forcing them to repeat their situations over the phone again and again.

“A service widow may be small, it’s a direct channel for the public to observe and evaluate the Party and government: Are they truly serving the people with heart ? Or are they just perfunctory and formalistic? The people have their own weight in mind,” Ding said.

At service windows, apart from resolving issues for the public, a warm, professional, and patient attitude is also key to improving work conduct. At every meeting, Li emphasizes to the younger staffers the importance of maintaining a proper work attitude – not just to avoid assessments or complaints, but to genuinely keep the people sitting in front in mind. “When they speak, look up at them; when listening, be patient and polite; think about what more we can do for them.”

As stated in the article “Make further progress in Party self-governance” of the fourth volume of Xi Jinping: The Governance of China, “The Eight Rules must be reinforced to correct the Four Malfeasances of favoring form over substance, bureaucratism, hedonism, and extravagance, and foster healthy and positive practices. Favoring form over substance and bureaucratism are the archenemies of the healthy growth of our Party and the state.”

Changing work conduct doesn’t happen overnight; it’s built on countless moments of self-improvement. “Our service windows don’t have a glass partition – I face the residents directly every day,” said Wang Ninglin, a staff member who has worked at the center for nearly five years. “Looking at them, I sometimes can’t help but think: If my own parents or family members were sitting here, would I bear to let them struggle to apply for a pension, be brushed off or ignored, or even leave empty-handed?”

“When I put myself in their shoes, I naturally know how to improve in my work,” added Wang, who is also a “apprentice” if Li.

Apart from Anji, similar service systems have been built across the country to better serve the people, such as in Beijing, Shanghai and East China’s Jiangsu Province. As the Eight Rules drive all aspects of Party building, and as Party members and officials transform their work conduct, local practices in modernizing governance systems and capabilities are blooming fast. The posts they hold are fertile ground for the Eight Rules to take root and flourish, and they serve as a coordinate system for Party members and officials to practice their original mission in the new era.

While learning from her “master” Li at the “feedback window for unfinished work” Wang has turned down gift cigarettes, alcohol, and even milk tea offered as thanks by grateful residents after resolving their issues. Yet she is delighted to see their written messages in the Anji government service center’s guestbook, which comment the window’s services.

At the center, the Global Times reporter flipped through the guestbook, and saw one comment: “Patient, professional, enthusiastic! Responsible in handling matters, detailed in explanations, thumbs up to you!”

https://www.globaltimes.cn/page/202503/1331192.shtml

Fosun International Announces 2024 Annual Results: Total Revenue Reaches RMB192.14 Billion, Industrial Operation Profit Amounts to RMB4.9 Billion, Overall Operational Fundamentals Remain Stable

2024 Annual Results Highlights:

  • Total revenue reached RMB192.14 billion;
  • Industrial operation profit amounted to RMB4.9 billion;
  • Total revenue generated by the four core subsidiaries amounted to RMB134.65 billion, accounting for 70.1% of the Group’s total revenue;
  • Total debt to total capital ratio was 52%; cash, bank balance and term deposits amounted to RMB106.34 billion;
  • The proportion of overseas revenue rose to 49.3%, representing a year-on-year increase of 6.2%;
  • Investment in technology innovation reached approximately RMB6.9 billion.

HONG KONG, March 30, 2025 /PRNewswire/ — Fosun International Limited (HKEX stock code: 00656, “Fosun International”), together with its subsidiaries (“Fosun” or the “Group”), today announced its annual results for the year ended 31 December 2024 (the “Reporting Period”).

In 2024, Fosun pressed ahead with its strategy of “business streamlining and advancements and exits”, while deepening its focus on the household consumption sector in the face of global economic fluctuations and market challenges. By leveraging globalization, innovation, and asset-light operations, the Group advanced the development of its core industries, resulting in stable overall operational fundamentals. During the Reporting Period, the Group’s total revenue reached RMB192.14 billion. Its four core subsidiaries – Yuyuan, Fosun Pharma, Fosun Insurance Portugal, and Fosun Tourism Group (“FTG”) – generated a total revenue of RMB134.65 billion, accounting for 70.1% of the Group’s total revenue, supported by a solid asset base.

During the Reporting Period, the Group’s industrial operation profit reached RMB4.9 billion, demonstrating stable operational fundamentals. The Group’s loss attributable to owners of the parent amounted to RMB4.35 billion, mainly due to a one-off non-cash loss during the Reporting Period. Excluding this significant one-off effect, the profit attributable to owners of the parent amounted to RMB0.75 billion, mainly due to profit decrease of some core enterprises compared to the same period of 2023.

In 2024, Fosun’s operating cash flow remained healthy and stable. The Group consistently optimized its asset portfolio. The signed asset divestment amounted to approximately RMB17.5 billion equivalent at the group level, and approximately RMB30.0 billion equivalent at the consolidated level, thereby further optimizing the balance sheet and building up liquidity buffer. As at the end of the Reporting Period, the Group’s total debt to total capital ratio was 52.0%, cash and bank balance and term deposits amounted to RMB106.34 billion. Healthy debt ratios and abundant funds can strengthen the Group’s resilience against external risks while enhancing its ability to capture investment opportunities.

In November 2024, after an absence of three years, Fosun returned to the offshore USD bond market and successfully issued long duration USD bonds, substantially expanding its offshore financing options. In terms of bank financing, Fosun refinanced its three-year unsecured syndicated loan with upsize from matured loan, achieving the successful launch of offshore syndicated loans for 8 consecutive years. Fosun High Technology issued several super short-term commercial papers, raising a total of RMB5.1 billion. In June 2024, the international credit rating agency S&P fully recognized the Group’s steady improvement in credit matrix, and reaffirmed the BB- rating and a stable credit outlook.

Guo Guangchang, Chairman of Fosun International, stated, “We believe that the clear strategic focus and robust industrial operational capabilities are the key to driving Fosun’s long-term steady development. Looking ahead, we will further deepen our focus on core industries. By leveraging our globalization and innovation capabilities, we believe that we can create long-term, stable value for our shareholders, even in a challenging environment.”

Demonstrating ongoing success in globalization efforts

As a global innovation-driven consumer group rooted in China, Fosun has continued to deepen its industrial presence in over 35 countries and regions, consolidating its global operational capabilities. In 2024, the Group’s overseas revenue grew 6.2% year-on-year, increasing the proportion of overseas revenue to 49.3% of total revenue. High-quality global operations have become a new growth engine for Fosun.

Benefiting from the forward-looking internationalization strategy, Henlius achieved overseas product sales revenue of RMB121 million in 2024, representing a substantial increase of 30.76% over the same period last year. Among them, HANSIZHUANG was approved for marketing in the European Union; HANQUYOU was approved for marketing in the U.S. and Canada, embarking on a new journey of commercialization in North America; HANLIKANG, the first biosimilar approved in China, was approved for marketing in Peru, Nicaragua and Bolivia; HANBEITAI was approved for marketing in Bolivia. Henlius now has four self-developed and self-manufactured products approved for overseas marketing, demonstrating ongoing success in its globalization efforts.

In 2024, Fosun Insurance Portugal maintained its high-quality and sustainable development, achieving growth in both domestic and international businesses with total gross written premiums reaching approximately EUR6,172 million. Both the combined ratio and revenue from the insurance business outperformed those of the same period in 2023. In addition, Fosun Insurance Portugal’s overseas revenue reached EUR1.84 billion, fully demonstrating Fosun’s capabilities of “global organization + local operations”. Through overseas expansion, the proportion of international business increased from less than 5% in 2014 to 29.8%.

In May 2024, Fosun entered into an agreement with ABN AMRO Bank N.V. to sell 100% of its equity interest in HAL, a leading private bank in Germany. Meanwhile, the Group will retain all the shares of Hauck & Aufhäuser Fund Services S.A. (“HAFS”) indirectly held by HAL. HAFS plans to further expand its fund administration functions and create synergies with Fosun’s operations in the financial insurance sector in Europe. Since the initial investment in HAL in 2016, through continuous strengthening of industrial operations and ecosystem synergies, Fosun achieved an internal rate of return of nearly 14% on this investment up to the disposal.

In the resources and energy business, Hainan Mining has continued its international expansion, expanding its oil and gas business, enriching its strategic metal reserves, and broadening its profit channels. During the Reporting Period, the company completed the acquisition of oil interests in four oil blocks in Oman and proposed to acquire zirconium-titanium mine projects in Mozambique. As of March 2025, Phase I of the Bougouni lithium mine in Mali, Africa has achieved the conditions for continuous and stable production.

In the cultural business, following the successful overseas debut in Paris, France in 2023, the Yuyuan Garden Lantern Festival has embarked on another overseas journey in 2025. In January 2025, the Yuyuan Garden Lantern Festival themed lantern installation made a stunning appearance in Hanoi, Vietnam, commemorating the 75th anniversary of the establishment of diplomatic relations between China and Vietnam. This year, it will also be featured in Thailand, continuing to showcase the charm of oriental culture globally.

Leveraging technology innovation to enhance product strength

Fosun regards technology innovation as a core strategic pillar and has established a global innovation system integrating “independent research and development (‘R&D’) + investment incubation + ecosystem collaboration”. During the Reporting Period, the Group’s investment in technology innovation amounted to approximately RMB6.9 billion. It has established more than 20 global technology innovation centers, covering various industries and fields, continuously fostering the launch of new technologies and products.

In terms of R&D of innovative drugs, a total of 16 indications of 7 innovative drugs/ biosimilars independently developed or licensed-in by Fosun Pharma were approved for launch, including: Rabies vaccine (Vero cell) for human use (freeze dried) was approved for launch in Chinese mainland; and Trastuzumab for injection was approved for launch in the United States and Canada. As one of the first Hong Kong-listed “18A” first-in-class pharmaceutical companies which turned to profit through product sales, Henlius successfully achieved sustained profitability in 2024 with a net profit of RMB820 million, representing a year-on-year increase of 50.3%.

In terms of medical devices and medical diagnosis, the Ion Robotic Bronchoscopy navigation operation control system (“Ion System”) of Intuitive Fosun was approved by the National Medical Products Administration of the PRC; F-i6000 Automated Chemiluminescence Immunoassay Analyzer, F-C2000 Fully Automated High-Speed Chemiluminescence Analyzer, and Cytokine Detection Reagent (Chemiluminescence Method), which were independently developed by Fosun Pharma, were all approved for launch in Chinese mainland.

Yuyuan has leveraged technology to empower traditional culture. This year’s Yuyuan Garden Lantern Festival themed “Adventure of Mountain and Seas: The Jungle Chapter” leveraged VR technology to create the first immersive light and shadow exhibition featuring diverse landscapes inspired by “The Classic of Mountains and Seas” in China. It integrated AR live streaming, allowing tens of millions of viewers to participate in the exhibition online. Building on 30 years of experience, it showcased the transformation and upgrading of the traditional Spring Festival lantern festival into a modern urban cultural IP.

Fosun Insurance Portugal has continued to build on its digital capabilities to drive the rapid growth of the insurance business. During the Reporting Period, the total number of digital users of Fosun Insurance Portugal exceeded 1.9 million, accounting for nearly 20% of Portugal’s total population.

Fosun is committed to deeply integrating AI technology into its diverse scenarios to drive innovation and enhance efficiency. For instance, Fosun Pharma launched the PharmAID decision intelligence platform, which integrates information extraction, patent insights, business forecasting, and more. With data updated at T+1, it supports accurate and efficient decision-making to accelerate and improve drug R&D. In addition, Sisram Medical is exploring the use of AI for precise skin analysis and personalized skin care solutions, etc.

Focusing on core businesses with strategic advancements and exits, continuously amplifying the “flywheel effect”

Fosun has continuously advanced its “business streamlining, and advancements and exits” strategy. While divesting some non-core assets, it has also focused on the development of core businesses to achieve “balanced investment and divestment”.

In 2024, Fosun Pharma increased its stake in Fosun Kairos to 100% to vigorously promote the R&D, manufacturing and commercialization of CAR-T cell therapy. In October 2024, the ULTRAMED Hainan project in Sanya was officially launched. It is set to create the world’s first AI-themed resort by utilizing AIGC technology for guest room customization and introducing the digital human G.O (Gentle Organizer) service to enhance tourist experience. In addition, FTG’s Taicang Alps Resort Phase II project has been launched, funded by the Taicang Municipal Government with RMB5.0 billion, and managed by FTG. It also signed a asset-light operation agreement for the Jinsha Bay project in Dapeng New District, Shenzhen, marking the launch of the first Club Med in the Greater Bay Area.

To achieve more effective resource allocation and drive sustainable value growth, Fosun has integrated its profound industry expertise, extensive investment experience, and high-quality commercial resources with the operations and investments of insurance companies, forming a three-dimensional “insurance + industry + investment” flywheel-driven strategy.

Fosun’s unique ecosystem synergy model has further amplified the flywheel effect. In 2024, it successfully implemented the “health care + insurance” ecosystem policy model, with 14,000 community health care policies sold, totaling premiums of RMB12.85 billion. Fosun Care achieved profitability for the first time, laying a solid foundation for flywheel development.

As part of its strategic direction, Fosun made significant progress in asset-light operations in 2024. Fosun Pharma, together with the Shenzhen Guidance Fund and other investors, established a RMB5.0 billion biopharmaceutical industry fund to jointly promote the high-quality development of the pharmaceutical and healthcare industry in the Greater Bay Area, marking a significant milestone in the implementation of Fosun’s asset-light strategy.

Focusing on “Developing Business for Good”

In 2024, Fosun centered on its corporate values of “Self-improvement, Teamwork, Performance, and Contribution to Society” to promote the deep integration of the ESG strategy and commercial value. It continuously contributed to global sustainable development through responsible investment, low-carbon transformation, and social initiatives.

In addition, Fosun launched the “Create IMPACT” sustainable development strategy in 2024 to closely integrate commercial value with social value. Fosun’s “Rural Doctors Program” was included in the “20 Cases of Private Sector’s Sustainable Development in China for 20 Years” Report of the United Nations Global Compact. As at the end of 2024, the program had covered 78 counties in 16 provinces, municipalities and autonomous regions (including 21 key counties for national rural revitalization), assisted 15,000 administrative village clinics, supported 25,000 rural doctors, and benefited 16.34 million rural people in 3 million rural families.

In terms of global public health cooperation, Fosun has actively participated in the “China-Africa Community Sustainability Action Network”, contributing to the health development of African communities. Fosun Pharma has consistently contributed to the “China Solution”, and announced that it would donate RMB10 million worth of artemisinin-based anti-malaria medicines to Africa in the next three years. As at the end of 2024, artesunate for injection independently developed by Fosun Pharma had been used to treat more than 80 million patients with severe malaria worldwide. Additionally, the company had supplied a cumulative total of over 400 million doses of artesunate for injection globally.

During the Reporting Period, Fosun International maintained an MSCI ESG rating of AA, achieved an HSI ESG rating of AA-, ranked in the top 5% among global peers in S&P Global’s Corporate Sustainability Assessment (CSA), and was selected as the top 1% in S&P Global’s Sustainability Yearbook 2024 (China Edition) for its outstanding performance.

Guo Guangchang, Chairman of Fosun International, said that Fosun is well-prepared to tackle challenges and pursue progress through “strategic advancements and exits”, while continuing to deepen development in core industries. Looking ahead, the Group is confident in its ability to maintain steady development.

PetroChina Posts Sustained Growth in 2024, Achieving Third Consecutive Year of Record-Breaking Performance

BEIJING, March 30, 2025 /PRNewswire/ — PetroChina Company Limited [“PetroChina” or the “Company”, (HKSE: 00857, SSE: 601857)] announced that the Company proactively responded to the evolving landscape, boosted oil and gas exploration and development, further propelled the transition and upgrading of refining and chemical operations. While continuously improving the quality of marketing, the Company prioritized quality and profitability enhancement, steadily promoted the green and low-carbon transition, actively engaged in emerging industries, continuously improved ESG performance, and strengthened the profitability of two major industry chains of oil and gas. Despite the realized oil price dropped by 2.5% year-on-year, the Company maintained growth in its operating performance, achieving new record highs for three consecutive years.

In accordance with IFRS, the Company recorded a revenue of RMB 2.9 trillion in the full year of 2024. Net profit attributable to equity holders of the Company reached RMB 164.68 billion, up 2.0% year-on-year. With continuous optimization of its asset-liability structure, the Company retained a robust financial position. The Company generated free cash flow of RMB 104.35 billion, exceeding RMB 100 billion for three consecutive years. In return for the shareholders, the Board recommends a final cash dividend of RMB 0.25 (inclusive of applicable tax) per share for 2024. Total annual dividend is RMB 0.47 (inclusive of applicable tax) per share, representing a payout ratio of 52.2%. The total amount of cash dividend reaches approximately RMB 86.02 billion. Both the final and full-year dividend per share reach the highest levels in history for the same period.

Results Review

Significant progress in boosting oil and gas reserves and production, with sustained increase in oil and gas output. The Company adhered to efficient exploration to enhance economically recoverable reserves and the reserve replacement ratio. It achieved major breakthroughs and significant discoveries in the Tarim Basin, Sichuan Basin, Junggar Basin, Ordos Basin, and Songliao Basin. Adhering to cost-effective development, the Company systematically advanced the construction of capacity-building projects, including Bayan and Sulige, ensuring profitable capacity-building in new fields, efficient and stable production in mature fields, and output growth through precision management. The Company also intensified efforts in large-scale and efficient development of unconventional oil and gas resources. As a result, crude oil output has increased steadily, natural gas production has maintained rapid growth, with the share of natural gas in total oil and gas output continuing to rise. The Company continued to drive the high-quality development of its overseas oil and gas business, actively acquiring premium new projects, optimizing the operation of existing production projects, and enhancing the concentration of overseas oil and gas assets and investment returns. In 2024, the Company’s oil and gas output reached 243.7 million tons in oil equivalent terms, representing a year-on-year increase of 2.2%. Domestic oil and natural gas output increased by 2.5% year-on-year to 217.0 million tons, within which domestic crude oil output edged up 0.4% year-on-year to 105.2 million tons, and marketable natural gas output grew by 4.6% year-on-year to 140.36 billion cubic meters. The Company pooled its strengths to accelerate the development of new energies business. In 2024, wind and solar power generation reached 4.72 billion kilowatt-hours, with an increase in installed capacity totaling 4.95 million kilowatts. Additionally, newly-signed geothermal heating contracts area reached 75.12 million square meters. The oil, gas, and new energies business achieved an operating profit of RMB 159.75 billion.

Accelerated transformation and upgrading of refining and chemicals, with new materials production reaching new record highs. The Company adhered to green and intelligent development, adopting a market-oriented and profitability-centered approach to optimize facility utilization and product mix. By vigorously reducing the production of fuels and increasing chemicals and specialty products, the Company continuously increased the output of high value-added products while actively moving to mid-to-high-end of the “Refining, Chemicals, Bio-manufacturing, Fine Chemicals,  New Materials” industrial chain. Key transformation and upgrading projects, including Jilin Petrochemical and Guangxi Petrochemical, progressed steadily, while the high-end polyolefin project of Blue Ocean New Materials was officially launched. The Company expanded sales of specialty refined products, securing the largest market share in China for bonded marine fuel, paraffin wax, low-sulfur petroleum coke, and specialty asphalt. The Company strengthened chemical market analysis and forecasting, enhanced marketing capabilities, and achieved a substantial increase in chemical product sales. In 2024, the Company processed 190 million tons of crude. The output of refined petroleum products reached 120 million tons. The commodity volume of chemical products amounted to 38.98 million tons, an increase of 13.6% year-on-year, and the output of new materials surged by 49.3% year-on-year to 2.05 million tons. The refining, chemicals and new materials business generated an operating profit of RMB 21.39 billion.

Marketing capabilities were continuously strengthened, with the network layout further optimized. The Company actively responded to market demand fluctuations, strengthened production-sales coordination, and optimized marketing strategies to fully leverage the initiative and creativity of sales networks, ensuring a stable market share. The Company also enhanced international trading operations and profitability capacity, continuously improving the profitability of the industrial chain. By promptly grasping market dynamics, the Company flexibly allocated resources and expanded automotive LNG sales. Additionally, the Company intensified marketing efforts for non-oil business, resulting in steady growth in the gross profit of non-oil business. The Company continued to improve its network, and strengthen the development of integrated energy service stations and charging infrastructure, continuously optimizing the customer-focused comprehensive energy replenishment network. In 2024, the Company sold 160 million tons of gasoline, kerosene, and diesel. Domestic sales volume of gasoline, kerosene and diesel amounted to 120 million tons. The marketing business achieved an operating profit of RMB 16.49 billion.

Significant growth in natural gas marketing with enhanced efficiency and profitability, with sales volume hitting a historic high. The Company ensured a balanced allocation of domestic and imported resources, and comprehensively coordinated injection and withdrawal of gas storage facilities with LNG spot procurement, striving to reduce costs for the natural gas resource portfolio. The Company continued to optimize the market layout and marketing strategies of its natural gas business, boosted efforts in developing direct-sales, end-user markets, and high-end, lucrative markets, and worked to grow the gas power generation business, further improving its marketing quality and profitability. In 2024, the Company sold 287.75 billion cubic meters of natural gas, increased by 5.2% year-on-year. Domestic natural gas sales reached 227.83 billion cubic meters, representing a year-on-year growth of 3.7%. The natural gas marketing business generated an operating profit of RMB 54.01 billion.

Outlook

Looking ahead to 2025, the Company will uphold the general principle of pursuing progress while ensuring stability, and adhere to the five development strategies of Innovation, Resources, Market, Internationalization, and Green & Low-carbon development. The Company will proactively respond to market changes, leverage core competencies, continuously optimize production and operation, develop new quality productive forces in light of local conditions, accelerate the development of new businesses including new energies and new materials. It will continuously enhance the resilience and profit-generating capabilities of industrial and supply chains, strengthen capabilities in risk response, sustainable development and value creation, strive to achieve effective improvement of the quality and reasonable growth of the quantity, delivering enhanced development outcomes to reward shareholders and society.

Additional information on PetroChina is available at the Company’s website: http://www.petrochina.com.cn

Media contact:
Matthew Li, petrochina.list@everbloom.com.cn