Thirdly, continuous debt reduction and significant balance sheet recovery support valuation improvement. Since 2021, Fosun International has continuously optimized its capital and asset structure, reduced its debt scale, continuously improved its financial indicators, and significantly reduced its leverage ratio. In May 2023, S&P Global revised Fosun's rating outlook from "negative" to "stable". In May 2024, S&P reaffirmed Fosun's "stable" rating, recognizing the improvement in its balance sheet. Currently, the yield on Fosun International's offshore bonds maturing between 2025 and 2027 is in a good range of 8.5% to 9.5%, but its stock valuation has fallen to a historical low. It is expected that factors such as rating agency upgrades and steady overall revenue growth will gradually be recognized by equity investors, increasing the opportunity for valuation improvement.