目 錄 | 2 | 公司資料 | | --- | --- | | 4 | 主席致辭 | | 7 | 管理層討論與分析 | | 25 | 董事及高級管理層履歷 | | 31 | 董事會報告 | | 44 | 企業管治報告 | | 57 | 獨立核數師報告 | | | 綜合財務報表 | | 62 | 綜合損益及其他全面收益表 | | 64 | 綜合財務狀況表 | | 66 | 綜合權益變動表 | | 67 | 綜合現金流量表 | | 70 | 綜合財務報表附註 | | 161 | 財務概要 | | 163 | 釋義及技術詞彙 | 公司資料 董事會 執行董事 白曉江先生 （主席） 談理安先生 （副主席） 王計生先生 （總裁） 非執行董事 陸鶴生先生 Huang James Chih-Cheng先生 周立杰女士 獨立非執行董事 羅祝平先生 何敏先生 梁艷君女士 陳欣先生 審核委員會 提名委員會 白曉江先生 （主席） 王計生先生 羅祝平先生 何敏先生 梁艷君女士 薪酬委員會 羅祝平先生 （主席） 談理安先生 梁艷君女士 合規委員會 梁艷君女士 （主席） 羅祝平先生 何敏先生 聯席公司秘書 祝启銘先生 鄭程傑先生 白曉江 ...

Summary of Conference Call Records Company and Industry Overview - The conference call discusses a company in the life sciences and memorial services industry, focusing on its strategic transformation and digitalization efforts to enhance service offerings and operational efficiency [3][5][8]. Key Points and Arguments 1. **Financial Performance**: - The company achieved a revenue of approximately RMB 20 billion in the fiscal year, maintaining a low cost burden of only 0.5% [1]. - Total return on investment has approached 14%, reinforcing the company's position as a preferred long-term investment [2]. - The operating income from various segments reached RMB 4.97 billion and RMB 3.73 billion, with operating margins of 30.2% and 23.9% respectively, showcasing strong profitability [2]. 2. **Strategic Transformation**: - The company aims to become a leading provider of life sciences and memorial services in China, emphasizing the importance of digital transformation to standardize consumer value through technology [3]. - The integration of AI and data analytics is enhancing customer demand forecasting and operational efficiency [3]. 3. **Market Trends**: - The aging population in China is driving demand for memorial services, with the elderly population expected to reach 400 million by 2030 [7]. - Despite cautious consumer spending, there remains a strong potential for growth in the industry, particularly in high-quality and personalized services [6][7]. 4. **Government Policies**: - Recent government initiatives aim to optimize the business environment and stimulate market vitality, which is expected to boost consumer confidence and economic stability [5][6]. - The government is also focusing on enhancing service industry standards, which presents opportunities for the company to improve its service offerings [6]. 5. **Digitalization and Innovation**: - The company is leveraging digital tools to enhance customer experiences, including AI-driven memorial services and online platforms for service delivery [3][44]. - A significant increase in the sales of digital products was noted, with a 204% rise in specific service offerings compared to the previous year [44]. 6. **Challenges and Responses**: - The company faces challenges from a cautious consumer environment and increased competition, leading to adjustments in sales strategies and service offerings [42][43]. - The management is focused on maintaining high service standards while adapting to changing consumer preferences and economic conditions [42][43]. Other Important but Overlooked Content - The company is actively working on enhancing its supply chain management to ensure sustainable development and operational efficiency [18]. - There is a strong emphasis on community engagement and educational initiatives to promote life sciences and memorial services, which is seen as vital for long-term growth [9][16]. - The company is committed to maintaining a balance between profitability and social responsibility, ensuring that its services meet the evolving needs of society [39][48]. This summary encapsulates the key insights from the conference call, highlighting the company's strategic direction, financial performance, market dynamics, and the impact of government policies on its operations.

在国家"双碳"战略引领下，殡葬行业迎来绿色转型新突破。辽宁观陵山福寿园日前宣布，已正式启动中国质量认证中心(CQC)碳中和认证工作，有望成为东 北地区首个通过国家标准认证的碳中和生态墓园。 权威认证：碳排放透明化管理 根据中国质量认证中心发布的核查陈述，辽宁观陵山福寿园2023年度温室气体排放总量为561吨CO当量，涵盖直接排放、能源间接排放及运输等间接排放。 经核查，其排放数据符合ISO14064-1:2018国际标准，达到"合理保证等级"，且无实质性偏差。此次认证不仅验证了数据的准确性，也体现了企业对碳排放 透明化管理的承诺。 辽宁观陵山福寿园温室气体排放报告书 辽宁观陵山福寿园作为国家AAA级旅游景区和"辽宁省生态公墓"，始终秉承福寿园"感知生命，绽放人生"的核心价值，践行"记号做美，记载做厚，纪念做 长"的3JI生命服务理念，将碳中和目标融入规划、建设及运营全链条，着力打造一个完善的生态闭环系统。 创新化运营：科技与人文并重，减排成效显著 节地生态葬引领新风尚：十余年来，辽宁观陵山福寿园累计推广节地葬、花坛葬、树葬等节地生态安葬超1000余例。以鲜花绿植取代传统墓碑，不仅节约了 大量土地资源，还有效减 ...

在行业整合加速、政策红利释放的背景下，福寿园正从殡葬服务商转型为殡葬与生命科技服务提供商。 从刚发布年报业绩来看，福寿园2024年业绩虽受短期经济波动影响，但透过数据可见其韧性十足。未来 随着「3JI」模式复制、生前契约渗透率提升，公司更有望成为全球殡葬产业的文化创新标杆，为股东 创造持续超额回报。 正如董事会主席白晓江所言："我们不仅是卖墓地，更是在守护记忆，传承文明。"秉持这种文化信念和 精神内核的福寿园，从没有停止脚步，放弃探索。我们坚信只要它的"根"不变，无论过去的福寿园，还 是未来的福寿园，它都能够在多个经济周期上落中实现穿越。 在财报发布后，我们对该公司进行了深入分析，并总结出三大核心亮点：首先，公司凭借高股息回报， 为投资者奠定了坚实的安全边际；其次，其创新的「3JI」模式成功开拓了精神服务领域的蓝海市场； 最后，公司在ESG(环境、社会与公司治理)方面的卓越表现，为其长期价值增长筑牢了坚实基础。 我们坚信，在这三大方向的有力支撑下，公司在港股的市值有望持续稳固。 一、高股息回报提升，现金流稳健彰显投资价值 (1)连续三年高派息，股东回报领跑行业 福寿园2024年宣派末期股息每股9.54港仙，加 ...

Investment Rating - The investment rating for the company is "Accumulate" [1][7]. Core Views - The company's performance in 2024 is under pressure, but there is potential for sales recovery driven by product structure optimization [2][3]. - The company plans to adjust its product structure to increase the supply of mid-range priced products and enhance technological services to boost sales [7]. Financial Summary - In 2024, the company's revenue was 2,077.48 million RMB, a decrease of 20.9% year-on-year [6]. - Operating profit for 2024 was 709.89 million RMB, down 48.3% year-on-year, with an operating profit margin of 34.2%, a decline of 18.0 percentage points [7]. - Net profit for 2024 was 373.13 million RMB, a decrease of 52.8% year-on-year, with a net profit margin of 18.0%, down 12.1 percentage points [7]. - The company plans to distribute a final dividend of 0.0954 HKD per share for 2024 [7].

公告称，回顾期内，福寿园积极推动自身转型，努力从传统的殡葬综合服务商，向生命科技服务提供者 迈进。在"2024品牌强国论坛"上，凭借30年来在品牌建设方面的创新成果，入围"2024中国创新品牌500 强"，集团品牌价值获评人民币139.95亿元，品牌指数高达431.64 分，在500强中排名第233位。在2025 达沃斯世界品牌峰会上被授予"2024世界创新品牌 500强"称号，根据专业品牌评价机构Asiabrand品牌评 价法，福寿园品牌价值获评价29.16 亿美元，彰显了在殡葬行业中的领导地位，以及在创新和服务品质 上的卓越表现。 福寿园(01448)发布年度业绩 股东应占溢利3.73亿元 经营业绩继续保持稳健的增长态势 智通财经APP讯，福寿园(01448)发布截至2024年12月31日止年度的年度业绩，收益20.77亿元(人民币， 下同);股东应占溢利3.73亿元;每股基本盈利16.4分;拟派发末期股息每股9.54港仙。 福寿园持续推进数字化转型战略，引领数位化殡葬的持续反复运算及对应用场景的不断拓展，深化"互 联网+殡葬服务"模式。过去一年中，福寿园首次尝试将AI技术应用于数字人的打造，成功以"数智 ...

Financial Performance - The total revenue for the year ended December 31, 2024, was approximately RMB 2,077.5 million, a decrease of about 20.9% compared to the previous year[4] - The profit attributable to the owners of the company for the year was approximately RMB 373.1 million, representing a decrease of about 52.8% year-over-year[4] - Basic earnings per share for the year were approximately RMB 16.4 cents, down approximately 52.9% from the previous year[4] - Operating profit for the year was RMB 709.9 million, down from RMB 1,372.2 million in the previous year[5] - The total comprehensive income for the year was RMB 497.7 million, compared to RMB 975.9 million in the previous year[7] - The pre-tax profit for 2024 was RMB 373,134,000, down 52.9% from RMB 791,240,000 in 2023[26] - The group declared a total dividend of approximately RMB 735.8 million for the year, including a special dividend of HKD 21.39 per share[48] - The group plans to propose a final dividend of HKD 9.54 per share for the fiscal year 2024, subject to shareholder approval[49] - The company plans to distribute a final dividend of HKD 0.0954 per share, totaling an annual dividend of HKD 0.5474 per share, in line with its dividend policy[53] Revenue Breakdown - Cemetery services revenue decreased to RMB 1,709,205,000 in 2024 from RMB 2,165,253,000 in 2023, representing a decline of 21.0%[21] - The company reported a decrease in revenue from funeral services to RMB 339,191,000 in 2024 from RMB 397,886,000 in 2023, a decline of 14.7%[21] - Revenue from cemetery services was RMB 1,709.2 million, accounting for 82.3% of total revenue, a decline from RMB 2,165.3 million (82.4%) in the previous year[91] - Revenue from funeral services was RMB 339.2 million, representing 16.3% of total revenue, compared to RMB 397.9 million (15.1%) last year[91] Asset and Liability Management - Non-current assets totaled RMB 4,624.2 million, slightly down from RMB 4,634.2 million in the previous year[9] - Current assets decreased to RMB 3,556.9 million from RMB 4,033.6 million in the previous year[9] - The net asset value of the company was RMB 6,155.8 million, down from RMB 6,573.9 million in the previous year[10] - The company reported a significant increase in lease liabilities, rising to RMB 111.5 million from RMB 29.2 million in the previous year[10] - Trade receivables decreased to RMB 98,215,000 in 2024 from RMB 139,113,000 in 2023, reflecting a decline of 29.4%[34] - The total value of goodwill decreased to RMB 1,106,076,000 in 2024 from RMB 1,129,049,000 in 2023[28] - Trade payables increased to RMB 319,760,000 in 2024 from RMB 306,832,000 in 2023, with an average credit period for purchases of 181 to 365 days[41] Cash Flow and Financing - Net cash generated from operating activities was RMB 731.6 million, down from RMB 1,222.5 million in the previous year[122] - Cash used in financing activities was RMB 1,078.2 million, compared to RMB 387.5 million in the previous year[122] - Net cash inflow from investing activities was RMB 107.7 million, mainly from net recoveries of investments totaling RMB 169.3 million and interest income of RMB 59.3 million, offset by capital expenditures of RMB 78.7 million for construction and upgrades[124] - The debt-to-equity ratio as of December 31, 2024, was 0.5%, significantly lower than 3.5% a year prior, indicating strong cash generation capabilities[130] - The company held approximately RMB 10 billion in comprehensive bank credit facilities as of December 31, 2024[129] Market and Industry Trends - The demand for funeral services is expected to continue growing due to the aging population in China, with a focus on enhancing service quality and digital transformation[63] - By the end of 2024, the urban population in China is projected to reach 943.5 million, an increase of 10.83 million from 2023, with an urbanization rate of 67.0%[65] - The population aged 60 and above is expected to reach 310.31 million by the end of 2024, accounting for 22.0% of the total population, an increase of 13.34 million from 2023[65] - The cremation rate in China reached 58.8% in 2021, with 5.966 million bodies cremated, indicating a rising trend in funeral service demands[65] - The Ministry of Civil Affairs has initiated the revision of the Funeral Management Regulations, which aims to enhance the regulatory framework and promote the healthy development of the funeral industry[70] Strategic Initiatives and Innovations - The company successfully applied AI technology in creating digital personas, showcasing its digital capabilities during the 2024 Qingming Festival launch[56] - The company launched the first domestic interactive digital ancestral hall, integrating various digital memorial functions in a 3D exhibition format[56] - The company is transitioning from a comprehensive funeral service provider to a life technology service provider, implementing the "3JI" concept across various cemeteries[78] - The company launched new emotional integration products combining burial services and innovative offerings, enhancing customer experience[78] - The company is focusing on technology-driven management and digital systems to improve operational efficiency across its cemetery businesses[80] Corporate Governance and Compliance - The company has adopted a corporate governance code to ensure high standards of transparency and accountability[153] - The audit committee has reviewed the group's accounting principles and annual performance in collaboration with external auditors[156] - The company operates multiple cemeteries across China, including locations in Jiangsu, Liaoning, and Chongqing, among others[160] - The company has established subsidiaries in various provinces, such as Guizhou and Inner Mongolia, enhancing its operational footprint[161] Awards and Recognition - The company was recognized with multiple awards, including the "Annual Education Public Welfare Contribution Award" and "Outstanding Brand Image Award" in 2024[90] - The company's brand value was assessed at RMB 13.995 billion, ranking 233rd among the "2024 China Innovation Brand 500"[55] - The brand value of the company was assessed at USD 2.916 billion (approximately RMB 21.2 billion), ranking 380th in the "2024 World Innovation Brand 500" list[90]

Financial Performance - For the six months ending June 30, 2024, the company recorded revenue of RMB 1,100.0 million and a net profit of RMB 363.1 million[4]. - Shareholders' profit and comprehensive income reached RMB 298.8 million, with an interim dividend of HKD 0.0638 per share proposed[4]. - Total revenue for the period reached RMB 1,100.0 million, a decrease of approximately 27.8% compared to the same period last year[28]. - Net profit attributable to shareholders was RMB 298.8 million, down about 35.7% year-on-year[28]. - Revenue from cemetery services was RMB 906.1 million, accounting for 82.4% of total revenue, a decline of RMB 381.1 million or 29.6% from RMB 1,287.2 million in the previous year[31]. - Revenue from funeral services was RMB 184.1 million, representing 16.7% of total revenue, down RMB 39.9 million or 17.8% from RMB 224.0 million year-on-year[31]. - Operating profit decreased by RMB 332.9 million or 39.4% compared to the same period last year, with a significant drop in operating profit margin from 55.4% to 46.6%[48]. - The operating profit margin for cemetery services fell from 62.3% to 54.4%, influenced by a decline in sales volume and fixed costs[48]. - The company reported a decrease in pre-tax profit to RMB 542,737,000 for the six months ended June 30, 2024, compared to RMB 865,486,000 in the same period last year, reflecting a decline of approximately 37.2%[99]. Market Trends and Demographics - As of the end of 2023, China's urban population reached 932.67 million, an increase of 11.96 million from the end of 2022, with an urbanization rate of 66.16%, up 0.94 percentage points year-on-year[12]. - The population aged 60 and above reached 296.97 million by the end of 2023, accounting for 21.1% of the total population, an increase of 16.93 million from the end of 2022[12]. - In 2023, the total number of deaths in China was 11.1 million, an increase of 690,000 compared to 2022[12]. - The national cremation rate reached 58.8% in 2021, up 3.1 percentage points from 2020, indicating a growing demand for funeral services[12]. - The demand for diversified and high-quality funeral services is increasing due to rising disposable incomes and an aging population in China[17]. Strategic Initiatives and Innovations - The company is focused on digital transformation to enhance service quality and meet the growing demand in the funeral and life services market[4]. - Fushouyuan has actively responded to national digital economy initiatives, leading the continuous iteration of digital funeral services and expanding application scenarios[6]. - The company introduced the "3JI Life Service Concept" and launched various initiatives including life aesthetics products and digital ancestral halls during the 2024 Qingming Conference[6]. - The company aims to innovate and optimize its products and services to meet the growing demands of customers, ensuring a high-quality service experience[11]. - The company is transitioning from a comprehensive funeral service provider to a life technology service provider, emphasizing innovation and emotional integration in its offerings[21]. - The company is committed to improving its technological innovation capabilities and accelerating digital transformation in funeral services[16]. Corporate Social Responsibility - The company emphasizes its commitment to corporate, social, and public responsibilities in its operations[4]. - Fushouyuan has received multiple awards for its contributions to public welfare, including the "2023 Annual Education Public Welfare Contribution Award" and recognition as a "2023 Annual Chinese Public Welfare Enterprise"[6]. - The company held a collective digital funeral ceremony for 57 deceased individuals, including 23 body donors, demonstrating its commitment to public service[8]. - The company emphasizes the importance of social responsibility and aims to guide society in valuing life and death through its public welfare initiatives[9]. Operational Efficiency and Management - The company is committed to enhancing operational efficiency through lean management practices while responding proactively to external challenges[4]. - The company continues to optimize its management system to improve overall operational efficiency[4]. - Fushouyuan aims to enhance corporate governance and implement sustainable development strategies, focusing on ecological protection and low-carbon operations[9]. - The company is focusing on enhancing operational efficiency through the implementation of digital management systems across its cemetery businesses[22]. - The company has implemented a human resource management reform to ensure efficient resource allocation and maintain competitiveness in a complex market environment[25]. Financial Position and Investments - As of June 30, 2024, the company's bank balance and cash totaled RMB 2,247.2 million, with term deposits of RMB 267.3 million and non-listed cash management products of RMB 890.6 million[60]. - The company's debt-to-equity ratio was 3.4% as of June 30, 2024, indicating a low level of debt relative to equity[61]. - The company had no significant acquisitions or disposals of subsidiaries during the period[64]. - The company has approximately RMB 19.7 million in capital commitments for the acquisition of subsidiaries and other investments as of June 30, 2024[65]. - The company reported a significant increase in fixed-term deposits, rising to RMB 471,888,000 as of June 30, 2024, compared to RMB 367,746,000 on December 31, 2023, representing a growth of approximately 28.3%[143]. Shareholder Information - The company declared an interim dividend of HKD 0.0638 per share for the six months ending June 30, 2024, to be paid on October 31, 2024[70]. - The interim dividend declared for the six months ended June 30, 2024, is HKD 0.0638 per share, a decrease from HKD 0.0906 per share in the same period of 2023[83]. - The company reported that major shareholders include FSG Holding with 320,360,000 shares, representing approximately 13.81% of the issued share capital[76]. - Perfect Score holds 483,000,000 shares, accounting for about 20.82% of the company's issued share capital[76].

Investment Rating - Maintains an "Overweight" rating for the company [5][6] Core Views - The company's H1 2024 performance fell below expectations due to cautious consumer behavior and a high base effect from the previous year [5] - Revenue for H1 2024 was RMB 1.1 billion, a year-on-year decrease of 27.8%, with operating profit at RMB 512 million, down 39.4% year-on-year [5] - Net profit attributable to shareholders was RMB 299 million, a year-on-year decrease of 35.7%, with a net profit margin of 27.2%, down 3.3 percentage points year-on-year [5] - The company is focusing on product optimization and sales strategy adjustments, with pre-need contracts showing strong growth, up 28.6% year-on-year [5] Financial Summary - Revenue for 2024E is projected to be RMB 2.319 billion, a year-on-year decrease of 11.8%, with net profit expected to be RMB 713.72 million, down 9.8% year-on-year [8] - For 2025E, revenue is expected to grow by 11.3% to RMB 2.581 billion, with net profit increasing by 12.9% to RMB 805.54 million [8] - In 2026E, revenue is projected to reach RMB 2.862 billion, a year-on-year increase of 10.9%, with net profit expected to grow by 12.1% to RMB 902.89 million [8] - The PE ratio for 2024E is 12.13x, decreasing to 10.75x in 2025E and 9.59x in 2026E [8] Business Performance - Cemetery services revenue for H1 2024 was RMB 906 million, a year-on-year decrease of 29.6%, with operating profit at RMB 493 million, down 38.5% year-on-year [5] - Funeral services revenue for H1 2024 was RMB 184 million, a year-on-year decrease of 17.8%, with service volume down 16.3% and average selling price down 1.8% [5] - The company is actively adjusting its sales strategy to address changes in consumer behavior and economic conditions [5] Market Data - The stock price range over the past 52 weeks was HKD 4.09 to HKD 6.01 [7] - The current market capitalization is HKD 9.488 billion, with 2.32 billion shares outstanding [7]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容 而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Fu Shou Yuan International Group Limited 福壽園國際集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1448） 截至二零二四年六月三十日止六個月的 中期業績公告 | --- | --- | |-------|-------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 二零二四年中期業績摘要 | | • | 截至二零二四年六月三十日止六個月的收益總額約人民幣 1,100.0 百萬元，與截至 二零二三年六月三十日止六個月比較減少約 27.8% 。 | | • | 截至二零二四年六月三十日止六個月本公司擁有人 ...