® 福壽園國際集團 FU SHOU YUAN INTERNATIONAL GROUP 01448.HK - t of the 0 0 r 录 e 崩 福壽園國際集團有限公司 FU SHOU YUAN INTERNATIONAL GROUP LIMITED 目 | --- | --- | |-------|------------------------------| | | | | | 公司資料 | | | 主席致辭 | | | 管理層討論與分析 | | | 其他資料 | | | 簡明綜合財務報表審閱報告 | | | 簡明綜合損益及其他全面收益表 | | | 簡明綜合財務狀況表 | | | 簡明綜合權益變動表 | | | 簡明綜合現金流量表 | | | 簡明綜合財務報表附註 | | | 釋義及技術詞彙 | 公司資料 | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------|-------------------- ...

海 外 公 司 （ 中 国 香 港 ） 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 业绩低于预期，关注产品优化和销售策略调整 福寿园(1448) [Table_Industry] 社会服务业 [Table_Invest] 评级： 增持 ——福寿园 2024 年中报业绩点评 [table_Authors] 刘越男(分析师) 宋小寒(分析师) 021-38677706 010-83939087 登记编号 S0880516030003 S0880524080011 liuyuenan@gtjas.com songxiaohan026736@gtjas.com 本报告导读： 消费需求变化及高基数影响，上半年业绩承压，公司主动调整销售策略，期待成效。 投资要点： [Table_Summary] 维持增持评级。2024H1 业绩低于预期，下调公司 2024-2026 年归母 净利润分别为 7.14、8.06、9.03 亿元，同比增长-9.8%/12.9%/12.1%， 对应 2024-2026 年 EPS 分别为 0.31（-0.06）、 ...

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 ...

我们首先邀请胡总对公司各个业务的一个情况先和大家做一个介绍和分享谢谢胡总好的呀谢谢各位来参加我们这个这次的这样的一个交流会因为现在就是我就跟大家简单的去讲了一下就是我们去年的情况然后还有就是 今年以来可能做到的一些那个策略的一些改变像去年的话其实我们去年整体情况大家可能也从财报上也看得比较清楚了去年其实是处于一个非常特殊的这样的一个时期像那个上半年我们或者说是从二二年开始我们整体其实是有这样的一个外部因素有这样的一个影响然后导致我们二三年上半年确实有看到我们是有一个比较集中式的这样的一个爆发的这样的一个需求 当然公司的话其实这个并不是说是呃并不是说是呃就是当前突发的其实他这个有是因为那个咱们行业的这样的一个特性去累积电过来的所以在这样的情况下上半年表现确实是很不错那么到了下半年的这样的一个情况下的话其实一个本身上半年的这样的一个电需求其实是已经在已经逐步释放接近尾声然后我们下半年基本上是已经回到了这样的一个 正常经营的这样的一个态势所以如果你单从上下半年来看可能去年确实下半年相反来说没有上半年这样的一个表现的这样的一个亮眼但确实也是在我们这样的一个预期当中所以在整个去年全年的这样一个情况下的话我们其实是稍微有 ...

福壽園國際集團 Fu shou yuan International group 01448 HK 23 告 報 l를 o 年 d 福壽園國際集團有限公司 FU SHOU YUAN INTERNATIONAL GROUP LIMITED 於開曼群島註册成立的有限公司 目錄 2 公司資料 4 主席致辭 7 管理層討論與分析 27 董事及高級管理層履歷 33 董事會報告 48 企業管治報告 61 獨立核數師報告 綜合財務報表 66 綜合損益及其他全面收益表 67 綜合財務狀況表 69 綜合權益變動表 70 綜合現金流量表 73 綜合財務報表附註 175 財務概要 177 釋義及技術詞彙 公司資料 | --- | --- | |--------------------------------|-------------------------------------------| | 董事會 | 授權代表 | | 執行董事 | 白曉江先生 | | 白曉江先生 （主席） | 鄭程傑先生 (2) | | 談理安先生 （副主席） | | | 王計生先生 （總裁） | 註冊辦事處 Ocorian Trust (Cayman ...

股 票 研 究 [Table_industryInfo] 社会服务业 [ Table_Main[福I Tnaf 寿bol]e 园_Ti（tle] 1 448） [评Tab级le_：Inv est] 增持 当前价格（港元）： 5.20 业绩低于预期，提高派息力度 2024.03.24 海 ——福寿园2023 年年报点评 [ 交Ta易bl数e_M据a rket] 外 刘越男(分析师) 宋小寒(研究助理) 52周内股价区间（港元） 4.61-6.63 当前股本（百万股） 2,320 公 021-38677706 010-83939087 当前市值（百万港元） 12,063 司 liuyuenan@gtjas.com songxiaohan026736@gtjas.co 证书编号 S0880516030003 mS0 880122070054 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 2023年业绩低于预期，数字化赋能传统业务有望提升经营效率。 福寿园 恒生指数 香 9% 摘要： 港 3% [T abl维e_S持um增m持ar评y]级 。2023 年业绩低于预期，下调公司20 ...

Financial Performance - Total revenue for the year 2023 was approximately RMB 2,628.0 million, an increase of 21.0% compared to the previous year[2] - Net profit attributable to the company's owners for 2023 was approximately RMB 791.2 million, up 20.1% year-on-year[2] - Basic earnings per share for 2023 were RMB 34.8 cents, a 20.0% increase from the previous year[2] - Operating profit for 2023 was RMB 1,372.2 million, compared to RMB 1,030.3 million in 2022[3] - Revenue from cemetery services increased to RMB 2,165,253 thousand in 2023, up from RMB 1,748,898 thousand in 2022, representing a growth of 23.8%[9] - Funeral services revenue rose to RMB 397,886 thousand in 2023, compared to RMB 359,427 thousand in 2022, a 10.7% increase[9] - The company's profit attributable to owners increased to RMB 791,240 thousand in 2023, up from RMB 658,596 thousand in 2022, a 20.1% growth[11] - Revenue for 2023 reached RMB 2,628.0 million, a 21.0% increase compared to 2022[32] - Net profit for 2023 was RMB 975.9 million, up 20.4% year-on-year[32] - Shareholders' attributable profit and comprehensive income grew by 20.1% to RMB 791.2 million[32] - Total revenue for the year reached RMB 2,628.0 million, a 21.0% increase year-over-year[49] - Net profit attributable to the company's owners was RMB 791.2 million, up 20.1% compared to the previous year[49] - Cemetery services revenue accounted for 82.4% of total revenue, reaching RMB 2,165.3 million, a 23.8% increase year-over-year[51][52] - Funeral services revenue increased by 10.7% to RMB 397.9 million, with a 11.5% rise in average selling price[57][58] - Sales of经营性墓穴 (operational cemetery plots) increased by 25.3% to RMB 1,958.3 million, with a 23.6% increase in sales volume[53] - Comparable cemetery plots saw a 25.2% increase in revenue, driven by a 23.3% rise in sales volume and a 1.5% increase in average selling price[55] - Newly acquired or constructed cemetery plots contributed RMB 1.6 million in revenue, with lower average selling prices compared to comparable plots[56] - Funeral services from comparable facilities increased by 10.1%, despite a 2.3% decrease in service volume, due to a 12.8% rise in average selling price[58] - The company's total revenue for the year was RMB 2,563.139 million, with Shanghai contributing 49.2% (RMB 1,262.184 million), followed by Liaoning at 7.4% (RMB 188.694 million)[60] - Other service revenues included RMB 29.4 million from professional design services, RMB 10.7 million from construction services (EPC), and RMB 31.8 million from cremation machine sales and related services[61] - Operating expenses accounted for 47.8% of total revenue, an increase of RMB 114.5 million or 10.0% compared to the previous year, reflecting improved operational efficiency[62] - Employee costs increased by RMB 42.7 million or 9.2%, primarily due to the normalization of operating incentives and salary levels, as well as costs from newly acquired or established companies[62] - Marketing and sales channel costs increased by RMB 5.7 million or 13.3%, driven by the resumption of marketing activities and industry exhibitions to meet deferred market demand[63] - Operating profit increased by RMB 341.9 million or 33.2%, with the operating profit margin for cemetery services rising from 56.4% to 60.2%[64] - Cemetery services contributed RMB 1,304.277 million in operating profit, with a profit margin of 60.2%, while funeral services contributed RMB 64.413 million with a margin of 16.2%[65] - The company's cemetery services saw increased sales and prices, particularly in newly established cemeteries in Nanchang, Jiangxi and Lanzhou, Gansu, driving overall profit margin growth[66] - Funeral services revenue rebounded as high-value-added services resumed post-pandemic, with innovative services like bathing and embalming gaining acceptance, contributing to increased sales and marginal benefits[66] - Other services division recorded an operating profit of RMB 1.8 million, primarily from design and construction-related income, partially offset by R&D investments in cremation machines and Fushou Cloud[66] - Interest expenses for bank loans amounted to RMB 2.1 million, while interest expenses for loans from non-controlling shareholders decreased to RMB 0.9 million from RMB 1.1 million[67] - Interest income and non-listed cash management product income totaled RMB 62.2 million, a 40.5% increase year-over-year, and government subsidies increased by 12.2% to RMB 29.8 million[69] - Income tax expenses rose by 61.9% to RMB 455.6 million, driven by increased taxable income and withholding taxes on dividends distributed to overseas holding companies[70] - Net profit attributable to the company's owners increased by 20.1% to RMB 791.2 million[71] - Net cash generated from operating activities increased by 40.8% to RMB 1,222.5 million, driven by higher revenue and strong cash generation capabilities[73] - Net cash used in investing activities was RMB 481.8 million, primarily due to investments in fixed deposits, cemetery land purchases, and acquisitions of subsidiaries and funeral facilities[73] - Net cash used in financing activities was RMB 387.5 million, mainly due to dividend payments to shareholders and repayment of loans[74] - Bank balances and cash increased to RMB 2,295.5 million as of December 31, 2023, up from RMB 1,942.2 million in the previous year[75] - The company's asset-liability ratio stood at 3.5% as of December 31, 2023, compared to 0.5% in the previous year[76] - The company holds a comprehensive bank credit line of approximately RMB 15.5 billion as of December 31, 2023[75] Dividends and Shareholder Returns - The Board has recommended a final dividend of 6.86 HK cents per share and a special dividend of 21.39 HK cents per share for 2023[2] - The company declared a final dividend of 6.86 HK cents per share and a special dividend of 21.39 HK cents per share for 2023[30] - The board proposed a final dividend of HKD 0.0686 per share (previous year: HKD 0.0758) and a special dividend of HKD 0.2139 per share[86] - The final dividend is expected to be paid on June 28, 2024, and the special dividend on October 31, 2024[86] - Share transfer registration will be suspended from May 20 to May 23, 2024, for the annual general meeting[87] - Share transfer registration will be suspended from June 14 to June 18, 2024, for the final dividend[87] - Share transfer registration will be suspended from October 16 to October 18, 2024, for the special dividend[87] Assets and Liabilities - Total assets as of December 31, 2023, were RMB 7,409.6 million, up from RMB 6,781.8 million in 2022[4] - Net asset value as of December 31, 2023, was RMB 6,573.9 million, compared to RMB 6,114.0 million in 2022[5] - The company's cemetery assets increased to RMB 2,074.7 million in 2023 from RMB 1,930.7 million in 2022[4] - Contract liabilities increased to RMB 494.4 million in 2023 from RMB 456.2 million in 2022[5] - The company's cash and bank balances stood at RMB 2,295.5 million as of December 31, 2023, up from RMB 1,942.2 million in 2022[4] - Cemetery assets grew to RMB 2,074,652 thousand in 2023, compared to RMB 1,930,650 thousand in 2022, a 7.5% increase[15] - Inventory for cemetery plots increased slightly to RMB 415,344 thousand in 2023 from RMB 407,299 thousand in 2022, a 2.0% rise[16] - Trade receivables (net of credit loss provisions) increased to RMB 139,113 thousand in 2023 from RMB 137,875 thousand in 2022, a 0.9% growth[17] - Property and equipment decreased to RMB 556,232 thousand in 2023 from RMB 571,861 thousand in 2022, a 2.7% decline[13] - Goodwill remained stable at RMB 1,129,049 thousand in 2023, compared to RMB 1,091,243 thousand in 2022, a 3.5% increase[14] - Trade receivables increased to RMB 139,113 thousand in 2023 from RMB 137,875 thousand in 2022, with a significant rise in receivables over two years but less than three years to RMB 29,292 thousand from RMB 2,810 thousand[18] - Bank balances and cash in foreign currencies increased to RMB 54,471 thousand in 2023 from RMB 22,553 thousand in 2022, with notable increases in HKD and JPY balances[19] - Non-listed cash management products surged to RMB 776,501 thousand in 2023 from RMB 487,883 thousand in 2022, indicating a significant increase in cash management activities[19] - The company invested in various cash management products with expected yields ranging from 0.10% to 3.80%, totaling RMB 776,501 thousand in 2023[21] - Fixed deposits increased substantially to RMB 367,746 thousand in 2023 from RMB 33,467 thousand in 2022, with fixed annual interest rates ranging from 1.50% to 5.47%[23] - Trade payables slightly decreased to RMB 306,832 thousand in 2023 from RMB 308,552 thousand in 2022, with the average credit period for purchasing goods being 181 to 365 days[25] - Contract liabilities for cemetery maintenance services increased to RMB 551,800 thousand in 2023 from RMB 509,523 thousand in 2022, reflecting higher prepayments for long-term maintenance services[26] - Contract liabilities and loss provisions for deferred tax assets amounted to RMB 72,682 thousand in 2023, up from RMB 61,444 thousand in 2022[29] Business Expansion and Acquisitions - The company divested its equity investment in Changchun Huaxia Cemetery for a total consideration of RMB 30,861 thousand, with full payment received in January 2024[22] - The company acquired 100% equity of Yan'an Hongfu, a funeral and cemetery integrated project, marking its first strategic foothold in Shaanxi Province[45] - The company established new project companies in Tianjin and Zhaoqing, Guangdong, and has invested in a project company in Qiandongnan, Guizhou, to drive future growth[45] - The company's business has expanded to over 40 cities across 19 provinces, autonomous regions, and municipalities, including Shanghai, Henan, Chongqing, Anhui, Shandong, Liaoning, Heilongjiang, Fujian, Zhejiang, Jiangxi, Jiangsu, Guangxi, Beijing, Guizhou, Inner Mongolia, Gansu, Hubei, Hebei, and Shaanxi[46] - The company acquired 100% equity of Yan'an Hongfu Cemetery for approximately RMB 41 million in June 2023[78] - The company has available cemetery land of approximately 2.85 million square meters as of December 31, 2023, up from 2.62 million square meters in the previous year[83] Innovation and Digital Transformation - The company launched the "3JI" innovative product, integrating "marking, commemorating, and recording" to enhance emotional value and technological services[32] - The company's digital transformation and "3JI" product launch were recognized as a "2023 Enterprise Typical Communication Case"[33] - The company launched the "3JI" product series in Shanghai and Zhengzhou, focusing on "marking, commemorating, and recording" to enhance customer experience[42] - The company developed a smart cemetery management system, covering functions from construction to property management, and implemented it group-wide[42] - The company is advancing digital transformation in funeral services, including virtual memorials and digital family trees, to meet diverse customer needs[40] - The company is exploring carbon footprint assessments for tombstone products to align with national carbon neutrality goals[42] - The company is integrating traditional funeral services with modern technology, such as immersive digital halls and holographic projections, to enhance service offerings[42] - The company is leveraging digital and technological innovations to improve resource utilization and ecological harmony in cemetery management[42] - The company's subsidiary, Tianquan Jiajing, has successfully implemented the EPC model, significantly reducing communication costs and improving project management efficiency, contributing to cost optimization and process enhancement[43] - Tianquan Jiajing's design business has won multiple awards internationally, including the French NDA Design Award Gold, the American MUSE Design Award Gold, and the London Design Award Silver, showcasing its competitive strength[43] - The company has introduced innovative services in the funeral business, such as anti-corrosion, paper coffins, and high-end funeral vehicles, and has established training bases for cremation, anti-corrosion, flower arrangement, and bathing services[43] - The company has developed a VR environment system in Shanghai Fushouyuan and launched a digital human technology, which has been applied in funeral and burial scenarios, enhancing the technological experience of traditional ceremonies[44] - The company's cloud memorial product 5.0 has been officially released, with user retention, activity, and payment rates continuing to rise during the Qingming Festival, indicating growing user acceptance[44] - The company's pre-need funeral contract service has seen a 5.7% increase in signed contracts, reaching 17,707 contracts in the current year, compared to 16,759 contracts in the previous year[44] - The company has successfully developed a new cremator, JS3-II, which reduces cremation time and is expected to save more than 10% in energy consumption[45] Corporate Governance and Compliance - The company has adopted the Corporate Governance Code and confirms compliance during the year[89] - The audit committee reviewed the annual results and financial statements with management and external auditors[90] - The annual results announcement is published on the HKEX and company websites[91] Industry and Market Trends - China's urbanization rate reached 66.16% at the end of 2023, an increase of 0.94 percentage points from 2022, with 93.267 million urban residents[37] - The population aged 60 and above in China reached 296.97 million at the end of 2023, accounting for 21.1% of the total population, an increase of 16.93 million from 2022[37] - China's GDP in 2023 was RMB 126.0582 trillion, with a year-on-year growth of 5.2%[37] - Urban residents' per capita disposable income in 2023 was RMB 51,821, a nominal increase of 5.1% compared to 2022[37] - Urban residents' per capita consumption expenditure in 2023 was RMB 32,994, a nominal increase of 8.6% compared to 2022[37] - The cremation rate in China reached 58.8% in 2021, an increase of 3.1 percentage points from 2020[37] - Fushouyuan International Group is transitioning from a leading funeral service provider to a comprehensive life service operator[35] - The company aims to improve service quality and efficiency through digital transformation to meet growing customer demands[35] - The company expects the threshold for entering the funeral industry to increase, creating a more favorable competitive environment for its development[39] - In 2023, China's GDP reached RMB 126.0582 trillion, a year-on-year increase of 5.2%[41] - During the 2023 Qingming Festival, millions of people chose online memorial services, indicating a shift towards modernized funeral services[39] - The funeral industry is benefiting from China's aging population, urbanization, and rising disposable income, driving demand for diversified and high-quality services[40] Awards and Recognition - Fushouyuan International Group won the "2023 Green Sustainable Development Contribution Award" in June 2023 and the "2023 ESG Era Pioneer Listed Company Award" in November 2023[34] - The company won the "International Funeral Service Innovation Award" and expanded international partnerships in Europe and North America[33] - The company's brand value was evaluated at RMB 11.978 billion, ranking 239th in the "2023 China Innovation Brand 500 Strong" list[49] Public Welfare and Social Responsibility - The company hosted the second "Fushouyuan Public Welfare Festival," launching eight public welfare projects[33] - The company released 8 public welfare projects, including the "Family End-of-Life Care Plan" and "Thousand Yuan Afterlife Affairs," during the 2nd Fushouyuan Public Welfare Festival[48] Subsidiaries and Operations - The company's subsidiary, "Guizhou Tianyuanshan," was formerly known as Guizhou Tianyuanshan Funeral Service Co., Ltd., and has been a subsidiary since November 2017[95] - "Harbin Mingxiyuan," a cemetery located in Heilongjiang Province, is operated by Harbin Mingxiyuan Cemetery Co., Ltd., a subsidiary of the company[95] - "Hohhot Anyou Cemetery," located in Inner Mongolia, is operated by Inner Mongolia Fushouyuan Industrial Co., Ltd., a subsidiary of the company[95] - "Henan Fushouyuan," a cemetery in Henan Province, is operated by Henan Fushouyuan Industrial Co., Ltd., a subsidiary of the company[95] - "Hubei Tiansheng Cemetery," located in Hubei

@ 福壽園國際集團 fu shou yuan international group 01448 HK 3 期 载 福壽園國際集團有限公司 FU SHOU YUAN INTERNATIONAL GROUP LIMITED 股票代碼：01448 公卿章的立如册非高铁曼朗 目錄 公司資料 2 主席致辭 3 | --- | --- | |-------|------------------------------| | | | | | 管理層討論與分析 | | | 其他資料 | | | 簡明綜合財務報表審閱報告 | | | 簡明綜合損益及其他全面收益表 | | | 簡明綜合財務狀況表 | | | 簡明綜合權益變動表 | | | 簡明綜合現金流量表 | | | 簡明綜合財務報表附註 | | | 釋義及技術詞彙 | 5 25 30 31 32 34 35 37 61 公司資料 | --- | --- | |-----------------------------------------------|---------------------------------| | 董事會 | 總部 | | 執行董事 | 中國上 ...

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） 截至二零二三年六月三十日止六個月的中期業績公告 | --- | --- | |-------|-------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 二零二三年中期業績摘要 | | • | 截至二零二三年六月三十日止六個月的收益總額約人民幣 1,524.5 百萬元，與截至 二零二二年六月三十日止六個月比較增加約 68.2% 。 | | • | 截至二零二三年六月三十日止六個月本公司擁有人應 ...

福壽園國際集團 fu shou yuan international group 01448.HK 報 121 AVE 福壽園國際集團 FU SHOU YUAN INTERNATIONAL GROUP LIMITED 於開曼群島註册成立的有限公司 目錄 2 公司資料 4 主席致辭 7 管理層討論與分析 27 董事及高級管理層履歷 33 董事會報告 48 企業管治報告 60 獨立核數師報告 綜合財務報表 65 綜合損益及其他全面收益表 66 綜合財務狀況表 68 綜合權益變動表 69 綜合現金流量表 72 綜合財務報表附註 183 財務概要 185 釋義及技術詞彙 公司資料 | --- | --- | |----------------------------------------------|-----------------------------------------------| | | | | 董事會 | 公司秘書 | | 執行董事 | 胡軼女士 | | 白曉江先生 （主席） | | | 談理安先生 （副主席） | 授權代表 | | 王計生先生 （總裁） | 白曉江先生 胡軼女士 | | 非執行董 ...