陵园墓地产业链包括上游原材料供应、中游建设运营、下游相关配套产业。陵园墓地产业链上下游协同 发展，上游为中游提供原材料，中游的建设运营需要下游的服务配套，共同为消费者提供完整的殡葬服 务。产业链各环节受政策、市场需求等因素影响，不断向绿色、智能、个性化方向发展。 2024年中国殡葬服务市场规模已超3600亿元，这一体量由人口老龄化与殡葬需求升级共同支撑——全国 60岁以上人口达3.1亿，2024年死亡人数约1093万，较四年前增长10%。政策推动的绿色转型与消费观 念转变，正重塑这一规模庞大的市场格局。 全球陵园墓地行业竞争中，国外以SCI为代表的头部企业占据主导，凭借超400座公墓的全球布局形成 规模优势。国内市场分三大梯队：第一梯队以福寿园为核心，通过并购覆盖40余城并布局数字化服务； 第二梯队是福成股份等上市企业，聚焦区域并购扩张；第三梯队为地方国有及中小民营陵园，依托地域 资源占据本地市场。 华经产业研究院为助力企业、科研、投资机构等单位了解陵园墓地行业发展态势及未来趋势，特重磅推 出《2026-2032年中国陵园墓地行业发展前景展望及投资战略研究报告》，本报告由华经产业研究院研 究团队对陵园墓地行业 ...

Core Conclusions - The market is expected to refocus on investment opportunities in smart vehicles in Q4, driven by the ongoing AI trend and the advancement of L4 capabilities in autonomous vehicles like Robotaxi [2][3] - Key catalysts for smart vehicle development in Q4 include Tesla's V14 release, XPeng's 2026 Robotaxi production plan, and the introduction of new autonomous vehicles by various companies [2] - The report anticipates a significant acceleration in the entry of core players into the L4 market by 2026, marking a pivotal year for Robotaxi [2] Comparison with Last Year - Similarities with last year's Q4 include the spread of AI applications, but this year emphasizes the evolution of AI logic rather than a resonance with automotive logic [3] - The focus has shifted from hardware opportunities and consumer sales to software opportunities and breakthroughs in B2B applications [3] Investment Recommendations - The report suggests a preference for Hong Kong stocks over A-shares, with a focus on software over hardware and B2B over B2C [6] - Recommended investment combinations include XPeng Motors, Horizon Robotics, and Cao Cao Mobility [6] - Key targets from the perspective of Robotaxi include integrated models (Tesla, XPeng, Qianli Technology) and technology providers (Horizon Robotics, Baidu, Pony.ai) [6] Smart Vehicle Market Overview - The report highlights the improvement in autonomous driving capabilities among various automakers, with XPeng, Huawei, and Li Auto leading the first tier [7] - The penetration rate of smart driving in urban areas reached 23.0% in August, with XPeng's smart driving penetration hitting 76.1% [7] - The report notes a significant increase in the sales of smart vehicles, with a projected growth in the Robotaxi market from 0-30% penetration by 2030 [15] Future Outlook - The core task for automotive intelligence from 2025 to 2027 is to achieve a penetration rate of 50%-80% for new energy vehicles [15] - By 2028-2030, Robotaxi is expected to achieve large-scale commercialization, marking a significant breakthrough in the automotive industry [15] Smart Vehicle Supply Chain Tracking - The report provides a detailed analysis of the smart vehicle supply chain, including hardware components (sensors, chips) and software solutions [10] - Key companies in the hardware segment include Sunny Optical, Nvidia, and Desay SV [10] - In the software segment, notable companies include WeRide, Momenta, and Pony.ai [10] Consumer Willingness to Pay - The report discusses consumer willingness to pay for smart features, indicating a growing acceptance of smart driving technologies [13] - The analysis includes projections for the domestic market size of Robotaxi, estimating significant growth in sales and market penetration [14]

公司名稱: 福壽園國際集團有限公司 呈交日期: 2025年11月3日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01448 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | | 上月底結存 | | | 20,000,000,000 | USD | | 0.01 USD | | 200,000,000 | | | 增加 / 減少 (-) | | | 0 | | | USD | | | 0 | | 本月底結存 | | | 20,000,000,000 | USD | | 0.01 USD | | 200,000,000 | | ...

Core Insights - Fushouyuan, a major player in the funeral industry, reported its first loss since going public, with a revenue decline of 44.5% and a net loss of 261 million yuan in the first half of 2025 [2][10] - The company's previous business model, characterized by high-priced burial plots and strong profitability, is now under scrutiny as it faces significant challenges [2][10] Historical Context - Founded in 1994, Fushouyuan was one of the first compliant private funeral service providers in China, rapidly expanding its operations across 19 provinces and over 40 cities [4] - After its successful IPO in 2013, the company maintained impressive financial performance, with gross margins consistently above 92%, peaking at 92.8% [4][6] Business Model and Profitability - The majority of Fushouyuan's profits came from its core business of operating burial plots, which are priced based on market demand rather than government regulations [6] - The average price of a burial plot increased from 111,000 yuan in 2021 to 119,400 yuan in 2023, with customized options reaching up to 500,000 yuan [6][10] Current Challenges - In the first half of 2025, the average price of burial plots plummeted nearly 50% to 63,400 yuan, with sales volume decreasing by 6.7% [10] - The decline in sales is attributed to three major trends: a shift towards more rational consumer spending due to economic pressures, changing societal attitudes towards funeral expenses, and increased regulatory scrutiny aimed at reducing excessive profits in the funeral industry [10][15] Societal and Regulatory Changes - The concept of "thick nurturing and thin burial" is gaining traction, with more individuals prioritizing care for the elderly during their lifetime over extravagant funeral expenses [12][13] - Recent policy proposals from the Ministry of Civil Affairs emphasize the need for non-profit operations in the funeral sector, signaling a shift away from profit-driven models [15][17] Industry Outlook - The losses experienced by Fushouyuan reflect broader changes within the funeral industry, indicating a need for a balance between commercial operations and public service [17] - The company must explore new directions for sustainable operations while maintaining service accessibility and adapting to evolving consumer preferences [17]

Core Viewpoint - The recent "Autumn Charity Eco-Burial" event at Liaoning Guanyin Mountain Fushou Garden successfully combined innovative memorial methods with ecological burial practices, creating a warm emotional space for supporters of eco-burials [1][5]. Group 1: Event Highlights - The event commenced with soothing music and included a ceremony where the deputy general manager of Liaoning Guanyin Mountain Fushou Garden presented "Public Welfare Practitioner" certificates to family representatives, honoring their support for green funerals [3]. - The memorial segment featured rituals such as "fragrant offerings" and "tea offerings," conveying deep respect for the deceased [3]. - Innovative forms like "digital memorials" and "cloud-based remembrance" were utilized, leveraging technology to provide families with unique emotional comfort [3]. Group 2: Future Directions - The charity eco-burial event integrated ecological concepts, humanistic care, and modern technology, offering families a platform for emotional support while promoting a new trend in green funerals [5]. - A representative from Liaoning Guanyin Mountain Fushou Garden indicated that the organization will continue to explore new paths in funeral services, aiming to return life to nature in a more meaningful way and contribute to ecological civilization [5].

致：香港交易及結算所有限公司 公司名稱: 福壽園國際集團有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 | 1. 股份分類 | 普通股 | 股份類別 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01448 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | 20,000,000,000 | USD | | 0.01 | USD | | 200,000,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | 20,000,000,000 | USD | | 0.01 | USD | | 200,000,000 | 本月底法定/註冊股本總額： USD ...

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) 通 知 信 函 各位非登記股東 （附註 1 ） ： 福壽園國際集團有限公司（「本公司」） – 2025 中期報告（「本次公司通訊文件」）之發佈通知 本公司的本次公司通訊文件備有中、英文版本，並已上載於香港聯合交易所有限公司（「 香港交易所」）網站 （www.hkexnews.hk）及本公司網站（www.fsygroup.com），歡迎瀏覽。 閣下若因任何理由以致在收取或接收載於本公司網 址上的本次公司通訊文件出現困難， 閣下可將要求（註明 閣下的姓名、地址及要求）以電郵方式發送到本公司之電郵地 址 fsy.ecom@computershare.com.hk 或以書面方式郵寄致本公司的香港股份過戶登記處（「股份過戶處」）香港中央證券登記有 限公司，地址為香港灣仔皇后大道東 183 號合和中心 17M 樓。本公司將於接到 閣下通知後，盡快向 閣下免費發送有關本 次公司通訊文件的印刷本。 以電子方式發布公司通訊之安排 若 閣下希望收取公司通訊之印刷版，請填妥本函附上之回條並交回股份過戶處，地址為香港灣仔皇后大道東 183 號合和 中 ...

( 於開曼群島註冊成立的有限公司 ) 福壽園國際集團有限公司 如果本公司沒有收到 閣下的有效電子郵件地址，直至股份過戶處收到 閣下有效的電子郵件地址前， 閣下將(i)無法收到 任何有關發佈公司通訊的通知；及(ii)需要主動查看本公司網站和披露易網站以留意公司通訊的發佈。 (股份代號: 1448) 通 知 信 函 各位登記股東： 福壽園國際集團有限公司（「本公司」） – 2025 中期報告（「本次公司通訊文件」）之發佈通知 本公司的本次公司通訊文件備有中、英文版本，並已上載於香港聯合交易所有限公司（「 香港交易所」）網站 （www.hkexnews.hk）及本公司網站（www.fsygroup.com），歡迎瀏覽。 閣下若因任何理由以致在收取或接收載於本公司網 址上的本次公司通訊文件出現困難， 閣下可將要求（註明 閣下的姓名、地址及要求）以電郵方式發送到本公司之電郵地 址 fsy.ecom@computershare.com.hk 或以書面方式郵寄致本公司的香港股份過戶登記處（「股份過戶處」）香港中央證券登記有 限公司，地址為香港灣仔皇后大道東 183 號合和中心 17M 樓。本公司將於接到 閣下通知後，盡快向 ...

Financial Performance - For the six months ending June 30, 2025, the company recorded revenue of RMB 610.9 million, with a loss attributable to shareholders of RMB 261.4 million[13]. - Total revenue for the period reached RMB 610.9 million, a decrease of approximately 44.5% compared to the same period last year[43]. - Revenue decreased by RMB 489.1 million or 44.5%, from RMB 1,100.0 million in the same period last year to RMB 610.9 million[44]. - Cemetery services accounted for 78.1% of total revenue, generating RMB 477.4 million, down from RMB 906.1 million or 82.4% in the previous year[44]. - The company reported a segment loss of RMB 229,249,000 for the six months ended June 30, 2025, compared to a profit of RMB 512,237,000 in the same period of 2024[142]. - The company reported a net loss attributable to owners of RMB 5,920,055 thousand for the year ended December 31, 2023, compared to a loss of RMB 263,873 thousand for the year ended December 31, 2024[129]. - The company incurred a loss before tax of RMB 232,370 thousand for the six months ended June 30, 2025, compared to a profit of RMB 542,737 thousand for the same period in 2024[132]. - The total comprehensive loss for the six months ended June 30, 2025, was RMB 264,287,000, compared to total comprehensive income of RMB 363,135,000 for the same period in 2024[123]. Dividend and Shareholder Returns - The board proposed an interim dividend of HKD 0.07 per share, reflecting the company's stable and sustainable dividend policy[13]. - The interim dividend declared for the six months ended June 30, 2025, is HKD 0.07 per share, an increase from HKD 0.0638 per share in the same period of 2024[113]. - The company paid dividends of RMB 600,133 thousand during the reporting period[129]. Corporate Social Responsibility and Recognition - The company was recognized as a "Responsible Brand of the Year" at the 14th Public Welfare Festival, highlighting its commitment to corporate social responsibility[14]. - The company actively participates in public welfare projects, including support for organ donation awareness activities, demonstrating its social responsibility[17]. - The company has received recognition for its contributions to public welfare and brand development, including awards for responsibility and excellence in media[42]. Market and Industry Trends - The urbanization rate in China is projected to reach 67.0% by the end of 2024, an increase of 0.84 percentage points from 2023, with over 10 million rural residents moving to urban areas annually[23]. - By the end of 2024, the population aged 60 and above is expected to reach 310.31 million, accounting for 22.0% of the total population, an increase of 1,334 million from 2023[23]. - The cremation rate in China reached 58.8% in 2021, with 5.966 million bodies cremated, indicating a growing demand for funeral services[23]. Technological Innovation and Digital Transformation - The company has developed a digital life service system, incorporating features like digital memorial halls and AI remembrance, enhancing service quality[16]. - In April 2024, the company launched innovative services including life aesthetics products and virtual community plans, promoting digital transformation in the funeral industry[16]. - The company is actively promoting the integration of technology and digital transformation in funeral services to enhance service quality and customer experience[30]. - The company aims to transform from a funeral service provider to a life technology service provider, focusing on high-quality life services and technological memorial services[96]. Operational Efficiency and Cost Management - Operating expenses increased by RMB 252.3 million or 42.9%, primarily due to asset impairment and bad debt provisions totaling RMB 206.0 million[62]. - Employee costs decreased by RMB 75.3 million or 29.5%, attributed to a decline in sales revenue from cemetery and funeral services[62]. - Material and supply consumption decreased by approximately RMB 22.1 million or 28.6%, mainly due to a reduction in sales volume of cemetery and funeral services[63]. - Marketing and sales channel costs decreased by RMB 3.7 million or 17.9%, driven by a decline in service sales and tighter control over marketing expenses[65]. Future Outlook and Strategic Initiatives - The company plans to actively expand and integrate resources in the highly fragmented Chinese funeral industry to increase market share[94]. - The company is exploring potential acquisitions to enhance its service offerings, with a focus on companies in the same industry[192]. - New product development initiatives are expected to launch by Q3 2024, aiming to capture an additional 5% market share[189]. - Future guidance indicates a projected revenue growth of 12% for the next quarter, with an expected total of HKD 560 million[191]. Financial Position and Assets - As of June 30, 2025, the company's cash and cash equivalents amounted to RMB 1,622.7 million, down from RMB 2,056.6 million as of December 31, 2024[79]. - Non-current assets as of June 30, 2025, amounted to RMB 4,390,160,000, a decrease from RMB 4,624,213,000 as of December 31, 2024[126]. - Current assets as of June 30, 2025, were RMB 2,848,119,000, down from RMB 3,556,984,000 as of December 31, 2024[126]. - Total equity as of June 30, 2025, was RMB 4,865,631,000, down from RMB 6,155,828,000 as of December 31, 2024[127]. Employee and Management Information - As of June 30, 2025, the company has 1,998 full-time employees, down from 2,198 as of December 31, 2024[89]. - The remuneration for directors was RMB 4,440,000 for the six months ended June 30, 2025, compared to RMB 4,320,000 for the same period in 2024[186]. - The total remuneration for directors and key management personnel was RMB 4,451,000 for the six months ended June 30, 2025, down from RMB 5,414,000 in the previous year[186].

Group 1 - In 2024, China's death toll exceeded the birth rate by 1.39 million, leading to a significant decline in the domestic funeral industry, which was previously considered a stable business [1][3] - Fushouyuan, known as the "first stock" in the funeral industry, reported a net loss of 261 million yuan in the first half of the year, marking its first loss since its listing in 2013 [1][3] - Major funeral companies in China experienced a 19.3% drop in total revenue, indicating a broader trend of declining profitability in the industry despite increasing death rates [1][3] Group 2 - The global funeral service market is projected to exceed $93 billion by 2031, with a compound annual growth rate of over 5%, highlighting the potential for international expansion [4] - China plays a significant role in the global funeral supply chain, with 90% of coffins sold in Japan sourced from China, particularly from Caoxian County [4][6] - Caoxian's coffin production benefits from low costs and high demand, with an annual export of over 1 million coffins, making it a dominant player in the Japanese market [6][10] Group 3 - The tombstone industry in Huian, Fujian, dominates the Japanese market, accounting for 90% of its market share, with an annual output value exceeding 2 billion yuan [10][11] - Huian's success is attributed to its abundant granite resources and efficient shipping routes, allowing for competitive pricing compared to local Japanese products [12][10] - The demand for affordable and high-quality tombstones has increased in Japan due to local production challenges, further benefiting Huian's market position [11][12] Group 4 - The paper money and paper offerings industry in Mibeizhuang, Hebei, controls 90% of the global market, with an annual output value exceeding 2 billion yuan [17][19] - Mibeizhuang has adapted its products for international markets, creating versions of paper money in foreign currencies, which has increased their appeal [19][23] - The rise of social media has popularized these products, transforming them into cultural symbols beyond traditional funeral practices [26][29] Group 5 - The Chinese funeral industry is facing challenges in international markets, particularly in Japan, where changing demographics and funeral practices are reducing demand for traditional products [32][33] - In Europe and the U.S., logistical challenges and cultural differences complicate market entry, with high shipping costs and a preference for comprehensive service over product pricing [33][35] - The U.S. market is particularly difficult due to its fragmented nature, with a majority of funeral homes being family-owned and a high concentration of market share among a few large companies [35][33] Group 6 - The pet funeral service market is emerging as a new opportunity, with significant growth projected, as companies begin to offer pet coffins and related services [38][39] - Innovations in eco-friendly funeral products, such as biodegradable paper money and sustainable coffin materials, are gaining traction in response to environmental concerns [41][43] - Direct-to-consumer (DTC) models are being adopted to bypass traditional distribution channels, allowing for greater market penetration and brand control [46][47]