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]

在悠扬舒缓的音乐声中，活动温情启幕。仪式现场，辽宁观陵山福寿园副总经理江伟才向家属代表颁发 《公益践行者》证书，以表达对他们支持绿色殡葬的敬意。追思环节，以"清香祈祭""敬奉香茗"等礼祭 仪式，将对逝者的敬意深情传递。同时，"数字纪念""云上寄思"等创新形式，借助科技的力量，为家属 提供了别样的心灵慰藉方式。纪念仪式结束后，家属们在礼仪师的引领下，前往节地生态葬树葬区，举 行庄重的安葬仪式。 中新网辽宁新闻10月20日电 近日，辽宁观陵山福寿园 "金秋寄思・生命永恒 ——2025 年秋季公益节地 生态葬" 活动圆满举行。活动用创新的纪念方式，为支持节地生态葬的人们筑起了一个充满温度的情感 寄托空间。 此次公益节地生态葬活动，将生态理念、人文关怀与现代科技深度融合，不仅为家属提供了情感寄托的 平台，更持续引领绿色殡葬新风尚。辽宁观陵山福寿园相关负责人表示，未来，观陵山福寿园将继续探 索殡葬服务新路径，让生命以更具意义的方式回归自然，为生态文明建设注入更多力量。(完) ...

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 ...

於開曼群島註冊成立的有限公司 中期報 告 IN 202 5 2025 Incorporated in the Cayman Islands with limited liability TERIM REPO R T INTERIM REPORT 2025 中 期 報 告 FU SHOU YUAN INTERNATIONAL GROUP | 公司資料 | 2 | | --- | --- | | 主席致辭 | 3 | | 管理層討論與分析 | 6 | | 其他資料 | 25 | | 簡明綜合財務報表審閱報告 | 29 | | 簡明綜合損益及其他全面收益表 | 30 | | 簡明綜合財務狀況表 | 32 | | 簡明綜合權益變動表 | 34 | | 簡明綜合現金流量表 | 35 | | 簡明綜合財務報表附註 | 37 | | 釋義及技術詞彙 | 59 | 目錄 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 何敏先生 （主席） Huang James Chih-Cheng先生 羅祝平先生 陳欣先生 提名委員會 公司資料 ...

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]

Core Viewpoint - The funeral industry, particularly represented by Fushouyuan, is experiencing a significant downturn, with average grave prices halving to 63,400 yuan, indicating the end of a highly profitable era in the sector [1] Group 1: Company Performance - Fushouyuan's average grave sales price has dropped by 47.5% year-on-year, marking a substantial decline in revenue [1] - The company reported its first loss since going public in its mid-2025 report, highlighting a drastic shift in financial performance [1] Group 2: Industry Trends - The once lucrative funeral industry, characterized by high profit margins (over 80% at one point), is now facing challenges as both grave and land sales decline [1] - The average price of graves, which previously exceeded 100,000 yuan for less than half a square meter, has significantly decreased, reflecting changing market dynamics [1]

Group 1 - The core viewpoint of the article highlights the significant decline in China's funeral industry despite a rising death rate, with major companies like Fushouyuan reporting substantial losses and a 19.3% drop in total revenue among the top five funeral companies [1][3][30] - Fushouyuan, known as the "first stock of funeral services" in China, 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] - The traditional reliance on high land prices in the funeral industry is failing, leading to a decrease in demand for high-end burial plots as consumers tighten their spending [3][30] Group 2 - Despite challenges in the domestic market, the global funeral services market is projected to exceed $93 billion by 2031, with a compound annual growth rate of over 5% [3][30] - China's contribution to the global funeral supply chain is significant, with approximately 90% of coffins sold in Japan sourced from China, particularly from Caoxian County [4][10] - The coffin production in Caoxian is highly cost-effective, with an export price significantly lower than local Japanese prices, making it a dominant player in the Japanese market [4][10] Group 3 - The tombstone industry in Huian, Fujian, dominates the Japanese market, accounting for 90% of its tombstone exports, with an annual output value exceeding 2 billion yuan [10][11] - The demand for tombstones in Japan has decreased by about 25% over the past decade due to changing consumer preferences and economic conditions [33] - The global pet funeral market is emerging as a new opportunity, with projections indicating a market size of $3.75 billion by 2030, growing at a compound annual growth rate of over 11% [38][40] Group 4 - The article discusses the challenges faced by the Chinese funeral industry in international markets, including cultural barriers and changing consumer preferences in Japan and the U.S. [30][35] - The U.S. funeral market is characterized by a preference for comprehensive service rather than product-based purchasing, making it difficult for foreign manufacturers to penetrate [35][36] - The popularity of ancestor money in overseas markets has surged, particularly among non-Chinese consumers, transforming it into a cultural phenomenon rather than a traditional funeral product [25][27]

Core Insights - The article highlights the top short-selling stocks in the market, indicating significant investor sentiment and potential market movements [1][2][3] Short Selling Ratios - The top three stocks with the highest short-selling ratios are New World Development-R (80016) and Li Ning-R (82331) at 100.00%, followed by AIA Group-R (81299) at 92.90% [1][2] - Other notable stocks include BYD Company-R (81211) at 91.45% and China National Offshore Oil Corporation-R (80883) at 71.40% [2] Short Selling Amounts - Alibaba-SW (09988) leads in short-selling amount with 5.602 billion, followed by Tencent Holdings (00700) at 2.725 billion and Baidu Group-SW (09888) at 2.062 billion [3] - Other significant amounts include Meituan-W (03690) at 1.088 billion and Pop Mart International (09992) at 879 million [3] Deviation Values - Li Ning-R (82331) has the highest deviation value at 35.57%, followed by AIA Group-R (81299) at 28.24% and China National Offshore Oil Corporation-R (80883) at 27.47% [1][3] - Other notable deviation values include BYD Company-R (81211) at 25.22% and New World Development-R (80016) at 24.06% [3]