2024年，中国的死亡人数比新生人口多了139万，每天平均有近3万人离世，国内的殡葬行业也因此长期被视为永不衰退的"永恒生意"，然而如今，这一行业 正经历一场前所未有的分化。 8月末，国内"殡葬第一股"、有"殡葬茅台"之称的福寿园发布的上半年财报显示，去年同期近3亿的归母净利转为巨亏2.61亿，创下自2013年上市以来的首次 亏损纪录。与此同时，安贤园、万桐园等"坟地产"企业同样业绩下滑，五大殡葬公司总营收同比骤降19.3%。 图源：福寿园2025上半年盈利预 警。其中提到利润下降主因之一为"客户谨慎消费" 死亡在中华传统文化中总是一个让人讳莫如深的话题，与之相关的棺材、墓碑、冥币纸扎等殡葬产品在国内也难以形成商业化的市场规模，而如今依赖土地 暴利的模式更是彻底失灵，高端墓地滞销，老百姓捂紧钱包，生死事再大也难逃消费降级的侵袭。 死亡人数逐年上升，行业盈利却不断萎缩，就在国内殡葬股一片惨淡之际，海外市场却呈现出另一番景象。 King's Research数据显示，全球殡葬服务规模预计在2031年突破930亿美元，年复合增长率超过5%。在这条火热的"死亡供应链"里，中国贡献卓著： 有数据统计，日本市场销售的棺材 ...

但2025年中期报告，彻底改写了剧本：这家企业上市以来首次出现亏损 ，平均墓穴销售单价同比暴跌 47.5%。（凤凰网财经） 转自：贝壳财经 【#福寿园墓穴平均售价腰斩至6.34万#，#殡葬暴利时代或已落幕#】都说，人生除了"生死"都是小事。 但是，就是这样一门关于"终点站"的生意，也踩了"急刹车"。阳宅售价遇冷，阴宅也不太好卖了。回望 福寿园的黄金时代：不足半平米的墓穴，均价超10万；土地成本仅190元/平方米，毛利率却一度飙升至 80%以上——堪称殡葬业的"印钞机"。 ...

2024年，中国的死亡人数比新生人口多了139万，每天平均有近3万人离世，国内的殡葬行业也因此长期被视为永不衰退的"永恒生意"，然而如今，这一行业 正经历一场前所未有的分化。 8月末，国内"殡葬第一股"、有"殡葬茅台"之称的福寿园发布的上半年财报显示，去年同期近3亿的归母净利转为巨亏2.61亿，创下自2013年上市以来的首次 亏损纪录。与此同时，安贤园、万桐园等"坟地产"企业同样业绩下滑，五大殡葬公司总营收同比骤降19.3%。 图源：福寿园2025上半年盈利预警。其中提到利润下降主因之一为"客户谨慎消费" 死亡在中华传统文化中总是一个让人讳莫如深的话题，与之相关的棺材、墓碑、冥币纸扎等殡葬产品在国内也难以形成商业化的市场规模，而如今依赖土地 暴利的模式更是彻底失灵，高端墓地滞销，老百姓捂紧钱包，生死事再大也难逃消费降级的侵袭。 死亡人数逐年上升，行业盈利却不断萎缩，就在国内殡葬股一片惨淡之际，海外市场却呈现出另一番景象。 King's Research数据显示，全球殡葬服务规模预计在2031年突破930亿美元，年复合增长率超过5%。在这条火热的"死亡供应链"里，中国贡献卓著： 有数据统计，日本市场销售的棺材有 ...

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]

Core Viewpoint - The interim report for 2025 from Fushouyuan (01448) reveals a strategic decision to clear "one-time" factors, which, while causing short-term performance fluctuations, is aimed at long-term high-quality development [1][7]. Financial Performance - Fushouyuan reported a revenue of 611 million yuan, with cemetery services contributing 477 million yuan, accounting for approximately 78.1% of total revenue [2]. - The company recorded a net profit attributable to shareholders of 198 million yuan after deducting non-recurring items, maintaining a strong performance within the industry [2][3]. - Despite the impact of goodwill impairment, the company's cash flow remains healthy, with cash reserves amounting to 2.32 billion yuan [3]. Dividend Policy - Fushouyuan plans to distribute an interim dividend of 0.07 HKD per share, with a payout ratio of 75.5% after excluding non-recurring items, reflecting the company's commitment to shareholder returns [3]. Strategic Focus - The company is focusing on three key dimensions: branding, technology, and cultural innovation, to enhance its core competitiveness in a challenging economic environment [4][6]. - Fushouyuan has made significant strides in brand building, winning awards and increasing brand value to 2.916 billion USD, ranking 380th globally [5]. Digital Transformation - The company is advancing its digital transformation by developing a digital life service system that integrates cutting-edge technology into its operations [6]. - As of August, the number of registered users on "Fushouyuan Service Online" has significantly increased, indicating a growing trend towards online consumption [6]. Cultural Innovation - Fushouyuan is actively promoting cultural heritage and history through various media, enhancing its cultural influence and societal connections [6]. Conclusion - The interim report indicates that while Fushouyuan faces short-term performance challenges due to goodwill impairment, its strategic focus on branding, technology, and cultural innovation positions it well for future growth [7].

Core Viewpoint - Fushouyuan, a leading funeral service company listed in Hong Kong, reported its first loss in 12 years, with revenue dropping to 611 million yuan, a 44.5% year-on-year decline, and a net loss of 261 million yuan compared to a profit of nearly 300 million yuan in the same period last year [2][3] Revenue Summary - Fushouyuan's main business segments, including cemetery services and funeral services, experienced varying degrees of decline, with total revenue falling from 1.1 billion yuan to 611 million yuan [3] - Cemetery service revenue, which constitutes the largest portion of total revenue, decreased from 906 million yuan to 477 million yuan, while funeral service revenue dropped from 184 million yuan to 122 million yuan [3] Price and Sales Volume Analysis - The significant decline in cemetery service revenue was primarily due to the average price of individual burial plots being halved, with the average price dropping from approximately 120,000 yuan to about 63,000 yuan, a decrease of 47.5% [3] - The number of burial plots sold in the first half of 2025 was 6,253, a year-on-year decrease of 6.7%, indicating that while sales volume did not collapse, the price drop significantly impacted revenue [3] Regional Revenue Decline - Fushouyuan's revenue declined across multiple provinces, with the Shanghai region, which contributes nearly half of the company's total revenue, experiencing a sharp drop from 526 million yuan to 241 million yuan, a reduction of 285 million yuan [4][5] Regulatory Impact - Market rumors suggest that the decline in revenue is linked to price caps on burial plots in Shanghai, with a maximum price set at 160,000 yuan. However, the Shanghai Civil Affairs Bureau denied the existence of such a price cap, stating that pricing should reflect operational realities and sales strategies [6] - Recent regulations emphasize the need for cemetery services to reflect social welfare, with guidelines aimed at preventing excessive pricing and promoting land-saving practices in the funeral industry [6] Asset Impairment - Fushouyuan also reported over 200 million yuan in asset impairment, primarily related to goodwill and other long-term assets from four cemetery projects, due to the overall macroeconomic environment and the impact of value-added tax on sales revenue [7]

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8月31日 狀態: 新提交 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9月2日 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 | 本月底法定/註冊股本總額： USD 2 ...

Core Viewpoint - The article highlights the significant decline in the financial performance of Fushouyuan, the first publicly listed funeral service company in China, with a notable drop in revenue and a shift from profit to loss, raising concerns about the sustainability of its business model in the current economic environment [2][9]. Group 1: Financial Performance - Fushouyuan reported a revenue drop of 50% to 610 million yuan, with a loss of 230 million yuan in the first half of 2025, marking its first loss since its listing in 2013 [2][3]. - The company's main revenue source, cemetery services, saw a drastic decline from 910 million yuan to 480 million yuan, returning to levels seen a decade ago [6][9]. - The average sales price of graves fell by 47.5% to 57,000 yuan, a significant deviation from the historical trend of steady price increases [6][9]. Group 2: Market Dynamics - Despite the decline in Fushouyuan's performance, key indicators for the funeral industry remain stable, including urbanization rates, an aging population, and a high cremation rate [2][3]. - The company attributes its revenue decline to cautious consumer behavior and adjustments in its product offerings, which have led to a decrease in both the number of customers and the average revenue per customer [7][9]. Group 3: Operational Challenges - Fushouyuan faced two significant expenses: a 218 million yuan impairment loss on cemetery assets and goodwill, and a 220 million yuan increase in general operating expenses, which rose by over 194% [9][10]. - The company's profit margin for cemetery services plummeted from 54.4% to -44.9%, indicating severe operational challenges [9]. Group 4: Regulatory Environment - Recent regulatory changes, including the introduction of a public service system for funeral services and strict land use regulations, have impacted the pricing and availability of cemetery plots [10][11]. - The company is also exploring new service offerings, such as pre-paid funeral contracts, to diversify its revenue streams and mitigate the impact of declining cemetery sales [11].

Core Viewpoint - Fushouyuan, known as the "first stock in the funeral industry," reported a significant mid-year loss of 230 million yuan, marking its first loss since its listing in 2013, despite stable demand indicators in the funeral industry [1] Group 1: Financial Performance - Revenue decreased by 50% to 610 million yuan, with a profit drop of 145% compared to over 500 million yuan in the same period last year [1] - The main revenue source, cemetery services, saw income drop from 910 million yuan to 480 million yuan, returning to levels seen a decade ago [2] - The average sales price of graves fell by 47.5% to 57,000 yuan, with sales volume decreasing by 451 units to 6,253 [2][4] Group 2: Business Operations - The decline in cemetery service revenue is attributed to a downturn in operational cemetery sales, which dropped significantly [2] - Funeral service revenue decreased by 34% to 120 million yuan, with a 25% drop in customer numbers to 26,000 [3] - The company operates in 17 provinces, with significant revenue declines in key regions, particularly Shanghai, where income fell by over 54% [3] Group 3: Expenses and Impairments - The company recorded a rare impairment loss of 218 million yuan on cemetery assets and goodwill due to changes in business conditions [4] - General operating expenses increased by 194% to 220 million yuan, primarily due to rising maintenance and tax costs [4][5] - The profit margin for cemetery services plummeted from 54.4% to -44.9%, indicating a severe impact on profitability [5] Group 4: Regulatory Environment and Market Trends - New regulations from the Ministry of Civil Affairs aim to establish a basic public funeral service system and impose strict land use limits, affecting the pricing of cemetery services [5][6] - In response to public sentiment regarding high cemetery prices, local governments have implemented price caps and size restrictions on graves [6] - Fushouyuan is exploring service diversification, including pre-paid funeral contracts, which could stabilize future revenues despite current market volatility [6]

Core Viewpoint - The company Fushouyuan (1448.HK) reported a significant decline in revenue and incurred its first loss since its listing in 2012, attributing this to macroeconomic conditions and cautious consumer spending [2][3]. Revenue Performance - Fushouyuan's total revenue for the first half of 2022 was 610.9 million yuan, a year-on-year decrease of 44.5% [2]. - The company recorded a loss attributable to owners of 261.4 million yuan, a reduction of 560.2 million yuan compared to the same period last year [2]. - Revenue from cemetery services and funeral services was 477 million yuan and 122 million yuan, respectively, representing declines of 47% and 34% year-on-year [3]. Sales and Pricing - The average selling price of operational burial plots fell to 63,400 yuan, nearly halving from 120,600 yuan in the previous year [4]. - The number of operational burial plots sold decreased by 6.7% to 6,253 units, with revenue from this segment dropping by 51% to 396 million yuan [4]. - The company has adjusted its pricing strategy to respond to varying economic conditions and consumer behaviors across different regions [4]. Profitability and Cost Management - The operating profit margin for cemetery services plummeted from 54.4% to -44.9%, primarily due to declining revenues and increased tax costs [3]. - Fushouyuan has implemented cost-cutting measures, including a reduction in workforce from 2,401 to 1,998 employees, resulting in a 30% decrease in employee costs [6]. Technological Initiatives - The company is focusing on digital transformation and AI integration to enhance service offerings, although these initiatives have not yet generated quantifiable revenue [5][6]. - Fushouyuan has developed a digital life service system that includes features like AI memorial services, but the associated costs have led to losses in this segment [5]. Industry Context - Other listed companies in the funeral services sector, such as Anxianyuan China (0922.HK) and China Wantongyuan (6966.HK), are also experiencing revenue declines, indicating a broader trend in the industry [7].