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].

Core Viewpoint - Fushouyuan (1448.HK) reported a significant decline in revenue and incurred its first loss since its listing in 2012, attributing the downturn to macroeconomic conditions and cautious consumer spending [1][2][3] Revenue Performance - The company achieved revenue of 610.9 million yuan, a year-on-year decrease of 44.5% [1] - The loss attributable to owners was 261.4 million yuan, a reduction of 560.2 million yuan compared to the same period last year [1] - The average selling price of operational graves fell to 63,400 yuan, nearly halving from the previous year's 120,600 yuan [4] Business Segments - Revenue from cemetery services and funeral services was 477 million yuan and 122 million yuan, respectively, down 47% and 34% year-on-year [3] - In Shanghai, a key operational area, revenue plummeted from 526 million yuan to 241 million yuan, a decline of over 50% [3] Cost and Profitability - The operating profit margin for cemetery services dropped from 54.4% to -44.9%, primarily due to decreased revenue and increased tax costs [3] - The company made a goodwill and asset impairment provision of 218 million yuan, further impacting overall profitability [3] Digital Transformation Efforts - Fushouyuan is focusing on digital transformation and enhancing service experiences through AI technologies, including personalized memorial services [8][9] - The company has developed a digital life service system since 2022, which includes features like AI memorial services [10] Workforce Management - The company reduced its workforce from 2,401 to 1,998 employees, resulting in a cost reduction of 75.3 million yuan, a decrease of 30% year-on-year [13] Industry Context - Other listed companies in the funeral service sector, such as Anxian Garden China (0922.HK) and China Wantong Garden (6966.HK), also reported revenue declines, indicating a broader trend in the industry [14]

Core Viewpoint - The funeral industry in China is undergoing a modernization and technological transformation, with Fushouyuan (01448.HK) experiencing a temporary decline in profits while maintaining a strong market position and strategic focus on long-term growth [1] Financial Resilience - Fushouyuan reported a net loss of 261 million RMB in the first half of 2025, but its core business remains resilient with a net profit of 198 million RMB after adjustments, showcasing strong operational capabilities [2][4] - The company’s revenue for the first half of 2025 was 611 million RMB, reflecting a decline, but the decrease in average price for operational graves by 47.5% was a strategic choice to capture market share [3][4] - Cash reserves reached 2.32 billion RMB, providing a solid financial cushion for operations and strategic investments, with a debt ratio of only 0.6% [5][6] Strategic Depth - Fushouyuan is focusing on three core strategies: branding, technology, and cultural innovation, to build long-term competitive advantages [7] - The company is actively breaking the "niche" perception of the funeral industry through public branding efforts and cross-industry collaborations [8] - Fushouyuan has embraced digital transformation, creating a comprehensive digital service system that enhances customer experience and operational efficiency [10][11] Value Reassessment - Fushouyuan has achieved top-tier ESG ratings, enhancing its brand reputation and aligning with long-term industry growth driven by demographic changes and regulatory improvements [14][15] - The company is positioned to benefit from the ongoing transformation of the funeral industry, with a projected market size exceeding 160 billion RMB by 2025 [17][18] - Fushouyuan's strategic focus on compliance and service quality positions it favorably in a market that is expected to consolidate around compliant and capable players [18]

Core Viewpoint - Fushouyuan (01448) reported a mid-year revenue of 611 million RMB for 2025 and proposed an interim dividend of 0.07 HKD per share, highlighting its commitment to social responsibility and brand development [1] Group 1: Financial Performance - The company achieved a revenue of 611 million RMB for the mid-year of 2025 [1] - An interim dividend of 0.07 HKD per share is proposed [1] Group 2: Brand and Social Responsibility - Fushouyuan was awarded the "Annual Responsible Brand Award" at the 14th Public Welfare Festival, alongside well-known brands like Mengniu and Ping An Leasing, showcasing its commitment to corporate social responsibility [1] - The company ranked 380th in the "2024 World Innovation Brand 500" list at the Davos World Brand Summit, with a brand value of 2.916 billion USD and a brand index of 492.45 [1] - The company has been recognized as a "National Civilized Unit" for three consecutive years, reflecting its ongoing efforts in industry civilization and social responsibility [1] - Fushouyuan's original short video series won an award at the 15th Beijing International Film Festival, enhancing its brand culture and public awareness of the value of life [1] Group 3: ESG and Digital Transformation - Fushouyuan achieved a significant upgrade in its ESG rating from AA to AAA, positioning itself as a new benchmark for sustainable development in the Asia-Pacific region [2] - The company is now among the top 1% of MSCI China investable market index constituents and has maintained an A+ rating in the Hang Seng Sustainable Development Benchmark Index for four consecutive years [2] - Fushouyuan has developed a digital life service system since 2022, incorporating features like digital memorial halls and AI remembrance, aiming to enhance service quality and embrace modern technology [2] Group 4: Community Engagement and Philanthropy - The company actively participates in life education and public welfare initiatives, supporting the "2025 National Organ Donation Remembrance Activity" and collaborating on a performance to promote life education [3] - Fushouyuan engages in various philanthropic projects, including poverty alleviation and support for the elderly, demonstrating its commitment to social welfare [3]

EF001 發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 其他信息 不適用 發行人董事 於本公告日期，執行董事為白曉江先生、談理安先生及王計生先生；非執行董事為陸鶴生先生、Huang James Chih-Cheng先生及 周立杰女士；及獨立非執行董事為羅祝平先生、何敏先生、梁艷君女士及陳欣先生。 第 2 頁 共 2 頁 v 1.1.1 EF001 免責聲明 | 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，概不對因 | | | --- | --- | | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 福壽園國際集團有限公司 | | 股份代號 | 01448 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 2025年6月30日止六個月中期股息 | | 公告日期 | 2025年8月29日 | | 公告狀態 | 新公告 | | 股息信息 | | ...