（於開曼群島註冊成立的有限公司） （股份代號：1448） 董事調任、委任首席發展策略師及董事委員會組成變動 董事調任及委任首席發展策略師 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。 福壽園國際集團有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董事」） 會（「董事會」）謹此宣佈，自二零二六年一月二十七日起： Fu Shou Yuan International Group Limited 福壽園國際集團有限公司 – 1 – 1. 何敏先生（「何先生」）已由獨立非執行董事調任為執行董事，且不再擔任本公司 審核委員會（「審核委員會」）主席及本公司合規委員會（「合規委員會」）成員，但 會繼續擔任本公司提名委員會（「提名委員會」）成員； 2. 鑒於何先生在企業管理、私募股權投資及財務管理方面具有豐富經驗，何先生 亦將獲委任為本公司首席發展策略師；及 3. 談理安先生（「談先生」）已由執行董事調任為非執行董事，並會繼續擔任董事會 副主席（「副主 ...

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12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: 2026年1月2日 I. 法定/註冊股本變動 FF301 II. 已發行股份及/或庫存股份變動 | 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 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 2,319,863,422 | | 0 | | 2,319,863,422 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 2,319,863,422 | | 0 | | 2,319,863,422 | 第 2 頁 共 10 頁 v 1.1.1 FF3 ...

Group 1 - The core point of the article highlights the recognition of Mr. Zhu Qiming, the Secretary of the Board of Directors of Fushouyuan, as the "Outstanding Secretary of the Year" at the annual "Golden Award" by Gelonghui, reflecting the company's commitment to corporate governance and investor relations during the industry transformation period [1][4][8] - The "Golden Award" is a prestigious recognition in the capital market, covering Chinese listed companies across Hong Kong, A-shares, and US markets, with a rigorous evaluation process that combines quantitative data and qualitative assessments [4][5] - The award emphasizes the role of the Secretary of the Board as a key figure in corporate governance, investor relations, and shareholder value transmission, recognizing Mr. Zhu's contributions in these areas throughout 2025 [5][8] Group 2 - Fushouyuan has demonstrated strong operational resilience during the industry adjustment period in 2025, supported by a robust financial structure characterized by "high cash and low debt," allowing the company to maintain a dividend payout of HKD 162 million despite mid-term performance pressures [5][6] - The company has upgraded its governance structure by establishing a co-CEO system, appointing Mr. Jin Lei and Mr. Ma Jianting, which enhances the management team's capabilities in business expansion, digital transformation, and financial control [6][7] - The combination of a solid operational foundation and optimized governance structure provides a strong basis for Mr. Zhu's professional performance, creating a positive cycle of "company strength—secretary professionalism—market trust" [7][8]

Core Viewpoint - The "Golden Award" for annual outstanding companies was announced during the online event "Technology Empowerment · Capital Breakthrough" held by Gelonghui, highlighting the recognition of exemplary corporate governance and investor relations practices in the market [1] Group 1: Awards and Recognition - Fushouyuan (01448.HK) received the "Annual Outstanding Secretary Award," acknowledging its significant contributions in corporate governance, equity management, information disclosure, and investor relations [1] - The "Annual Outstanding Secretary Award" aims to honor listed company secretaries who excel in ensuring compliance, timely information disclosure, and safeguarding shareholders' rights to information [1] - The award reflects the market and investors' high regard for the company's commitment to standardized operations and sustainable value creation for shareholders [1]

Group 1 - The core point of the article highlights the recognition of Mr. Zhu Qiming, the Secretary of the Board of Directors of Fushouyuan, as the "Annual Outstanding Secretary" at the Golden Award by Gelonghui, reflecting the company's strong governance and investor relations during the industry transformation period [1][2][9] - The Golden Award is a prestigious recognition in the capital market, covering Chinese listed companies across Hong Kong, A-shares, and US markets, with a rigorous evaluation system combining quantitative data and qualitative assessments [5][6] - The award emphasizes the role of the Secretary of the Board as a key figure in corporate governance, investor relations, and shareholder value transmission, with Mr. Zhu's award recognizing his contributions in these areas throughout 2025 [6][9] Group 2 - Fushouyuan has demonstrated strong operational resilience during the industry adjustment period in 2025, supported by a solid financial structure characterized by "high cash and low debt," allowing the company to maintain shareholder dividends of HKD 162 million despite mid-term performance pressures [7][8] - The company has upgraded its governance structure by establishing a co-CEO system, appointing Mr. Jin Lei and Mr. Ma Jianting, which enhances the management team's capabilities and promotes a collaborative approach to business, finance, and capital management [7][8] - The combination of Fushouyuan's robust operational fundamentals and optimized governance structure provides a solid foundation for Mr. Zhu's professional performance, creating a positive cycle of company strength, secretary professionalism, and market trust [8]

Core Viewpoint - The "Golden Award" annual excellence company selection by Gelonghui highlights outstanding companies and their secretaries, emphasizing the importance of corporate governance and investor relations in the market [1][2]. Group 1: Award Winners - Eight individuals received the "Annual Excellence Secretary" award, including Wu Shijun from Aier Eye Hospital, Zhu Qiming from Fushouyuan, Zhang Yuxin from Hisense Home Appliances, Liu Xiaodong from Longi Green Energy, Li Liangyu from Robotech, Zhang Wenyu from Tianqi Lithium, Wan Guilong from XJ Electric, and Han Min from WuXi AppTec [1]. - The award recognizes secretaries for their exceptional performance in corporate governance, equity management, information disclosure, and investor relations [1]. Group 2: Evaluation Process - The selection process for the awards involved quantitative data analysis and expert review to determine the final results [1]. - The "Golden Award" aims to create a valuable reference for investors by ranking listed companies and unicorns across various stock exchanges, including the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, New York Stock Exchange, and NASDAQ [2].

Core Viewpoint - The funeral industry in China is transitioning from a "guaranteed profit" era to facing significant challenges, with declining revenues and increasing losses among major companies despite a growing aging population and rising death rates [4][12][30]. Group 1: Industry Overview - Traditionally, the funeral industry was seen as a lucrative business due to the inevitability of death, with high demand for burial services [4]. - The industry is divided into two main segments: "funeral" services (transportation and ceremonies) and "burial" services (grave construction and ash storage), with the latter having a larger market potential [6][7]. - Major companies like Fushouyuan have historically relied on high-end grave sales, with revenue from operational graves accounting for over 60% of total income [8]. Group 2: Financial Performance - Fushouyuan's revenue skyrocketed from 612 million yuan in 2013 to 2.628 billion yuan in 2023, with a peak net profit of nearly 1 billion yuan [10]. - However, in 2024, Fushouyuan's revenue declined, and in the first half of 2025, it reported a 44.5% year-on-year revenue drop and a net loss of 261 million yuan, marking its first loss since going public [12][14]. - Other companies like Wantongyuan and Anxianyuan also reported significant revenue declines and losses, indicating a broader industry downturn [13][15]. Group 3: Market Dynamics - The high prices of graves, which can exceed 1 million yuan per unit, have led to decreased consumer interest, similar to trends seen in the real estate market [16][25]. - The average price of operational graves at Fushouyuan increased from 102,400 yuan in 2017 to 121,200 yuan in 2024, with per square meter prices surpassing those of luxury residential properties [25]. - Consumers are becoming more cautious with spending, leading to a shift away from high-priced graves, as many opt for more economical options like ash storage or ecological burials [26][30]. Group 4: Regulatory Environment - The Chinese government is implementing stricter regulations on the funeral industry to reduce extravagant spending and promote more affordable burial options [30]. - New policies include price caps on various funeral services and a push for ecological burial methods, which are often less expensive and environmentally friendly [31][34]. - For instance, in Shanghai, the maximum charge for grave maintenance is capped at 45 yuan per square meter, and the cost of basic makeup for remains is limited to 150 yuan [32][36]. Group 5: Changing Consumer Attitudes - There is a noticeable shift in consumer attitudes towards funerals, with more individuals opting for eco-friendly burial methods that do not occupy excessive land [38]. - The proportion of ecological burials in cities like Beijing has exceeded 55%, indicating a growing acceptance of alternative burial practices [41]. - As consumers reconsider the value of expensive graves, the industry is likely to continue evolving towards more sustainable and cost-effective solutions [42].

Core Insights - The article discusses the peak of the winter solstice tomb-sweeping activities in Shanghai, noting an increase in traffic flow compared to the previous year [4][5]. Group 1: Traffic and Visitor Statistics - The traffic flow to the cemetery was generally smooth and orderly, with no severe congestion reported, unlike the previous year's Qingming festival [4][5]. - As of 9 AM, the total number of visitors to the Binhai Ancient Garden reached 14,480, with 2,898 vehicles, showing an increase from 13,572 visitors and 2,709 vehicles during the same period last year [5]. - Other cemeteries, such as Fushou Garden and Yongfu Garden, also reported increases in visitor numbers, with Fushou Garden seeing a nearly 10% rise compared to last year [5]. Group 2: Visitor Management and Trends - The early morning hours saw a long queue of vehicles at Qingpu Fushou Garden, with the peak visitor flow occurring at 9 AM, and an expectation of over 30,000 visitors and 8,000 vehicles for the day [5]. - Efforts to promote staggered tomb-sweeping have led to a decrease in visitors at some cemeteries on the actual winter solstice, as many citizens opted to visit earlier in the week [5].

Core Viewpoint - The funeral industry in China, once perceived as a lucrative business, is facing significant challenges, including declining sales and profitability, despite an increasing death rate due to aging population trends [1][2][10]. Group 1: Industry Overview - The funeral industry is divided into two main segments: "funeral" services, which include transportation and ceremonies, and "burial" services, which involve the placement of remains, with the latter having a larger market potential [3][4]. - The largest publicly listed funeral company in China, Fushouyuan, primarily generates revenue from selling mid to high-end burial plots, with over 60% of its income coming from operational burial plots by mid-2025 [2][4]. Group 2: Financial Performance - Fushouyuan's revenue skyrocketed from 612 million yuan in 2013 to 2.628 billion yuan in 2023, with net profits reaching nearly 1 billion yuan in the same year [5]. - However, in 2024, Fushouyuan experienced a revenue decline, with a 44.5% drop in the first half of 2025, resulting in a net loss of 261 million yuan, marking its first loss since going public [7][9]. Group 3: Market Dynamics - The high prices of burial plots, which can exceed 760,000 yuan per square meter, have led to decreased consumer interest, similar to trends seen in the real estate market [10][14]. - The average burial cost in China is approximately 35,140 yuan, making it one of the highest globally, which has historically led consumers to spend significantly on funerals [8][10]. Group 4: Supply and Demand Issues - There is a scarcity of burial resources in China, with only 1,443 operational cemeteries nationwide, leading to a situation where demand exceeds supply [13]. - Fushouyuan's burial plot prices have increased significantly, but the market is now seeing a shift as consumers become more cautious with spending, leading to a decline in high-end plot sales [17][18]. Group 5: Regulatory Environment - Recent government regulations aim to standardize funeral services and reduce excessive spending on funerals, promoting more affordable and eco-friendly burial options [19][22]. - By 2025, new regulations will establish a basic public service system for funeral services, limiting pricing and promoting ecological burial methods, which could further impact traditional funeral businesses [19][23].

Core Viewpoint - Fushouyuan International Group has announced a change in leadership by establishing a "Co-CEO" system to enhance operational efficiency, appointing Jin Lei and Ma Jianting as Co-CEOs [1][2] Group 1: Leadership Structure - The new management structure involves Jin Lei focusing on business operations, market expansion, strategic planning, investment development, process management, risk control, and digital transformation [1] - Ma Jianting will oversee financial and capital management, supply chain management, public welfare affairs, and brand building [1] - Both Co-CEOs will jointly manage human resources and daily operations, aiming to meet the comprehensive requirements of "stabilizing operations, strengthening compliance, emphasizing recovery, and promoting transformation" [1] Group 2: Strategic Value - The Co-CEO system has been successfully implemented in various listed companies, demonstrating its strategic value in ensuring coherent and consistent execution of strategies, especially during industry transformations and uncertain external environments [2] - The dual leadership structure allows for professional complementarity and collaborative decision-making, fostering an efficient and scientific governance framework [2] Group 3: Focus on Specialization - Clear division of responsibilities enables managers to concentrate on their areas of expertise, promoting specialized and refined development in business operations and capital management, thereby enhancing the overall core competitiveness of the organization [2] - The Co-CEO system encourages a positive internal interaction mechanism, stimulating the management team's innovative vitality and providing intrinsic motivation for continuous organizational effectiveness [2] Group 4: Industry Context - This personnel adjustment and governance reform reflect Fushouyuan's proactive adaptation to industry changes, positioning the company for future challenges [2] - Both Co-CEOs, Jin Lei and Ma Jianting, bring over 20 years of industry experience and management expertise to their new roles [2]