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，周立杰女士（「周女士」）因彼之工作安排，已提呈辭任本公 司非執行董事，自二零二六年二月十三日起生效。 周女士已確認彼與董事會並無意見分歧，且亦無與彼辭任非執行董事有關的事項須 敦請本公司股東或香港聯合交易所有限公司垂注。 董事會僅此衷心感謝周女士於任期內為本公司作出的寶貴貢獻。 承董事會命 福壽園國際集團有限公司 Fu Shou Yuan International Group Limited 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） 非執行董事辭任 主席兼執行董事 白曉江 香港，二零二六年二月十三日 於本公告日期，執行董事為白曉江先生、王計生先生及何敏先生；非執行董事為 談理安先生、陸鶴生先生及Huang James Chih-Cheng先生；以及獨立非 ...

Core Viewpoint - The investment logic surrounding Fushouyuan has reversed, revealing its true nature as a real estate business rather than a high-margin service provider, leading to significant declines in performance and market valuation [4][30][49]. Financial Performance - Fushouyuan's total revenue peaked at 26.28 billion RMB in 2023 but dropped to 20.77 billion RMB in 2024, with a further decline to 6.11 billion RMB in the first half of 2025, reflecting a year-on-year decrease of 44.47% [6][31]. - The company reported a net loss of 2.61 billion RMB in 2025, following a profit of 3.73 billion RMB in 2024, indicating a drastic shift in financial health [5][30]. - The market capitalization fell from a high of 187 billion RMB to 59 billion RMB, with stock prices returning to levels not seen in a decade [7][30]. Revenue Composition - The revenue structure shows that cemetery services account for 80% of total income, with burial services being the primary contributor [10][34]. - In 2024, cemetery sales generated 15.35 billion RMB, representing 74% of total revenue, highlighting the dominance of this segment [37][38]. Market Dynamics - The company operates in a highly regulated environment, with new policies limiting the pricing and expansion of private burial services, which has directly impacted revenue [20][44]. - The average price of burial plots has decreased significantly, from approximately 12 million RMB in 2024 to 6.4 million RMB in the first half of 2025, reflecting changing consumer behavior and regulatory pressures [22][46]. Business Model Analysis - Fushouyuan's business model is fundamentally real estate-based, with a high correlation to property market trends, similar to traditional real estate companies [9][49]. - The company has historically relied on acquiring land through various means, including government allocations and mergers, but faces challenges due to stricter regulations [40][42]. Future Outlook - Despite the current challenges, Fushouyuan has a significant cash reserve of 16.49 billion RMB and low debt levels, which may provide some resilience [49][50]. - The company is attempting to pivot towards becoming a provider of funeral and life technology services, although the effectiveness of this strategy remains uncertain [49].

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: 2026年1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2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 - Fushouyuan (01448) announced a significant management reshuffle, effective January 27, 2026, involving key personnel changes within the board of directors [1] Group 1: Management Changes - Mr. He Min has been appointed as an Executive Director and will no longer serve as the Chairman of the Audit Committee and a member of the Compliance Committee, but will continue as a member of the Nomination Committee [1] - Mr. He Min, who has extensive experience in corporate management, private equity investment, and financial management, will also be appointed as the Chief Development Strategist of the company [1] - Mr. Tan Li'an has transitioned from Executive Director to Non-Executive Director while continuing to serve as Vice Chairman of the Board and a member of the Remuneration Committee [1]

Core Viewpoint - The company announced a significant change in its board structure, with Mr. He Min transitioning from an independent non-executive director to an executive director and being appointed as the Chief Development Strategist, while Mr. Tan Li'an moves from an executive director to a non-executive director, continuing as Vice Chairman [1] Group 1 - Mr. He Min will no longer serve as the Chairman of the Audit Committee and a member of the Compliance Committee but will remain a member of the Nomination Committee [1] - Mr. He Min has extensive experience in corporate management, private equity investment, and financial management, which will benefit his new role [1] - Mr. Tan Li'an will continue to serve as Vice Chairman and a member of the Compensation Committee after his transition to a non-executive director [1]

Group 1 - The core announcement is about the changes in the board of directors at Fushouyuan (01448.HK) effective from January 27, 2026 [1] - He Min has been promoted from Independent Non-Executive Director to Executive Director and will no longer serve as the Chairman of the Audit Committee and a member of the Compliance Committee, but will continue as a member of the Nomination Committee [1] - He Min, with extensive experience in corporate management, private equity investment, and financial management, will also be appointed as the Chief Development Strategist of the company [1] - Tang Lian'an has been transitioned from Executive Director to Non-Executive Director and will continue to serve as Vice Chairman of the Board and a member of the Compensation Committee [1]

Fu Shou Yuan International Group Limited 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） 董事名單與其角色及職能 福壽園國際集團有限公司董事（「董事」）會（「董事會」）成員載列如下： 執行董事： 白曉江先生 （主席） 王計生先生 何敏先生 M 指有關董事委員會的成員 香港，二零二六年一月二十七日 獨立非執行董事： 梁艷君女士 陳欣先生 石曉北先生 陳貴先生 伍超豪先生 – 1 – 董事會設有四個委員會，下表提供各董事會成員擔任有關委員會成員的資料。 | 董事 | 審核委員會 | 薪酬委員會 | 提名委員會 | 合規委員會 | | --- | --- | --- | --- | --- | | 白曉江先生 | | | C | | | 王計生先生 | | | M | | | 何敏先生 | | | M | | | 談理安先生 | | M | | | | Huang James Chih-Cheng | 先生 M | | | | | 梁艷君女士 | | M | M | C | | 陳欣先生 | M | | | | | 石曉北先生 | | C | ...

（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]