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。 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） (1)委任獨立非執行董事 及 (2)董事委員會組成變動 – 1 – 國之公司麥格理投資顧問（北京）有限公司之董事長以及董事總經理。於二零一二年 至二零一七年，石先生於中信產業投資基金管理有限公司擔任跨境投資執行董事及 董事總經理。於二零一五年五月至二零二二年五月，石先生先後任北控清潔能源集 團有限公司（一家聯交所主板上市公司，股份代號：1250，後更名為山高新能源集 團有限公司）之執行董事、行政總裁及薪酬委員會成員。於二零一七年至二零二二 年，石先生於香港之中信產業投資基金管理有限公司擔任董事總經理及投資委員會 委員。彼於香港及中國內地銀行及投資服務領域擁有20餘年經驗。 於本公告日期，石先生概無於本公司股份中擁有香港法例第571章證券及期貨 ...

Core Viewpoint - The report titled "2026-2032 China Cemetery Industry Development Outlook and Investment Strategy Research Report" provides a comprehensive analysis of the cemetery industry in China, focusing on market trends, competitive landscape, and investment opportunities [1][23]. Industry Overview - The cemetery industry serves as a dedicated space for the burial of deceased individuals, combining funeral functions with cultural significance, and typically includes facilities such as tombstones and memorial areas [6][8]. - The industry chain consists of upstream raw material supply, midstream construction and operation, and downstream related services, all of which are evolving towards greener, smarter, and more personalized offerings [8][9]. Market Environment and Impact Analysis - The Chinese funeral service market is projected to exceed 360 billion yuan in 2024, driven by an aging population and an increase in burial demand, with the population aged 60 and above reaching 310 million and an estimated 10.93 million deaths in 2024, a 10% increase from four years ago [2][13]. - Policy-driven green transformation and changing consumer attitudes are reshaping the market landscape [2][13]. International Cemetery Industry Analysis - The global cemetery industry is dominated by leading companies like SCI, which operates over 400 cemeteries worldwide, leveraging scale advantages [2][16]. - The domestic market is categorized into three tiers: the first tier led by Fushouyuan, the second tier comprising listed companies like Fucheng Co., and the third tier consisting of local state-owned and small private cemeteries [2][16]. Competitive Landscape - The competitive structure of the cemetery industry reveals that international players hold significant market share, while domestic companies are expanding through mergers and acquisitions, digital services, and regional focus [16][23]. - Key players include Fushouyuan International Group, which has expanded into over 40 cities, and Fucheng Co., which focuses on regional acquisitions [16][18]. Investment Strategy and Recommendations - The report emphasizes the importance of understanding the latest industry dynamics and competitive landscape to formulate effective investment strategies and enhance operational efficiency [23][41]. - It provides strategic recommendations for industry development, investment directions, and operational strategies tailored to the evolving market conditions [41].

Core Conclusions - The market is expected to refocus on investment opportunities in smart vehicles in Q4, driven by the ongoing AI trend and the advancement of L4 capabilities in autonomous vehicles like Robotaxi [2][3] - Key catalysts for smart vehicle development in Q4 include Tesla's V14 release, XPeng's 2026 Robotaxi production plan, and the introduction of new autonomous vehicles by various companies [2] - The report anticipates a significant acceleration in the entry of core players into the L4 market by 2026, marking a pivotal year for Robotaxi [2] Comparison with Last Year - Similarities with last year's Q4 include the spread of AI applications, but this year emphasizes the evolution of AI logic rather than a resonance with automotive logic [3] - The focus has shifted from hardware opportunities and consumer sales to software opportunities and breakthroughs in B2B applications [3] Investment Recommendations - The report suggests a preference for Hong Kong stocks over A-shares, with a focus on software over hardware and B2B over B2C [6] - Recommended investment combinations include XPeng Motors, Horizon Robotics, and Cao Cao Mobility [6] - Key targets from the perspective of Robotaxi include integrated models (Tesla, XPeng, Qianli Technology) and technology providers (Horizon Robotics, Baidu, Pony.ai) [6] Smart Vehicle Market Overview - The report highlights the improvement in autonomous driving capabilities among various automakers, with XPeng, Huawei, and Li Auto leading the first tier [7] - The penetration rate of smart driving in urban areas reached 23.0% in August, with XPeng's smart driving penetration hitting 76.1% [7] - The report notes a significant increase in the sales of smart vehicles, with a projected growth in the Robotaxi market from 0-30% penetration by 2030 [15] Future Outlook - The core task for automotive intelligence from 2025 to 2027 is to achieve a penetration rate of 50%-80% for new energy vehicles [15] - By 2028-2030, Robotaxi is expected to achieve large-scale commercialization, marking a significant breakthrough in the automotive industry [15] Smart Vehicle Supply Chain Tracking - The report provides a detailed analysis of the smart vehicle supply chain, including hardware components (sensors, chips) and software solutions [10] - Key companies in the hardware segment include Sunny Optical, Nvidia, and Desay SV [10] - In the software segment, notable companies include WeRide, Momenta, and Pony.ai [10] Consumer Willingness to Pay - The report discusses consumer willingness to pay for smart features, indicating a growing acceptance of smart driving technologies [13] - The analysis includes projections for the domestic market size of Robotaxi, estimating significant growth in sales and market penetration [14]

公司名稱: 福壽園國際集團有限公司 呈交日期: 2025年11月3日 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10月31日 狀態: 新提交 致：香港交易及結算所有限公司 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 | | ...

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]

Core Viewpoint - The recent "Autumn Charity Eco-Burial" event at Liaoning Guanyin Mountain Fushou Garden successfully combined innovative memorial methods with ecological burial practices, creating a warm emotional space for supporters of eco-burials [1][5]. Group 1: Event Highlights - The event commenced with soothing music and included a ceremony where the deputy general manager of Liaoning Guanyin Mountain Fushou Garden presented "Public Welfare Practitioner" certificates to family representatives, honoring their support for green funerals [3]. - The memorial segment featured rituals such as "fragrant offerings" and "tea offerings," conveying deep respect for the deceased [3]. - Innovative forms like "digital memorials" and "cloud-based remembrance" were utilized, leveraging technology to provide families with unique emotional comfort [3]. Group 2: Future Directions - The charity eco-burial event integrated ecological concepts, humanistic care, and modern technology, offering families a platform for emotional support while promoting a new trend in green funerals [5]. - A representative from Liaoning Guanyin Mountain Fushou Garden indicated that the organization will continue to explore new paths in funeral services, aiming to return life to nature in a more meaningful way and contribute to ecological civilization [5].

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 ...

Financial Performance - For the six months ending June 30, 2025, the company recorded revenue of RMB 610.9 million, with a loss attributable to shareholders of RMB 261.4 million[13]. - Total revenue for the period reached RMB 610.9 million, a decrease of approximately 44.5% compared to the same period last year[43]. - Revenue decreased by RMB 489.1 million or 44.5%, from RMB 1,100.0 million in the same period last year to RMB 610.9 million[44]. - Cemetery services accounted for 78.1% of total revenue, generating RMB 477.4 million, down from RMB 906.1 million or 82.4% in the previous year[44]. - The company reported a segment loss of RMB 229,249,000 for the six months ended June 30, 2025, compared to a profit of RMB 512,237,000 in the same period of 2024[142]. - The company reported a net loss attributable to owners of RMB 5,920,055 thousand for the year ended December 31, 2023, compared to a loss of RMB 263,873 thousand for the year ended December 31, 2024[129]. - The company incurred a loss before tax of RMB 232,370 thousand for the six months ended June 30, 2025, compared to a profit of RMB 542,737 thousand for the same period in 2024[132]. - The total comprehensive loss for the six months ended June 30, 2025, was RMB 264,287,000, compared to total comprehensive income of RMB 363,135,000 for the same period in 2024[123]. Dividend and Shareholder Returns - The board proposed an interim dividend of HKD 0.07 per share, reflecting the company's stable and sustainable dividend policy[13]. - The interim dividend declared for the six months ended June 30, 2025, is HKD 0.07 per share, an increase from HKD 0.0638 per share in the same period of 2024[113]. - The company paid dividends of RMB 600,133 thousand during the reporting period[129]. Corporate Social Responsibility and Recognition - The company was recognized as a "Responsible Brand of the Year" at the 14th Public Welfare Festival, highlighting its commitment to corporate social responsibility[14]. - The company actively participates in public welfare projects, including support for organ donation awareness activities, demonstrating its social responsibility[17]. - The company has received recognition for its contributions to public welfare and brand development, including awards for responsibility and excellence in media[42]. Market and Industry Trends - The urbanization rate in China is projected to reach 67.0% by the end of 2024, an increase of 0.84 percentage points from 2023, with over 10 million rural residents moving to urban areas annually[23]. - By the end of 2024, the population aged 60 and above is expected to reach 310.31 million, accounting for 22.0% of the total population, an increase of 1,334 million from 2023[23]. - The cremation rate in China reached 58.8% in 2021, with 5.966 million bodies cremated, indicating a growing demand for funeral services[23]. Technological Innovation and Digital Transformation - The company has developed a digital life service system, incorporating features like digital memorial halls and AI remembrance, enhancing service quality[16]. - In April 2024, the company launched innovative services including life aesthetics products and virtual community plans, promoting digital transformation in the funeral industry[16]. - The company is actively promoting the integration of technology and digital transformation in funeral services to enhance service quality and customer experience[30]. - The company aims to transform from a funeral service provider to a life technology service provider, focusing on high-quality life services and technological memorial services[96]. Operational Efficiency and Cost Management - Operating expenses increased by RMB 252.3 million or 42.9%, primarily due to asset impairment and bad debt provisions totaling RMB 206.0 million[62]. - Employee costs decreased by RMB 75.3 million or 29.5%, attributed to a decline in sales revenue from cemetery and funeral services[62]. - Material and supply consumption decreased by approximately RMB 22.1 million or 28.6%, mainly due to a reduction in sales volume of cemetery and funeral services[63]. - Marketing and sales channel costs decreased by RMB 3.7 million or 17.9%, driven by a decline in service sales and tighter control over marketing expenses[65]. Future Outlook and Strategic Initiatives - The company plans to actively expand and integrate resources in the highly fragmented Chinese funeral industry to increase market share[94]. - The company is exploring potential acquisitions to enhance its service offerings, with a focus on companies in the same industry[192]. - New product development initiatives are expected to launch by Q3 2024, aiming to capture an additional 5% market share[189]. - Future guidance indicates a projected revenue growth of 12% for the next quarter, with an expected total of HKD 560 million[191]. Financial Position and Assets - As of June 30, 2025, the company's cash and cash equivalents amounted to RMB 1,622.7 million, down from RMB 2,056.6 million as of December 31, 2024[79]. - Non-current assets as of June 30, 2025, amounted to RMB 4,390,160,000, a decrease from RMB 4,624,213,000 as of December 31, 2024[126]. - Current assets as of June 30, 2025, were RMB 2,848,119,000, down from RMB 3,556,984,000 as of December 31, 2024[126]. - Total equity as of June 30, 2025, was RMB 4,865,631,000, down from RMB 6,155,828,000 as of December 31, 2024[127]. Employee and Management Information - As of June 30, 2025, the company has 1,998 full-time employees, down from 2,198 as of December 31, 2024[89]. - The remuneration for directors was RMB 4,440,000 for the six months ended June 30, 2025, compared to RMB 4,320,000 for the same period in 2024[186]. - The total remuneration for directors and key management personnel was RMB 4,451,000 for the six months ended June 30, 2025, down from RMB 5,414,000 in the previous year[186].