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].

Group 1 - In 2024, China's death toll exceeded the birth rate by 1.39 million, leading to a significant decline in the domestic funeral industry, which was previously considered a stable business [1][3] - Fushouyuan, known as the "first stock" in the funeral industry, reported a net loss of 261 million yuan in the first half of the year, marking its first loss since its listing in 2013 [1][3] - Major funeral companies in China experienced a 19.3% drop in total revenue, indicating a broader trend of declining profitability in the industry despite increasing death rates [1][3] Group 2 - The global funeral service market is projected to exceed $93 billion by 2031, with a compound annual growth rate of over 5%, highlighting the potential for international expansion [4] - China plays a significant role in the global funeral supply chain, with 90% of coffins sold in Japan sourced from China, particularly from Caoxian County [4][6] - Caoxian's coffin production benefits from low costs and high demand, with an annual export of over 1 million coffins, making it a dominant player in the Japanese market [6][10] Group 3 - The tombstone industry in Huian, Fujian, dominates the Japanese market, accounting for 90% of its market share, with an annual output value exceeding 2 billion yuan [10][11] - Huian's success is attributed to its abundant granite resources and efficient shipping routes, allowing for competitive pricing compared to local Japanese products [12][10] - The demand for affordable and high-quality tombstones has increased in Japan due to local production challenges, further benefiting Huian's market position [11][12] Group 4 - The paper money and paper offerings industry in Mibeizhuang, Hebei, controls 90% of the global market, with an annual output value exceeding 2 billion yuan [17][19] - Mibeizhuang has adapted its products for international markets, creating versions of paper money in foreign currencies, which has increased their appeal [19][23] - The rise of social media has popularized these products, transforming them into cultural symbols beyond traditional funeral practices [26][29] Group 5 - The Chinese funeral industry is facing challenges in international markets, particularly in Japan, where changing demographics and funeral practices are reducing demand for traditional products [32][33] - In Europe and the U.S., logistical challenges and cultural differences complicate market entry, with high shipping costs and a preference for comprehensive service over product pricing [33][35] - The U.S. market is particularly difficult due to its fragmented nature, with a majority of funeral homes being family-owned and a high concentration of market share among a few large companies [35][33] Group 6 - The pet funeral service market is emerging as a new opportunity, with significant growth projected, as companies begin to offer pet coffins and related services [38][39] - Innovations in eco-friendly funeral products, such as biodegradable paper money and sustainable coffin materials, are gaining traction in response to environmental concerns [41][43] - Direct-to-consumer (DTC) models are being adopted to bypass traditional distribution channels, allowing for greater market penetration and brand control [46][47]

Core Viewpoint - The funeral industry, particularly represented by Fushouyuan, is experiencing a significant downturn, with average grave prices halving to 63,400 yuan, indicating the end of a highly profitable era in the sector [1] Group 1: Company Performance - Fushouyuan's average grave sales price has dropped by 47.5% year-on-year, marking a substantial decline in revenue [1] - The company reported its first loss since going public in its mid-2025 report, highlighting a drastic shift in financial performance [1] Group 2: Industry Trends - The once lucrative funeral industry, characterized by high profit margins (over 80% at one point), is now facing challenges as both grave and land sales decline [1] - The average price of graves, which previously exceeded 100,000 yuan for less than half a square meter, has significantly decreased, reflecting changing market dynamics [1]

Group 1 - The core viewpoint of the article highlights the significant decline in China's funeral industry despite a rising death rate, with major companies like Fushouyuan reporting substantial losses and a 19.3% drop in total revenue among the top five funeral companies [1][3][30] - Fushouyuan, known as the "first stock of funeral services" in China, reported a net loss of 261 million yuan in the first half of the year, marking its first loss since its listing in 2013 [1][3] - The traditional reliance on high land prices in the funeral industry is failing, leading to a decrease in demand for high-end burial plots as consumers tighten their spending [3][30] Group 2 - Despite challenges in the domestic market, the global funeral services market is projected to exceed $93 billion by 2031, with a compound annual growth rate of over 5% [3][30] - China's contribution to the global funeral supply chain is significant, with approximately 90% of coffins sold in Japan sourced from China, particularly from Caoxian County [4][10] - The coffin production in Caoxian is highly cost-effective, with an export price significantly lower than local Japanese prices, making it a dominant player in the Japanese market [4][10] Group 3 - The tombstone industry in Huian, Fujian, dominates the Japanese market, accounting for 90% of its tombstone exports, with an annual output value exceeding 2 billion yuan [10][11] - The demand for tombstones in Japan has decreased by about 25% over the past decade due to changing consumer preferences and economic conditions [33] - The global pet funeral market is emerging as a new opportunity, with projections indicating a market size of $3.75 billion by 2030, growing at a compound annual growth rate of over 11% [38][40] Group 4 - The article discusses the challenges faced by the Chinese funeral industry in international markets, including cultural barriers and changing consumer preferences in Japan and the U.S. [30][35] - The U.S. funeral market is characterized by a preference for comprehensive service rather than product-based purchasing, making it difficult for foreign manufacturers to penetrate [35][36] - The popularity of ancestor money in overseas markets has surged, particularly among non-Chinese consumers, transforming it into a cultural phenomenon rather than a traditional funeral product [25][27]

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 ...