20万/平米的墓穴“刺痛”市场，“殡葬第一股”上市十余年宣布首亏

Core Viewpoint - Despite the increasing aging population in China, the high-priced operational cemeteries are facing declining sales, as evidenced by the significant loss forecast from the leading funeral service company, Fushouyuan [1][2]. Company Overview - Fushouyuan, listed in Hong Kong since 2013, has seen its revenue grow from 600 million yuan to 2.6 billion yuan over ten years, reflecting a more than threefold increase [1][2]. - The company primarily generates income from cemetery operations and funeral services, covering 19 provinces and municipalities in China [2]. Financial Performance - Fushouyuan has issued a profit warning, expecting a loss of 235 million to 265 million yuan for the first half of 2025, a stark contrast to a net profit of 299 million yuan in the same period last year [2][3]. - The company’s revenue reached 2.628 billion yuan in 2023, marking a fourfold increase compared to its revenue a decade ago [5]. - The average selling price of burial plots has increased significantly, with prices in Shanghai reaching three times that of top luxury apartments [3][5]. Market Challenges - The decline in sales of high-priced operational cemeteries is attributed to several factors, including macroeconomic conditions, cautious consumer spending, and rising costs due to tax issues [2][7]. - Fushouyuan's revenue from cemetery services dropped from 2.165 billion yuan in 2023 to 1.709 billion yuan in 2024, indicating a significant downturn in this key revenue stream [6]. Regulatory Environment - Recent government initiatives aim to regulate cemetery pricing and enhance oversight of funeral services, which may impact the operational strategies of companies like Fushouyuan [8][9]. - The Ministry of Civil Affairs has included the revision of the Funeral Management Regulations in its legislative agenda, indicating a shift towards more stringent regulations in the industry [8]. Future Outlook - Fushouyuan plans to adapt to changing market conditions by focusing on diversified consumer needs and leveraging technology to enhance service offerings [10].