高端殡葬业，越来越不好做了

Core Viewpoint - The funeral industry in China, traditionally seen as a stable market, is facing significant challenges as consumer spending on high-end burial services declines, leading to substantial losses for major companies like Fushouyuan [3][12][20]. Group 1: Industry Overview - The average daily death toll in China exceeds 28,000, making the funeral industry a "recession-proof" sector [1]. - The funeral service market in China was valued at 169.5 billion yuan in 2015 and is projected to reach 411.4 billion yuan by 2026 [5]. - Fushouyuan, the leading company in the industry, has seen a collective revenue decline among several listed funeral service companies [3][19]. Group 2: Company Performance - Fushouyuan reported a net loss of 260 million yuan for the first half of 2025, confirming previous loss warnings [3][12]. - The company's total revenue for the first half of 2025 was approximately 611 million yuan, a 44.5% decrease from the previous year [12]. - Sales of operational burial plots decreased by 6.7% to 6,253 units compared to the same period last year, with average sales price dropping by 57,000 yuan per unit [14][17]. Group 3: Market Dynamics - The decline in consumer spending on high-end burial services is attributed to changing consumer behavior and economic conditions, with customers becoming more cautious in their spending [20]. - The shift in consumer preferences is leading to a rise in demand for more cost-effective and eco-friendly burial options, such as sea burials and tree burials [24][28]. - Regulatory changes are also impacting the industry, with the government promoting "public welfare funerals" and tightening regulations on pricing and service standards [28][29]. Group 4: Future Trends - The funeral industry is transitioning from a high-growth "real estate-like" model to a service-oriented model focused on humanistic care [33]. - Companies are exploring digital solutions and human-centered services to adapt to changing market demands, such as online memorials and life education services [30][31]. - The industry's future may hinge on balancing humanistic values with commercial profitability, as traditional revenue models are being challenged [33][34].