比房价还贵的墓地，中国人不买账了

Core Viewpoint - The funeral industry in China is transitioning from a "guaranteed profit" era to facing significant challenges, with declining revenues and increasing losses among major companies despite a growing aging population and rising death rates [4][12][30]. Group 1: Industry Overview - Traditionally, the funeral industry was seen as a lucrative business due to the inevitability of death, with high demand for burial services [4]. - The industry is divided into two main segments: "funeral" services (transportation and ceremonies) and "burial" services (grave construction and ash storage), with the latter having a larger market potential [6][7]. - Major companies like Fushouyuan have historically relied on high-end grave sales, with revenue from operational graves accounting for over 60% of total income [8]. Group 2: Financial Performance - Fushouyuan's revenue skyrocketed from 612 million yuan in 2013 to 2.628 billion yuan in 2023, with a peak net profit of nearly 1 billion yuan [10]. - However, in 2024, Fushouyuan's revenue declined, and in the first half of 2025, it reported a 44.5% year-on-year revenue drop and a net loss of 261 million yuan, marking its first loss since going public [12][14]. - Other companies like Wantongyuan and Anxianyuan also reported significant revenue declines and losses, indicating a broader industry downturn [13][15]. Group 3: Market Dynamics - The high prices of graves, which can exceed 1 million yuan per unit, have led to decreased consumer interest, similar to trends seen in the real estate market [16][25]. - The average price of operational graves at Fushouyuan increased from 102,400 yuan in 2017 to 121,200 yuan in 2024, with per square meter prices surpassing those of luxury residential properties [25]. - Consumers are becoming more cautious with spending, leading to a shift away from high-priced graves, as many opt for more economical options like ash storage or ecological burials [26][30]. Group 4: Regulatory Environment - The Chinese government is implementing stricter regulations on the funeral industry to reduce extravagant spending and promote more affordable burial options [30]. - New policies include price caps on various funeral services and a push for ecological burial methods, which are often less expensive and environmentally friendly [31][34]. - For instance, in Shanghai, the maximum charge for grave maintenance is capped at 45 yuan per square meter, and the cost of basic makeup for remains is limited to 150 yuan [32][36]. Group 5: Changing Consumer Attitudes - There is a noticeable shift in consumer attitudes towards funerals, with more individuals opting for eco-friendly burial methods that do not occupy excessive land [38]. - The proportion of ecological burials in cities like Beijing has exceeded 55%, indicating a growing acceptance of alternative burial practices [41]. - As consumers reconsider the value of expensive graves, the industry is likely to continue evolving towards more sustainable and cost-effective solutions [42].