比房价还贵的墓地，中国人不买账了

Core Viewpoint - The funeral industry in China, traditionally seen as a lucrative business, is facing unexpected challenges, including declining sales and profitability among leading companies like Fushouyuan, which has reported its first loss since going public [3][10]. Group 1: Industry Overview - The funeral industry is divided into two main segments: "funeral" (services like body transportation and farewell ceremonies) and "burial" (the final resting place for remains), with the latter having a larger market potential due to significant price variations [4][5]. - Fushouyuan, the largest publicly listed funeral company in China, generates over 60% of its revenue from selling operational burial plots, covering 19 provinces [5][4]. 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 [9]. - However, in 2024, Fushouyuan's revenue declined, with a 44.5% year-on-year drop in the first half of 2025, resulting in a net loss of 261 million yuan [10]. Group 3: Market Dynamics - High-priced burial plots, once a staple of the industry, are now facing reduced demand as consumers become more cautious with spending, similar to trends seen in the real estate market [15][24]. - The average price of Fushouyuan's burial plots increased from 102,400 yuan in 2017 to 121,200 yuan in 2024, with prices per square meter reaching 242,000 yuan, surpassing many high-end residential properties in Shenzhen [22][4]. Group 4: Changing Consumer Behavior - Consumers are increasingly opting for more economical burial options, such as ecological burials, which are less land-intensive and often subsidized by local governments [33][32]. - In major cities like Beijing and Guangdong, the rate of ecological burials has surpassed 55% and 63%, respectively, indicating a significant shift in consumer preferences [35][16]. Group 5: Regulatory Environment - The Chinese government is implementing stricter regulations on the funeral industry to reduce extravagant spending and promote more affordable options, including limiting prices for various funeral services [28][32]. - New regulations are expected to establish a basic public service system for funeral services, further constraining profit margins for traditional funeral businesses [28][12].