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20万/平米!“殡葬第一股”宣布首亏
第一财经· 2025-08-19 10:13
Core Viewpoint - The funeral service company Fushouyuan (01448.HK), once known for its high profit margins and growth, is now facing significant losses, reflecting profound changes in China's funeral industry [3][5][12]. Group 1: Company Performance - Fushouyuan's revenue increased from 600 million to 2.6 billion yuan from 2013 to 2023, marking over a threefold growth [3][10]. - The company is expected to report a loss of 235 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 [5][6]. - In 2024, Fushouyuan's revenue dropped by over 500 million yuan to 2.078 billion yuan, a 21% year-on-year decrease, with net profit halving to 373 million yuan [12]. Group 2: Revenue Sources and Pricing - The majority of Fushouyuan's revenue comes from cemetery services, which accounted for 21.65 billion yuan in 2023 but fell to 17.09 billion yuan in 2024 [12]. - The average price of burial plots has significantly increased, with some plots in Shanghai priced at three times the cost of top luxury apartments [8][14]. - The average selling price of burial plots rose from 102,400 yuan in 2017 to 122,000 yuan in 2024 [8]. Group 3: Industry Challenges - The company cites three main reasons for its expected losses: macroeconomic factors leading to cautious consumer spending, rising costs due to tax issues, and impairment provisions for goodwill and related assets [7][14]. - The funeral industry is experiencing a shift in consumer behavior, with clients becoming more cautious and taking longer to make purchasing decisions [14]. - Regulatory changes are also impacting the industry, with new policies aimed at controlling high burial plot prices and enhancing oversight of funeral services [15][16]. Group 4: Future Strategies - Fushouyuan plans to adapt to changing market conditions by focusing on diverse consumer needs and leveraging technology to enhance service offerings [17]. - The company is exploring new business models, including digital memorial services and smart service ecosystems, to maintain its competitive position in the industry [17].