预期将取得公司拥有人应占亏损及全面亏损总额乃主要由于受宏观经济及客户谨慎消费的影响，墓地销 售单价有所下降，叠加殡仪服务需求下降而使销售收入下降;公司的附属公司因税务因素导致税务成本 上升，包括于税务机关发出通知后就过往期间支付的额外重估增值税及附加税项;及持有的按公平值计 入损益的金融资产公平值下降。 本报告期的亏损主要由税务成本上升及金融资产公平值减值两项一次性事件而导致，并不影响集团主营 业务的经营。集团将继续通过"地理深耕、成本精益、生态构建"三维驱动，围绕殡葬全产业链发展，积 极应对宏观经济带来的挑战。同时集团将持续优化运营管理，并保持稳健的现金流和财务结构，构建稳 健、协调及持续发展的企业。 【资料图】 智通财经APP讯，中国万桐园(06966)发布公告，相比截至2024年6月30日止6个月公司拥有人应占溢利及 全面收益总额约人民币728万元，集团预期截至2025年6月30日止6个月将取得公司拥有人应占亏损及全 面亏损总额约人民币900万元至人民币1000万元之间。 ...

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].

Core Viewpoint - Fushouyuan International Group Limited has issued its first profit warning since its listing in 2013, expecting a loss of approximately 235 million to 265 million yuan for the first half of 2024, compared to a profit of about 298.8 million yuan in the same period last year [1][3]. Financial Performance - For the first half of 2024, Fushouyuan anticipates total revenue of approximately 2.0775 billion yuan, a year-on-year decrease of about 20.9%, and a profit attributable to shareholders of approximately 373.1 million yuan, down 52.8% [5]. - The company reported a revenue of 1.1 billion yuan for the mid-2024 period, reflecting a year-on-year decline of 27.97%, with a shareholder profit of 298.8 million yuan, down 35.7% [5]. - The revenue primarily comes from three segments: cemetery services, funeral services, and other services, with cemetery services accounting for 82.3% of total revenue at 1.709 billion yuan, a decrease of 21% [5]. Business Operations and Market Trends - The decline in performance is attributed to macroeconomic factors and cautious consumer spending, alongside increased tax costs for some subsidiaries and impairment provisions for goodwill and related assets [3][5]. - The company has noted a shift in consumer behavior towards more economical burial options, with a growing preference for ecological burials and other alternatives, impacting traditional cemetery sales [5]. - As of December 31, 2024, Fushouyuan has approximately 2.83 million square meters of land available for cemetery sales, with a decrease in the number of operational graves sold by 3,816 units compared to 2023 [5]. Strategic Initiatives - Fushouyuan aims to optimize operational management, enhance service efficiency, and respond to public welfare policies while leveraging technology to maintain its leadership in the funeral technology sector [3]. - The company plans to continue its expansion strategy, seeking suitable development opportunities and integrating resources within the fragmented Chinese funeral industry to increase market share [6]. - Fushouyuan intends to transform from a funeral service provider to a life and funeral technology service provider, focusing on growing its cremation machine business and expanding its service offerings through innovative collaborations with local governments [6]. Market Reaction - Following the profit warning announcement on August 6, 2024, Fushouyuan's stock price opened lower, experiencing a drop of 9.09% to close at 3.3 HKD, and further declined to 3.28 HKD by August 8, 2024, with a total market capitalization of 7.6 billion HKD [6].

Core Viewpoint - The recruitment of professionals from diverse fields such as broadcasting, drama, and journalism by the Nanhai District Funeral Home in Guangdong has sparked significant online discussion, highlighting a shift in societal perceptions of the funeral industry and its evolving service demands [1][4][7]. Industry Service Upgrade - The traditional view of the funeral industry as solely requiring specialized funeral education is being challenged, as the need for enhanced service quality and professionalization in funeral services becomes apparent [4][7]. - Modern funeral services have expanded beyond basic body handling to include personalized ceremony planning, emotional support, and other specialized services, reflecting a growing demand for skilled professionals in this sector [7][10]. Employment Perspective - The controversy surrounding the recruitment reflects a broader change in employment pathways for journalism and communication graduates, as traditional media job growth slows and new opportunities in diverse fields like the funeral industry emerge [8][9]. - The funeral industry is becoming an attractive option for graduates due to relatively lower competition and potentially higher salary prospects, especially in the context of increasing graduate numbers [9]. Skills and Education - The job requirements for the funeral home positions align well with the skill sets taught in journalism and communication programs, such as language proficiency, emotional management, and communication skills, indicating a growing need for versatile talent in the industry [10][11]. - The industry is increasingly seeking professionals who possess a combination of communication skills and industry knowledge, reflecting a trend towards the integration of media skills in non-traditional sectors [10][11].

Core Viewpoint - The Ministry of Civil Affairs has released ten new or revised industry standards in the funeral sector, aimed at regulating service behaviors, ensuring service quality, and achieving the goal of "peace for the deceased" [1] Group 1: Industry Regulation and Service Transparency - The new standards address issues of non-transparent pricing and service irregularities in funeral service institutions, mandating increased transparency and standardization [2] - Funeral service venues are required to publicly display service processes, pricing standards, and supervisory information, ensuring that pricing is clear and accessible to the public [2][3] - The revised standards include a requirement for detailed cost breakdowns and formal receipts for services rendered, enhancing accountability and consumer trust [2] Group 2: Traceability and Information Security - The newly established "General Requirements for Traceability of Corpses and Ashes" mandates the collection of key traceability information throughout the entire service process, including details about the service provider and associated costs [2][3] - A secure and effective traceability information sharing mechanism is to be established, with clear permissions for information usage to protect privacy [2] Group 3: Cultural and Educational Aspects - The revised standards promote ecological burial methods and civilized memorial practices, aligning with environmental trends and advocating for frugality [4][5] - The updated "Public Cemetery Memorial Service Standards" now includes content on life education, encouraging the exploration of life culture and respectful memorial practices [5] Group 4: Environmental Protection and Sustainable Practices - The standards advocate for eco-friendly burial methods such as sea burials, tree burials, and flower burials, aiming to reduce land resource consumption and promote green practices in the funeral industry [7] - The revised "Sea Burial Service Standards" specify that burial containers must meet environmental and biodegradable requirements, and that non-biodegradable materials should be properly disposed of [7][8] - The updated "Body Cremation Service Standards" emphasize compliance with national environmental standards regarding emissions and noise control during cremation processes [8]

Core Viewpoint - The Ministry of Civil Affairs has released ten new or revised industry standards in the funeral sector, aimed at regulating services and promoting high-quality development in the industry [1] Group 1: Industry Standards - The new standards include guidelines for funeral reception services, ash storage, cemetery burial, sea burial of ashes, cemetery memorial services, and online memorial services [1] - The standards clarify the basic content of funeral services, pricing regulations, and operational procedures [1] Group 2: Regulatory and Development Goals - The initiative is a response to public concerns, aimed at standardizing market order and providing a clear basis for regulatory authorities to address violations [1] - The standards are expected to further regulate funeral services, promote green burial practices, and ensure respectful treatment of the deceased and their families [1]

Core Viewpoint - The article discusses the emergence of a new funeral service brand, "归丛," which aims to modernize and beautify the funeral experience, making it more accessible and less stigmatized in society [5][30][42]. Group 1: Brand Overview - "归丛" was established in 2023 and gained attention for its aesthetically designed urns and paper offerings, creating a unique purchasing experience [5][6]. - The first physical store is located in Beijing's bustling Sanlitun area, contrasting with traditional funeral homes that are often hidden and somber [6][14]. - The store features a bright and open design, with areas dedicated to unique paper offerings, reading corners, and collaboration products for memorializing loved ones [8][12][16]. Group 2: Customer Engagement - Since its soft opening on June 2, the store has attracted around 30 visitors daily, increasing to 50-100 on weekends, with many being curious passersby [14]. - The store includes spaces like "天堂邮局" for writing letters to deceased loved ones and "情绪氧舱" for emotional release, indicating a focus on emotional support [16][20]. - Customers have expressed surprise and appreciation for the store's offerings, with some sharing their experiences on social media [14][20]. Group 3: Market Positioning - The choice of location in a vibrant commercial area aims to challenge the stigma surrounding funeral services, promoting a more open discussion about death [21][25]. - The brand seeks to provide personalized and meaningful funeral services, moving away from the traditional, impersonal approaches [30][34]. - The article highlights the changing landscape of the funeral industry, with increasing demand for personalized services as societal attitudes evolve [42][46]. Group 4: Future Outlook - The article notes that by 2030, the funeral industry is expected to undergo significant changes, driven by a new generation's preferences for aesthetics, quality, and emotional warmth in services [46]. - "归丛" plans to expand its offerings, including 100 non-standard funerals, to cater to diverse customer needs and preferences [42][46]. - The brand's approach reflects a broader trend towards individualization in the funeral industry, aligning with changing consumer expectations [42][46].

Core Points - The central government emphasizes the need to deepen the rectification of corruption and misconduct in the civil affairs sector, focusing on areas such as funeral services, charity, elderly care, and social assistance [2][3][4] - The initiative aims to enhance the political stance and ensure that the civil affairs system aligns with the central government's directives, addressing public concerns and improving the relationship between the party and the people [3][4] - The rectification process is described as a systematic project requiring coordinated efforts across various departments to effectively tackle corruption and misconduct [5][6] Group 1: Key Areas of Focus - The civil affairs sector will prioritize addressing issues related to funeral services, charity, elderly care, and social assistance, with a focus on eliminating corruption and improving service quality [2][7][8] - The government aims to strengthen the public welfare attributes of the funeral industry, which has been identified as a significant area for reform and anti-corruption efforts [8][9] - Continuous monitoring and rectification of issues such as illegal fees in the funeral industry and safety concerns in elderly care facilities are essential to meet public expectations [9][10] Group 2: Implementation Strategies - The initiative will involve a comprehensive approach that includes supervision, accountability, and collaboration among various departments to ensure effective implementation of reforms [5][6][12] - Establishing communication and cooperation mechanisms between civil affairs departments and other relevant organizations is crucial for addressing issues related to vulnerable groups such as the elderly and disabled [6][10] - The government will focus on both immediate corrective actions and long-term institutional reforms to prevent the recurrence of corruption and misconduct in the civil affairs sector [11][12]

Core Viewpoint - The article discusses the evolving landscape of the funeral industry in China, particularly focusing on the rise of green burials as a response to the country's aging population and changing cultural attitudes towards death and memorialization [1][3][23]. Group 1: Industry Overview - China is entering a deep aging society, with the population aged 60 and above expected to reach 310 million by the end of 2024, creating unprecedented opportunities for the funeral industry [3]. - The current market size of the funeral service industry in China has surpassed 200 billion yuan, with an annual growth rate of approximately 5% [3]. - The industry is primarily dominated by local state-owned funeral institutions, while private enterprises are becoming increasingly active in high-end services and innovative models [3][4]. Group 2: Green Burial Development - Green burials are gaining attention as a key path for industry transformation, supported by government policies promoting eco-friendly and space-saving burial methods [5][6]. - The green burial market in China is projected to exceed 50 billion yuan by 2030, indicating significant potential within the silver economy [6]. - Despite the potential, green burials face challenges in cultural acceptance, with only 5% of burials currently being ecological, while traditional burials still account for 63% [9]. Group 3: Cultural and Policy Challenges - The conflict between traditional burial customs and modern environmental awareness presents significant barriers to the promotion of green burials [8]. - Many families, particularly in rural areas, adhere to traditional beliefs, making it difficult for green burial practices to gain traction [9]. - Policy implementation for green burials is inconsistent across regions, leading to disparities in subsidies and the emergence of illegal practices within the industry [12][13][15]. Group 4: Innovative Practices - Successful examples of green burial practices include Shantou's sea burial program, which integrates local culture and emotional connections, resulting in a 200% increase in sea burial reservations in 2024 [18]. - Daxing'anling's "tree burial" model combines ecological and economic benefits, allowing families to nurture trees while memorializing their loved ones [19]. - Zhangzhou's "Life Park" redefines traditional burial spaces into multifunctional parks, enhancing public engagement and acceptance of green burial practices [20]. Group 5: Future Outlook - The promotion of green burials is seen as a necessary evolution of traditional death culture, requiring a multi-faceted approach to reconcile cultural beliefs with modern needs [22][23]. - As technology and societal values evolve, green burials are expected to become the mainstream choice in the future [23].

Core Viewpoint - The article outlines a compliance guideline for the funeral industry in Tianjin, aiming to regulate pricing behavior, promote healthy development, and protect the rights of service providers and clients [3]. Compliance of Entities - Funeral facilities such as funeral homes, columbariums, cemeteries, and funeral service stations must comply with local planning and obtain necessary administrative licenses [4]. - Funeral-related business entities, excluding funeral facilities, must register with market regulatory authorities and obtain a business license [6]. Pricing Compliance - Government pricing or guidance pricing projects must have price standards set by relevant authorities, while market-regulated pricing should be determined by operators based on costs and supply-demand conditions [7]. - Operators must clearly display prices following principles of openness, fairness, and honesty, using various methods such as price tags, lists, or electronic displays [7]. - Funeral homes and service stations must charge according to established pricing policies, sign service agreements with clients, and avoid price fraud or coercive sales practices [7][8]. Service Compliance - Funeral facilities should establish standard service processes and norms, publicly disclose complaint channels, and accept social supervision [9]. - Business entities must operate within their approved scope and obtain necessary licenses for regulated services, avoiding illegal activities [9]. - Staff should be knowledgeable about relevant regulations and maintain professionalism in service delivery [10]. - The concept of "thrifty funerals" should be integrated into services to alleviate the financial burden on families [11]. Operational Compliance - Funeral facilities must establish safety, fire, health, and financial management systems, along with service standards and workflows [12]. - Business entities are required to fulfill fire safety responsibilities and maintain necessary safety equipment [12]. - Both facilities and business entities must develop emergency plans and conduct regular drills to prepare for unexpected events [12].