申城各大墓园今 在青浦福寿园，早6时已现祭扫车流长龙，9时迎来客流最高峰。预计今日祭扫车辆超过8000辆，客流超 过30000人次。为疏导客流，墓园提供短驳车打通祭扫"最后一公里"。截至上午9时，入园6225人次，比 去年同期明显减少。据了解，这与各方大力宣传错峰祭扫有关，本周三、四、五均有大量市民提前祭 扫，特别是本周四来园人数超过预判近一倍，缓解了冬至日祭扫高峰的压力。 申城各大墓园今 天迎来祭扫高峰 本报记者 徐程 摄 记者从滨海古园处获悉，此时累计已入园14480人次、2898车次。而去年同期的数据分别为13572人次、 2709车次。考虑到去年冬至遭遇寒潮，气温较低，今年流量略有提升也在预料之中。 上海其他墓园今天高峰情况基本类似，如福寿园海港陵园，上午10时累计入园7619人次、2100车次，客 流比去年冬至日同一时段增加了近10%；永福园上午10时入园10706人次、1610车次，比去年同时段入 园5742人次有明显提升。 天迎来祭扫高峰 本报记者 徐程 摄 本报讯（记者 李一能）今日冬至，记者上午来到位于奉贤区的滨海古园，观察冬至祭扫高峰情况。和 去年相比，今天上午的交通流量有所提升，但进入墓 ...

生老病死，人生大事。曾几何时，群众治丧项目收费不透明，被捆绑、诱导消费等问题突出。近年来，我省 持续规范殡葬服务项目和收费，优化惠民政策和服务标准，并开展整治殡葬领域腐败乱象专项行动，取得显 著成效。省发展改革委、省民政厅等5部门近日联合印发《河南省殡葬基础服务"一口价"模式工作指引》（以 下简称《指引》），更是引发广泛关注和好评。连日来，记者走访驻马店、郑州等地多家殡葬服务机构，了 解制度如何为人生"终点站"减去不必要的负担。 减项降费 基本涵盖治丧全流程 《指引》明确，遗体接运、遗体存放、遗体火化、骨灰寄存、可降解骨灰盒等项目为免费项目，费用由殡葬 惠民补贴解决。12月11日，在驻马店市殡仪馆的接待服务大厅外，记者在公示栏上看到，殡葬基础服务"一口 价"清单不仅将以上5项列为免费项目，还详细列出了服务内容、计价单位等。如遗体接运项目，列有"遗体 袋、遗体查验、普通消毒、殡仪馆或殡仪服务站内遗体抬移运送遗体接运标准化作业内容，不得拆分收费"； 遗体存放项目则列有"将遗体放入遗体冷藏或冷冻设备内，以低温方式保存遗体，包括遗体抬运、入馆、冰棺 日常检查、出馆等""免费服务时间3天"等字样。 "驻马店市殡仪馆设有 ...

Core Viewpoint - The establishment of Dongtai City Jusheng Huangyuan Paper Factory indicates a diversification in the local economy, focusing on various consumer goods and services, which may present new investment opportunities in the paper and related industries [1] Group 1: Company Overview - Dongtai City Jusheng Huangyuan Paper Factory is registered with a capital of 100,000 RMB [1] - The legal representative of the company is Li Chunfeng [1] Group 2: Business Scope - The factory's business activities include the manufacturing and sales of paper products, daily miscellaneous goods, and health food (pre-packaged) [1] - Additional services offered include home services, professional cleaning, and disinfection services, as well as wedding ceremony services [1] - The company also engages in the sale of various consumer goods such as tea sets, plastic products, cosmetics, and gifts [1] - The factory is involved in the manufacturing of paper and cardboard containers, as well as arts and crafts products [1]

Core Points - The transfer of management rights of the Pingxiang Funeral Home took place on November 30, 2025, as part of efforts to deepen the public welfare attributes and standardize funeral services [2] - The recovery of management rights is a specific practice to promote the return of public welfare attributes in funeral services and respond to the public's expectation for dignified treatment of the deceased [2] - The Pingxiang Civil Affairs Bureau will tighten management responsibilities, enforce strict regulations, optimize service processes, and enhance service quality to make funeral services more compassionate and aligned with public sentiment [2]

Core Viewpoint - Anxian Yuan China (00922) reported a decline in revenue and a shift to a loss for the six months ending September 30, 2025, indicating potential challenges in financial performance [1] Financial Performance - Revenue for the period was HKD 98.499 million, representing a year-on-year decrease of 3.72% [1] - The company reported a loss attributable to shareholders of HKD 6.01 million, a shift from profit to loss compared to the previous year [1] - Basic loss per share was HKD 0.27 [1]

Core Points - The company reported a loss of approximately HKD 10.1 million for the six months ending September 30, 2025, compared to a profit of approximately HKD 18.2 million for the same period in 2024 [1] - Revenue for the current period was approximately HKD 98.5 million, down from approximately HKD 102 million in the previous year [1] - The company's gross profit margin decreased from 72.6% in the previous period to 68.4% in the current period [1] Financial Performance - The company recorded a loss attributable to shareholders of approximately HKD 6 million, compared to a profit of approximately HKD 17.4 million in the same period last year [1] - The earnings before interest and tax (EBIT) for the current period were approximately HKD 1.2 million, a significant decline from approximately HKD 29.4 million in the previous year [1]

Financial Data and Key Metrics Changes - The company has achieved a compounded earnings growth of approximately 14.5% from 2004 to 2019, exceeding its targeted growth framework of 8-12% [2] - The company anticipates a more normalized earnings growth framework of 8-12% moving forward into 2026 [4] Business Line Data and Key Metrics Changes - The SCI Direct segment generates about $200 million of the company's $4.2 billion revenue, with a significant focus on pre-need production [16] - The company has seen a 13-14% growth in matured pre-need production in the third quarter, indicating a positive trend in this segment [19] Market Data and Key Metrics Changes - The company expects a flat to slightly down volume in the near term, with a decline from 6% to 2.5% over the past few years [5] - The demographic trends indicate that the oldest baby boomers will start impacting the market significantly around 2029, leading to a gradual increase in volumes over the next decade [7][8] Company Strategy and Development Direction - The company is focusing on capital deployment and executing a clustering strategy to maximize operational leverage [2] - There is a strong emphasis on managing consumer preferences towards cremation, with a current cremation mix of 57-58% expected to stabilize around 75-80% in the long term [10][11] - The company is actively pursuing acquisition opportunities, targeting a spend of $75 million-$125 million to expand its footprint [34] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the impact of COVID-19 on volumes and expects a normalization of business operations moving forward [3] - The company is optimistic about future growth driven by demographic trends and strategic initiatives [4][7] Other Important Information - The company has shifted from trust-funded pre-need products to insurance-funded products, enhancing economic terms and general agency commissions [48][50] - The company has invested approximately $160 million in capital to enhance cemetery offerings, creating tiered inventory options [14] Q&A Session Summary Question: What impact do you expect from the decision to stop delivering pre-need merchandise at the time of sale? - The company expects a near-term headwind from this shift but anticipates growth in matured pre-need production over the next decade as the backlog fills out [19] Question: How do you see the opportunity for consolidation in the market? - The company sees a strong pipeline of acquisition opportunities and aims to increase its market share from 17% to around 25-30% [34][36] Question: Have you seen any trade-downs in service selection among consumers? - The company has not observed significant trade-downs, particularly among the upper-middle and upper-income consumers [31][32]

Financial Data and Key Metrics Changes - The company has targeted an 8-12% earnings growth framework since 2004, achieving a compounded earnings growth of approximately 14.5% from 2004 to 2019 [2][4] - The company expects to continue executing on a normalized basis within the 8-12% earnings growth framework for 2026 and beyond [4][24] - The company reported a revenue of $4.2 billion, with SCI Direct contributing about $200 million [18][24] Business Line Data and Key Metrics Changes - The core funeral business has a cremation mix of approximately 57%-58%, with expectations to stabilize around 75%-80% in the long term [11][12] - The company has seen a decline in volumes from 6% in 2022 to a flat to slightly down expectation for 2025, indicating a normalization post-COVID [5][8] - Cemetery pre-need production is bifurcated into core sales and large sales, with large sales representing about 12%-14% of total cemetery pre-need production [25][26] Market Data and Key Metrics Changes - The demographic trends indicate that the oldest baby boomers will turn 80 next year, which is expected to gradually impact the company's volumes starting in 2029 [6][7] - The company anticipates a gradual increase in volumes of about 0.5% to 2% over the next decade as the baby boomer demographic begins to impact the market [8][9] Company Strategy and Development Direction - The company is focusing on capital deployment and executing a clustering strategy to maximize operating leverage [2][4] - The company is actively pursuing acquisitions, targeting a spend of $75 million-$125 million, with a goal to increase market share from 17%-18% to around 25%-30% [36][39] - The company is shifting from trust-funded pre-need products to insurance-funded products to enhance economic terms and improve revenue [51][54] Management's Comments on Operating Environment and Future Outlook - Management noted that the impact of COVID-19 has subsided, leading to a normalization of volumes and a focus on long-term growth strategies [3][5] - The company is optimistic about future growth driven by demographic trends and strategic acquisitions, despite current market challenges [36][41] Other Important Information - The company has invested approximately $160 million in capital to enhance cemetery offerings and create tiered inventory options [15][16] - The company has shifted its sales strategy to defer the delivery of certain pre-need merchandise, which is expected to create a backlog but ultimately lead to growth in the pre-need matured line item [20][21] Q&A Session Summary Question: What are the demographic trends impacting the business? - Management highlighted that the oldest baby boomers will turn 80 next year, which will gradually impact healthcare and the company's services starting in 2029 [6][7] Question: How is the company addressing the shift towards cremation? - The company has a cremation mix of about 57%-58% and is managing this trend by providing diverse offerings and educating consumers about cremation options [11][12][14] Question: What is the impact of the decision to stop delivering pre-need merchandise at the time of sale? - Management explained that this decision is expected to create a backlog but will lead to growth in the pre-need matured line item over the next decade [20][21] Question: How does the company plan to grow through acquisitions? - The company has a strong pipeline of acquisition opportunities and aims to increase its market share through strategic tuck-in acquisitions [36][39] Question: What are the expectations for EPS growth moving forward? - The company targets an 8-12% EPS growth, with 5-7% coming from base business growth and the remainder from share buybacks and acquisitions [46][47]

Core Viewpoint - The funeral industry is undergoing significant transformation globally, driven by aging populations and changing consumer preferences, leading to increased capital interest and market opportunities in countries like the UK, Japan, and China [6][99]. Group 1: Market Trends - The funeral service market in China grew from 169.5 billion yuan in 2015 to 310.2 billion yuan in 2022, with projections to reach 411.4 billion yuan by 2026 [6][75]. - The industry is evolving from a niche sector to a substantial "life economy" market, reflecting a broader trend of marketization in the funeral sector [7][5]. - Globally, the funeral industry has become a new focus for capital investment, with private equity firms actively acquiring related businesses [9][10]. Group 2: Case Study - UK - Pure Cremation, a UK-based company, offers a simplified cremation service, which has gained popularity due to its cost-effectiveness and user-friendly approach [18][19]. - The company experienced a compound annual growth rate of 41%, with 2,000 cremations completed in 2018 [20]. - The acquisition of Pure Cremation by private equity firms highlights the industry's high profit margins, with established crematoriums achieving profit margins of 30%-40% [29][26]. Group 3: Case Study - Japan - Japan's aging population has created a trillion-yen funeral market, attracting both domestic and foreign investors [44][42]. - Tokyo's funeral services are largely dominated by Tokyo Bokuzan, which controls about 70% of the market, indicating a significant level of market concentration [47][46]. - The acquisition of Tokyo Bokuzan by Chinese capital has sparked discussions about the implications for local businesses and cultural practices [50][66]. Group 4: Challenges and Opportunities in China - The Chinese funeral industry faces regulatory challenges, with strict oversight from government authorities regarding service standards and pricing [83][84]. - Despite these challenges, the market is expected to grow due to increasing demand driven by an aging population and rising consumer expectations for quality and personalization in funeral services [91][92]. - The emergence of innovative service models, such as eco-burials and online memorial services, reflects a shift towards more consumer-oriented offerings in the industry [92][94]. Group 5: Investment Landscape - The entry of private equity and venture capital into the funeral sector indicates a growing recognition of its potential as a stable cash flow industry [78][81]. - Companies like Fushouyuan International Group have successfully leveraged capital markets for expansion, becoming key players in the Chinese funeral industry [78][79]. - The integration of capital into the funeral industry is reshaping it from a traditional emotional service to a modern consumer-driven market [99][100].

Core Viewpoint - The article discusses the evolving perceptions of death and funeral services in China and the West, highlighting the growing trend towards simplified and cost-effective funeral options, exemplified by the rise of companies like Pure Cremation in the UK, which offers affordable cremation services [7][8][9]. Industry Overview - The funeral service market in China was valued at 169.5 billion RMB in 2015 and is projected to double to 411.4 billion RMB by 2026, indicating a significant market opportunity despite changing consumer attitudes towards traditional funeral practices [8]. - In the UK, the largest funeral service provider, Pure Cremation, is being targeted for acquisition by European private equity firm Cinven for an estimated 500 to 700 million GBP (approximately 4.7 to 6.6 billion RMB), which would set a new record for mergers and acquisitions in the European funeral industry [8][19]. Company Case Study: Pure Cremation - Pure Cremation was founded by Bryan Powell in 2015 to meet the demand for simpler and more affordable funeral services, offering a self-service cremation model that includes door-to-door service without hidden fees [16][17]. - The company experienced rapid growth, completing 1,000 cremations in its first year and doubling that number the following year, alongside a successful pre-sale service that sold over 65,000 plans in 2021 [17]. - In July 2023, Pure Cremation was acquired by the private equity firm Epiris for 533 million USD (approximately 3.78 billion RMB), reflecting a significant increase in valuation since its last funding round [17][19]. Market Dynamics - The article notes that while the funeral industry is a necessity, it tends to operate like a public utility, making explosive growth and high valuations challenging to sustain. However, Pure Cremation's unique service model has allowed it to capitalize on new consumer trends, resulting in a valuation increase of 23% to 73% within two years [19][20]. - The competitive landscape is intensifying, with other private equity firms also looking to acquire funeral service companies, indicating a growing interest in the sector [21][22].