经济观察网市场监管总局发布中英文版《中国价格监督检查和反不正当竞争执法年度报告(2024)》，显 示2024年，全国市场监管系统全年共立案3.86万件，罚没款30.7亿元，督促退费20.25亿元。重拳整治殡 葬领域违法乱象，民生领域价格执法立案1.84万件，罚没款12.07亿元，退还消费者6.62亿元；对不正当 竞争行为高压严打，查办各类不正当竞争案件1.42万件，罚没款8.05亿元。 ...

Core Viewpoint - The funeral industry leader Fushouyuan reported its first loss since its Hong Kong listing in 2013, indicating a significant shift in the industry dynamics and consumer behavior [2][4]. Financial Performance - Fushouyuan's revenue for the first half of the year was approximately 611 million yuan, a year-on-year decline of 44.5% [2]. - The company reported a net loss of 261 million yuan, marking a reversal from profit to loss [2]. Market Trends - The average price of burial plots dropped from 120,000 yuan to 63,000 yuan, reflecting a drastic change in market conditions [2]. - Other funeral companies like Wantongyuan and Anxianyuan are also experiencing revenue declines, indicating a broader industry challenge [2]. Policy and Regulatory Environment - Local governments, particularly in Shanghai, are promoting smaller burial plots and advocating for eco-friendly burial methods, which is reshaping the industry [2][3]. - Regulatory changes are shifting the focus from high-profit motives of individual companies to the protection of public interests [2]. Consumer Behavior Changes - There is a noticeable shift in consumer preferences, with many clients opting to store ashes temporarily rather than purchasing expensive burial plots [3]. - The traditional practice of quickly securing burial plots is being replaced by a more cautious approach, influenced by economic conditions and changing cultural attitudes [3]. Industry Future Outlook - The transition from high-profit models to more diversified and affordable services is seen as a maturation of the industry rather than a downturn [4]. - The industry is expected to focus more on its social service and public welfare aspects, moving away from the notion of exorbitant profits [3][4].

Core Viewpoint - The funeral industry, particularly represented by Fushouyuan, is experiencing a significant downturn, with average grave prices halving to 63,400 yuan, indicating the end of a highly profitable era in the sector [1] Group 1: Company Performance - Fushouyuan's average grave sales price has dropped by 47.5% year-on-year, marking a substantial decline in revenue [1] - The company reported its first loss since going public in its mid-2025 report, highlighting a drastic shift in financial performance [1] Group 2: Industry Trends - The once lucrative funeral industry, characterized by high profit margins (over 80% at one point), is now facing challenges as both grave and land sales decline [1] - The average price of graves, which previously exceeded 100,000 yuan for less than half a square meter, has significantly decreased, reflecting changing market dynamics [1]

Core Viewpoint - The funeral industry, particularly represented by Fushouyuan, is experiencing a significant downturn, with unprecedented losses and a sharp decline in average burial plot prices, indicating a shift in consumer behavior and market dynamics [2][20][21]. Financial Performance - Fushouyuan reported a revenue of approximately 611 million yuan in the first half of the year, a year-on-year decrease of 44.5%, and a net loss of 261 million yuan, marking its first loss since its IPO in 2013 [5][20]. - The average selling price of operational burial plots plummeted by 47.5% to 63,400 yuan per plot in the first half of 2025, compared to 120,000 yuan in the same period last year [21][22]. - The company sold 6,253 burial plots in the first half of 2025, down from 6,704 in the same period of 2024, indicating a simultaneous decline in both price and volume [22]. Market Dynamics - The Chinese funeral market is projected to grow to 4,114 billion yuan by 2026, despite the current challenges faced by major players like Fushouyuan [7]. - The average burial plot prices in major cities have reached high levels, with Beijing at approximately 83,100 yuan and Shanghai nearing 100,000 yuan [18]. - The industry is witnessing a shift towards alternative burial methods, such as sea burials and eco-burials, as younger generations redefine their views on death and funerals [28][29]. Strategic Responses - In response to the changing market conditions, Fushouyuan is promoting "pre-need contracts" to encourage customers to purchase burial plots in advance, although the number of contracts signed has decreased compared to the previous year [31]. - The company is also innovating with services like AI memorials and virtual representations of the deceased to adapt to evolving consumer preferences [31].

Group 1 - A new company named Gu'an Fuyouxiang Packaging Co., Ltd. has been established with a registered capital of 100,000 RMB [1] - The legal representative of the company is Hu Shuzhi [1] - The company's business scope includes manufacturing and sales of paper products, packaging services, and sales of various other products including plastic, leather, and metal goods [1] Group 2 - The company is authorized to engage in general projects such as sales of daily necessities, office supplies, and building materials [1] - It also includes specific services like funeral services and sales of funeral supplies [1] - The company is permitted to conduct road cargo transportation, excluding hazardous goods, subject to approval from relevant authorities [1]

Core Viewpoint - Fushouyuan, a leading funeral service company listed in Hong Kong, reported its first loss in 12 years, with revenue dropping to 611 million yuan, a 44.5% year-on-year decline, and a net loss of 261 million yuan compared to a profit of nearly 300 million yuan in the same period last year [2][3] Revenue Summary - Fushouyuan's main business segments, including cemetery services and funeral services, experienced varying degrees of decline, with total revenue falling from 1.1 billion yuan to 611 million yuan [3] - Cemetery service revenue, which constitutes the largest portion of total revenue, decreased from 906 million yuan to 477 million yuan, while funeral service revenue dropped from 184 million yuan to 122 million yuan [3] Price and Sales Volume Analysis - The significant decline in cemetery service revenue was primarily due to the average price of individual burial plots being halved, with the average price dropping from approximately 120,000 yuan to about 63,000 yuan, a decrease of 47.5% [3] - The number of burial plots sold in the first half of 2025 was 6,253, a year-on-year decrease of 6.7%, indicating that while sales volume did not collapse, the price drop significantly impacted revenue [3] Regional Revenue Decline - Fushouyuan's revenue declined across multiple provinces, with the Shanghai region, which contributes nearly half of the company's total revenue, experiencing a sharp drop from 526 million yuan to 241 million yuan, a reduction of 285 million yuan [4][5] Regulatory Impact - Market rumors suggest that the decline in revenue is linked to price caps on burial plots in Shanghai, with a maximum price set at 160,000 yuan. However, the Shanghai Civil Affairs Bureau denied the existence of such a price cap, stating that pricing should reflect operational realities and sales strategies [6] - Recent regulations emphasize the need for cemetery services to reflect social welfare, with guidelines aimed at preventing excessive pricing and promoting land-saving practices in the funeral industry [6] Asset Impairment - Fushouyuan also reported over 200 million yuan in asset impairment, primarily related to goodwill and other long-term assets from four cemetery projects, due to the overall macroeconomic environment and the impact of value-added tax on sales revenue [7]

Core Viewpoint - The funeral industry, particularly represented by the company Fushouyuan, is experiencing significant financial losses for the first time since its IPO in 2013, with projected losses of 235 to 265 million yuan in the first half of 2025, contrasting sharply with a net profit of 299 million yuan in the same period last year [3][12]. Group 1: Financial Performance and Market Dynamics - Fushouyuan's revenue surged from 600 million yuan to 2.6 billion yuan over the past decade, with its cemetery business expanding across 19 provinces [5]. - The average price of graves has reached 122,000 yuan each, significantly higher than the average new home price in Shanghai [7]. - In 2024, Fushouyuan's operational cemetery sales dropped to 12,500 units, a decrease of over 3,800 units compared to 2023, leading to a revenue loss of approximately 435 million yuan [12][18]. Group 2: Economic and Regulatory Challenges - The company faces short-term performance pressure due to a cautious consumer market, increased tax costs for subsidiaries, and the need for impairment provisions on goodwill and related assets [14]. - The supply-demand dynamics in the cemetery market are complex, with a predominance of non-profit public cemeteries, limiting the operational scope of for-profit cemeteries like Fushouyuan [16]. - Despite the current sales downturn, the aging population in China is expected to sustain long-term demand for cemetery services, leading to a belief that prices will remain stable [18][22]. Group 3: Industry Trends and Future Outlook - The aging population and increasing death rates are projected to drive demand in the funeral industry, with the elderly population expected to reach 310 million by the end of 2024 [22]. - The market for burial plots has seen speculative behavior, with prices rising dramatically in certain regions, leading to concerns about a potential bubble [20][28]. - New regulatory measures are being considered to manage the rising prices of burial plots, indicating a shift towards more controlled market conditions [44][50]. Group 4: Changing Consumer Preferences - There is a growing trend towards alternative burial methods, such as ecological burials and cremation, as younger generations adopt different attitudes towards death and burial practices [50][51]. - The concept of "thick nurturing and thin burial" is gaining traction, reflecting a shift in societal attitudes towards funeral expenses and practices [50].

Core Viewpoint - The article highlights the significant decline in the financial performance of Fushouyuan, the first publicly listed funeral service company in China, with a notable drop in revenue and a shift from profit to loss, raising concerns about the sustainability of its business model in the current economic environment [2][9]. Group 1: Financial Performance - Fushouyuan reported a revenue drop of 50% to 610 million yuan, with a loss of 230 million yuan in the first half of 2025, marking its first loss since its listing in 2013 [2][3]. - The company's main revenue source, cemetery services, saw a drastic decline from 910 million yuan to 480 million yuan, returning to levels seen a decade ago [6][9]. - The average sales price of graves fell by 47.5% to 57,000 yuan, a significant deviation from the historical trend of steady price increases [6][9]. Group 2: Market Dynamics - Despite the decline in Fushouyuan's performance, key indicators for the funeral industry remain stable, including urbanization rates, an aging population, and a high cremation rate [2][3]. - The company attributes its revenue decline to cautious consumer behavior and adjustments in its product offerings, which have led to a decrease in both the number of customers and the average revenue per customer [7][9]. Group 3: Operational Challenges - Fushouyuan faced two significant expenses: a 218 million yuan impairment loss on cemetery assets and goodwill, and a 220 million yuan increase in general operating expenses, which rose by over 194% [9][10]. - The company's profit margin for cemetery services plummeted from 54.4% to -44.9%, indicating severe operational challenges [9]. Group 4: Regulatory Environment - Recent regulatory changes, including the introduction of a public service system for funeral services and strict land use regulations, have impacted the pricing and availability of cemetery plots [10][11]. - The company is also exploring new service offerings, such as pre-paid funeral contracts, to diversify its revenue streams and mitigate the impact of declining cemetery sales [11].

Core Viewpoint - Fushouyuan, known as the "first stock in the funeral industry," reported a significant mid-year loss of 230 million yuan, marking its first loss since its listing in 2013, despite stable demand indicators in the funeral industry [1] Group 1: Financial Performance - Revenue decreased by 50% to 610 million yuan, with a profit drop of 145% compared to over 500 million yuan in the same period last year [1] - The main revenue source, cemetery services, saw income drop from 910 million yuan to 480 million yuan, returning to levels seen a decade ago [2] - The average sales price of graves fell by 47.5% to 57,000 yuan, with sales volume decreasing by 451 units to 6,253 [2][4] Group 2: Business Operations - The decline in cemetery service revenue is attributed to a downturn in operational cemetery sales, which dropped significantly [2] - Funeral service revenue decreased by 34% to 120 million yuan, with a 25% drop in customer numbers to 26,000 [3] - The company operates in 17 provinces, with significant revenue declines in key regions, particularly Shanghai, where income fell by over 54% [3] Group 3: Expenses and Impairments - The company recorded a rare impairment loss of 218 million yuan on cemetery assets and goodwill due to changes in business conditions [4] - General operating expenses increased by 194% to 220 million yuan, primarily due to rising maintenance and tax costs [4][5] - The profit margin for cemetery services plummeted from 54.4% to -44.9%, indicating a severe impact on profitability [5] Group 4: Regulatory Environment and Market Trends - New regulations from the Ministry of Civil Affairs aim to establish a basic public funeral service system and impose strict land use limits, affecting the pricing of cemetery services [5][6] - In response to public sentiment regarding high cemetery prices, local governments have implemented price caps and size restrictions on graves [6] - Fushouyuan is exploring service diversification, including pre-paid funeral contracts, which could stabilize future revenues despite current market volatility [6]

Core Viewpoint - The company Fushouyuan (1448.HK) reported a significant decline in revenue and incurred its first loss since its listing in 2012, attributing this to macroeconomic conditions and cautious consumer spending [2][3]. Revenue Performance - Fushouyuan's total revenue for the first half of 2022 was 610.9 million yuan, a year-on-year decrease of 44.5% [2]. - The company recorded a loss attributable to owners of 261.4 million yuan, a reduction of 560.2 million yuan compared to the same period last year [2]. - Revenue from cemetery services and funeral services was 477 million yuan and 122 million yuan, respectively, representing declines of 47% and 34% year-on-year [3]. Sales and Pricing - The average selling price of operational burial plots fell to 63,400 yuan, nearly halving from 120,600 yuan in the previous year [4]. - The number of operational burial plots sold decreased by 6.7% to 6,253 units, with revenue from this segment dropping by 51% to 396 million yuan [4]. - The company has adjusted its pricing strategy to respond to varying economic conditions and consumer behaviors across different regions [4]. Profitability and Cost Management - The operating profit margin for cemetery services plummeted from 54.4% to -44.9%, primarily due to declining revenues and increased tax costs [3]. - Fushouyuan has implemented cost-cutting measures, including a reduction in workforce from 2,401 to 1,998 employees, resulting in a 30% decrease in employee costs [6]. Technological Initiatives - The company is focusing on digital transformation and AI integration to enhance service offerings, although these initiatives have not yet generated quantifiable revenue [5][6]. - Fushouyuan has developed a digital life service system that includes features like AI memorial services, but the associated costs have led to losses in this segment [5]. Industry Context - Other listed companies in the funeral services sector, such as Anxianyuan China (0922.HK) and China Wantongyuan (6966.HK), are also experiencing revenue declines, indicating a broader trend in the industry [7].