01：分水岭时刻 地产亏损的风终究还是吹到阴间。 曾被誉为"阴间第一股"的殡葬行业龙头"福寿园"，自2013年港股上市以来，首次发生亏损，还是亿元巨亏。 近期，福寿园发布中期业绩预警，预计2025年上半年会产生2.35亿至2.65亿元的亏损，较去年同期2.99亿元净利润，几乎是分水岭式的大幅转亏。 要知道，福寿园过去的日子堪称躺赢。 上市后的十多年间，公司年营收从6亿元猛涨至26亿元，直接翻了四倍多，旗下墓园业务更是冲出上海，逐步覆盖到了河南、重庆、安徽、山东等十九个 省份。 在利润方面，"经营性墓地"业务占比超八成的福寿园，也被许多投资者称为"殡葬茅台"，其毛利率在2015年时达到77.60%，到2024年已攀升至85.85%。 在这背后，自然是节节攀升的墓地价格，旗下墓地均价涨到了12.2万元/个，折算每平米近20万元，几乎是上海新房均价的2.6倍。 冲这盈利能力，"殡葬暴利"的刻板印象似乎都有点情有可原了。 那么问题来了，当下墓地价格没有与房价一同跳水，这亏损从哪儿来的？ 答案很简单，消费市场买不动了...... 营收超20亿，相比2023年减少20.9% 2024年，福寿园经营性墓地去年卖出1.25万 ...

天眼查App显示，近日，玉山县孝廉殡葬有限公司成立，法定代表人为吴枭枭，注册资本50万人民币， 经营范围为一般项目：殡葬服务，殡葬设施经营，纸制品制造，制浆和造纸专用设备制造，制浆和造纸 专用设备销售，工艺美术品及收藏品批发（象牙及其制品除外），工艺美术品及礼仪用品销售（象牙及 其制品除外），礼仪服务，包装服务，工艺美术品及礼仪用品制造（象牙及其制品除外），婚庆礼仪服 务，木制容器制造，木制容器销售，塑料制品制造，塑料制品销售，礼品花卉销售，租赁服务（不含许 可类租赁服务），家政服务，花卉绿植租借与代管理，水泥制品制造，水泥制品销售，石棉水泥制品制 造，石棉水泥制品销售，建筑用石加工，建筑材料销售，石棉制品制造，石棉制品销售，金属制品销 售，金属制品研发，金属链条及其他金属制品制造，金属链条及其他金属制品销售，卫生用品和一次性 使用医疗用品销售，日用口罩（非医用）销售，专业保洁、清洗、消毒服务，消毒剂销售（不含危险化 学品）（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

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。 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。 ...

格隆汇8月21日丨中国万桐园(06966.HK)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个月将录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。 预期将录得本公司拥有人应占亏损及全面亏损总额乃主要由于(i)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；(ii)公司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(iii)持有的 按公平值计入损益的金融资产公平值下降。 ...

Core Viewpoint - The article discusses five seemingly ordinary industries that possess significant profit potential, highlighting their growth prospects and market dynamics in the current economic environment [3][40]. Group 1: Adult Products Industry - The adult products market in China is experiencing growth, with a current penetration rate of 38.5%, compared to Japan's 74.1%, indicating substantial room for expansion [6]. - The market size for adult products is projected to reach 168.53 billion yuan in 2022, with expectations to exceed 200 billion yuan by 2025 [6]. - The most preferred types of adult products among Chinese consumers are condoms (55.9%) and lingerie (53.8%) [8]. - The leading brand in consumer recognition is Durex (70.4%), followed by Jissbon (54.1%) [9]. - The industry has a high profit margin, with production costs often being a fraction of the retail price [11]. Group 2: Waste Recycling Industry - The waste recycling industry in China is emerging as a significant business opportunity, with over 600 million tons of recyclable resources generated annually [15]. - The industry size reached 870 billion yuan in 2019, with projections to exceed 1.5 trillion yuan by 2025 [17]. - The sector is becoming increasingly important due to national emphasis on environmental protection and resource recycling [18]. Group 3: Funeral Services Industry - The funeral services industry is witnessing growth due to the aging population, with increasing demand for services [21]. - The market size for the funeral industry is expected to surpass 400 billion yuan by 2026 [24]. - The industry is characterized by high profit margins, as families often do not negotiate prices for essential services [22]. Group 4: Eyewear Industry - The eyewear market in China is expanding rapidly, driven by the increasing prevalence of myopia, particularly among youth [27]. - The market size has surpassed 100 billion yuan, with a projected compound annual growth rate (CAGR) exceeding 7% from 2021 to 2026 [30]. - The profit margins in the eyewear industry are substantial, with high-end glasses costing around 200 yuan to produce but selling for over 1,000 yuan [32]. Group 5: Pet Industry - The pet industry in China is booming, with over 98 million households owning pets as of 2022, leading to a market size of 592.8 billion yuan, a 20.1% increase year-on-year [34]. - The pet medical market is also growing, with the market size increasing from 33 billion yuan in 2017 to 67.5 billion yuan in 2022 [38]. - The online pet consumption market is thriving, with nearly 60% of purchases made through online channels [35].

Financial Data and Key Metrics Changes - For Q2 2025, the company reported adjusted earnings per share of $0.88, an increase of over 11% compared to $0.79 in the prior year period [6] - Total comparable funeral revenue increased by over $15 million, or about 3%, compared to the prior year quarter [6] - Funeral gross profit increased by about $15 million, with the gross profit percentage rising by 20 basis points [8] Business Line Data and Key Metrics Changes - Comparable core funeral revenues increased by $8 million, or about 2%, driven by a 3.3% growth in core average revenue per service [7] - Comparable cemetery revenue increased by $2 million, or almost 1%, with core revenue up by about $1 million [10] - Preneed funeral sales production decreased by $29 million, or about 9%, primarily due to a transition to a new preneed insurance provider [9] Market Data and Key Metrics Changes - The company anticipates comparable core preneed sales production growth in 2025, despite a decrease in the first half of the year [9] - Cemetery gross profit decreased by $4 million, with the gross profit percentage declining by 110 basis points [12] - The company expects preneed cemetery sales production to grow at low to mid single-digit percentages over the prior year's six-month period [13] Company Strategy and Development Direction - The company confirmed its normalized earnings per share guidance range of $3.7 to $4 for 2025 and raised its cash flow outlook due to stronger working capital trends [12] - The company plans to invest $100 million in capital expenditures for existing locations, cemetery development, and new builds [19] - The acquisition pipeline remains optimistic, with an anticipated investment target of $75 million to $125 million for 2025 [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving revenue and margin growth for both funeral and cemetery segments for the remainder of 2025 [12] - The company noted that cash taxes will revert to a more normalized level in 2025 compared to 2024, following a tax accounting method change [24] - Management highlighted the importance of their team in navigating challenges and providing exceptional service to customers [16][25] Other Important Information - The company returned $239 million of capital to shareholders in Q2 2025 through dividends and share repurchases [21] - Adjusted operating cash flow for the quarter was $168 million, with a significant increase in cash taxes impacting the overall cash flow [17][19] - The company ended the quarter with liquidity of about $1.4 billion, consisting of cash on hand and available credit [25] Q&A Session Summary Question: What drove the dip in the recognition rate in the current quarter? - Management attributed the dip to normal volatility in cemetery production and expects the recognition rate to improve in the second half of the year [28][30] Question: What are the expectations for the cremation rate moving forward? - Management indicated that the pace of increase in the cremation rate may moderate, with expectations adjusted to 50 to 80 basis points [32][34] Question: How will cash flow and tax benefits from the federal bill affect long-term cash taxes? - Management expects a $30 million benefit from cash taxes this year, with ongoing benefits from capital improvements [36][41] Question: What are the expectations for funeral volumes in the back half of the year? - Management noted that the third quarter will be a tougher comparison for funeral volumes, while cemetery revenues are expected to be strong [44] Question: What is the financial benefit of the shift in life insurance partner? - Management expects incremental benefits from the type of insurance products sold, with potential for a couple of points increase in production [54][56] Question: What is the outlook for preneed sales production growth? - Management expects low to mid single-digit growth in preneed sales production for both funeral and cemetery segments in the second half of the year [62][64]

Core Viewpoint - The Ministry of Civil Affairs has released ten new and revised industry standards in the funeral sector, addressing public concerns and promoting green funeral practices [1][2]. Group 1: Industry Standards - The new standards cover various aspects of funeral services, including reception, ash storage, burial, sea burial, cemetery rituals, and online memorial services [1]. - The standards aim to enhance service quality, meet diverse public needs, and promote the development of green funerals [1][2]. Group 2: Transparency and Consumer Rights - The standards require that service items and pricing for body preservation, cremation, ash storage, and sea burial be publicly disclosed, ensuring transparency and consumer rights [2]. - Funeral service providers must issue detailed invoices and receipts to enhance trust in the industry [2]. Group 3: Green Funeral Practices - The Ministry of Civil Affairs reported a significant increase in eco-friendly burials, with 194,700 cases of ecological burial in 2024, a 67% increase from 2019, including 53,500 sea burials, a 26% increase [3]. - Revised sea burial standards emphasize the importance of environmental protection, including the proper disposal of non-biodegradable materials used during the ceremony [3]. Group 4: Online Memorial Services - In 2024, over 120 million people participated in online memorial services across more than 2,000 platforms, marking a 37% increase from the previous year [4]. - New regulations for online memorial services aim to prevent commercialization and ensure respectful practices [5]. Group 5: Rituals and Services - The standards introduce new service categories, such as proxy memorial services and collective memorials, to cater to diverse expressions of grief [6]. - The Ministry of Civil Affairs plans to enhance training and implementation of these standards to improve service levels in the funeral industry [6].

Group 1 - The Ministry of Civil Affairs has released ten new or revised standards for the funeral service industry, including regulations on funeral reception, ash storage, cemetery burial, sea burial of ashes, cemetery worship, and online memorial services [1] - The new standards require transparency in service items, pricing, and fees related to the handling of remains, ensuring that high-priced services or additional items cannot be forced upon consumers [1] - A traceability system for remains and ashes is mandated, ensuring that all stages from receipt to burial are verifiable and that key information is organized and archived for regulatory and public access [2] Group 2 - Standards for various memorial services have been established, promoting green burial practices and advocating for civilized customs [3] - The "Cemetery Worship Service Specification" emphasizes environmentally friendly worship materials and regulates services such as proxy worship and collective memorials, ensuring compliance with social norms [3] - The "Sea Burial Service Specification" requires permits from relevant authorities and prohibits unauthorized scattering of ashes, emphasizing the use of eco-friendly materials and the recovery of non-biodegradable items [3] Group 3 - The "Online Memorial Requirements" stipulate that online platforms must authenticate user identities and respect the dignity and privacy of the deceased, avoiding overly commercialized features [4] - Content shared on these platforms must reflect solemnity and civility, prohibiting any form of mockery, defamation, or dissemination of harmful information [4]

Core Viewpoint - The article discusses innovative funeral practices in Japan as a response to high funeral costs, highlighting unique services like "balloon funerals" and "space burials" that cater to adventurous individuals [2][3][6]. Group 1: Innovative Funeral Services - Balloon Kobo offers "balloon funerals," where ashes are sent into a hydrogen balloon to explode at 50KM altitude, costing around 12,000 RMB [3]. - SPACE NTK collaborates with SpaceX for "space burials," launching ashes in capsules into orbit, with prices ranging from 25,000 to 500,000 RMB [3]. - Celestis provides "moon burials" for 94,000 RMB, allowing individuals to have a lunar-themed farewell [6]. Group 2: Traditional Funeral Costs - Traditional Japanese funerals are influenced by Chinese culture, with significant costs associated with burial plots and Buddhist ceremonies. In 2024, burial plots in Tokyo are expected to cost between 50,000 to 100,000 RMB [6]. - The average funeral cost in Japan is 66,300 RMB, with burial plots accounting for 40%-50% of total expenses [10]. - In China, the average funeral cost is 41,000 RMB, with burial plots making up 50%-70% of expenses, particularly high in urban areas [10][11]. Group 3: Market Dynamics - The funeral industry is characterized by a scarcity of burial plots, leading to higher prices compared to real estate. This scarcity results in a more stable price increase for burial plots [13][19]. - Fushouyuan, a leading funeral service provider, has seen a price increase of 1.9% for burial plots despite a decrease in sales volume, indicating strong demand for funeral services [11][17]. - The article notes that the funeral industry has become a lucrative business, with significant profit margins due to the emotional nature of the services and the lack of price negotiation in death-related expenses [22][24]. Group 4: Changing Perceptions and Trends - There is a growing acceptance of the funeral industry among younger generations, with more individuals considering careers in this field as societal attitudes shift [33][36]. - Innovative funeral products and services are emerging, such as eco-burials and personalized memorials, reflecting changing consumer preferences [32][38]. - The concept of "end-of-life planning" is gaining traction, with individuals proactively organizing their funerals, which is seen as a form of personal expression and autonomy [39].

Group 1: Aging Population and Funeral Costs - As of the end of 2024, Shanghai's registered population is projected to reach 15.38 million, with 5.78 million aged 60 and above, accounting for 37.6% of the total population [2] - The average funeral cost in China is approximately 37,375 yuan, which represents 45.4% of the annual average salary, ranking second globally [3] - In 2024, the average cost of a traditional funeral in China is expected to be around 78,000 yuan, with first-tier cities exceeding 150,000 yuan [3] Group 2: Emerging Funeral Trends - New funeral formats such as "space burial," where ashes are sent into space, are gaining attention, with companies like Celestis offering various pricing options [5][22] - Japan has introduced "balloon funerals," where ashes are placed in balloons and released into the sky, providing a lower-cost alternative to traditional burials [7] - The trend of simplifying funerals is evident, with the funeral simplification rate in China rising from 27% in 2020 to 58% by early 2025 [12] Group 3: Changing Attitudes Towards Death - Younger generations are increasingly engaging in "end-of-life planning," with 26.8% of respondents in their 20s participating in such activities, reflecting a desire for self-determination in funeral arrangements [15][17] - The shift in attitudes towards death and funerals is leading to a preference for cost-effective and personalized options over traditional practices [20] - The acceptance of ecological burials, such as sea burials and tree burials, is growing, with the proportion of ecological burials in China reaching 3.2% in 2024, up from 2.7% in 2023 [23]