来源丨凤凰网财经《公司研究院》 作者丨DW 都说，人生除了"生死"都是小事。但是，就是这样一门关于"终点站"的生意，也踩了"急刹车"。 阳宅售价遇冷，阴宅也不太好卖了。 回望福寿园的黄金时代：不足半平米的墓穴，均价超10万；土地成本仅190元/平方米，毛利率却一度飙升至80%以上——堪称殡葬业的"印钞机"。 但2025年中期报告，彻底改写了剧本：这家企业上市以来首次出现亏损 ，平均墓穴销售单价同比暴跌47.5%。 （图源：官网） 财报显示，今年上半年，福寿园实现营收约6.11亿元，同比下降44.5%，净利润由盈转亏，亏损达2.61亿元，而去年同期还盈利约2.99亿元。这是 自2013年港股上市以来，福寿园交出的首份亏损答卷。 01 每天超3.1万人离世，一门"稳赚不赔"的生意 据国家统计局数据，2024年全国死亡人数已达1093万人，相当于每天有近3万人离开。而据观研天下数据，中国的殡葬市场规模预计在2026年攀升 至4114亿元。 1994年，敏锐捕捉到殡葬市场的潜力，他毅然投身其中，创立福寿园，成为国内最早涉足殡葬服务的民营企业家之一。2013年，福寿园成功登陆港 交所，成为"内地殡葬第一股"。 白晓江深 ...

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].

Group 1 - The core viewpoint is that Fushouyuan, a leading player in the cemetery industry, has experienced a significant decline in financial performance, reporting a loss of over 200 million yuan after previously earning 300 million yuan the year before, leading to a 9% drop in stock price [1][2] - The average price of a burial plot at Fushouyuan reached 121,200 yuan, which is 1.76 times higher than the average price of second-hand housing in Beijing, indicating a high cost of burial plots compared to real estate [1][2] - Sales of burial plots have decreased, with Fushouyuan selling 12,600 plots last year, nearly 4,000 fewer than the previous year, suggesting a decline in demand [2][3] Group 2 - Fushouyuan attributes its financial losses to macroeconomic factors, claiming that consumers are becoming more budget-conscious, as the price of 121,200 yuan is close to the average annual salary of an ordinary person [2][5] - The strategy of relying on continuous price increases to compensate for declining sales has not been effective, as consumers are unwilling to pay the high prices [3][4] - The situation highlights the reality that there are no forever appreciating assets, only consumers who remain vigilant about their spending [4]

Core Viewpoint - The company Fushouyuan, a leading player in the cemetery industry, has experienced a significant decline in performance, reporting a loss of over 200 million yuan after previously earning 300 million yuan the year before, leading to a 9% drop in stock price [1][2]. Group 1: Financial Performance - Fushouyuan's average grave price reached 121,200 yuan, which is 1.76 times higher than the average price of second-hand houses in Beijing [1]. - The company sold 12,600 graves last year, a decrease of nearly 4,000 graves compared to the previous year [2]. - The company's losses have been attributed to macroeconomic factors, with consumers becoming more budget-conscious [2]. Group 2: Pricing Strategy and Consumer Behavior - Fushouyuan has been increasing grave prices annually, from 95,400 yuan in 2017 to 121,200 yuan last year, but this strategy has not been effective in maintaining sales [1][3]. - Consumers are unwilling to purchase graves at such high prices, which are close to the average annual salary of an ordinary person [2][5]. - The notion that asset prices can continuously rise is challenged by the reality of consumer awareness and spending limits [4].

清明时节，人们手捧鲜花走向墓园，祭奠逝去的亲人。然而，这片承载着生者哀思的土地上，却正经历着一场暗流涌动的风暴。 清明节前夕，中国殡葬业龙头公司福寿园发布了惨淡的2024年业绩公告，全年总营收为20.78亿元人民币，同比下降20.9%，归母净利润为3.73亿元人民 币，同比下降52.8%。除福寿园外，其他大型的业内企业，如福成股份、安贤园中国都出现了不同程度的业绩滑坡。 在外界看来，殡葬行业一直是一门"神秘且暴利"的生意。特别是自殡葬行业市场化以来，不断成长的规模和日益完善的产业服务，不仅承载了亿万国人的 需求，也推动相关商品如墓地的价格陡增。 而如今，行业龙头企业们纷纷遭遇业绩锐减，折射出的不仅是企业的经营困境，也是整个行业在当下消费浪潮中的艰难转身。 市场化浪潮下的生死经济 在计划经济时期，殡葬服务主要由民政部门下属的国有单位提供，遗体处理、火化等环节实行价格管制，以公益为主。直到八九十年代后期，民营资本才 开始涉足墓地开发及殡仪服务。市场化的春风不仅唤醒了经济领域的活力，也悄然改变了中国人处理"人生大事"的方式。 企查查数据显示，国内现存殡葬用品相关企业28.06万家。近十年相关企业注册量呈持续增长态势 ...