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。 ...

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。 ...

Summary of Service Corporation International (SCI) FY Conference Call Company Overview - **Company**: Service Corporation International (SCI) - **Industry**: Funeral services and cemetery operations - **Market Position**: Largest operator in the U.S. and Canada with approximately 17% market share by revenue, while other consolidators account for about 9% [4][6] Core Business Model and Strategy - **Business Segments**: Divided into funeral services and cemetery operations, with a focus on preneed contracts to secure market share and build trust fund portfolios [4][5] - **Earnings Growth Target**: Aiming for 8% to 12% earnings growth, with 5% to 7% from base business and 3% to 5% from capital deployment (acquisitions, growth capital, share repurchases) [6] Recent Performance and Trends - **Funeral Volume Trends**: - Increased by 13% in 2020 and 4% in 2021 due to COVID-19 - Declined by 4% to 5% in 2022, 5% to 6% in 2023, and expected to decline by 2.5% in 2024 [8][9] - Anticipating flat to slightly down volumes in 2025 due to normalization post-COVID [9] - **Cemetery Operations**: - Cemetery sales are closely linked to funeral volumes, with a decline in both areas noted during the pandemic recovery [11][12] Revenue and Pricing Dynamics - **Funeral Revenue per Service**: - Steady growth in low single digits driven by inflationary pricing power, with a shift towards cremation impacting average sales growth [14][16] - Current cremation mix at 60%, with expectations to stabilize around 75% to 80% in the long term [17] - **Preneed Sales**: - Transitioning from trust instruments to insurance contracts, which is expected to stabilize and grow preneed production in the future [22][23] - Anticipated low single-digit declines in funeral preneed production for 2025, with expectations for stabilization and growth in 2026 [27] Cemetery Preneed Sales - **Core vs. Large Sales**: - Core preneed sales account for 85% to 90% of the business, showing low single-digit growth [30] - Large sales (over $80,000) are more volatile and dependent on individual family decisions [31] - **Growth Outlook**: - Expecting low single-digit growth in cemetery preneed sales for 2025, with potential for stronger performance if macroeconomic conditions improve [35] Margin and Cash Flow Expectations - **Margin Dynamics**: - Cemetery margins have improved from around 20% to the lower 30s, with expectations for flat margins in 2025 due to low single-digit growth [48] - Funeral margins expected to remain around 21% for 2025 until demographic changes drive volume increases [49] - **Free Cash Flow**: - Projecting $860 million in operating cash flow for 2025, with expected free cash flow of around $550 million after capital expenditures [51] Land Management and Future Growth - **Cemetery Land Availability**: - Over 100 years of available inventory across 36,000 acres, but some cemeteries nearing capacity [57] - Strategies include raising prices, reconfiguring land, and acquiring adjacent properties to manage land constraints [59][61] Regulatory Environment - **Funeral Rule Compliance**: - SCI is prepared to comply with the FTC's funeral rule, with pricing already online at 75% of locations [56] Conclusion - SCI is navigating a post-COVID environment with a focus on stabilizing and growing its preneed sales, managing margins, and leveraging its land assets for future growth. The company remains optimistic about its long-term strategies despite current market challenges.