Workflow
棺材
icon
Search documents
殡葬行业出海观察:冷门又暴利的“阴间生意”,被中国制造承包了?| Flywheel飞未
Sou Hu Cai Jing· 2025-09-16 06:27
Group 1 - In 2024, China's death toll exceeded the birth rate by 1.39 million, leading to a significant decline in the domestic funeral industry, which was previously considered a stable business [1][3] - Fushouyuan, known as the "first stock" in the funeral industry, reported a net loss of 261 million yuan in the first half of the year, marking its first loss since its listing in 2013 [1][3] - Major funeral companies in China experienced a 19.3% drop in total revenue, indicating a broader trend of declining profitability in the industry despite increasing death rates [1][3] Group 2 - The global funeral service market is projected to exceed $93 billion by 2031, with a compound annual growth rate of over 5%, highlighting the potential for international expansion [4] - China plays a significant role in the global funeral supply chain, with 90% of coffins sold in Japan sourced from China, particularly from Caoxian County [4][6] - Caoxian's coffin production benefits from low costs and high demand, with an annual export of over 1 million coffins, making it a dominant player in the Japanese market [6][10] Group 3 - The tombstone industry in Huian, Fujian, dominates the Japanese market, accounting for 90% of its market share, with an annual output value exceeding 2 billion yuan [10][11] - Huian's success is attributed to its abundant granite resources and efficient shipping routes, allowing for competitive pricing compared to local Japanese products [12][10] - The demand for affordable and high-quality tombstones has increased in Japan due to local production challenges, further benefiting Huian's market position [11][12] Group 4 - The paper money and paper offerings industry in Mibeizhuang, Hebei, controls 90% of the global market, with an annual output value exceeding 2 billion yuan [17][19] - Mibeizhuang has adapted its products for international markets, creating versions of paper money in foreign currencies, which has increased their appeal [19][23] - The rise of social media has popularized these products, transforming them into cultural symbols beyond traditional funeral practices [26][29] Group 5 - The Chinese funeral industry is facing challenges in international markets, particularly in Japan, where changing demographics and funeral practices are reducing demand for traditional products [32][33] - In Europe and the U.S., logistical challenges and cultural differences complicate market entry, with high shipping costs and a preference for comprehensive service over product pricing [33][35] - The U.S. market is particularly difficult due to its fragmented nature, with a majority of funeral homes being family-owned and a high concentration of market share among a few large companies [35][33] Group 6 - The pet funeral service market is emerging as a new opportunity, with significant growth projected, as companies begin to offer pet coffins and related services [38][39] - Innovations in eco-friendly funeral products, such as biodegradable paper money and sustainable coffin materials, are gaining traction in response to environmental concerns [41][43] - Direct-to-consumer (DTC) models are being adopted to bypass traditional distribution channels, allowing for greater market penetration and brand control [46][47]
殡葬行业出海观察:冷门又暴利的“阴间生意”,被中国制造承包了?
3 6 Ke· 2025-09-15 11:03
Group 1 - The core viewpoint of the article highlights the significant decline in China's funeral industry despite a rising death rate, with major companies like Fushouyuan reporting substantial losses and a 19.3% drop in total revenue among the top five funeral companies [1][3][30] - Fushouyuan, known as the "first stock of funeral services" in China, reported a net loss of 261 million yuan in the first half of the year, marking its first loss since its listing in 2013 [1][3] - The traditional reliance on high land prices in the funeral industry is failing, leading to a decrease in demand for high-end burial plots as consumers tighten their spending [3][30] Group 2 - Despite challenges in the domestic market, the global funeral services market is projected to exceed $93 billion by 2031, with a compound annual growth rate of over 5% [3][30] - China's contribution to the global funeral supply chain is significant, with approximately 90% of coffins sold in Japan sourced from China, particularly from Caoxian County [4][10] - The coffin production in Caoxian is highly cost-effective, with an export price significantly lower than local Japanese prices, making it a dominant player in the Japanese market [4][10] Group 3 - The tombstone industry in Huian, Fujian, dominates the Japanese market, accounting for 90% of its tombstone exports, with an annual output value exceeding 2 billion yuan [10][11] - The demand for tombstones in Japan has decreased by about 25% over the past decade due to changing consumer preferences and economic conditions [33] - The global pet funeral market is emerging as a new opportunity, with projections indicating a market size of $3.75 billion by 2030, growing at a compound annual growth rate of over 11% [38][40] Group 4 - The article discusses the challenges faced by the Chinese funeral industry in international markets, including cultural barriers and changing consumer preferences in Japan and the U.S. [30][35] - The U.S. funeral market is characterized by a preference for comprehensive service rather than product-based purchasing, making it difficult for foreign manufacturers to penetrate [35][36] - The popularity of ancestor money in overseas markets has surged, particularly among non-Chinese consumers, transforming it into a cultural phenomenon rather than a traditional funeral product [25][27]
Service Corporation International (SCI) FY Conference Transcript
2025-05-08 16:15
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.
宏观|我国对美出口贸易的省市维度观察
中信证券研究· 2025-04-28 00:14
文 | 杨帆 玛西高娃 ▍ 我国对美出口贸易在省际层面呈现出东部集中、区域分化和集群支撑的三重特征 。 第一,我国对美出口高度集中于东部沿海省份,2 0 2 3年以来前五大省份贡献了7 2 . 3%的出口额,前八大省份合计贡献8 4 . 9%,其中广东和浙江 出口动能更为强劲,两者分别贡献了2 5 . 1%和1 6 . 6%。不过前五大外贸大省在面对关税2 . 0的表现,出现了分化,山东和浙江可能抢出口诉求更 强,上海和广东略靠后。出口交货值视角也基本印证上述结论,当前上海在出口交货值增速上较为疲弱。 我国分省市对美出口整体呈现出东部集中、区域分化和产业集群支撑的三重特征。其中,广东和浙江等东部沿海省份是出口主力,山西和河南等 中部省份对美出口依赖偏高。同时结合商品结构层面,我国各省市对美出口贸易呈现商品出口中心度较高、总体依赖度不高且结构多元的特征。 第一,从出口中心度来看,机电设备、纺织鞋服和家具类是支撑出口的核心品类,不同省份在这些品类上的中心度高低差异明显。第二,从对美 出口依赖度来看,大部分省市总体依赖度不高,大部分省份在主要品类上的依赖度低于5%,另外,沿海地区整体呈现出产业链多元、出口商品 类别 ...
这些中国商人,悄悄掌控日本人的“死亡”
商业洞察· 2025-03-29 09:35
以下文章来源于华商韬略 ,作者华商韬略 华商韬略 . 聚焦标杆与热点、解构趋势与韬略 作者: 大南 来源:华商韬略( ID:hstl8888) "为什么到死都摆脱不了中国!" 这是一位日本网民近乎崩溃的评论,一时引发大量跟帖点赞。 起因是日本媒体《产经新闻》发表了一篇关于"中国资本暗中入侵致使东京火化费用暴涨至9万日 元"的报道。 这位网民的评论虽然非常夸张,但也并非没有依据。如今,日本的"死亡产业链",从墓碑、棺材 到火葬场、殡仪馆,这些冷门但暴利的生意背后,都有中国人的身影。 有人打趣说, 靠"一条龙"专业送走服务,中国人每年要赚日本人超过1000亿日元。 而在这条产业链中,福建人、山东人、上海人,扮演着举足轻重的角色。 01 "墓"后高人 2020年疫情期间,位于东京葛饰区的武藏石材店内,老板井冈进显得有些焦急,此时还有五位顾 客的订单迟迟无法落实,而上游工厂已断货两个月。 这个让井冈进心心念念的"货",就是墓碑。 此时,全日本的石材店几乎都面临同样的窘境,一边是亟待下葬的逝者,一边是无碑可卖。更有 实在等不及的逝者家属,直接打电话给上游工厂,语气近乎乞求。 电话拨向的是一个中国小县城——福建省泉州市惠 ...