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 funeral industry in China is undergoing a modernization and technological transformation, with Fushouyuan (01448.HK) experiencing a temporary decline in profits while maintaining a strong market position and strategic focus on long-term growth [1] Financial Resilience - Fushouyuan reported a net loss of 261 million RMB in the first half of 2025, but its core business remains resilient with a net profit of 198 million RMB after adjustments, showcasing strong operational capabilities [2][4] - The company’s revenue for the first half of 2025 was 611 million RMB, reflecting a decline, but the decrease in average price for operational graves by 47.5% was a strategic choice to capture market share [3][4] - Cash reserves reached 2.32 billion RMB, providing a solid financial cushion for operations and strategic investments, with a debt ratio of only 0.6% [5][6] Strategic Depth - Fushouyuan is focusing on three core strategies: branding, technology, and cultural innovation, to build long-term competitive advantages [7] - The company is actively breaking the "niche" perception of the funeral industry through public branding efforts and cross-industry collaborations [8] - Fushouyuan has embraced digital transformation, creating a comprehensive digital service system that enhances customer experience and operational efficiency [10][11] Value Reassessment - Fushouyuan has achieved top-tier ESG ratings, enhancing its brand reputation and aligning with long-term industry growth driven by demographic changes and regulatory improvements [14][15] - The company is positioned to benefit from the ongoing transformation of the funeral industry, with a projected market size exceeding 160 billion RMB by 2025 [17][18] - Fushouyuan's strategic focus on compliance and service quality positions it favorably in a market that is expected to consolidate around compliant and capable players [18]

Core Viewpoint - Fushouyuan (01448) reported a mid-year revenue of 611 million RMB for 2025 and proposed an interim dividend of 0.07 HKD per share, highlighting its commitment to social responsibility and brand development [1] Group 1: Financial Performance - The company achieved a revenue of 611 million RMB for the mid-year of 2025 [1] - An interim dividend of 0.07 HKD per share is proposed [1] Group 2: Brand and Social Responsibility - Fushouyuan was awarded the "Annual Responsible Brand Award" at the 14th Public Welfare Festival, alongside well-known brands like Mengniu and Ping An Leasing, showcasing its commitment to corporate social responsibility [1] - The company ranked 380th in the "2024 World Innovation Brand 500" list at the Davos World Brand Summit, with a brand value of 2.916 billion USD and a brand index of 492.45 [1] - The company has been recognized as a "National Civilized Unit" for three consecutive years, reflecting its ongoing efforts in industry civilization and social responsibility [1] - Fushouyuan's original short video series won an award at the 15th Beijing International Film Festival, enhancing its brand culture and public awareness of the value of life [1] Group 3: ESG and Digital Transformation - Fushouyuan achieved a significant upgrade in its ESG rating from AA to AAA, positioning itself as a new benchmark for sustainable development in the Asia-Pacific region [2] - The company is now among the top 1% of MSCI China investable market index constituents and has maintained an A+ rating in the Hang Seng Sustainable Development Benchmark Index for four consecutive years [2] - Fushouyuan has developed a digital life service system since 2022, incorporating features like digital memorial halls and AI remembrance, aiming to enhance service quality and embrace modern technology [2] Group 4: Community Engagement and Philanthropy - The company actively participates in life education and public welfare initiatives, supporting the "2025 National Organ Donation Remembrance Activity" and collaborating on a performance to promote life education [3] - Fushouyuan engages in various philanthropic projects, including poverty alleviation and support for the elderly, demonstrating its commitment to social welfare [3]