Fu Shou Yuan's 2024 profit drops amidst economic challenges

** Fu Shou Yuan International Group (HKEX:1448) announced a revenue of RMB2,077.5 million for the year 2024, a 20.9% decrease compared to the previous year's RMB2,628.0 million, attributing the downturn to a complex economic environment and cautious consumer behavior. Profit attributable to owners of the company also decreased to RMB373.1 million. The Board has proposed a final dividend of HKD 9.54 cents per share, in addition to a special dividend of HKD 38.82 cents per share already declared, bringing the total dividend for the year to HKD 54.74 cents per share. The company notes continued investment in digital transformation, green initiatives, and talent development despite the financial headwinds. As part of the firms strategic pivot from traditional comprehensive death care services to a life technology provider, 20,229 pre-need contracts were signed. Additionally, impairment losses of RMB 104.2 million were recognized on property and equipment, intangible assets, cemetery assets and goodwill in connection with two cemetery projects.