From performance collapse to complete exit: The hidden main line behind the suspension storm of FU SHOU YUAN (01448).

On the evening of August 31, after months of suspension, FU SHOU YUAN (01448) released a significant announcement: in accordance with Article 105(h) of the companys articles of association, Wang Jisheng was officially removed from his position as a director and his service as an executive director was terminated. Notably, this was not a voluntary resignation or a natural end of term; it was a formal dismissal that required a written notice signed by at least three-quarters of the serving directors to trigger. Using this high-threshold dismissal announcement as a starting point, if we piece together the public information released by FU SHOU YUAN over the past eight months (doubtful transactions, independent investigations, delays in annual reports, and stock suspensions), a previously unclear main line is gradually emerging: the current suspension of FU SHOU YUAN is not due to issues with the company's core business itself, but rather a serious governance crisis triggered by matters related to former president Wang Jishengs tenure. Understanding this distinction is extremely important, as it determines investors' judgment logic: Is the issue affecting the entire company? or Are there problems involving specific personnel and issues within? These are completely different matters. Foreshadowing: Performance Collapse, Crisis Already Brewing To understand this turmoil, we cannot look only at this years suspension, but should first examine the report card presented by FU SHOU YUAN under Wang Jishengs presidency. During Wang Jisheng's tenure as president, FU SHOU YUAN's performance was dragged into a quagmire: 2024: Annual revenue of 2.078 billion yuan, a year-on-year decrease of 20.9%; net profit attributable to shareholders of 373 million yuan, a year-on-year decrease of 52.8%. First half of 2025: Revenue of 611 million yuan, a year-on-year plummet of 44.5%; turning from profit to a loss, with a massive loss of 261 million yuan. Core business collapsed completely: cemetery service revenue fell by 47.3%, and funeral service revenue shrank by 33.8%. Revenue from Shanghai, the main base, plummeted from 526 million yuan to 241 million yuan (a drop of over 54%), with the operating profit margin for cemetery services crashing from 54.4% in the same period last year to -44.9%. 2025: Still struggling to deliver results. In the face of multiple pressures from suspension, investigation, and management adjustments, the annual figures will only become worse. Evolution: From Single President to Dual Presidents; Pulling Out the Radish Brings Out the Mud The timeline reaches December 12, 2025. Wang Jisheng, at the center of it all, no longer serves as the president of FU SHOU YUAN. Meanwhile, the company changed its original top management structure, moving from a single presidency to a co-presidency system. If the subsequent months had gone smoothly, this might have just been an ordinary management adjustment. However, over the following months, the dominoes began to fall: president adjustmentmanagement restructuringinvestigation of questionable transactionsexpansion of the independent investigationdelay of annual reportstock suspension. Especially as the investigation progressed, multiple questionable transactions came to light. The currently publicly disclosed investigation pertains to transactions from 2016 to 2025, with the questionable transaction amount expanding to 19.7 million. A series of issues affected auditing and the release of annual performances, leading to the companys failure to release its annual report by March 31, 2026, and the suspension of its stock from March 20. Outbreak: Cornered Beast Fights Back, Wang Jisheng's Fierce Struggle After the investigation was initiated, Wang Jisheng did not quietly fade away; instead, leveraging his retained status as an executive director, he stirred up another storm. In its latest announcement, FU SHOU YUAN explicitly disclosed to the market that Wang Jisheng had lodged complaints and expressed concerns to regulatory authorities and the board regarding relevant matters. The companys strong response is also thought-provokingstating that it has evaluated the accusations made by Wang Jisheng and found them to be without substantive basis. On one side, the company is struggling to advance the investigation into questionable transactions, audits, and the resumption of trading; on the other side, an individual who has already stepped down from the highest management position continues to raise objections and complaints regarding these matters. For ordinary investors, it no longer matters which side is more severe in its wording; what is important is which side the final independent investigation facts will support. Conclusion and Reflection: Consequences Borne by the Company, Accountability Must Be Clarified The current stage of this contest has led to the scenario described at the beginning of this articleFU SHOU YUAN invoked the high-threshold provisions of its articles of association to officially remove Wang Jisheng from the board, thoroughly eliminating his residual influence in the companys governance structure. This series of actions sends a strong governance signal to the capital market: this is not an isolated incident, but rather different stages of the same governance problem gradually developing. Revisiting FU SHOU YUANs suspension, we need to disentangle two questions: Does the company bear responsibility? Of course. As a listed company, it must bear the consequences of the suspension, complete the investigation, finish the audit, rectify internal controls, and meet the resumption requirements of the Stock Exchange; these are obligations that FU SHOU YUAN must fulfill. Who caused the current situation? From the complete collapse of performance to continued obstruction after withdrawal, leading up to being jointly dismissed by more than three-quarters of the directors, the publicly available facts are painting a complete picture. Although the latest announcement indicates that the investigation into questionable transactions is still ongoing, and a simple legal conclusion cannot yet be drawn, as more details are disclosed, the complete narrative of the incident and the boundaries of accountability will gradually become clearer. This article is reproduced from the "Chuangcai She" public account, edited by GMTEight: Chen Siyu.