The characters, fu shou kang ning, are a birthday wish for happiness, long life, good health and peace.
Compare the similarly decorated bowl of this deep rounded shape, also with Wanli mark, in the Qing Court Collection, illustrated in The Complete Collection of Treasures of the Palace Museum - 35 - Blue and White Porcelain with Underglaze Red (II), p. 229, no. 209. Decoration of this type can also be seen on a bowl with slightly flared rim, and with a Jiaqing mark, illustrated by John A. Pope, Chinese Porcelains from the Ardebil Shrine, Smithsonian Institution, Freer Gallery of Art, Washington, 1956, pl. 80.