一笔收购，让蜜雪冰城的老板娘——蜜雪集团CEO张红甫的妻子，浮出水面。 近期，蜜雪冰城发布公告，宣布以2.97亿元收购"鲜啤福鹿家"53%股权，正式进军现打鲜啤赛道。这是 蜜雪冰城在今年3月上市后的首次重大收购，消息一出，"蜜雪冰城要卖啤酒了"的话题就冲上了热搜。 这笔交易背后，大家讨论的更多的是背后的关联——福鹿家实际控制人田海霞是张红甫妻子的身份。收 购前，田海霞通过直接和间接控股福鹿家超过80%。 蜜雪冰城入股后，田海霞直接持股降至29.43%，成为福鹿家二股东。按照蜜雪冰城入股时的估值，这 部分股份价值为1.6亿元，再加上间接所持的10.41%股份，其总估值约2.2亿元，整体投资回报大约在8.2 倍。 蜜雪老板娘拿下2.2亿元 先交代一下蜜雪冰城此次收购福鹿家股权的交易细节：主要采取了增资+股权转让的形式。 首先，蜜雪集团以2.856亿元现金向福鹿家注资，认购其新增注册资本的51%，成为第一大股东。随 后，蜜雪再以1120万元从独立第三方股东赵杰手中受让其持有的福鹿家2%股权。 交易完成后，蜜雪冰城以合计2.97亿元获得福鹿家53%股权，实现对后者的绝对控股，福鹿家正式成为 蜜雪集团的非全资附属公司， ...

Core Viewpoint - New Hope Dairy's stock price has shown fluctuations, with a year-to-date increase of 24.57% and a recent decline of 4.47% over the past 20 days [1][2]. Financial Performance - For the first half of 2025, New Hope Dairy reported a revenue of 5.526 billion yuan, representing a year-on-year growth of 3.01%, and a net profit attributable to shareholders of 397 million yuan, which is a 33.76% increase compared to the previous year [2]. Stock Market Activity - As of October 16, New Hope Dairy's stock was trading at 17.72 yuan per share, with a market capitalization of 15.251 billion yuan. The stock experienced a net outflow of 2.4804 million yuan in principal funds [1]. - The company has appeared on the trading leaderboard once this year, with a net buy of 67.0816 million yuan on April 10 [1]. Shareholder Information - As of September 30, the number of shareholders for New Hope Dairy was 17,300, a decrease of 0.73% from the previous period, with an average of 49,085 circulating shares per shareholder, an increase of 0.74% [2][3]. - The top shareholders include various funds, with notable changes in holdings among them, such as a decrease in shares held by 中欧价值智选混合A and new entries like 香港中央结算有限公司 [3]. Dividend Distribution - Since its A-share listing, New Hope Dairy has distributed a total of 676 million yuan in dividends, with 448 million yuan distributed over the past three years [3]. Industry Classification - New Hope Dairy operates within the food and beverage sector, specifically in the dairy products category, and is associated with concepts such as new retail and domestic dairy industry [2].

Core Insights - The beverage and dairy sector experienced a slight increase of 0.19% on October 15, with Chengde Lulu leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Stock Performance - Chengde Lulu (000848) closed at 9.05, up 4.50%, with a trading volume of 568,100 shares and a transaction value of 509 million [1] - Miaokelan Duo (600882) closed at 27.01, up 3.73%, with a trading volume of 181,600 shares and a transaction value of 486 million [1] - Panda Dairy (300898) closed at 27.46, up 3.62%, with a trading volume of 98,300 shares and a transaction value of 274 million [1] - Other notable stocks include Yiming Food (605179) at 21.25 (+3.21%) and New Dairy (002946) at 18.10 (+2.55%) [1] Capital Flow - The beverage and dairy sector saw a net inflow of 250 million from main funds, while retail investors experienced a net outflow of 188 million [2] - Major stocks like Yili (600887) had a net inflow of 94.93 million from main funds, but a net outflow of 61.86 million from retail investors [3] - Chengde Lulu (000848) also saw a net inflow of 68.09 million from main funds, with retail investors withdrawing 31.43 million [3]

Core Insights - Mixue Ice Cream Co., Ltd. announced the acquisition of a 53% stake in Fresh Beer Fulu Family for approximately 297 million RMB [1] Group 1: Acquisition Details - The acquisition price for the 53% stake in Fresh Beer Fulu Family is about 297 million RMB [1] - The product price range at Fulu Family stores is between 5.9 RMB and 14.9 RMB [1] Group 2: Company Background - Fresh Beer Fulu Family (Zhengzhou) Enterprise Management Co., Ltd. was established in October 2018 and is co-owned by Tian Haixia, Zhao Jie, and Jia Rongrong [1] - The registered capital of Fresh Beer Fulu Family increased from approximately 5.28 million RMB to about 6.63 million RMB following a business change in September this year [1] Group 3: Investment Information - Fresh Beer Fulu Family has invested in four companies, including Hunan Fresh Beer Fulu Family Wine Co., Ltd. and Henan Fresh Beer Fulu Family Wine Co., Ltd. [1] - Hunan Fresh Beer Fulu Family Wine Co., Ltd. was established in August this year, while Zhengzhou Beer Fresh Catering Management Service Co., Ltd. saw its registered capital increase from 200,000 RMB to 1 million RMB in September [1]

Core Insights - Recently, Mixue Ice City announced the acquisition of a 53% stake in Fresh Beer Fulu Family for nearly 300 million yuan, expanding its product offerings from tea and coffee to fresh beer [1][10] - The Fresh Beer Fulu Family stores feature a similar design to Mixue Ice City, emphasizing a vibrant red and cartoon style, and offer promotions like free tastings and no delivery fees within 2 kilometers [1][3] Company Overview - Fresh Beer Fulu Family operates small stores around 20 square meters, focusing on self-pickup and delivery, with a layout akin to tea shops [3] - The pricing strategy for Fresh Beer Fulu Family is competitive, with standard fresh beer priced at 5.9 yuan per 500ml and flavored beers ranging from 6.9 to 9.9 yuan [3][5] - The store offers approximately 16 SKUs of fresh beer, including standard, tea, milk, and fruit beers, along with various snacks priced between 1 to 15 yuan [5][9] Operational Model - Fresh Beer Fulu Family stores utilize a specialized cold storage for fresh beer, with a shelf life of only one month, emphasizing freshness [7][9] - The brand has rapidly expanded through a franchise model, with plans to exceed 1,000 stores by June 2025, having already opened over 400 new locations in just two months [9][10] Market Context - The craft beer market in China is experiencing growth, with the market size expected to reach 11 billion yuan by 2028, indicating a blue ocean opportunity for fresh beer and craft beer segments [19] - The industry is witnessing a shift in consumer preferences from industrial beer to fresh and flavorful craft options, aligning with Mixue Ice City's strategic entry into the fresh beer market [19] Competitive Landscape - The craft beer sector has seen significant investment and growth, with several brands like Helen's Tavern and Taishan Original Beer gaining traction [11][12][15] - Despite the presence of established brands, the fresh beer market remains fragmented, presenting opportunities for new entrants like Mixue Ice City to leverage their existing franchise networks for rapid expansion [19]

21世纪经济报道肖夏 光是卖奶茶已经不够了，雪王要承包你的"早C晚A"。 前段时间蜜雪冰城宣布，花了将近3个亿，收购了一家名叫鲜啤福鹿家的公司。 单独看鲜啤，我们也能看到青啤、珠江、泰山等等近年都在发展所谓的原浆产品。 消息传出后，蜜雪股价已经涨了10%。 鲜啤福鹿家是什么？ 这是一家以低价鲜啤为卖点的啤酒连锁。我们在门店看到，它的产品包括小麦鲜啤、茶啤、果啤、IPA 等不同精酿，一斤卖6到10块钱。 能看得出来，无论是门店装潢还是定价策略，鲜啤福鹿家和蜜雪冰城非常像。 鲜啤这门生意前景到底如何？ 鲜啤福鹿家的产品价格，和市面上瓶装啤酒基本上是持平的。在餐饮渠道，一瓶啤酒价格是8～10块 钱。 那么啤酒这门生意，现在还好做吗？ 首先要看到，中国啤酒行业早就整体进入存量竞争阶段了，看看上市公司财报也知道啤酒现在好不好 卖。 但是鲜啤和精酿这两个细分赛道规模在不断增长。 中国酒业协会分析过，精酿是当前啤酒行业增长最快的板块，年均复合增长率是两位数乃至20%～ 30%。很多餐馆现在都卖精酿啤酒，价格是工业啤酒的几倍。 我们问过鲜啤福鹿家的招商，开一家门店成本最低只要十二三万元，比开一家奶茶店还要便宜。 正是通过这样 ...

Core Viewpoint - Recently, Mixue Ice City Co., Ltd. announced the acquisition of a 53% stake in Fresh Beer Fulu Family for approximately 297 million RMB, achieving absolute control and expanding its business into the alcoholic beverage sector [1][3]. Group 1: Acquisition Details - The acquisition price for the 53% stake in Fresh Beer Fulu Family was about 297 million RMB [3]. - Following the transaction, Fresh Beer Fulu Family will become a non-wholly owned subsidiary, and its financial performance will be consolidated into the group’s financial statements [3]. Group 2: Business Expansion - This acquisition marks Mixue Ice City's official entry into the alcoholic beverage market, extending its business scope beyond tea and coffee [3]. - Fresh Beer Fulu Family, established in 2021, focuses on freshly brewed beer products and has expanded to 1,200 stores across 28 provinces, achieving profitability of 1.07 million RMB in 2024 [8]. Group 3: Product Innovation - Fresh Beer Fulu Family continues the localization strategy of Mixue, with over 40% of its products incorporating tea elements, such as Longjing tea beer and sugar orange fruit beer [8]. - The product range includes low-alcohol beer targeting female consumers, with an alcohol content of only 0.5% vol, appealing to younger demographics [8]. Group 4: Store Operations - Fresh Beer Fulu Family operates primarily from 11 AM to midnight, with peak hours from 6 PM to 10 PM, catering to young consumers who often purchase drinks on their way home or before dining out [7]. - The pricing of products ranges from 5.9 RMB to 14.9 RMB, with the classic German wheat beer priced at 5.9 RMB per cup [7].

Core Viewpoint - As of October 13, a total of 80 stocks in the Shanghai and Shenzhen markets have experienced net financing inflows for five consecutive days or more, indicating strong investor interest in these stocks [1] Group 1: Stocks with Continuous Net Inflows - The stock with the longest consecutive net inflow is Daming City, which has seen net buying for 12 consecutive trading days [1] - Other notable stocks with significant consecutive net inflows include Wancheng Group, Yuntianhua, Zhongjin Gold, Tongfang Co., Xujie Electric, Jingwei Hengrun, New Dairy, and Xingye Silver Tin [1]

Core Viewpoint - New Dairy (002946) has shown a significant increase in financing activities, indicating positive investor sentiment and potential growth opportunities in the company [1][4]. Financing Activities - On October 13, 2025, New Dairy had a financing buy-in of 13.75 million yuan, with a net buy of 1.60 million yuan, bringing the financing balance to 96.77 million yuan [1]. - Over the past three trading days, the cumulative net buy reached 26.90 million yuan, with 15 out of the last 20 trading days showing net buying activity [1]. - The financing balance has increased by 1.74% compared to the previous day, reflecting a growing interest in the stock [4]. Margin Trading - On the same day, there was a margin sell-out of 5,200 shares, with a net sell of 4,000 shares, resulting in a margin balance of 47.17 million yuan [2][3]. - In the last three trading days, the cumulative net sell reached 6,200 shares, with 12 out of the last 20 trading days showing net selling activity [2]. Overall Margin Balance - The total margin balance stood at 97.24 million yuan, which is an increase of 1.74% from the previous day [4].

Investment Rating - The report maintains a "Recommended" rating for the food and beverage industry [1] Core Views - The overall sales of liquor during the recent double festival are weak, with a year-on-year decline of 20%-30%, aligning with previous expectations. High-end brands like Moutai and Wuliangye performed relatively well, while lower-tier brands faced significant pressure [5] - The price stability of liquor during the double festival is noted, with slight increases observed post-festival. The report suggests monitoring price trends as e-commerce promotions begin [5] - The upcoming Sugar and Wine Conference is expected to provide marginal feedback, with the industry showing signs of bottoming out. The report emphasizes the importance of this event for potential recovery opportunities [6][7] Summary by Sections Recent Trends - The food and beverage sector has underperformed the Shanghai Composite Index, with a 0.61% increase compared to the index's 1.80% rise over the past two weeks [14] - The soft drink segment saw the highest increase of 9.98%, while several companies like Zhuangyuan Pasture and Yangyuan Beverage led the gains [14] Key Companies and Earnings Forecast - The report highlights several key companies with their respective earnings per share (EPS) and price-to-earnings (PE) ratios, recommending stocks such as Kweichow Moutai, Wuliangye, and Luzhou Laojiao for investment [25] - The report provides a detailed table of key companies, their stock prices, and projected earnings for 2024, 2025, and 2026, indicating a bullish outlook for several firms [25] Investment Strategy - The report suggests that recent policy changes may improve macroeconomic expectations, potentially enhancing both valuation and performance in the food and beverage sector. The overall valuation remains low, justifying the "Recommended" rating [8][23] - Specific recommendations include high-end liquor brands and popular consumer goods, indicating a diversified investment strategy across different segments of the food and beverage industry [8][23]