蜜雪冰城跨界卖啤酒，“雪王”的底气是什么？

Core Viewpoint - Mixue Ice City has announced an investment and equity transfer agreement to acquire 53% of Fresh Beer Fulu Family for approximately 297 million RMB, making it a non-wholly-owned subsidiary, with its financial data included in the group's consolidated statements [3][5]. Company Overview - Mixue Ice City, known as the "Snow King," is a leading beverage chain with over 53,000 stores globally, the highest in the world [5]. - Fresh Beer Fulu Family, established in 2021, specializes in providing freshly brewed beer through offline stores, with a price range of 6-10 RMB per 500ml. It is the first brand in China to receive national certification for "fresh beer" [5]. Market Opportunity - The acquisition is driven by the potential of the craft beer market, which is projected to grow from 200 billion RMB in 2020 to nearly 1 trillion RMB by 2025, with expectations to exceed 1.7 trillion RMB by 2030 [7][9]. - The current penetration rate of craft beer in China is only 6.3%-6.7%, significantly lower than the 12.4%-25% in the United States, indicating substantial growth potential [9]. Business Model Synergy - Both Mixue Ice City and Fresh Beer Fulu Family operate on similar supply chain business models, which facilitates the integration of the two companies [9][13]. - Mixue Ice City has a well-established supply chain system, including 29 warehouses and extensive cold chain logistics, which supports its rapid expansion and market share [10][12]. - Fresh Beer Fulu Family also possesses a robust supply chain with a self-built craft beer factory and a nationwide logistics system, allowing for cold chain transportation [13]. Strategic Benefits - The acquisition allows Mixue Ice City to leverage its supply chain and operational expertise to enhance Fresh Beer Fulu Family's efficiency in procurement, production, logistics, and quality management, ultimately reducing costs and increasing effectiveness [13].