蜜雪冰城花了近3亿收购「福鹿家」，瞄准现打鲜啤

Core Viewpoint - The acquisition of a 53% stake in Fresh Beer Fulu by Mixue Ice City for approximately RMB 297 million marks a strategic move to enter the fresh beer market, expanding its product offerings beyond tea and coffee [1][6][7]. Group 1: Acquisition Details - Mixue Group will invest RMB 285.6 million to subscribe for new registered capital, acquiring 51% of Fresh Beer Fulu, and will purchase an additional 2% from a third-party shareholder for RMB 11.2 million, resulting in a total ownership of 53% [7][8]. - The market valuation of Fresh Beer Fulu is estimated between RMB 244.7 million and RMB 276.6 million as of August 31, 2025, based on fair negotiations [7][8]. Group 2: Market Opportunity - The fresh beer market in China is projected to reach RMB 58.67 billion in 2024, with a year-on-year growth of 7.3%. The craft beer segment is expected to exceed RMB 80 billion by 2025, with a compound annual growth rate (CAGR) of over 30% [6][8]. - The acquisition allows Mixue to avoid starting from scratch in a new market, leveraging Fresh Beer Fulu's existing network of over 1,000 stores to accelerate growth towards a target of 10,000 stores [6][8]. Group 3: Strategic Fit - Fresh Beer Fulu targets a demographic of 25-40 years old, complementing Mixue's primary audience of 18-25 years old, and expanding into dining scenarios such as barbecues and hot pot [9][10]. - The operational model of Fresh Beer Fulu, which focuses on high-quality, affordable products, aligns with Mixue's brand positioning, enhancing synergies in customer acquisition and cost reduction [10][12]. Group 4: Supply Chain Synergies - Mixue's established logistics and supply chain capabilities are expected to reduce Fresh Beer Fulu's production costs by 15-20% and decrease transportation loss rates from 8% to below 3% through advanced cold chain management [19][20]. - The collaboration is anticipated to enhance Fresh Beer Fulu's product quality and operational efficiency, leveraging Mixue's resources for better market penetration [18][19].