Group 1 - Mijiu Group announced plans to acquire 53% of the fresh beer brand "Fulu Family" for 297 million yuan, making it a subsidiary of the listed company [1] - The actual controller of Fulu Family, Tian Haixia, is the wife of Mijiu Ice City's CEO, Zhang Hongfu, raising concerns about the high transaction price and valuation metrics [1][2] - The acquisition involves a two-step process: an initial capital increase of 286 million yuan for 51% ownership, followed by a purchase of 2% from a natural person shareholder for 11.2 million yuan [1] Group 2 - Fulu Family was established in 2018 and launched its "Fresh Beer Fulu Family" brand in 2021, with plans to expand to approximately 1,200 stores across 28 provinces by August 2025 [1] - The company reported a loss of 1.53 million yuan in 2023, with a projected profit of 1.07 million yuan in 2024, and its net assets were approximately 19.52 million yuan [1] - The transaction values Fulu Family at 560 million yuan, with a price-to-earnings ratio of about 523 times and a price-to-book ratio of approximately 29 times, significantly higher than industry averages [1] Group 3 - The independent valuation of Fulu Family was conducted using a revenue multiple method, resulting in a fair value range of 240 million to 280 million yuan, while the final payment was slightly above this range [2] - Prior to the transaction, Tian Haixia held over 80% of Fulu Family, and after the deal, her direct stake decreased to 29.43%, maintaining her position as the second-largest shareholder [2] - Fulu Family's headquarters is located in the same facility as Mijiu Ice City, and they utilize the same cold chain logistics system, indicating a close operational relationship [3]
近3亿元并购！蜜雪冰城准备卖啤酒了
Shen Zhen Shang Bao·2025-10-11 10:03