蜜雪冰城，要卖啤酒了

Core Viewpoint - The company, Mixue Group, is expanding its product offerings by investing in a beer brand, Fresh Beer Fulu, and acquiring a majority stake, which will allow it to integrate this brand into its financial performance and diversify its product range [1][5]. Investment and Acquisition - On October 1, Mixue Group announced an investment of 285.6 million RMB in Fulu Jia (Zhengzhou) Enterprise Management Co., and acquired a 2% stake for 11.2 million RMB, resulting in a total ownership of 53% [1]. - Following this transaction, Fulu Jia will become a non-wholly owned subsidiary of Mixue Group, and its financial results will be consolidated into Mixue's financial statements [1]. Product Expansion - The investment allows Mixue Group to extend its product line from fruit drinks, tea, ice cream, and coffee to include freshly brewed beer [1]. - Fresh Beer Fulu offers freshly brewed beer priced between 6 to 10 RMB per 500ml cup and plans to have around 1,200 stores across 28 provinces by August 31, 2025 [1][5]. Financial Performance - Fulu Jia reported a net loss of 1.527 million RMB in 2023 but is projected to turn a profit of 1.071 million RMB in 2024 [5][6]. - As of August 31, 2025, Fulu Jia's unaudited net assets are estimated to be approximately 19.52 million RMB [5]. Market Strategy - The expansion strategy includes a franchise model similar to that of Mixue and Luckin Coffee, aiming to enhance the store network and product offerings [6]. - According to Shanxi Securities, Mixue Group's future growth drivers include expanding its domestic market, enhancing Luckin Coffee's franchise operations, and continuing its expansion in Southeast Asia [6]. Revenue Growth - For the first half of 2025, Mixue Group reported revenues of 14.87 billion RMB, a year-on-year increase of 39.3%, with product and equipment sales contributing 14.49 billion RMB, up 39.6% [7]. - The gross margin for product and equipment sales was 30.3%, while the gross margin for franchise and related services was significantly higher at 82.7% [7].