“雪王”，要跨界卖啤酒了？

Core Viewpoint - The company, Mixue Group, is expanding its business by acquiring a 53% stake in the fresh beer brand "Xianpi Fulu Jia" for approximately 296.8 million RMB, marking a strategic move into the fresh beer market [2][3]. Investment Details - Mixue Group will invest 285.6 million RMB to subscribe for new registered capital of 6.90174 million RMB, representing 51% of the expanded registered capital [2]. - The acquisition includes a share transfer agreement with Zhao Jie, where Mixue Group will acquire an additional 2% stake for 11.2 million RMB [2]. - The investment will be funded from internal resources and will not involve proceeds from the global offering [2]. Shareholding Structure - Before the investment, the shareholding structure of the target company was as follows: Tian Haixia (60.05%), Mai Lang Tong Zhou (20.41%), Zhao Jie (15.01%), and Jia Rongrong (4.53%) [3]. - Post-investment, Mixue Group's shareholding will increase to 53%, while Tian Haixia's stake will decrease to 29.43% [4]. Financial Performance - The target company reported a pre-tax loss of 1.52772 million RMB for 2023 but is projected to turn a profit of 1.07093 million RMB in 2024 [5][6]. - As of August 31, 2025, the target company's total assets and net assets are estimated to be approximately 92.7 million RMB and 19.52 million RMB, respectively [5]. Market Position and Strategy - Mixue Group is a leading player in the low-priced beverage market, with a strong competitive edge, offering products priced around 6 RMB [6]. - The company has established over 53,000 stores globally, including in 12 countries, and aims to penetrate existing markets while exploring Southeast Asia for further expansion [9]. Fresh Beer Market Potential - "Xianpi Fulu Jia" offers fresh beer products priced between 6 to 10 RMB per 500mL and has developed a network of approximately 1,200 stores through a franchise model [7]. - The fresh beer market is in its early stages but is expected to grow due to consumer preferences for fresh flavors and quality, aligning with current consumption trends [8].