蜜雪集团收购鲜啤福鹿家，布局现打鲜啤赛道

Core Viewpoint - The article discusses the strategic acquisition of Fresh Beer Fulu Family by Mixue Group, emphasizing the expansion of its "high-quality and affordable" product portfolio and the potential for business synergy and growth in the fresh beer market [4][5][6]. Group 1: Acquisition Details - On October 1, Mixue Group announced an investment of 286 million yuan in Fresh Beer Fulu Family, acquiring a 51% stake, along with an additional 2% from an independent third party, resulting in a total ownership of 53% [4][5]. - Fresh Beer Fulu Family, founded in 2021, specializes in fresh beer products and has rapidly expanded to approximately 1,200 stores across 28 provinces in China by August 2025 [9][10]. Group 2: Market Position and Strategy - The acquisition aligns with Mixue Group's commitment to "high-quality and affordable" products, as Fresh Beer Fulu Family offers fresh beer at a competitive price of approximately 6 to 10 yuan per 500 ml [8]. - The fresh beer market in China is identified as a blue ocean opportunity, with significant growth potential due to low per capita consumption compared to Western markets [11]. Group 3: Financial Assessment - An independent valuation of Fresh Beer Fulu Family estimated its total equity value between 245 million and 277 million yuan, ensuring the fairness of the investment price [17]. - Fresh Beer Fulu Family reported a pre-tax net profit of 1.07 million yuan for 2024, indicating a turnaround from previous losses and improved operational efficiency [18]. Group 4: Synergy and Supply Chain - Mixue Group's extensive supply chain capabilities, developed over 20 years, are expected to enhance Fresh Beer Fulu Family's operations, including procurement, production, and logistics [19][20]. - The integration of Mixue Group's resources is anticipated to strengthen Fresh Beer Fulu Family's market position and operational quality, contributing to the overall competitiveness in the beverage industry [21].