涉足现打鲜啤行业，蜜雪的方法是 “复制蜜雪”

Core Viewpoint - The market may be underestimating the retail capabilities and business methodology inherent in the "Mixue Model" as it enters the fresh beer industry [3][5]. Group 1: Investment and Market Entry - Mixue Group has signed an investment agreement with Xianpi Fulujia, acquiring 53% equity through a cash increase of 285.6 million yuan, which will be used for operational reserves to support future expansion [4]. - The market's focus is likely on the growth prospects of Mixue Group and Xianpi Fulujia in the beer industry, raising questions about whether this move is a proactive investment or a reactive option [5]. Group 2: Market Dynamics and Opportunities - The fresh beer market is still a blue ocean, with significant challenges in achieving scale due to the declining overall beer consumption in China since 2013, leading to a focus on capacity reduction and premiumization among major brewers [6]. - The structural changes in the beer market indicate opportunities for niche players, particularly in the craft beer segment, which is still in the early stages of regional development [6][10]. Group 3: Competitive Landscape - Large beer manufacturers face difficulties in supporting high-turnover fresh beer products due to their existing distribution channels, making it hard for them to penetrate this niche market effectively [7][10]. - The new generation of consumers is shifting towards personalized and differentiated beer preferences, leading to growth in craft and fresh beer segments, while traditional consumption in restaurants and nightclubs is declining [9]. Group 4: Xianpi Fulujia's Position and Performance - Xianpi Fulujia reported revenue of 150 million yuan and a net profit of 1.07 million yuan for the year ending August 2025, with around 1,200 stores across 28 provinces, indicating a strong national presence [12]. - The company has adopted a model similar to Mixue's, leveraging retail capabilities and a franchise network to achieve rapid national expansion [13][15]. Group 5: Pricing and Value Chain - Xianpi Fulujia's pricing strategy allows it to maintain competitive pricing while achieving higher value capture in the market compared to traditional beer manufacturers [16][17]. - The average price per ton for Xianpi Fulujia is 7,200 yuan, allowing it to capture 45% of the value chain, significantly higher than traditional brewers [17][18]. Group 6: Future Growth and Investment Logic - The investment by Mixue Group is aimed at accelerating Xianpi Fulujia's growth in the fresh beer market, which is expected to lead to a significant increase in market share and operational efficiency [19][20]. - The valuation of Xianpi Fulujia appears reasonable, considering its growth potential and the strategic alignment with Mixue Group's business model [20][21].