以下文章来源于餐企老板内参 ，作者内参君 餐企老板内参 . 餐饮业首席经管新媒体！超800万餐饮老板、产业高端精准读者；财经作家吴晓波、源码资本等投资；业务涵盖媒体传播、峰会、培训、游学餐访、中餐出 海、"餐里眼"大数据、"72餐"供应链平台、行研报告等…(更多资讯服务下载：餐饮老板内参APP) 继奶茶、咖啡之后，雪王强势入局了鲜啤赛道。 蜜雪冰城又搅动了一个新赛道。 文 ｜ 内参君 来源｜ 餐企老板内参（ID：cylbnc） 封面来源 ｜ 企业官方 豪 掷近3亿， 蜜雪冰城加码鲜啤赛道 福鹿家是蜜雪冰城继幸运咖之后押注的第三个核心品牌，更是直接包圆了消费者从早上咖啡，下午奶茶，晚上啤酒的全时段场景。 前几日，蜜雪冰城发布公告称，将以约2.97亿元人民币收购"鲜啤福鹿家"53%股权。交易完成后，鲜啤福鹿家将正式成为蜜雪冰城控股子公司，并纳入集团 合并报表。 有意思的是，福鹿家本身就与蜜雪冰城有着千丝万缕的关系。福鹿家背后实控人田海霞，正是蜜雪冰城CEO张红甫的妻子。此前，她曾创办便利店品牌"芙 鹿家"，而后将重心转向精酿啤酒领域，孵化出了"福鹿家"。 福鹿家主营精酿鲜啤产品，单价在6-10元左右。 从运营模式 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has demonstrated a clear brand path and is expected to achieve strong performance throughout the year [1] - The company's revenue for the first half of 2025 reached 2.43 billion yuan, a year-on-year increase of 24.3%, while the net profit attributable to shareholders was 203 million yuan, up 42.6% year-on-year [5][6] - The company has established a robust supply chain with production facilities in multiple countries, enhancing its risk resilience and market responsiveness [5][6] - The core brand WANPY has significantly improved its market presence through effective marketing strategies and product offerings [5][6] - The company is projected to maintain high growth in the pet sector, with revenue forecasts of 5.55 billion yuan, 6.84 billion yuan, and 8.40 billion yuan for 2025, 2026, and 2027 respectively [7][8] Summary by Sections Recent Performance - In H1 2025, the company's overseas business revenue was 1.575 billion yuan, up 17.61% year-on-year, with a gross margin of 27.95%, an increase of 4.04 percentage points [5] - Domestic business revenue was 857 million yuan, up 38.89% year-on-year, with a gross margin of 37.68%, an increase of 0.89 percentage points [5] Product Performance - Revenue from pet snacks was 1.529 billion yuan, a year-on-year increase of 5.1%, with a gross margin of 30.63%, up 3.4 percentage points [5] - Revenue from pet staple food was 783 million yuan, a year-on-year increase of 85.79%, with a gross margin of 36.63%, up 0.79 percentage points [5] Future Projections - The company forecasts revenue growth rates of 24% for 2025, followed by 23% for both 2026 and 2027 [7] - The projected net profit for 2025 is 443 million yuan, with a growth rate of 12%, and is expected to reach 715 million yuan by 2027 [7][8]