Core Viewpoint - After the coffee brand "Luckin Coffee," Mixue Ice City is preparing to sell beer, marking an expansion into the fresh beer market through its investment in Fulu Family [1] Group 1: Investment and Shareholding - Mixue Group announced an investment of 285.6 million RMB in Fulu Family, acquiring a 2% stake for 11.2 million RMB, resulting in a total holding of 53% [1] - Following the completion of this transaction, Fulu Family will become a non-wholly-owned subsidiary of Mixue Group, with its financial performance consolidated into Mixue Group's results [1] Group 2: Product Expansion - The product range of Mixue Group will extend from fresh fruit drinks, tea, ice cream, and coffee to include fresh beer [1] - Fulu Family operates the fresh beer brand "Fresh Beer Fulu Family," with a price range of 6-10 RMB per 500ml cup, and plans to establish approximately 1,200 stores across 28 provinces by August 31, 2025 [1] Group 3: Financial Performance - Fulu Family reported a net loss of 1.5277 million RMB in 2023 but is projected to turn a profit of 1.0709 million RMB in 2024 [2] - As of August 31, 2025, Fulu Family's unaudited net assets are approximately 19.52 million RMB [2] Group 4: Market Strategy - Fulu Family, like Mixue Ice City and Luckin Coffee, is expanding its store network through a franchise model, with product pricing similar to that of Mixue Ice City and Luckin Coffee [2] - According to Shanxi Securities, Mixue Group's future growth points include expanding its domestic market, enhancing Luckin Coffee's franchise operations, and continuing expansion in Southeast Asia [2] Group 5: Company Performance Metrics - As of June 30, 2025, Mixue Group has over 53,000 stores globally, with 48,281 located domestically [3] - In the first half of 2025, Mixue Group recorded 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% [3] - The gross margin for product and equipment sales was 30.3%, while the gross margin for franchise and related services was 82.7% [3]