Core Viewpoint - On October 1, Mixue Group announced an investment agreement with Fulu Family (Zhengzhou) Enterprise Management Co., Ltd., acquiring a 53% stake in the company for a total investment of RMB 297 million, marking a strategic expansion into the fresh beer market [1][4][7]. Investment Details - Mixue Group will invest RMB 286 million to subscribe for new registered capital of RMB 6.9017 million, representing 51% of the expanded registered capital of Fulu Family [4]. - Additionally, Mixue Group will acquire a 2% stake from Zhao Jie for RMB 11.2 million, bringing the total investment to RMB 297 million [4]. - Following the completion of this investment and share transfer, Fulu Family will become a non-wholly-owned subsidiary of Mixue Group, with its financial performance consolidated into Mixue Group's results [4]. Market Expansion - The acquisition allows Mixue Group to diversify its product offerings from fresh fruit drinks, tea, ice cream, and coffee to include fresh beer [7]. - Fulu Family, established in 2021, operates approximately 1,200 stores providing fresh beer products, including classic and innovative fruit beers [5][7]. Financial Performance - For the first half of 2025, Mixue Group reported revenue of RMB 14.87 billion, a year-on-year increase of 39.3%, with a net profit of RMB 2.72 billion, reflecting a growth of 44.1% [7]. - The company has expanded its global store count to over 53,000, with a significant increase of 9,796 stores compared to the previous year [7]. Strategic Positioning - The acquisition of Fulu Family is seen as a critical step in enhancing Mixue Group's product matrix, particularly in the rapidly growing craft beer market, which is projected to reach RMB 100 billion by 2025, with a compound annual growth rate exceeding 30% [8]. - Mixue Group's multi-brand strategy is also showing results, with its coffee brand, Lucky Coffee, surpassing 7,000 signed stores domestically by July 2025 [8]. Market Reaction - On October 2, Mixue Group's stock closed at HKD 392 per share, reflecting a 0.93% increase, with a market capitalization of HKD 148.8 billion [9].

Core Viewpoint - Mijue Group has signed an investment agreement to acquire a 53% stake in Fulu Family (Zhengzhou) Enterprise Management Co., Ltd., expanding its product offerings to include fresh beer, thereby enhancing its market presence in the beverage industry [1][4][7]. Investment Details - Mijue Group plans to invest RMB 286 million to subscribe for new registered capital of RMB 6.9017 million in Fulu Family, acquiring 51% of its expanded registered capital [4]. - Additionally, Mijue Group will acquire a 2% stake from Zhao Jie for RMB 11.2 million, bringing the total investment to RMB 297 million [4]. - Following the completion of this investment and share transfer, Fulu Family will become a non-wholly-owned subsidiary of Mijue Group, with its financial performance consolidated into Mijue Group's results [4]. Market Expansion - Mijue Group is known for its fresh ice cream and tea beverages, with over 53,000 global stores expected by June 2025 [5]. - Fulu Family, established in 2021, operates approximately 1,200 stores offering fresh beer products, including classic and innovative fruit beers [5]. Strategic Rationale - The acquisition allows Mijue Group to diversify its product range from beverages like fruit drinks and coffee to include fresh beer, tapping into the growing craft beer market [7]. - The craft beer market in China is projected to grow from RMB 20 billion in 2020 to RMB 80 billion by 2024, with an expected compound annual growth rate exceeding 30% [8]. Financial Performance - For the first half of 2025, Mijue Group reported revenue of RMB 14.87 billion, a year-on-year increase of 39.3%, with a net profit of RMB 2.72 billion, up 44.1% [7]. - The company has expanded its store network significantly, adding 9,796 stores year-on-year, covering all provincial-level regions in China and 12 overseas markets [7]. Stock Market Reaction - On October 2, Mijue Group's stock closed at HKD 392 per share, reflecting a 0.93% increase, with a market capitalization of HKD 148.8 billion [9].