Core Viewpoint - Recently, Mixue Group announced plans to acquire a 53% stake in the operating entity of the fresh beer brand "Xianpi Fulujia" for a total transaction price of 297 million RMB, marking its entry into the fresh beer market and expanding its product portfolio to include alcoholic beverages alongside its existing tea and coffee brands [1][10]. Group 1: Company Overview - Xianpi Fulujia, founded in 2021, is a leading brand in the affordable craft beer market, offering products priced between 6 to 10 RMB per 500ml, including classic fresh beer, fruit beer, and tea beer [3][7]. - The brand has rapidly expanded, achieving a thousand-store scale by June 2023 and opening 638 new stores in the last 90 days, totaling approximately 1,200 locations nationwide, making it the largest fresh beer chain in China [6][7]. - Xianpi Fulujia's business model is similar to Mixue's, focusing on a "rural encircling cities" expansion strategy, with nearly 60% of its stores located in third-tier cities and below [7][9]. Group 2: Financial Performance - In 2023, Xianpi Fulujia reported a loss of 152,770 RMB, but is projected to turn a profit in 2024 with a net profit of 107,090 RMB [8]. - As of August 31, 2023, the company had an unaudited net asset of approximately 19.52 million RMB and total assets of about 92.7 million RMB [7][8]. Group 3: Market Context - The entry into the fresh beer sector is seen as a strategic extension for Mixue Group, aligning with the projected growth of the craft beer market in China, which is expected to reach a market size of 130 billion RMB by 2025, with a penetration rate increasing from 6.8% to 17.2% [10]. - The competitive landscape for craft beer is intense, with many entrants but no clear market leader, presenting both opportunities and challenges for Mixue Group as it seeks to leverage synergies with its existing brand values of "high quality and affordability" [10].

漫画、动画、游戏、偶像及特摄等版权作品衍生出来的二次元周边商品。 2024年，我国谷子经济市场规模达1689亿元，同比增速高达40.6%。 专题：北京公募基金高质量发展系列活动 新时代、新基金、新价值 经过前几年的持续上涨后，消费板块已沉寂许久，而今年以来，新消费强势崛起，成为市场上"最靓的 仔"。本期《投资"建"解》，一起来前排围观当前正流行的新消费。 Q1、什么是新消费？ 一代人有一代人的"茅台"，所谓新消费，其实是一个相对概念。在传统消费中，其满足的是人们日常衣 食住行方面的物质需求，涉及的行业有家电、白酒、服装等；而新消费更多是满足人们的精神需求，例 如抽盲盒、养宠物等，主打一个提供情绪价值。 | 新消费 | 传统消费 | | --- | --- | | 满足人们的精神需求 | 满足人们的物质需求 | | 注重个性化、体验感,花钱买开心 | 注重实用性、产品质量 | | 产业增速快,发展潜力大 | 产业相对成熟,市场空间稳定 | | 例如盲盒、国潮黄金等 | 例如家电、白酒等 | Q2、新消费包括哪些细分领域？ 谷子经济 2025年，市场规模有望增长至逾2000亿元，到2029年或将突破3000亿元。 ...

三四芽的数字化布局，首先从 "智能选址" 这一扩张关键环节突破。传统茶饮品牌选址多依赖经验判 断，成功率不足 50%，而三四芽自主研发 "茶饮门店智能选址系统"，整合第三方大数据（包括商圈人 流量、消费人群画像、竞品密度、租金水平等 12 项核心指标），通过算法模型评估选址可行性，成功 率提升至 85% 以上。该系统的运作逻辑清晰：先通过热力图分析目标城市的高流量区域，筛选出写字 楼、高校、社区三类核心场景；再结合消费人群画像，比如写字楼区域重点分析 25-35 岁白领占比、月 均茶饮消费额，高校区域重点分析学生人数、开学季 / 寒暑假流量波动；最后输出 "选址评分报告"，评 分≥80 分的选址才纳入备选。 2025 年 5 月，三四芽在武汉光谷的首家门店，便是通过该系统筛选确定的。系统数据显示，该选址位 于光谷天地商圈，日均人流量达 3.2 万人次，25-35 岁白领占比 62%，月均茶饮消费额≥300 元，周边 3 公里内竞品门店密度适中（每平方公里≤8 家），选址评分达 89 分。门店开业后，首月营收突破 22 万 元，远超预期的 15 万元，印证了智能选址系统的有效性。截至 2025 年 7 月，三四 ...

Core Viewpoint - The leading tea beverage chain, Mixue Ice Cream and Tea, is acquiring a 51% stake in the craft beer chain, Fulu Family, for approximately $40 million, marking its first major acquisition since its IPO in March 2023 [2][5]. Group 1: Acquisition Details - Mixue announced the acquisition of Fulu Family for 285.6 million yuan (approximately $40 million), funded by its cash reserves, which exceeded 17 billion yuan as of June [2][5]. - Fulu Family operates around 1,200 stores nationwide, with beer prices ranging from 6 to 10 yuan per 500ml cup, aligning with Mixue's pricing strategy [2][6]. - The acquisition is seen as a strategic move to diversify Mixue's product offerings and target a new consumer demographic, particularly beer drinkers [2][8]. Group 2: Market Context and Financials - The tea beverage market is becoming saturated, prompting Mixue to explore new growth avenues, such as the beer segment [2][6]. - Following the acquisition announcement, Mixue's stock price initially rose by 2.7% but later retracted, indicating a cautious market reaction [6]. - Fulu Family reported revenue of approximately 150 million yuan over the past 12 months, which is significantly smaller compared to Mixue's revenue of 29 billion yuan for the same period [7][8]. Group 3: Strategic Rationale - The acquisition is strategically aligned, as both companies share similar business philosophies and operational models, with Fulu Family being controlled by the spouse of Mixue's CEO [3][5]. - The deal is expected to enhance Mixue's product portfolio, allowing it to offer a wider range of beverages, including innovative beer products [8]. - The beer market in China is less mature than the tea market, presenting growth opportunities for Fulu Family under Mixue's support [7][8].

智通财经记者 | 秦李欣 智通财经编辑 | 任雪松 已经在全国开出1200家门店的精酿啤酒商福鹿家因为蜜雪冰城的收购，有了更多的想象空间。 此前多次传闻为"蜜雪冰城子品牌"的鲜啤福鹿家于近日正式加入蜜雪集团。 10月1日，蜜雪冰城发布公告称，公司已于9月30日以合计2.97亿元获得鲜啤福鹿家53%股权。交易完成后，鲜啤福鹿家成为蜜雪冰城集团的非全资附属公 司，将与蜜雪冰城、幸运咖形成协同。至此，蜜雪集团业务版图从现制果饮、茶饮、冰淇淋和咖啡延伸至现打鲜啤。 图：蜜雪冰城官网公告 值得一提的是，持有鲜啤福鹿家60.05%股权的创始人田海霞，为蜜雪集团首席执行官张红甫配偶。尽管此前在福鹿家的招商手册中，已用红字标明与"蜜雪 冰城联合供应链冷链配送"，但蜜雪集团与福鹿家双方均曾对外否认"子品牌" 传闻。 而此次交易的落定，不仅坐实了关联关系，也清晰释放出蜜雪集团跨品类扩张的意图。公告中指出，此次投资被蜜雪集团视为把握现打鲜啤行业的发展机 遇，铸就更具影响力的全球化食品饮料品牌的重要举措。 加入蜜雪集团后，蜜雪标准化的运营管理体系，能进一步助力福鹿家门店网络扩张。 此外，公告中也指出，福鹿家可共享蜜雪的冷链物流与IP ...

就在一天前，蜜雪集团（HK.2097）于香港联交所发布公告称，其已在9月30日盘后与福鹿家(郑州)企业 管理有限公司（简称"福鹿家"）达成投资及股权转让协议——以约2.97亿元人民币的价格获得鲜啤福鹿 家53%的股权。 完成投资后，蜜雪集团的产品品类将从现制果饮、茶饮、冰淇淋和咖啡延伸至现打鲜啤，本次交易也被 视为蜜雪冰城正式切入现打啤酒赛道，补齐了其多样化产品生态的关键拼图。 10月2日，"蜜雪冰城要卖啤酒了"话题冲上热搜，"雪王"跨界卖啤酒或将改变现制鲜啤行业格局引发关 注。 双方实控人为夫妻 根据上述公告，此次交易分为两个部分。一是增资入股，蜜雪集团首先以2.856亿元现金，认购福鹿家 新增注册资本690.17万元，占其经扩大注册资本的51%。二是与鲜啤福鹿家原股东赵杰签订协议，以 1120万元受让其持有的2%股权。交易完成后，蜜雪集团将合计持有福鹿家53%的股权，一举成为控股 股东。 上述投资及股权转让完成后，福鹿家将成为蜜雪集团的非全资附属公司，其财务业绩将并入蜜雪集团的 财务业绩。这笔收购款，蜜雪集团拟从集团内部资源拨付，不涉及动用集团全球发售所得款项。 本次交易前，田海霞和麦浪同舟分别持有福鹿家 ...

智通财经记者 邵冰燕 现制茶饮巨头蜜雪集团要卖鲜啤了！ 10月1日晚间，蜜雪冰城股份有限公司（蜜雪集团，2097.HK）发布公告称，将通过增资和股权受让方 式，以2.968亿元获得标的公司旗下鲜啤品牌"鲜啤福鹿家"共计53%的股权。 具体来看公告，董事会宣布，9月30日蜜雪集团拟向标的公司注资2.856亿元的方式认购新增注册资本 690.17万元（占其经扩大注册资本的51%）。同日，蜜雪集团与赵杰签订股权转让协议。据此，赵杰同 意转让及蜜雪集团同意受让标的公司认缴出资额27.066万元（占其经扩大注册资本的2%），代价为 0.112亿元。 公告指出，蜜雪集团拟从集团内部资源拨付该投资下的增资价款及股权转让下的收购款项。该投资及股 权转让并不涉及动用集团全球发售所得款项。该投资及股权转让完成后，标的公司将成为蜜雪集团的非 全资附属公司，而其财务业绩将并入蜜雪集团的财务业绩。 值得注意的是，此次交易具有关联交易属性。 投资及股权转让完成前后标的公司的股权结构 公告指出，董事（不包括须回避表决的张红甫，包括独立非执行董事）认为，尽管该投资不属于蜜雪集 团日常业务，但其按照一般商业条款进行，所涉交易公平合理，符合公司 ...

但在资本、平台和用户竞相追捧、品牌百花齐放的表象下，现制茶饮行业其实已经面临着一个残酷的现实：当整体增速放缓、"一条街10家奶茶店"成为常 态后，产品同质化严重、价格战愈演愈烈，同店销售下滑成为了必然。 毫不夸张地说，现制茶饮行业已经不得经历从规模扩张到存量博弈、从营销狂欢到价值深耕的关键转型。 作为「壹览商业」旗下垂直茶饮咖啡赛道的研究机构，「茶咖观察」有责任参与并帮助行业和品牌顺利转型。我们深知，现制茶饮行业的下半场，需要的 不是炫目华丽的故事，而是行之有效的解决方案，"真实的数据洞察"与"坦诚的行业对话"尤为稀缺。 因此，我们决定于10月30日在上海举办一场主题为"只说真话"的现制茶饮行业闭门研讨会。对于这次活动，我们定下的基调就是"拒绝空话套话、只说硬 核真话"！ 首先，我们将在会上重磅发布《2025现制茶饮行业研究报告》，从消费者画像、门店、加盟模式与盈利模型、产品、营销、供应链、数智化、出海等方面 的现状与趋势，对现制茶饮行业进行全面、客观、深度研判。 其次，我们邀请了一众头部品牌大咖展开深度分享与讨论，直面同质化竞争、供应链建设、精细化运营、全球化布局等核心议题。并且我们在活动中还设 置了嘉宾P ...

霸王茶姬最新数据显示，截至2025年9月，超过50%的消费者倾向于选择AB等级的饮品。在"CHAGEE 健康计算器"，霸王茶姬为15款产品标注低GI标识，57款产品上线"产品身份证"。 2024年4月，霸王茶姬邀请中国网球运动员郑钦文担任品牌首位健康大使，双方携手为消费者提供健康 可信赖的饮品选择。同年，霸王茶姬与中国网球公开赛达成独家合作伙伴关系，成为中网首个现制茶饮 品牌，并活跃在武网、宁网、上海大师赛等多个网球赛事现场。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 责任编辑：常福强 9月29日，霸王茶姬再次启动"CHAGEE网球季"，不仅将在上海劳力士大师赛和武汉网球公开赛现场设 立快闪店，全国门店同步推出网球主题周边及特色门店。 ...

Core Insights - Nayuki Tea launched a pop-up store in Flushing, New York, generating significant consumer interest and long lines, indicating strong market engagement [1] - The store is strategically located in a high-traffic area with over 100,000 daily visitors and lower rental costs compared to Manhattan, contributing to its potential success [1] - The U.S. ready-to-drink tea market is growing at an annual rate of 9.1%, with substantial expansion opportunities, as no single brand holds more than 5% market share [1] Company Insights - Nayuki Tea is currently the only publicly listed company in the new-style tea beverage sector, but it remains one of the few brands experiencing ongoing losses [2] - In the first half of 2025, Nayuki reported revenue of 2.18 billion yuan, a year-on-year decline of 14.4%, with an adjusted net loss of 118 million yuan [2] - The company's international expansion is a key strategic focus as it seeks to transform its business model [2] Industry Insights - The U.S. tea beverage market is becoming increasingly competitive, with major players like Starbucks closely monitoring trends and ensuring supply chain stability [2] - The market is seeing a rise in the popularity of Asian-inspired ingredients, with black sugar milk tea sales increasing by 48.7% year-on-year [1] - Over 36% of tea shops are adopting a "tea + light food" model, indicating a trend towards product diversification within the tea beverage industry [1]