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蜜雪集团投资鲜啤福鹿家,独立分析师称未超出公允价格
Xin Lang Cai Jing· 2025-10-05 04:26
Group 1 - The core point of the news is that Mixue Group has signed an investment agreement to increase its stake in Fresh Beer Fulu Family by investing 285.6 million yuan, acquiring a total of 53% equity in the company, which will become a non-wholly-owned subsidiary of Mixue Group [1] - The investment and equity transfer will result in a post-transaction valuation of Fresh Beer Fulu Family at 560 million yuan, compared to a pre-transaction valuation of 274.4 million yuan, which is within the independent appraiser's valuation range of 244.7 million yuan to 276.6 million yuan [1] - Fresh Beer Fulu Family, established in 2021, operates approximately 1,200 stores as of August 31, 2025, providing fresh beer products to consumers [1] Group 2 - The reason for the acquisition is to expand Mixue Group's product offerings from fruit drinks, tea, ice cream, and coffee to include freshly brewed beer, thereby achieving broader product category coverage [2]
蜜雪冰城的啤酒杯,端得起鲜啤赛道吗?
Sou Hu Cai Jing· 2025-10-04 22:43
Core Viewpoint - The acquisition of a 53% stake in Fresh Beer Fulu by Mixue Group for 297 million yuan signifies a strategic move into the rapidly growing fresh beer market, which is projected to grow at over 12% annually [1][3][6]. Company Summary - Mixue Group announced the acquisition of Fresh Beer Fulu, enhancing its product offerings from fruit drinks and teas to fresh beer, positioning itself as a comprehensive beverage group [1][3]. - The acquisition consists of a capital increase of 285.6 million yuan for 51% equity and an additional 11.2 million yuan for 2% equity from a third party, making Mixue the controlling shareholder [3]. - Fresh Beer Fulu, founded in 2021, is the first brand in China to receive national certification for "fresh beer" and has established 1,200 stores across 28 provinces, becoming the leading brand in fresh beer chain stores by number of outlets [3][4]. Financial Performance - Fresh Beer Fulu reported a loss of 1.5277 million yuan in 2023 but is expected to turn a profit of 1.0709 million yuan in 2024, indicating a validated business model [4]. Industry Outlook - The Chinese beer industry is transitioning from "volume growth" to "quality growth," with the fresh beer market expected to exceed 80 billion yuan by 2025 and reach 150 billion yuan by 2030, reflecting a compound annual growth rate of 12%-15% [5][6]. - Fresh beer's appeal lies in its preservation of original flavor and experiential consumption, catering to the preferences of Generation Z for freshness, health, and social attributes [7][8]. Challenges and Opportunities - The acquisition faces competition from brands like Taishan Craft Beer and others, which are also targeting the affordable quality segment [11]. - To support a future expansion of 5,000 to 10,000 stores, challenges include supply chain management and standardized operational management at the store level [12]. - Mixue's extensive network of 53,000 stores provides a valuable channel for Fresh Beer Fulu, potentially serving as display and experience venues for the new product line [13][14]. - The existing customer base of 400 million members from Mixue could drive new consumption patterns in the beer segment [15].
蜜雪集团,布局现打鲜啤赛道
Xin Lang Cai Jing· 2025-10-03 08:28
Core Viewpoint - Mixue Group has made a significant investment in the fresh beer sector by acquiring a 53% stake in Fresh Beer Fulu Family, aiming to leverage its strong supply chain and operational expertise to enhance the latter's growth and market presence [1][2][4] Group 1: Investment Details - On October 1, Mixue Group announced an investment of 286 million yuan (approximately 40 million USD) in Fresh Beer Fulu Family, acquiring 51% of its expanded registered capital and an additional 2% from an independent third party [1] - Following this investment, Fresh Beer Fulu Family will become a non-wholly-owned subsidiary of Mixue Group, which is a leading player in the fresh beverage industry with over 53,000 stores globally by June 2025 [1] Group 2: Market Context - The fresh beer market in China is experiencing a shift towards higher quality and diverse flavors, with a significant opportunity for growth as the per capita beer consumption remains low compared to top countries [3] - In 2024, China's beer production from large enterprises reached 35.213 million kiloliters, indicating a robust market potential for fresh beer products [3] Group 3: Strategic Rationale - The acquisition aligns with Mixue Group's strategy to diversify its product offerings beyond fresh tea and coffee, catering to consumer demand for high-quality and affordable beverages [4] - The synergy between Mixue Group's standardized store management and Fresh Beer Fulu Family's operational model is expected to enhance operational efficiency and supply chain integration, driving growth for both companies [4]
“雪王”,要跨界卖啤酒了?
新浪财经· 2025-10-03 07:42
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。 据天眼查显示,鲜啤福鹿家品牌母公司福鹿家(郑州)企业管理有限公司的实控人为田海 霞,麦浪同舟、赵杰以及贾荣荣为股东。 于此公告日期,田海霞、麦浪同舟、赵杰及贾荣荣分别持有标的公司60.05%、20.41%、 15.01%及4.53%股权。其中,田海霞是张红甫的配偶,张红甫是蜜雪集团的执行董事兼首 席执行官及公司的控股股东;贾荣荣及赵杰均为蜜雪集团的独立第三方;麦浪同舟是一家于 中国注册成立的有限合伙企业,而田海霞及贾荣荣分别持有其80%及20%的权益份额。因 此,田海霞及麦浪同舟构成蜜雪集团的关联人士。根据上市规则,签订投资协议及该投资构 成本公司的关联交易。田海霞及麦浪同舟对标的公司的原投资成本分别为约0.25亿元及135 万元。 | | 系ଫି改议員元队反 | | | | | | | --- | --- | --- | --- | ...
蜜雪集团收购鲜啤福鹿家,布局现打鲜啤赛道
3 6 Ke· 2025-10-03 02:21
Core Insights - Mijue Group has signed an investment agreement with Xianpi Fulujia, planning to inject 286 million yuan for a 51% stake, making it a non-wholly owned subsidiary [1][2] - This acquisition aims to expand Mijue Group's product offerings into fresh beer, complementing its existing beverage portfolio of tea, coffee, and ice cream [2][3] Company Overview - Mijue Group is a leading global fresh beverage company with over 53,000 stores worldwide as of June 2025, offering high-quality, affordable products priced around 6 yuan (approximately 1 USD) [2] - Xianpi Fulujia, founded in 2021, specializes in fresh beer products and has become a pioneer in the domestic fresh beer market, with around 1,200 stores across 28 provinces by August 2025 [3][4] Market Potential - The fresh beer market in China is considered a blue ocean opportunity, with significant growth potential as per capita beer consumption remains low compared to Western countries [5] - The trend towards quality, diverse flavors, and consumer experience in beer consumption aligns with the fresh beer offerings of Xianpi Fulujia, which is positioned to capture a larger market share [5] Investment Rationale - The investment reflects Mijue Group's confidence in Xianpi Fulujia's unique business model and competitive advantages, aiming to leverage its supply chain strengths to enhance product offerings [5][10] - The valuation of Xianpi Fulujia was assessed by independent valuers, ensuring fair pricing based on various evaluation methods, with the company's total equity valued between 245 million and 277 million yuan [6][8] Financial Performance - Xianpi Fulujia reported a pre-tax net profit of 1.07 million yuan for 2024, indicating a turnaround from losses in 2023, showcasing improved operational efficiency [10] - The company is focused on brand development and has implemented strategies to reduce operational costs for franchisees, enhancing its market presence [10][11] Synergy and Integration - Mijue Group's extensive supply chain capabilities and operational experience are expected to significantly benefit Xianpi Fulujia in areas such as supply chain management, store operations, and brand development [12][13] - The integration of Mijue Group's resources is anticipated to enhance Xianpi Fulujia's product quality and competitive positioning in the rapidly evolving beverage market [12][13]
蜜雪集团收购鲜啤福鹿家,布局现打鲜啤赛道
36氪未来消费· 2025-10-03 02:18
Core Viewpoint - The article discusses the strategic acquisition of Fresh Beer Fulu Family by Mixue Group, emphasizing the expansion of its "high-quality and affordable" product portfolio and the potential for business synergy and growth in the fresh beer market [4][5][6]. Group 1: Acquisition Details - On October 1, Mixue Group announced an investment of 286 million yuan in Fresh Beer Fulu Family, acquiring a 51% stake, along with an additional 2% from an independent third party, resulting in a total ownership of 53% [4][5]. - Fresh Beer Fulu Family, founded in 2021, specializes in fresh beer products and has rapidly expanded to approximately 1,200 stores across 28 provinces in China by August 2025 [9][10]. Group 2: Market Position and Strategy - The acquisition aligns with Mixue Group's commitment to "high-quality and affordable" products, as Fresh Beer Fulu Family offers fresh beer at a competitive price of approximately 6 to 10 yuan per 500 ml [8]. - The fresh beer market in China is identified as a blue ocean opportunity, with significant growth potential due to low per capita consumption compared to Western markets [11]. Group 3: Financial Assessment - An independent valuation of Fresh Beer Fulu Family estimated its total equity value between 245 million and 277 million yuan, ensuring the fairness of the investment price [17]. - Fresh Beer Fulu Family reported a pre-tax net profit of 1.07 million yuan for 2024, indicating a turnaround from previous losses and improved operational efficiency [18]. Group 4: Synergy and Supply Chain - Mixue Group's extensive supply chain capabilities, developed over 20 years, are expected to enhance Fresh Beer Fulu Family's operations, including procurement, production, and logistics [19][20]. - The integration of Mixue Group's resources is anticipated to strengthen Fresh Beer Fulu Family's market position and operational quality, contributing to the overall competitiveness in the beverage industry [21].
蜜雪集团拟2.97亿元投资现打鲜啤公司福鹿家,拓展产品品类
Xin Lang Cai Jing· 2025-10-01 14:25
标的公司主要为消费者提供每500ml单价约人民币6至10元的现打鲜啤产品,旗下有现打鲜啤品牌"鲜啤 福鹿家"。对标的公司的投资是集团开拓现打鲜啤品类的重要举措,该投资后,本集团将把握现打鲜啤 行业的发展机遇,将产品品类从现制果饮、茶饮、冰淇淋和咖啡延伸至现打鲜啤。 该投资及股权转让完成后,标的公司将成为公司的非全资附属公司,而其财务业绩将并入集团的财务业 绩。 蜜雪集团10月1日公告,9月30日,公司与福鹿家(郑州)企业管理有限公司(标的公司)及标的公司股 东签订投资协议。 公司拟以向标的公司注资人民币2.856亿元的方式认购标的公司新增注册资本人民币690.17万元,占其经 扩大注册资本的51%。同日,公司与标的公司股东赵杰签订股权转让协议。据此,赵杰同意转让标的公 司认缴出资额27万元,占其经扩大注册资本的2%,总代价为1120万元。 ...
中信证券:8月现制饮品景气边际放缓 头部有望享受行业长周期增长红利
Zhi Tong Cai Jing· 2025-09-25 01:49
大盘:大盘供给增速放缓 根据久谦数据,2025年8月全国奶茶门店总数为51.8万家/环比+0.2万家,全国咖啡门店总数19.0万家/环 比+0.4万家。该行分析,外卖补贴力度环比7月边际减弱、呈退坡趋势,同期各大品牌的门店扩张速度 同步放缓。 开店:茶饮开店分化显著,咖啡渗透率持续提升 中信证券发布研报称,本轮由外卖补贴驱动的现制饮品高景气带动行业供给再度扩张,同时部分投资者 已将视角前移至2026年,担忧高基数下品牌同店表现承压。该行认为,从2025年维度看,在缺乏类似补 贴刺激的情况下,多数品牌难以避免同店压力。从长期来看,该行判断真正的受益者仍将是具备门店运 营、产品研发及供应链管理等综合能力的头部品牌。随着补贴退坡,中小品牌及个体商户或将因需求回 落与供给过剩而陷入错配,该行预计高概率迎来新一轮出清,头部企业有望进一步扩大份额领先,享受 行业的长周期增长红利。 茶饮细分中,中、高端赛道头部品牌古茗、霸王茶姬的开店数量保持领先优势,低端赛道头部品牌蜜雪 冰城为保护现有门店销售,开店速度较此前明显放缓。咖啡细分中,行业渗透率持续快速提升,瑞幸、 库迪、幸运咖开店数量较快,星巴克门店数维持缓慢增长态势。 中 ...
中信证券:积极关注海外市场可能增长的现制饮品品牌
Xin Lang Cai Jing· 2025-09-24 00:37
Core Insights - The beverage industry in August experienced a slowdown in expansion due to the reduction of subsidies from third-party delivery platforms [1] - There is a significant differentiation in the opening of tea shops, with brands like Gu Ming and Ba Wang Cha Ji leading, while Mi Xue Bing Cheng has noticeably slowed down [1] - Coffee penetration continues to rise, with Luckin, Kudi, and Xingyun Coffee opening stores rapidly, while Starbucks maintains a slow growth in store numbers [1] - The performance of leading brands in terms of store efficiency has generally slowed down, with mid-range price brands (10-20 yuan) showing a year-on-year growth rate in store efficiency between 10% and 20%, but with internal differentiation [1] - Concerns among some investors regarding the industry's performance next year due to high base effects are noted, but the company believes that leading brands with product innovation and offline traffic capabilities are likely to navigate through the cycle successfully, while also paying attention to potentially growing brands in overseas markets [1]
用茶底做IP,淘出30万吨商业黄金!揭秘这些现制饮品品牌的吸金秘籍
Sou Hu Cai Jing· 2025-09-19 09:08
Group 1 - The core viewpoint of the articles highlights the significant growth in the new tea beverage industry, with tea consumption expected to reach approximately 300,000 tons in 2024, a 50% increase from 200,000 tons in 2022 [1] - Original leaf tea has become a standard in the ready-to-drink beverage market, leading to the emergence of new products that enhance tea base upgrades and influence market trends [3][5] - Major brands in the market have developed their own unique tea base IPs, indicating a trend towards brand differentiation and innovation in product offerings [5] Group 2 - The development of high-aroma tea bases has prompted suppliers to offer customized services, resulting in a diverse range of products and new ideas in tea research and development [9] - Various innovative products have been launched, such as the Earl Grey tea with unique citrus aroma and the peach-flavored jasmine tea, showcasing the creativity in blending traditional and modern flavors [13] - The integration of traditional tea culture into contemporary lifestyles is accelerating, particularly through the promotion of geographical indication products and intangible cultural heritage items [20][21] Group 3 - The HOTELEX series of exhibitions serves as a comprehensive platform for the tea beverage industry, featuring a wide range of products and services, including traditional tea, new tea beverages, and related cultural elements [22][34] - The upcoming 2025 HOTELEX Shenzhen exhibition is set to attract over 150,000 professional visitors and will feature more than 2,500 exhibitors, highlighting the industry's growth and the importance of networking and trend exploration [36]