作为二级市场最受关注的新消费企业之一，蜜雪冰城花费近3亿元踏入鲜啤赛道后，股价再度上涨了 10%。 背靠蜜雪冰城光环，快速扩张 在最新披露的半年报里，蜜雪冰城"家底"依旧殷实——全球门店超5.3万家，营收149亿。在二级市场 里，蜜雪冰城和泡泡玛特、老铺黄金并称为"港股三姐妹"。 比起2017年开始在内部孵化的幸运咖，早期核心团队从蜜雪冰城招商、市场、品牌等部门各抽调骨干组 建，在此次收购之前，福鹿家一直是独立发展。 蜜雪冰城向Tech星球表示，蜜雪冰城与鲜啤福鹿家为两家独立的品牌。这笔交易发生前，蜜雪集团与鲜 啤福鹿家之间为完全独立的市场主体，品牌业务均保持独立运营。交易完成后，鲜啤福鹿家仍由原团队 操盘。 刚刚过去的"十一"期间，蜜雪冰城宣布收购鲜啤福鹿家53%的股权，耗资接近3亿元。投资完成后，蜜 雪冰城的产品版图也从新茶饮、咖啡延伸至现打鲜啤赛道。 在面向年轻人的啤酒生意赛道里，昔日活跃在资本圈的"小酒馆第一股"海伦司，已经坠落神坛，截至 2025年10月22日，海伦司营收已经连续三年下滑，市值仅剩12.78亿港元，较2021年上市首日的302亿港 元蒸发九成。 不同于"社交+小酒馆"的模式，福鹿家主 ...

Core Insights - Xinjiang is a crucial region in China's dairy industry, known for its high-quality dairy brands, with Tianrun being the leading company in the area [1] - Tianrun has established itself as a national brand, recognized as one of the "Top 20 Dairy Companies in China," with a daily production and sales of over 680 tons of dairy products [1] Company Overview - Tianrun Dairy Industry Co., Ltd. was founded in 2002 and is part of the Xinjiang Production and Construction Corps, operating a full industry chain from feed planting to milk production and sales [2] - The company has 26 modern farms in the golden milk source area of Xinjiang, ensuring high-quality milk production [2] - Tianrun maintains a self-sourced milk ratio of over 90%, with nearly 70,000 dairy cows, providing a strong foundation for product quality [2] Product Innovation and Market Performance - Tianrun has expanded its product line to 68 offerings, including innovative items like milk beer, which gained popularity since its launch in 2013 [3] - The company has seen increasing repurchase rates in markets like Zhejiang, indicating strong consumer satisfaction and brand loyalty [3] - Tianrun's fresh milk and milk beer are particularly well-received, with unique taste profiles attributed to the natural environment and production methods [3][4] Recent Product Launches - The "Every Full Life" series features popular products such as the Jiali Pure Milk and Snow Mountain Organic Pure Milk, available at competitive prices [5] - Tianrun ensures product freshness with a shelf life of 21 days, emphasizing the importance of cold chain logistics from Xinjiang to consumers [5]

像喝奶茶一样喝啤酒，是一个很难的事情。 蜜雪冰城要做啤酒，而且阵仗还铺得不小。国庆期间，蜜雪冰城公布，以2.97亿元获得鲜啤连锁品牌福鹿家53%股权，他们的业务版图也正式从茶饮、咖 啡，扩展到现打鲜啤。 成立于2021年，从2023年5月开放加盟，福鹿家今年的门店数量已经突破了1200家，门店范围覆盖中国28个省份地区，在2024年实现107万元税后利润，已 经盈利。 实际上，福鹿家的实控人是蜜雪冰城创始人张红超的弟弟、蜜雪集团CEO张红甫的配偶田海霞，从成立开始就被认为与蜜雪冰城有千丝万缕的关系，很难 说在供应链、选址、加盟商没有隐形支持。 这很容易让人想起蜜雪冰城旗下幸运咖的发展路径，也是早期独立发展，孵化一段时间后由集团接手。 张红甫2019年提出 "五年内复制出一个蜜雪冰城"，现在六年时间过去了，幸运咖并没有成长为另一个蜜雪冰城。 据此前官方数据，截至今年7月，幸运咖全国签约门店总数突破7000家，与瑞幸的26000家相距甚远。 这一次，雪王能成功吗？ 01 小吃街缺一家鲜啤馆？ 从定价来看，福鹿家确实非常"蜜雪"。 根据价目表，店内产品价格在5.9元到14.9元之间：最便宜的福鹿鲜啤5.9元/杯；增 ...

Core Insights - The article discusses the recent investment agreement between Mixue Group and Xianpi Fulujia, where Mixue Group will acquire a 53% stake in Xianpi Fulujia for a total of 297 million yuan, marking its expansion into the fresh beer market [1][2]. Investment Details - Mixue Group will inject 297 million yuan into Xianpi Fulujia, acquiring 51% of its expanded registered capital, along with an additional 2% from independent third-party shareholders [1]. - After the transaction, Xianpi Fulujia will become a non-wholly owned subsidiary of Mixue Group [2]. Company Background - Xianpi Fulujia was founded in 2021, focusing on providing freshly brewed beer products, including various types such as fresh beer, fruit beer, tea beer, and milk beer [3]. - As of August 2025, Xianpi Fulujia is projected to have around 1,200 stores across 28 provinces in China, making it the leading brand in the fresh beer chain store segment [7]. Market Positioning - The acquisition aligns with Mixue Group's strategy of offering "high-quality and affordable" products, expanding its product matrix to include fresh beer alongside tea and coffee [8][10]. - Xianpi Fulujia's pricing strategy is competitive, with most products priced between 5.9 yuan and 9.9 yuan, significantly lower than the industry average [10]. Strategic Advantages - The partnership allows Xianpi Fulujia to leverage Mixue Group's extensive cold chain logistics and marketing resources, enhancing product quality and supply chain efficiency [12]. - The acquisition is seen as a strategic move to tap into the underdeveloped fresh beer market, which is identified as a blue ocean opportunity with significant growth potential [13][15]. Industry Trends - The fresh beer segment is gaining traction as consumer preferences shift towards quality and experience, with the market expected to grow from 10 billion yuan in 2020 to over 100 billion yuan by 2025 [15]. - Xianpi Fulujia is recognized as a pioneer in the fresh beer category, being the first brand in China to receive national certification for "fresh beer" [15]. Consumer Engagement - Xianpi Fulujia's store locations are strategically chosen in community areas and dining hotspots, catering to the demand for convenient, on-the-go consumption [17]. - The brand's focus on product innovation and seasonal offerings aims to keep the consumer experience fresh and engaging, enhancing customer loyalty [17].

Core Insights - The article discusses the acquisition of a majority stake in the craft beer brand "Fresh Beer Fulu Family" by the "Mixue Group," revealing the strategic expansion of Mixue into the craft beer market [2][4][7]. Company Overview - Mixue Group announced the acquisition of 53% of "Fresh Beer Fulu Family" for approximately 297 million RMB, with 285.6 million RMB coming from a capital injection and 11.2 million RMB from a share transfer agreement [2]. - After the acquisition, "Fresh Beer Fulu Family" will become a subsidiary of Mixue Group and will be included in its consolidated financial statements [2]. - The brand "Fresh Beer Fulu Family" was established in 2018 and has rapidly expanded to over a thousand stores, positioning itself as a leader in the fresh beer industry [1][4]. Market Positioning - "Fresh Beer Fulu Family" employs a unique business model by selling fresh beer through convenience stores, differentiating itself from traditional beer sales [7]. - The brand's pricing strategy is competitive, with prices for fresh beer starting at 5.9 RMB for 500ml, appealing particularly to younger consumers [7][9]. - The craft beer market in China is projected to grow significantly, with expectations to reach 11 billion RMB by 2028, indicating a favorable environment for "Fresh Beer Fulu Family" [10]. Strategic Implications - The acquisition is seen as a growth strategy for Mixue Group, similar to its previous venture with "Lucky Coffee," and aims to leverage its established supply chain and operational experience [7][9]. - Analysts suggest that the franchise model of "Fresh Beer Fulu Family" can effectively utilize Mixue's mature supply chain, potentially replicating the success of "Lucky Coffee" [7]. - The craft beer segment is becoming increasingly competitive, with various brands entering the market, indicating a need for "Fresh Beer Fulu Family" to strengthen its product offerings and market presence [19].

除了要承包消费者的奶茶，新茶饮似乎还想拿下消费者的"酒杯"。 国庆长假期间，港股蜜雪集团(即蜜雪冰城)发布公告，宣布以2.97亿元的总价，获得鲜啤品牌"鲜啤福鹿 家"(下称"福鹿家")背后母公司福鹿家(郑州)企业管理有限公司的53%股权。交易完成后，福鹿家将成为 蜜雪冰城的非全资附属公司，其财务业绩将并入蜜雪集团，这一消息立刻引起行业关注。 据南都湾财社-酒水新消费指数课题组记者了解，不只蜜雪冰城，新茶饮品牌跨界到酒赛道是最近一年 行业较为常见的现象，从卖含酒产品到开卖酒的门店，新茶饮品牌跨界卖酒的动作愈发频繁。 不过行业认为，经营酒水与新茶饮存在两种不同的运营逻辑和方式，从现有相近业态的酒水运营模式来 看，新茶饮跨界卖酒暂时不算是"能来钱"的生意。 不只蜜雪冰城，多家新茶饮都在"跟酒打交道" 蜜雪冰城"跨界"做酒由来已久，2021年鲜啤福鹿家首家门店在河南郑州开业，其品牌公司福鹿家(郑州) 企业管理有限公司，实控人为田海霞，其身份是蜜雪集团CEO张红甫的配偶。 南都湾财社记者发现，福鹿家的拓展市场方式与蜜雪冰城存在一定相似之处:平价策略，即向消费者提 供6至10元的鲜啤酒(俗称生啤)；下沉市场，城中村或三线 ...

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].

来源：市场资讯 （来源：BBW咏竹坊） 这家头部奶茶连锁企业将以4,000万美元收购福鹿家51%股权，后者是国内领先的精酿啤酒连锁运营商 重点： 阳歌 当现制茶饮企业在渐趋饱和的市场中光环褪色，行业龙头蜜雪冰城股份有限公司（2097.HK）认为，转 向新式饮品将成为其下阶段增长引擎。这家以6至10元平价奶茶及冰淇淋闻名业界的公司，上周宣布进 军啤酒领域开拓新蓝海，此举为其今年3月港股上市之后首次重大并购。 蜜雪冰城宣布以2.856亿元（约合4,000万美元）收购福鹿家（郑州）企业管理有限公司51%股权。后者 在全国经营约1,200家门店，其啤酒饮品售价约为每杯（500毫升）6至10元。蜜雪表示，并购资金源于 自有现金储备，截至6月末公司坐拥逾170亿元充沛现金流，其中主要部分来自IPO募集的4.44亿美元。 此次并购与蜜雪业务高度协同，通过引入针对熟龄客群的饮品线，对现有奶茶、冰淇淋、咖啡核心产品 矩阵形成有效补充。标的公司以"福鹿家"品牌运营，产品定价策略与蜜雪基本趋同。福鹿家同样采用蜜 雪式加盟模式，该模式助力后者在国内及全球12大市场构建起超53,000家门店网络。 二者商业理念高度雷同不难理解，因掌舵 ...

除了要承包消费者的奶茶，新茶饮似乎还想拿下消费者的"酒杯"。 国庆"黄金周"期间，港股蜜雪集团（即蜜雪冰城）发布公告，宣布以2.97亿元的总价，获得鲜啤品牌"鲜啤福鹿家"（下称"福鹿家"）背后母公司福鹿家 （郑州）企业管理有限公司的53%股权，交易完成后，福鹿家将成为蜜雪冰城的非全资附属公司，其财务业绩将并入蜜雪集团，这一消息立刻引起行业关 注。 福鹿家鲜啤线下门店。（南都湾财社记者 贝贝 摄） 据了解，不止蜜雪冰城，新茶饮品牌跨界到酒赛道是最近一年行业较为常见的现象，从卖含酒产品到开卖酒的门店，新茶饮品牌跨界卖酒的动作愈发频 繁。不过行业认为，经营酒水与新茶饮存在两种不同的运营逻辑和方式，从现有相近业态的酒水运营模式来看，新茶饮跨界卖酒暂时不算是"能来钱"的生 意。 蜜雪冰城获得鲜啤品牌 "鲜啤福鹿家"共53%的股权 蜜雪冰城要跨界卖啤酒了。近日，蜜雪冰城于港交所发布公告，宣布合计以2.97亿元的价格获得鲜啤品牌"鲜啤福鹿家"共53%的股权。该笔投资及股权转 让完成后，福鹿家的财务业绩将并入蜜雪集团的财务业绩中。 公告显示，此次的交易分为两部分，一是蜜雪集团以向标的公司注资人民币2.856亿元的方式认购标的 ...

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 ...