中国经济网北京11月21日讯(记者王惠绵)11月21日，盒马鲜生在安徽蚌埠、河南南阳与濮阳迎来首店开业，北京西单店也于同日正式营业，实现四店同开， 进一步拓展"盒区房"覆盖范围。其中盒马蚌埠首店入驻蚌山万达广场，南阳首店落子高新吾悦广场，成为盒马布局豫南地区的首个据点；濮阳新店则进驻濮 阳经开万达广场，为当地消费者带来全新的购物体验。 盒马的入驻，不仅为市民带来更丰富、更高品质的消费选择，也进一步丰富了地区的商业形态，助力区域商业能级与消费吸引力的整体提升。此次四店同 开，也标志着盒马2025年50新城、百家新店计划的稳步推进。 南阳新店熟食区提供色香味俱全的热菜美食 今年以来，盒马持续强化生鲜供应链建设，为新城新区消费者提供丰富多样的时令商品。新店中，霜打青菜、鲜黄精等冬季滋补食材新鲜上架；水产区汇聚 帝王蟹、深海大黄鱼、挪威三文鱼等全球鲜活海产；红颜草莓、云南超大蓝莓、海南芒果凤梨等高品质水果琳琅满目。此外，首批空运抵华的智利4J车厘子 也已同步上架，满足消费者对高端水果的尝鲜需求。 除了丰富的商品选择，盒马新店的周边居民还可以享受周边3-5公里范围"最快30分钟送达"的即时配送服务。数据显示，蚌埠店线上 ...

Core Viewpoint - The acquisition of 53% stake in Fulu Family by Mixue Group for 297 million RMB represents a strategic move to expand into the fresh beer market, focusing on pricing, timing, and consumer scenarios [3][4]. Summary by Sections Acquisition Details - Mixue Group announced the acquisition of 53% of Fulu Family for 297 million RMB, aiming to extend its product offerings from fruit drinks and coffee to fresh beer [4]. - Fulu Family's main brand, "Fresh Beer Fulu Family," was established in 2021 and has around 1,200 stores nationwide as of August 2023, achieving profitability for the first time last year [4]. Market Positioning - Fresh beer, unlike industrial beer, retains some yeast and offers a richer taste, with Fulu Family providing various innovative flavors such as fruit and tea beers [4]. - The pricing strategy of Fulu Family aligns with Mixue's brand image, with fresh beer priced between 5.9 to 9.9 RMB for a 500ml cup, significantly lower than traditional craft beer prices [4]. Consumer Behavior and Trends - Fresh beer consumption is highly seasonal and concentrated in evening hours, which poses challenges for stable demand [4][5]. - Fulu Family's bright and compact store design, focusing on takeaway and delivery, transforms craft beer from a social product to a daily consumable, attracting a broader consumer base [5]. Synergies and Logistics - Mixue Group's established cold chain logistics and marketing resources will benefit Fulu Family, which requires stringent cold chain management due to the short shelf life of fresh beer [6]. - The direct sales model from Fulu Family to franchise stores enhances profit margins by reducing intermediary costs [6]. Market Growth Potential - The craft beer market in China is projected to grow from 10 billion RMB in 2020 to over 100 billion RMB in 2023, with a current penetration rate of only 6.3% [7]. - Fulu Family's positioning in the sub-20 RMB price range allows it to capture a market segment that is currently underserved [7]. Challenges Ahead - The acquisition raises regulatory scrutiny due to the related party transaction, as the actual controller of Fulu Family is the spouse of Mixue's CEO [8]. - Maintaining quality control during rapid expansion poses a risk, as fresh beer production requires consistent quality and stringent storage conditions [8]. - Increased competition from traditional beer giants and new retail channels entering the craft beer market presents additional challenges for Fulu Family [8].

Core Viewpoint - The article discusses the strategic entry of Mixue Ice City into the fresh beer market by acquiring a majority stake in "Fresh Beer Fulu Family," highlighting the potential for growth in this relatively untapped sector of the beverage industry [4][6][7]. Summary by Sections Acquisition and Business Model - Mixue Ice City announced the acquisition of 53% of "Fresh Beer Fulu Family" for approximately 297 million RMB, making it a wholly-owned subsidiary [7]. - Fresh Beer Fulu Family, founded by the wife of Mixue's CEO, focuses on fresh beer products priced between 6-10 RMB, primarily operating through a franchise model [7][8]. Market Potential - The fresh beer market in China is projected to exceed 800 billion RMB by 2025 and reach 1.5 trillion RMB by 2030, with a compound annual growth rate of 12%-15% [10]. - The shift in consumer preferences towards quality and experience in beer consumption is driving the growth of fresh beer, particularly among younger consumers [12][14]. Competitive Landscape - The fresh beer sector is still considered a blue ocean market, with no dominant national brands, presenting opportunities for scalable players like Mixue [14]. - Existing brands such as Youblau and Taishan Original Beer are also expanding, with Youblau having over 2,000 locations and significant sales figures [16][17]. Operational Strategy - Mixue plans to leverage its existing supply chain and logistics capabilities to support the fresh beer business, ensuring timely delivery and maintaining product freshness [30][31]. - The pricing strategy of Fresh Beer Fulu Family aims to position itself competitively within the market, similar to Mixue's successful pricing model in the tea beverage sector [26][27]. Challenges Ahead - The success of Fresh Beer Fulu Family in scaling to thousands of locations will depend on the robustness of its supply chain and logistics, particularly in maintaining product quality during distribution [31].

Core Viewpoint - Recently, Mixue Ice City Co., Ltd. announced the acquisition of a 53% stake in Fresh Beer Fulujia for approximately 297 million RMB, indicating a strategic expansion into the craft beer market [1][3]. Company Overview - Fresh Beer Fulujia was established in 2021, focusing on developing healthy craft beer options for young consumers while promoting beer culture [3]. - The company is associated with Fulujia (Zhengzhou) Enterprise Management Co., Ltd., founded in October 2018, with a business scope that includes retail of daily necessities and medical devices [3]. Financial Details - The acquisition price for the 53% stake in Fresh Beer Fulujia is about 297 million RMB [1]. - Fresh Beer Fulujia's product pricing ranges from 5.9 RMB to 14.9 RMB, as observed on the public review platform [1]. Corporate Changes - In September of this year, Fulujia (Zhengzhou) Enterprise Management Co., Ltd. underwent a business change, increasing its registered capital from approximately 5.28 million RMB to about 6.63 million RMB [4]. - The company has made investments in four enterprises, including Hunan Fresh Beer Fulujia Brewing Co., Ltd., which was established in August of this year [4].

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].

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 $40 million, marking its first major acquisition since its IPO in March 2023, as it seeks to diversify into new beverage categories amid a saturated market [3][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 [3][6]. - Fulu Family operates around 1,200 stores nationwide, with beer prices ranging from 6 to 10 yuan per cup (500 ml) [3][7]. - The acquisition is strategically aligned with Mixue's existing product offerings, targeting mature consumer demographics and enhancing its beverage portfolio [3][8]. Group 2: Management and Ownership - The CEO of Mixue, Zhang Hongfu, and the actual controller of Fulu Family, Tian Haixia, are married, which raises scrutiny over the transaction due to the close relationship [4][5]. - Prior to the acquisition, Tian Haixia controlled approximately 76% of Fulu Family through direct and indirect holdings [4]. Group 3: Market Reaction and Valuation - Following the announcement, Mixue's stock price rose by 2.7% but later retraced all gains, indicating a cautious market response to the acquisition [6][8]. - Fulu Family's revenue for the past 12 months was approximately 150 million yuan, significantly smaller than Mixue's revenue of 29 billion yuan, suggesting a valuation of about 571 million yuan for Fulu Family [7][8]. - The acquisition's price implies a sales multiple of approximately 3.45 times, which is lower than Mixue's own sales multiple of 4.56 times, indicating a fair valuation [7][8]. Group 4: Strategic Rationale - The acquisition is seen as a strategic move to enhance Mixue's product offerings and leverage its supply chain advantages to accelerate Fulu Family's growth [8]. - Mixue aims to expand its product range to include fresh beer, aligning with its mission to provide high-quality, affordable products to consumers [8].

Core Viewpoint - The acquisition of craft beer brand Fulu by Mixue Ice City expands the latter's business scope into the craft beer sector, enhancing its potential for growth and synergy with existing brands [1][5]. Group 1: Acquisition Details - Mixue Ice City announced on October 1 that it acquired a 53% stake in Fulu for a total of 297 million yuan, making Fulu a non-wholly-owned subsidiary of Mixue [1]. - The acquisition is seen as a strategic move to capitalize on the growth opportunities in the craft beer industry and to build a more influential global food and beverage brand [5]. Group 2: Business Model and Strategy - Fulu's business model is characterized by a "high quality, low price" strategy, with prices ranging from 5.9 yuan to 9.9 yuan per cup, significantly lower than industry averages [7][20]. - The company focuses on precise location selection, cost control, and a low-price strategy to drive sales volume in the craft beer market [8]. Group 3: Market Position and Expansion - Fulu has rapidly expanded to approximately 1,200 stores across 28 provinces, utilizing a "rural encircling urban" strategy to penetrate both lower-tier cities and major urban areas [13][18]. - The craft beer market in China is projected to grow significantly, with estimates suggesting an increase from 10 billion yuan in 2020 to over 100 billion yuan by 2025, indicating a robust growth trajectory for brands like Fulu [11]. Group 4: Product Offering and Consumer Trends - Fulu offers a diverse product line, including fresh beer, fruit beer, and tea beer, with a commitment to introducing new flavors regularly to attract consumers [11][12]. - The brand aims to position craft beer as a daily consumer product rather than a social product, similar to the positioning of milk tea [20][21].

Summary of Lehui International Conference Call Company Overview - **Company**: Lehui International - **Industry**: Beer Equipment and Craft Fresh Beer Key Points and Arguments Financial Performance - In 2024, Lehui International's beer equipment business maintained a profit of approximately 96 million yuan, while the craft fresh beer segment incurred losses but is expected to turn profitable by 2025 [2][4] - The net cash flow reached 330 million yuan in 2024 and 175 million yuan in Q1 2025, indicating significant financial improvement [3] Business Segments - The beer equipment segment is stable, while the craft fresh beer segment has shown excellent development despite initial losses [2][4] - The company has established five large-scale factories in major cities and plans to replicate its successful business model in the craft fresh beer market [2][6] Market Position and Strategy - Lehui International has positioned itself as a leader in the cold chain short-term preservation fresh beer sector, with a unique business model and technological advantages [2][11] - The company employs a high-end pricing strategy, with fresh beer prices 50%-60% higher than mainstream premium beers, which has been well-received in the market [5][13] Growth Potential - The fresh beer market currently holds less than 1% market share but is viewed as a future trend, with major groups launching fresh beer products [11][12] - The company anticipates significant growth in the fresh beer segment, with a target to increase sales through direct-to-consumer channels and franchise models [10][17] Operational Improvements - Cash flow improvements are attributed to enhanced project execution quality, diversified market structure, and dedicated management of receivables [8][9] - The company plans to transition from direct operation to franchising to reduce asset depreciation costs and improve profitability [10] Challenges and Future Goals - The fresh beer segment's losses in 2024 were due to high asset depreciation and fixed personnel costs, but these are expected to stabilize as sales scale up [10] - The goal for 2025 is to achieve breakeven, focusing on sustainable growth rather than aggressive sales tactics [30][31] ODM and Equipment Business - The ODM business is progressing well, focusing on high-quality clients and maintaining reasonable profit margins [22] - The equipment segment has seen significant advancements, with a strong market presence and plans for further technological improvements [23][24] Market Trends and Competitive Landscape - The fresh beer market is expanding, with a growing acceptance of draft beer machines, which enhance customer experience [20][21] - Lehui International is well-positioned to capitalize on the increasing demand for high-quality domestic products amid international competition [25] Investor Outlook - Despite a low current market valuation, the company has a solid foundation and clear future plans, making it an attractive investment opportunity [26] Revenue and Sales Channels - In 2024, the company achieved revenues of 140 million yuan, with a notable increase in sales through distributor channels [27][28] - The first quarter of 2025 showed promising results, with beer business losses decreasing and new partnerships established in the packaging equipment sector [29] Additional Important Insights - The company maintains a focus on long-term growth strategies, avoiding short-term promotional tactics that could undermine sustainable development [30][31] - Lehui International's commitment to quality and innovation positions it favorably in the competitive landscape of the beer industry [24][25]