Core Insights - The core point of the news is that Mixue Ice City has expanded its business into the alcoholic beverage sector by acquiring a 53% stake in Fresh Beer Fulu, marking a strategic move to diversify its product offerings beyond tea and coffee [1][14]. Group 1: Company Expansion - Mixue Ice City has acquired Fresh Beer Fulu for a total price of 297 million yuan, officially entering the alcoholic beverage market [1]. - Fresh Beer Fulu, established in 2021, specializes in fresh beer products and has plans to expand to 1,200 stores across 28 provinces by August 2025 [1]. - The pricing strategy for Fresh Beer Fulu's products ranges from 5.9 yuan to 14.9 yuan, significantly lower than similar craft beer products, which are priced at one-third to one-half of the market rate [1]. Group 2: Market Trends - The tea beverage market in China is experiencing a slowdown, with a projected growth rate of only 17.6% from 2023 to 2028, compared to a compound annual growth rate of 22.5% from 2018 to 2023 [3]. - The trend of tea brands entering the alcoholic beverage market reflects a search for new growth points amid increasing competition and market saturation [3][14]. - The rise of the "micro-drunk economy" indicates a shift in consumer preferences, particularly among younger demographics, with over 60% of liquor consumption now attributed to consumers aged 18 to 35 [11]. Group 3: Competitive Landscape - Despite Mixue Ice City's leading position with over 40,000 stores, competition is intensifying from brands like Hushang Auntie, Cha Baidao, and Bawang Tea Princess, which are gaining traction with unique positioning [8]. - The transition from selling tea to alcoholic beverages raises questions about the effectiveness of low-price strategies in maintaining consumer loyalty and achieving sustained growth [14].

10月17日，"雪王"拿下福鹿家的交易尘埃落定，蜜雪集团挥出2.97亿元，拿下鲜啤品牌53%的股权，实现绝对控股——完成上市后的首笔大收购。 中国正在复刻并升级"美国婴儿潮+战后工业化"的需求-供给共振，只是体量更大、速度更快、数字化更彻底。 蜜雪冰城们的崛起，不是简单的西方工业消费连锁在中国市场的复刻，而是一套建立在中国更高效基建和社会供给体系之上的一层新的快消基础设施，它们 轻易突破了麦当劳、星巴克、肯德基们花了近50年构建起的3-4万家门店的规模天花板，向着更高的规模水平线狂奔而去。 因此，在不到一年的时间里，蜜雪冰城的门店从年初4.5万家涨到5.3万家，相当于在星巴克头顶再叠一个肯德基中国；在这一规模下，"雪王"把自己的"原 料-冷链-数字系统"平移到咖啡、冰淇淋、啤酒等其他"即饮液体"，全在情理之中。 真正有悬念的反而是，在啤酒这一特定赛道，中国式的升级具体怎么走？ 这当然要解剖一下蜜雪集团与福鹿家的资本操作，同时，也得摸一摸美国"精酿革命"的石头。 资本市场，不太给面子。 10月16日走出小反弹高点后，一路掉头向下，击穿400港元支撑位，仍未有止跌迹象。 股价一定程度上反映了当前市场认知的分歧，前 ...

Core Insights - Mixue Ice Cream has entered the fresh beer market by acquiring a 53% stake in Fresh Beer Fulu Family for nearly 300 million yuan, leading to a 10% increase in its stock price [1] - The fresh beer market is expected to undergo significant changes, similar to previous disruptions in the tea and coffee sectors [1][9] - Fulu Family aims to expand its store count from 1,000 to 2,500 by 2026, leveraging a low-cost franchise model with zero franchise fees [2][10] Company Overview - Mixue Ice Cream operates over 53,000 stores globally, with a revenue of 14.9 billion yuan, positioning itself alongside other notable brands in the Hong Kong stock market [1][2] - Fulu Family has rapidly expanded its store count from 100 to 1,000 in just 14 months, benefiting from Mixue's brand recognition and operational support [2][3] Market Strategy - Fulu Family's pricing strategy focuses on affordability, with prices ranging from 5.9 to 9.9 yuan per cup, significantly lower than competitors [5][10] - The company plans to utilize Mixue's supply chain capabilities to reduce costs and enhance operational efficiency, including shared logistics and marketing resources [3][6] Product Offering - Fulu Family offers a diverse range of nearly 20 products, with over half being fruit-flavored beers, and plans to introduce 3-5 new products each quarter [6][8] - The brand aims to transform fresh beer consumption from a social product to a daily consumer good, similar to the approach taken in the tea industry [5][9] Financial Performance - Fulu Family reported a pre-tax loss of 1.5277 million yuan in 2023 but is projected to achieve a profit of 1.0709 million yuan in 2024, indicating a potential turnaround in its business model [11]

Core Insights - Mixue Ice Cream and Tea has expanded its business into the fresh beer market by acquiring a 53% stake in the fresh beer chain brand Fulu Family for 297 million yuan, marking a significant shift from its traditional tea and coffee offerings [1][20] - Fulu Family, established in 2021, has rapidly grown to over 1,200 stores across 28 provinces in China and is projected to achieve a net profit of 1.07 million yuan in 2024, indicating a profitable business model [1][6] - The acquisition is seen as a strategic move to tap into the growing low-alcohol beverage market, which is expected to reach 570 billion yuan in 2024, with a compound annual growth rate exceeding 30% [8][31] Business Strategy - The pricing strategy for Fulu Family's products ranges from 5.9 yuan to 14.9 yuan, appealing to a younger demographic that Mixue aims to attract [2][4] - The brand's marketing slogan positions it as "adult milk tea," targeting a similar customer base as Mixue, thus creating a complementary product line [4][19] - Mixue's existing infrastructure and supply chain capabilities are expected to enhance Fulu Family's operational efficiency, potentially reducing logistics costs by 15% to 20% [14][21] Market Trends - The fresh beer market in China is projected to grow significantly, with the craft beer segment expected to reach a market size of 80 billion yuan in 2024, reflecting a 30% year-on-year increase [7][8] - The demographic of consumers aged 18-26 constitutes 41% of the low-alcohol beverage market, indicating a substantial target market for Fulu Family [9][31] - The shift in consumer preferences towards low-alcohol beverages aligns with Mixue's strategy to diversify its product offerings and capture a larger share of the beverage market [6][8] Competitive Landscape - Fulu Family's rapid expansion outpaces traditional beer establishments, with a goal to double its store count to 2,500 by 2026, leveraging Mixue's established brand and operational expertise [20][26] - The fresh beer market is becoming increasingly competitive, with other brands like Qingdao Beer and Huaren Beer also exploring similar business models [22][31] - The success of Fulu Family will depend on its ability to differentiate itself in a crowded market and maintain profitability at the store level, as evidenced by challenges faced by competitors like "Fresh Beer 30 Kilometers" [26][31]

Core Viewpoint - The acquisition of Fresh Beer Fulu by Mixue Ice City for nearly 300 million is a strategic move to expand its product offerings beyond milk tea, targeting the beer market with a focus on fresh beer and affordable pricing [2][12]. Company Overview - Fresh Beer Fulu is a beer chain that emphasizes low-priced fresh beer, offering products such as wheat fresh beer, tea beer, fruit beer, and IPA, priced between 6 to 10 yuan per pound [4][6]. - The business model of Fresh Beer Fulu is similar to that of Mixue Ice City, with a focus on store decoration and pricing strategy [5]. Market Analysis - The Chinese beer industry has entered a phase of stock competition, making it challenging for traditional beer sales [7]. - However, the fresh beer and craft beer segments are experiencing significant growth, with the craft beer sector showing a compound annual growth rate of 10% to 30% [8]. - The demand for beer consumption is upgrading, as evidenced by major brands like Qingdao Beer and Zhujiang Beer developing raw beer products [10]. Business Model and Strategy - Fresh Beer Fulu operates on a franchise model and shares a supply chain with Mixue Ice City, which reduces transportation and operational costs while ensuring stable product supply [12]. - The stores are small, typically ranging from 15 to 30 square meters, focusing on self-pickup and local delivery, which helps control rent and decoration costs [12]. - The initial investment to open a Fresh Beer Fulu store is around 120,000 to 130,000 yuan, making it cheaper than opening a milk tea shop [13]. Financial Performance - Fresh Beer Fulu is projected to achieve profitability by 2024 through its low-cost, small-store model [14]. Challenges and Future Outlook - The fresh beer market has high requirements for shelf life and is limited in consumer demographics compared to milk tea, making it difficult to scale to the same level as Mixue Ice City [14]. - The simplified store size and low-price strategy may limit gross margin improvement and the development of diversified business models [14]. - The potential for Fresh Beer Fulu to capture cost-conscious consumers exists, but its expansion into major markets like Shanghai remains uncertain [14].

Core Viewpoint - The acquisition of Fresh Beer Fulu by Mixue Ice City for nearly 300 million yuan indicates a strategic move to expand its product offerings beyond milk tea, tapping into the growing fresh beer market [2][14]. Company Overview - Fresh Beer Fulu is a beer chain that focuses on low-priced fresh beer, offering products such as wheat fresh beer, tea beer, fruit beer, and IPA, priced between 6 to 10 yuan per pound [3]. - The business model of Fresh Beer Fulu is similar to that of Mixue Ice City, with a focus on store decoration and pricing strategy [3]. Market Potential - The fresh beer segment is experiencing growth, with the craft beer sector being the fastest-growing part of the beer industry in China, showing a compound annual growth rate of 10% to 30% [6]. - The demand for beer consumption is upgrading, as evidenced by major brands like Qingdao Beer and Zhujiang Beer developing raw beer products [8]. Business Challenges - The fresh beer market is characterized by high competition, with many chains but only a few achieving significant scale due to the complexity of production and high costs associated with maintaining freshness [9][11]. - Fresh beer has a short shelf life of 7 to 15 days, requiring cold chain logistics, which adds to operational costs and limits expansion [9][10]. Competitive Advantages - Fresh Beer Fulu benefits from a franchise model and shares a supply chain with Mixue Ice City, significantly reducing transportation and operational costs while ensuring stable product supply [11]. - The store size is minimized to control rent and decoration costs, with the lowest investment for opening a store being around 120,000 to 130,000 yuan, cheaper than starting a milk tea shop [12]. Financial Performance - Fresh Beer Fulu is projected to achieve profitability by 2024 through its low-cost, small-store model [13]. Future Considerations - The potential for Fresh Beer Fulu to expand into major markets like Shanghai remains uncertain, especially given the unique challenges of the fresh beer category [15].

Group 1 - The core point of the article is that Mixue Ice City has acquired a 53% stake in Fresh Beer Fulu Family for a total price of 297 million yuan, marking its expansion from tea and coffee into the alcoholic beverage sector [1][5] - This acquisition is seen as a strategic attempt by the new tea beverage giant to find a second growth curve, while also presenting multiple challenges associated with cross-industry operations [1][5] - Fresh Beer Fulu Family, established in 2021, specializes in fresh beer products and aims to achieve profitability by August 31, 2025, with a projected profit of 1.0709 million yuan [5] Group 2 - The acquisition is intended to enhance the fresh beer category and create synergies with Mixue's main brand and its coffee sub-brand "Lucky Coffee" [5] - The trend of new tea beverage brands entering the alcoholic beverage market has been increasing, with many brands launching alcoholic collaborations and opening specialized bars [5]

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 ...