Core Viewpoint - After the coffee brand "Luckin Coffee," Mixue Ice City is preparing to sell beer, marking an expansion into the fresh beer market through its investment in Fulu Family [1] Group 1: Investment and Shareholding - Mixue Group announced an investment of 285.6 million RMB in Fulu Family, acquiring a 2% stake for 11.2 million RMB, resulting in a total holding of 53% [1] - Following the completion of this transaction, Fulu Family will become a non-wholly-owned subsidiary of Mixue Group, with its financial performance consolidated into Mixue Group's results [1] Group 2: Product Expansion - The product range of Mixue Group will extend from fresh fruit drinks, tea, ice cream, and coffee to include fresh beer [1] - Fulu Family operates the fresh beer brand "Fresh Beer Fulu Family," with a price range of 6-10 RMB per 500ml cup, and plans to establish approximately 1,200 stores across 28 provinces by August 31, 2025 [1] Group 3: Financial Performance - Fulu Family reported a net loss of 1.5277 million RMB in 2023 but is projected to turn a profit of 1.0709 million RMB in 2024 [2] - As of August 31, 2025, Fulu Family's unaudited net assets are approximately 19.52 million RMB [2] Group 4: Market Strategy - Fulu Family, like Mixue Ice City and Luckin Coffee, is expanding its store network through a franchise model, with product pricing similar to that of Mixue Ice City and Luckin Coffee [2] - According to Shanxi Securities, Mixue Group's future growth points include expanding its domestic market, enhancing Luckin Coffee's franchise operations, and continuing expansion in Southeast Asia [2] Group 5: Company Performance Metrics - As of June 30, 2025, Mixue Group has over 53,000 stores globally, with 48,281 located domestically [3] - In the first half of 2025, Mixue Group recorded revenues of 14.87 billion RMB, a year-on-year increase of 39.3%, with product and equipment sales contributing 14.49 billion RMB, up 39.6% [3] - The gross margin for product and equipment sales was 30.3%, while the gross margin for franchise and related services was 82.7% [3]

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]

Core Viewpoint - The company, Mixue Group, is acquiring a 53% stake in the fresh beer brand "Xianpi Fulu Jia" for a total investment of approximately 296.8 million RMB, marking a strategic expansion into the fresh beer market [1][2]. Investment Details - Mixue Group will invest 285.6 million RMB to subscribe to new registered capital of 6.90174 million RMB, representing 51% of the expanded registered capital [1]. - The company will also acquire an additional 2% stake from Zhao Jie for 11.2 million RMB [1]. - The investment will be funded through internal resources and will not involve proceeds from the company's global offering [1]. Shareholding Structure - Post-investment, Mixue Group will hold 53% of the shares in the target company, while the controlling shareholder, Tian Haixia, will hold 29.43% [3]. - The shareholding structure before and after the investment shows a significant increase in Mixue Group's ownership [3]. Financial Performance - The target company reported a pre-tax loss of 1.5277 million RMB for 2023 but is projected to turn a profit of 1.0709 million RMB in 2024 [4][5]. - As of August 31, 2025, the target company's total assets and net assets are estimated to be approximately 92.7 million RMB and 19.52 million RMB, respectively [4]. Market Position and Strategy - Mixue Group is a leading player in the low-priced beverage market, with a strong competitive edge, offering products priced around 6 RMB [5]. - The fresh beer brand aims to provide high-quality, affordable fresh beer, with a network of approximately 1,200 stores by August 31, 2025 [6]. - The investment is seen as a strategic move to tap into the growing fresh beer market, which is characterized by a shift from quantity to quality in the beer industry [7]. Industry Trends - The fresh beer market is in its early stages but is expected to grow due to consumer preferences for fresh flavors and quality [7]. - The new business models and product categories in the beer industry indicate a long-term growth potential for fresh beer products [7]. Future Outlook - Mixue Group plans to penetrate existing markets and explore Southeast Asia while investing in capacity building and innovation [8]. - The company aims to enhance its brand presence through diverse content offerings, including animations and films [8].