Core Insights - The acquisition of the craft beer brand "Xianpi Fulu Jia" by Mixue Group for approximately 297 million RMB aims to expand its business boundaries and enhance supply chain efficiency [2][11] - This move marks Mixue Group's entry into the fresh beer market, indicating a strategic shift from its core beverage business [3][11] - The acquisition is seen as a proactive positioning in a growing market, with the potential for significant synergies between the two brands [2][10] Company Overview - Mixue Group has over 53,000 stores and has established itself as a leader in the beverage market, initially gaining traction with its ice cream products [2][3] - "Xianpi Fulu Jia," founded in July 2021, operates around 1,200 stores across 28 provinces in China, focusing on fresh craft beer through community-based sales [4][5] Market Dynamics - The fresh beer segment is experiencing growth despite a general decline in the beer industry, driven by changing consumer preferences for quality over quantity [5][11] - The acquisition aligns with the trend of consumers seeking higher-quality beer options, with 88.9% prioritizing taste in their purchasing decisions [5] Financial Considerations - The transaction includes a capital increase and equity transfer, with a pre-acquisition valuation of "Xianpi Fulu Jia" at approximately 274.4 million RMB [6][7] - The valuation process involved multiple assessments, confirming that the acquisition price falls within a reasonable range compared to industry peers [7][9] Strategic Rationale - The acquisition allows Mixue Group to leverage its existing supply chain capabilities and operational efficiencies to support "Xianpi Fulu Jia" [11][13] - The business model of "Xianpi Fulu Jia" aligns closely with Mixue's strategy of offering high-quality, affordable products, enhancing its market positioning [12][13] - The partnership is expected to accelerate the standardization and quality improvement of the fresh beer industry, potentially setting a benchmark for future developments [13]

Core Viewpoint - The company, Mixue Group, is expanding its business by acquiring a 53% stake in the fresh beer brand "Xianpi Fulu Jia" for approximately 296.8 million RMB, marking a strategic move into the fresh beer market [2][3]. Investment Details - Mixue Group will invest 285.6 million RMB to subscribe for new registered capital of 6.90174 million RMB, representing 51% of the expanded registered capital [2]. - The acquisition includes a share transfer agreement with Zhao Jie, where Mixue Group will acquire an additional 2% stake for 11.2 million RMB [2]. - The investment will be funded from internal resources and will not involve proceeds from the global offering [2]. Shareholding Structure - Before the investment, the shareholding structure of the target company was as follows: Tian Haixia (60.05%), Mai Lang Tong Zhou (20.41%), Zhao Jie (15.01%), and Jia Rongrong (4.53%) [3]. - Post-investment, Mixue Group's shareholding will increase to 53%, while Tian Haixia's stake will decrease to 29.43% [4]. Financial Performance - The target company reported a pre-tax loss of 1.52772 million RMB for 2023 but is projected to turn a profit of 1.07093 million RMB in 2024 [5][6]. - 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 [5]. 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 [6]. - The company has established over 53,000 stores globally, including in 12 countries, and aims to penetrate existing markets while exploring Southeast Asia for further expansion [9]. Fresh Beer Market Potential - "Xianpi Fulu Jia" offers fresh beer products priced between 6 to 10 RMB per 500mL and has developed a network of approximately 1,200 stores through a franchise model [7]. - The fresh beer market is in its early stages but is expected to grow due to consumer preferences for fresh flavors and quality, aligning with current consumption trends [8].

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].