Group 1 - The core point of the article is that Mixue Ice City is accelerating its fresh beer business through the brand "Xianpi Fulu Jia," which has opened its franchise opportunities to all potential investors and introduced incentive policies for new franchisees [1][3]. - The brand "Fulu Jia" was established in 2021 as an independent project under Mixue Ice City and was acquired by the listed company for 297 million, gaining control and consolidation into the financial statements [2][3]. - By August 2025, "Fulu Jia" is projected to have 1,200 stores, with a significant concentration in Henan, where Mixue Ice City is based [3]. Group 2 - The pricing strategy for "Fulu Jia" includes a low entry price for fresh beer, with the cheapest option at 5.9 yuan for 500ml, and the average customer spending is only 17 yuan, which is less than half of similar brands [5]. - The fresh beer business targets nighttime consumption, which has lower competition and higher standardization compared to tea and coffee, allowing for a streamlined ordering process [6][7]. - Mixue Ice City has established a large-scale brewery in Jiaozuo, Henan, and utilizes its extensive cold chain logistics system to support nationwide distribution, leveraging its existing franchisee trust and supply chain advantages for future expansion into first-tier cities [7].

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].