Trending, MIXUE Ice City is going to sell beer! Cross-industry acquisition of Fulu Family, "Snow King" will sell freshly brewed beer

On October 1st, MIXUE GROUP announced that after the trading session on September 30th at the Hong Kong Stock Exchange, MIXUE GROUP has signed an investment agreement with the target company and its shareholders, with the target company being Fulu Family (Zhengzhou) Enterprise Management Co., Ltd. (hereinafter referred to as "Fulu Family").

Accordingly, MIXUE GROUP intends to subscribe for the newly registered capital of the target company amounting to RMB 6.9017 million (accounting for 51% of its expanded registered capital) by injecting RMB 286 million into Fulu Family (either directly and/or through its designated subsidiaries). On the same day, MIXUE GROUP also signed a share transfer agreement with Zhao Jie, under which Zhao Jie agreed to transfer and MIXUE GROUP agreed to acquire the subscribed capital contribution of RMB 270,600 (accounting for 2% of its expanded registered capital), with a total consideration of RMB 11.2 million.

As a result, MIXUE GROUP will invest a total of RMB 297 million to acquire 53% of the equity in Fulu Family. Upon completion of the aforementioned investment and share transfer, Fulu Family will become a non-wholly-owned subsidiary of MIXUE GROUP, and its financial performance will be consolidated into the financial performance of MIXUE GROUP.

On October 2nd, the topic "MIXUE Ice City is going to sell beer" trended on social media, attracting widespread attention. On the same day, according to Jimu News, a reporter learned from a person close to MIXUE Ice City that this news is true.

It is understood that MIXUE Ice City is a nationally renowned beverage chain brand primarily focused on fresh ice cream tea drinks. As of June 2025, MIXUE GROUP has over 53,000 stores worldwide, owning two major brands: MIXUE Ice City and Lucky Coffee, offering products such as freshly made fruit drinks, tea drinks, ice cream, and coffee, with an average price of about RMB 6.

Fresh Beer Fulu Family was established in 2021, mainly providing freshly brewed beer products, including classic fresh beer and innovative fruit beer, through offline stores for consumers. As of August 31, 2025, Fresh Beer Fulu Family has approximately 1,200 stores.

Regarding the reason for the acquisition, MIXUE GROUP stated in the announcement that after this investment, the product categories of MIXUE GROUP will extend from freshly made fruit drinks, tea drinks, ice cream, and coffee to freshly brewed beer.

In response, a staff member from Fresh Beer Fulu Family stated that he personally could not comment on this matter, and the company has a dedicated team responsible for handling it.

It is worth mentioning that the most noteworthy aspect of this transaction in the market is its related-party nature. The announcement clearly disclosed that the actual controller of Fresh Beer Fulu Family, Tian Haixia, is the spouse of Zhang Hongfu, the executive director and CEO of MIXUE GROUP, and Tian Haixia's controlled Mai Lang Tong Zhou is also a shareholder of the target company. Therefore, both Tian Haixia and Mai Lang Tong Zhou constitute "related persons" of MIXUE GROUP, and this transaction falls within the scope of related-party transactions Regarding the compliance of related party transactions, MIXUE GROUP emphasized in its announcement that the transaction pricing was based on a report issued by an independent third-party evaluation agency and was approved by the company's internal related party transaction committee. The decision-making process complies with the listing rules of the Hong Kong Stock Exchange and the company's articles of association, and there is no situation that harms the interests of minority shareholders.

The latest financial report shows that in the first half of 2025, MIXUE GROUP achieved operating revenue of 14.87 billion yuan, a year-on-year increase of 39.3%; gross profit of 4.71 billion yuan, a year-on-year increase of 38.3%; and net profit of 2.72 billion yuan, with a year-on-year growth rate of 44.1%.

In terms of store expansion, as of June 30, 2025, the total number of its global stores increased to 53,014, with an addition of 9,796 stores compared to the same period last year. The store network covers all provincial-level administrative regions in China and 12 overseas countries and regions.

In addition, its multi-brand strategy has begun to show results: as the second growth curve, the coffee brand Lucky Coffee has signed over 7,000 stores domestically as of July 2025.

From a strategic layout perspective, acquiring a controlling stake in Fresh Beer Fu Lu Jia is a key step for MIXUE BING CHENG to improve its product matrix. The craft beer market currently has broad prospects. Data shows that the market size of China's craft beer market has rapidly grown from 20 billion yuan in 2020 to 80 billion yuan in 2024, and it is expected to approach 100 billion yuan in 2025, with a compound annual growth rate of over 30%.

In the market, MIXUE GROUP's Hong Kong stock closed at HKD 392 per share on the 2nd, up 0.93%, with a latest market capitalization of HKD 148.8 billion.

Risk Warning and Disclaimer

The market has risks, and investment should be cautious. This article does not constitute personal investment advice and does not take into account the specific investment goals, financial situation, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are suitable for their specific circumstances. Investment based on this is at their own risk