– Mixue Group invests 2.97 billion RMB to acquire a 53% stake in Fulu Jia, expanding its product lineup to include fresh draft beer.
– The acquisition is an associated transaction, with Fulu Jia’s controller being the spouse of Mixue’s CEO, but compliance is assured through independent valuation.
– Mixue’s strong financial performance continues, with H1 2025 revenue up 39.3% and net profit surging 44.1%, supported by over 53,000 global stores.
– China’s craft beer market is projected to reach nearly 100 billion RMB in 2025, growing at over 30% CAGR, offering significant expansion opportunities.
– This move aligns with Mixue’s multi-brand strategy, following the success of its Lucky Coffee brand, which has over 7,000 stores.
Mixue Bingcheng’s beer expansion marks a pivotal shift in the company’s growth strategy, moving beyond its core offerings of affordable beverages into the lucrative craft beer segment. This diversification comes at a time when consumer preferences in China are evolving towards premium and experiential drinks. By acquiring Fulu Jia, Mixue aims to leverage its extensive retail network to capture a share of the rapidly growing fresh beer market.
The decision to enter the beer industry underscores Mixue’s ambition to become a comprehensive beverage provider. With over 53,000 stores globally, the company has the infrastructure to quickly scale Fulu Jia’s operations. This move is not just about adding a new product line; it’s about transforming Mixue’s brand identity and tapping into higher-margin segments.
Mixue Group announced the acquisition on October 1, 2025, following the signing of an investment agreement on September 30. The deal involves an investment of 286 million RMB to subscribe to new registered capital in Fulu Jia, granting Mixue a 51% stake. Additionally, Mixue acquired a 2% stake from Zhao Jie (赵杰) for 11.2 million RMB, bringing the total investment to 297 million RMB for a 53% controlling interest.
This investment will make Fulu Jia a non-wholly owned subsidiary of Mixue Group, with its financial业绩 consolidated into Mixue’s reports. The transaction is expected to enhance Mixue’s revenue streams and provide cross-selling opportunities across its vast store network. Financial analysts project that this could boost Mixue’s top-line growth by 5-10% in the first year post-acquisition.
The acquisition is classified as an associated transaction because Fulu Jia’s actual controller, Tian Haixia (田海霞), is the spouse of Mixue Group’s executive director and CEO Zhang Hongfu (张红甫). This connection raised questions about governance, but Mixue has emphasized strict compliance with regulatory standards.
News of Mixue Bingcheng’s beer expansion quickly went viral on social media, with the topic “蜜雪冰城要卖啤酒了” (Mixue Bingcheng to sell beer) trending on October 2, 2025. This buzz reflects high public interest in Mixue’s brand evolution and its potential to disrupt the beverage market. Investors responded positively, with Mixue’s stock price rising 0.93% to 392 HKD, pushing its market capitalization to 148.8 billion HKD.
Mixue’s acquisition of Fulu Jia is part of a broader strategy to diversify its brand portfolio. The company already operates Lucky Coffee, which has grown to over 7,000 stores, demonstrating its capability to manage multiple brands simultaneously. Adding beer to the mix creates a more robust offering that can cater to different occasions and consumer preferences.
Mixue Group’s financial health provides a solid foundation for this beer expansion. In the first half of 2025, the company reported impressive results, with revenue reaching 148.7 billion RMB, a 39.3% increase year-over-year. Gross profit rose to 47.1 billion RMB, up 38.3%, while net profit jumped 44.1% to 27.2 billion RMB. These figures underscore Mixue’s operational efficiency and strong market demand.
China’s craft beer market has experienced explosive growth, expanding from 20 billion RMB in 2020 to 80 billion RMB in 2024. Industry projections suggest it will approach 100 billion RMB in 2025, with a compound annual growth rate exceeding 30%. This rapid expansion is fueled by rising disposable incomes, changing consumer tastes, and a desire for premiumization.
Mixue Bingcheng’s beer expansion sets the stage for significant market disruption. The company plans to integrate Fulu Jia’s operations into its existing infrastructure, leveraging shared resources for procurement, logistics, and marketing. This synergy could reduce costs by 10-15% and improve profitability for both brands.
Looking ahead, Mixue may explore additional acquisitions or partnerships to strengthen its position in the alcoholic beverage segment. The company’s research and development team is already working on new beer flavors that align with consumer preferences for fruit-infused and low-alcohol options. International expansion of the beer brand is also on the horizon, capitalizing on Mixue’s global store network.