Mixue Group acquires Xianpi Fuluji to enter the on-tap fresh beer market.
Author | Chen Xi
On October 1st, Mixue Group issued an announcement on the Hong Kong Stock Exchange, stating that the company has signed an investment agreement with Fulujia (Zhengzhou) Enterprise Management Co., Ltd. (hereinafter referred to as "Fresh Beer Fulujia") and its shareholders. According to the announcement, Mixue Group plans to inject 286 million yuan into Fresh Beer Fulujia, accounting for 51% of its expanded registered capital; on the same day, Mixue Group signed an equity transfer agreement with independent third - party shareholders to acquire 2% of the expanded registered capital of Fresh Beer Fulujia held by them.
This means that after the completion of the aforementioned transactions, Mixue Group will hold a total of 53% of the equity in Fresh Beer Fulujia, and the latter will become a non - wholly - owned subsidiary of Mixue Group.
Mixue Group is a global leading ready - to - drink beverage enterprise, with steady growth in performance and scale in recent years. As of the end of June 2025, Mixue Group has more than 53,000 stores globally, with two major brands, Mixue Bingcheng and Xingyunaka, offering high - quality and affordable ready - to - drink fruit beverages, tea drinks, ice creams, and coffee products with an average unit price of about 6 yuan (about 1 US dollar).
Public information shows that Fresh Beer Fulujia was founded in 2021. It mainly provides consumers with freshly tapped and ready - to - drink fresh beer products through offline stores, including a variety of classic fresh beers and more than a dozen innovative fruit beers.
This acquisition shows that Mixue Group intends to expand into the freshly tapped fresh beer category, improve its "high - quality and affordable" category layout, and form a multi - category collaborative pattern of "ready - to - drink tea + freshly ground coffee + freshly tapped fresh beer". In the longer term, Mixue Group is expected to achieve scale expansion and multi - business growth through business collaboration and resource integration.
Why did Mixue Group acquire Fresh Beer Fulujia?
Mixue Group's acquisition of Fresh Beer Fulujia is obviously the result of multi - faceted considerations, and the consistency of brand concepts is the basic condition.
Public information shows that Fresh Beer Fulujia's products use high - quality raw materials, strictly control the production process, and follow an affordable pricing strategy. The unit price per 500 ml is only about 6 - 10 yuan, with an obvious price advantage over similar brands, which coincides with Mixue Group's value proposition of "high - quality and affordable".
Fresh Beer Fulujia is a pioneer in the innovation of the domestic fresh beer industry. According to Huace Testing, Fresh Beer Fulujia is the first brand in the domestic industry to obtain the national standard "fresh beer" certification.
In July 2021, Fresh Beer Fulujia opened its first store. As of August 2025, Fresh Beer Fulujia has about 1,200 stores, covering 28 provinces, autonomous regions, and municipalities directly under the Central Government in China, mainly franchise stores. According to Shangpu Consulting, as of August 15, 2025, in terms of the number of stores, Fresh Beer Fulujia is the brand with the largest number of fresh beer chain stores in China.
High - quality and affordable products, standardized stores, and a prominent market position make Fresh Beer Fulujia quite recognizable in the industry.
From the perspective of industry prospects, freshly tapped fresh beer is a rare blue - ocean market.
Beer is an important part of the beverage market, with a large market scale and a high - consuming population. Data from the National Bureau of Statistics shows that in 2024, the cumulative beer production of enterprises above the designated size in China was 35.213 million kiloliters, and the industry is in a critical period of transformation. A relevant report on the beer industry released by Ent Group shows that compared with the European and American markets, the per - capita beer consumption in China is at a relatively low level, and there is still a large gap from the top 15 countries, indicating great room for improvement.
In recent years, beer consumption has shown new trends such as quality improvement, diversified flavors, and emphasis on consumption experience, and innovative products and consumption scenarios have emerged continuously. Fresh beer is an upgraded version of beer in terms of quality. The product contains more original flavor substances of beer, with a fresh taste and diverse flavors, and is also loved by more and more consumers.
Currently, the domestic fresh beer market is still in its early stage of development. However, referring to the development trends of the ready - to - drink tea and freshly ground coffee industries in recent years, the freshly tapped fresh beer chain format represented by Fresh Beer Fulujia, with the advantages of affordability, high quality, and the ability to be bought and drunk at any time, is expected to accelerate the replacement of industrial bottled beer and occupy a larger market share in the beer industry.
It is not difficult to see that on the one hand, this investment by Mixue Group is an affirmation of the unique business model and competitive advantages of Fresh Beer Fulujia. More importantly, they hope to leverage their long - accumulated supply - chain advantages to empower more ready - to - drink beverage tracks, seize the opportunity in the industrial transformation and upgrading, and bring high - quality and affordable products to more consumer groups.
What is the value of Fresh Beer Fulujia?
This investment took place during the high - growth period of Fresh Beer Fulujia, and whether the pricing is reasonable is particularly worthy of attention.
The announcement shows that this investment has been reviewed and approved by the directors of Mixue Group, including independent non - executive directors, and an independent valuer has been commissioned to evaluate the equity value of Fresh Beer Fulujia to ensure the independence of the transaction process and the fairness of the pricing.
Specifically, the prices of this investment and equity transfer are calculated based on the evaluated value of all the equity of the target company as of the announcement date. The valuation takes into account multiple aspects: First, the evaluated value range of all the equity of the target company as of August 31, 2025, evaluated by the independent valuer; Second, the business development and prospects of the target company, and the synergy between the target company and the group; Third, it is determined through fair negotiation.
In the "Summary of Valuation Report" section of the announcement, Mixue Group disclosed the valuation method used by the independent valuer for Fresh Beer Fulujia.
The announcement states that after comprehensively evaluating three recognized valuation methods (cost approach, market approach, and income approach), the independent valuer believes that the market approach is a more reliable and objective method for determining the market value of the target company, and selects the comparable company method in the market approach as the main method for determining the enterprise value of the target company.
Multiples of comparable companies of Fresh Beer Fulujia, excerpted from the official announcement
According to the evaluation of the independent valuer, as of the valuation benchmark date, the value of all the equity of Fresh Beer Fulujia is between 245 million yuan and 277 million yuan. After reviewing the relevant valuation report, the board of directors of Mixue Group believes that the prices of this investment and equity transfer are appropriately defined with reference to the valuation and are fair and reasonable.
It is reported that this investment and equity transfer do not involve the use of the proceeds from Mixue Group's IPO. Mixue Group said in the announcement, "It is proposed to allocate the capital increase price under this investment and the acquisition funds under the equity transfer from the Group's internal resources."
From stores to the supply chain, industrial synergy is worth looking forward to
In this announcement, there is a notable financial information. In 2024, Fresh Beer Fulujia's unaudited pre - tax net profit was 1.07 million yuan, achieving a turnaround from loss to profit compared with 2023. This shows that while continuously expanding the market, Fresh Beer Fulujia has steadily improved its business quality and operational efficiency.
In terms of products, Fresh Beer Fulujia adheres to the positioning of fresh beer and will continue to develop new products according to the taste preferences of consumers in different regions. At the same time, Fresh Beer Fulujia actively conducts brand building. In 2022, it launched the brand IP "Fuluwa".
During the expansion process, Fresh Beer Fulujia has also continuously optimized the investment - promotion process and offered benefits to franchisees. In February 2024, it launched a policy of waiving franchise fees and delivery fees for the eight central provinces, reducing the operating costs of franchisees.
At the store - operation level, Fresh Beer Fulujia has established a standardized store - operation system, formulated a "Standard Operation Manual", and formed a professional store - operation consultant team to support the daily operation, opening activities, and auditing of stores, improving the store - operation quality and performance.
Fresh Beer Fulujia has also continuously built its supply - chain system. In 2022, it invested in building a craft - brewing factory. In 2024, to develop its national business, it strengthened its cold - chain logistics capabilities to ensure that products are transported to stores at a low temperature to maintain freshness. As of now, Fresh Beer Fulujia has initially built a stable supply - chain system covering procurement, production, logistics, R & D, quality control, and other links.
Obviously, the synergy between Mixue Group and Fresh Beer Fulujia is significant. After more than 20 years of development, Mixue Group has completely built an industry - leading end - to - end supply - chain system, covering procurement, production, logistics, R & D, quality control, and other links, and has established a high - standard quality - control system from "farm to table".
Data shows that Mixue Group's procurement network covers 38 countries around the world. It has built five production bases in China, providing a one - stop solution for beverage ingredients of all categories. As of June this year, Mixue Group has built 29 warehouses in China, and its distribution network covers 33 provincial - level administrative regions and more than 300 prefecture - level cities. It has also established localized warehousing systems and distribution networks in four overseas countries.
Through in - depth layout of the entire ready - to - drink beverage industry chain, Mixue Group has formed a core competitiveness of "supply chain + brand IP + store operation". After this acquisition, Mixue Group may deeply empower Fresh Beer Fulujia in comprehensive aspects such as product R & D, brand IP, store operation, supply - chain optimization, and quality control, further enhancing its product strength and cost advantage and improving the overall competitiveness of the brand.
The Chinese ready - to - drink beverage market is in a period of rapid development, with increasingly diverse consumer demands, great potential for large - scale growth and category upgrading. How to continuously improve the consumer experience while ensuring product quality is an operational issue faced by all brands. Efficiently integrating upstream and downstream industrial resources will help accelerate the innovative development of the freshly tapped fresh beer industry.
Zhu Danpeng, an analyst in the Chinese food industry, said that the competition in the beverage industry is shifting from a single - category competition to a competition of diversified matrices and comprehensive capabilities. Mixue Group's strong supply - chain capabilities and mature operation experience are expected to help Fresh Beer Fulujia achieve a leap in supply - chain, store operation, and brand building.