MIXUE GROUP (02097) saw its stock price climb 7.73% in early trading, currently trading at HK$404 with a turnover of HK$247 million.

Recently, MIXUE GROUP announced that the company has signed an investment agreement with Fresh Beer Fulu Family and its shareholders. The company plans to inject RMB 285.6 million into Fresh Beer Fulu Family to acquire 51% equity interest in its expanded registered capital. On the same day, MIXUE GROUP signed an equity transfer agreement with independent third-party shareholders to acquire an additional 2% equity interest in Fresh Beer Fulu Family's expanded registered capital. According to the announcement, the target company primarily provides consumers with fresh draft beer products priced at approximately RMB 6-10 per 500mL serving. The investment in the target company represents an important strategic move for the Group to expand into the fresh draft beer category. Following this investment, the Group will further empower the target company to fully leverage its competitive advantages and capitalize on development opportunities in the fresh draft beer industry.

CITIC Securities released a research report stating that on September 30, 2025, MIXUE GROUP (02097) announced its plan to invest in and acquire a 53% stake in Fresh Beer Fulu Family. As an emerging leading player in the fresh beer industry, Fulu Family's product pricing and store location strategies align well with MIXUE GROUP's business DNA, potentially creating strong synergies in supply chain management, consumer operations, and franchisee resources. If the transaction is completed successfully, while Fulu Family's business scale will have limited impact on MIXUE GROUP's financials in the short term, from a long-term perspective, China's fresh beer industry has broad prospects. The company's forward-looking layout of a "tea drinks + coffee + fresh beer" portfolio is expected to unlock significant growth potential for future business development. The firm believes that the company maintains deep competitive moats in brand IP, supply chain, and operational capabilities, with strong growth certainty and a clear competitive landscape ahead, maintaining a "buy" rating.