Bubble-Tea Maker Mixue Moves into Beer Market

Published: Oct. 3, 2025 12:09 p.m. GMT+8

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A sign advertises Fulujia beer. Photo: VCG

Chinese bubble tea giant Mixue Group is acquiring a controlling stake in a beer chain, as the company diversifies its business.

Mixue will spend 285.6 million yuan ($40.1 million) on a 51% stake in Fulujia (Zhengzhou) Enterprise Management Co. Ltd., it said in a stock exchange filing Wednesday. It will also pick up another 2% of Fulujia for 11.2 million yuan from an existing shareholder, bringing its total stake to 53%.

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Mixue Group is acquiring a 53% stake in beer chain Fulujia for 296.8 million yuan ($41.3 million), diversifying beyond bubble tea.
Fulujia operates about 1,200 stores in China and achieved a 2024 net profit of 1.07 million yuan after a loss in 2023.
Mixue reported H1 2025 revenue up 39.3% to 14.88 billion yuan and plans to expand into Central Asia and the Americas.

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Who’s Who

Mixue Group: Mixue Group, a Chinese bubble tea giant, is diversifying its business by acquiring a controlling 53% stake in beer chain Fulujia for 296.8 million yuan ($40.1 million). Known for its low-priced bubble tea, ice cream, and coffee, Mixue operates the Mixue Bingcheng and Lucky Cup brands. It reported significant revenue and profit growth in the first half of 2025 and is expanding globally, targeting Central Asia and the Americas.

Fulujia (Zhengzhou) Enterprise Management Co. Ltd.: Fulujia (Zhengzhou) Enterprise Management Co. Ltd. is a company that owns the brand FULU Fresh Beer. Mixue Group is acquiring a 53% stake in Fulujia for a total of 296.8 million yuan. As of August 31, Fulujia operates approximately 1,200 stores across China and recorded a net profit of 1.07 million yuan in 2024.

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