曝国资和员工利益受损，娃哈哈股改为何这么难？

Core Viewpoint - Wahaha is facing significant internal turmoil and allegations of profit transfer to external entities controlled by its executives, leading to concerns about its operational integrity and governance structure [1][3][4]. Group 1: Company Operations and Governance - Allegations have emerged that Wahaha's profits have been shifted to external companies controlled by its executives, rendering Wahaha nearly an "empty shell" [1][3]. - The company has reportedly shut down factories and transferred many operations to Hongsheng Group, raising concerns about the rights of state-owned shareholders [3][4]. - Since the takeover by Zong Fuli, there have been multiple controversies, including employee rights violations and labor disputes with subcontractors [3][4]. Group 2: Financial Performance - Despite the controversies, Wahaha is projected to achieve revenues exceeding 70 billion yuan in 2024, representing a growth of approximately 36.7% compared to 2023 [3][4]. - The asset proportion of Wahaha Group within the entire Wahaha system is only 15.67% as of the end of 2022, indicating a diminished role of state-owned assets in actual operations [6]. Group 3: Shareholding Structure and Disputes - Wahaha transitioned from 100% state-owned to a mixed ownership structure in 1999, with state ownership at 46%, Zong Qinghou's family holding 29.4%, and employee shareholding at 24.6% [4][6]. - There are ongoing disputes regarding the low-priced buyback of employee shares, with many employees claiming their rights have been infringed [7][10]. - The ownership and legal status of the Wahaha trademark remain contentious, with failed attempts to transfer the brand to Hongsheng Group [9][10]. Group 4: Future Prospects and Challenges - Zong Fuli has expressed intentions to pursue an IPO for Wahaha, which would require resolving complex shareholding and trademark issues [12][20]. - The company faces challenges in meeting the A-share listing requirements, particularly regarding the number of shareholders exceeding 200 due to the extensive employee shareholding [20][22]. - The need for a clear governance structure and resolution of historical issues is critical for Wahaha's future success and brand value preservation [22][23].