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宗馥莉行的基本盘,还都是父亲布的局
Hu Xiu·2025-07-21 23:30

Core Viewpoint - The article discusses the ongoing controversies surrounding Wahaha Group under the leadership of Zong Fuli, particularly focusing on the allegations of asset hollowing and the control of the company's profits by the Zong family through various shadow companies [1][2]. Group 1: Financial Analysis - As of the end of 2022, the total assets of the domestic "Wahaha system" (including external companies) amounted to 37.047 billion yuan, with an operating income of 51.202 billion yuan, operating profit of 6.148 billion yuan, and net profit of 4.767 billion yuan [1]. - In contrast, Wahaha Group (and its 16 directly invested subsidiaries) had total assets of 5.807 billion yuan, with an operating income of 1.403 billion yuan, operating profit of 73.078 million yuan, and net profit of 18.7128 million yuan [1]. - The state-owned assets in Wahaha Group accounted for only 15.67% of the total assets of the "Wahaha system," with operating income and net profit contributions of merely 2.74% and 0.39%, respectively [1]. Group 2: Ownership Structure - The ownership structure of Wahaha Group is clear, with Hangzhou Shangcheng Wen Shang Lv Investment Holding Group Co., Ltd. (state-owned) holding 46%, Zong Fuli inheriting 29.4%, and the employee shareholding meeting holding 24.6% [2]. - The state-owned entity has reported zero investment returns from Wahaha Group from 2021 to 2023, with a book value of only 242 million yuan [2]. Group 3: Corporate Governance and Control - Zong Fuli controls most of the subsidiaries under the "Wahaha system," which are the primary sources of profit for the brand, while Wahaha Group itself has limited influence over the broader commercial empire [1][2]. - The complex ownership structure of the subsidiaries, such as Hong'an Wahaha Beverage Co., Ltd., indicates that Zong Fuli has significant control over these entities, which are crucial for Wahaha's product lines [4][5]. Group 4: Brand and Asset Management - The control of the "Wahaha" brand assets, which includes 387 trademarks, remains with Wahaha Group, but there are ongoing efforts to transfer these trademarks, potentially consolidating Zong Fuli's control over the brand [19][21]. - The estimated value of the "Wahaha" brand is approximately 91.187 billion yuan, highlighting its significance in the company's overall valuation [19]. Group 5: Future Prospects - Zong Fuli's consolidation of power and control over Wahaha may be aimed at preparing the company for a potential public listing, a shift from her father's previous stance against going public [24][25]. - The challenges Zong Fuli faces include modernizing the company's management structure and addressing internal and external pressures, particularly in light of changing consumer preferences and market dynamics [28].